Company value analysis: Sales, assets, growth opportunities and leverage in LQ-45 companies (Indonesia Stock Exchange)

Q2 Economics, Econometrics and Finance

Investment Management and Financial Innovations Pub Date : 2023-12-11 DOI:10.21511/imfi.20(4).2023.31

©. Gunarianto, Endah Puspitosarie, Sugeng Hadi Susilo, Dr Gunarianto

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引用次数: 0

Abstract

Company value plays a significant role in investment decisions, company performance assessment, and risk analysis. In addition, there is uncertainty or inconsistency in the relationship between factors such as sales, assets, and leverage that can affect company value. The study aims to analyze the effect of sales growth, asset growth, and leverage on company value in companies listed on the Indonesia Stock Exchange, especially in the LQ-45 index during the 2021–2022 period. The research method uses a quantitative approach with statistical tools and hypothesis testing. Regression analysis through path analysis models is used to test the proposed hypothesis. The results showed asset growth of 15.42%, debt-equity ratio of 1.7797, and high Price to Book Value (36.2721). Nonetheless, leverage does not act as a mediator in the relationship between asset growth and company value, defying the Modigliani-Miller theory. The finding highlights the complexity of such factors in the context of LQ-45 companies, emphasizing the need for prudent asset management and debt policy to enhance competitiveness. The findings have important implications for financial management and business strategy in a dynamic and competitive environment.

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公司价值分析：LQ-45 公司的销售额、资产、增长机会和杠杆率（印度尼西亚证券交易所）

公司价值在投资决策、公司业绩评估和风险分析中发挥着重要作用。此外，销售额、资产和杠杆率等因素之间的关系也存在不确定性或不一致性，这些因素都会对公司价值产生影响。本研究旨在分析 2021-2022 年期间印尼证券交易所上市公司（尤其是 LQ-45 指数）的销售增长、资产增长和杠杆率对公司价值的影响。研究方法采用统计工具和假设检验的定量方法。通过路径分析模型进行回归分析，以检验提出的假设。结果显示，资产增长率为 15.42%，资产负债率为 1.7797，价格账面价值比（36.2721）较高。然而，杠杆并没有成为资产增长与公司价值之间关系的中介，这违背了莫迪利亚尼-米勒理论。这一发现凸显了 LQ-45 公司中此类因素的复杂性，强调了谨慎的资产管理和债务政策对提高竞争力的必要性。研究结果对动态竞争环境中的财务管理和企业战略具有重要意义。

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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来源期刊

Investment Management and Financial Innovations Economics, Econometrics and Finance-Finance

CiteScore

2.50

自引率

0.00%

发文量

审稿时长

11 weeks

期刊介绍： The international journal “Investment Management and Financial Innovations” encompasses the results of theoretical and empirical researches carried out both on macro- and micro-levels, concerning various aspects of financial management and corporate governance, investments and innovations (including using of quantitative methods). It is focused on the international community of financiers, both academics and practitioners. Key topics: financial and investment markets; government policy and regulation; corporate governance; information and market efficiency; financial forecasting and simulation; financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds; objects of real and financial investing; financial instruments and derivatives; efficiency of investment projects; econometric and statistic methods in project management; alternative investments; ratings and rating agencies.