Determinants of Firm's Value through Capital Structure, Financial Performance, and Company Growth

Rahmah Alwan, Asep Risman
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Abstract

This study aims to determine the influence of capital structure represented by Debt to Equity Ratio (DER), the financial performance represented by Return on Asset (ROA), and the growth of companies represented by Total Asset Growth (TAG) on the value of companies in the agricultural industry sector listed on the Indonesia Stock Exchange. The population used in this study was as many as 25 companies. The sampling method used is the purposive sampling method, so that 9 companies with 5 years of observation (2016-2020) were obtained so that 45 observational data were produced. The research data was obtained from the Indonesia Stock Exchange website. The data analysis techniques used are descriptive statistics and panel data. The results of the study partially showed that the capital structure (Debt to Equity Ratio) had a negative effect, financial performance (Return on Assets) had a positive effect, and company growth (Total Asset Growth) did not affect the value of the company.
企业价值的决定因素:资本结构、财务绩效和公司成长
本研究旨在确定以债务权益比(DER)为代表的资本结构、以资产收益率(ROA)为代表的财务绩效、以总资产增长率(TAG)为代表的公司成长性对印尼证券交易所农业行业上市公司价值的影响。在这项研究中使用的人群多达25家公司。抽样方法采用目的抽样法,共获得9家公司,5年观察期(2016-2020年),共产生45份观察数据。研究数据来自印度尼西亚证券交易所网站。使用的数据分析技术是描述性统计和面板数据。研究结果部分表明,资本结构(负债权益比)对公司价值有负向影响,财务业绩(资产收益率)有正向影响,公司成长性(总资产增长率)对公司价值没有影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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