Analysis of Leverage, Profitability and Interest Rate Ratio on Company Value With Size as an Intervening Variable

Kontigensi : Jurnal Ilmiah Manajemen Pub Date : 2023-12-12 DOI:10.56457/jimk.v11i2.460

Mohamad Ibnussoim, Suyanto Suyanto

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Abstract

The Indonesia Stock Exchange (IDX) is a place for transactions of shares of companies that have met the requirements. The incident of the spread of Covid-19 has an impact on stock market instability which also has an impact on company value. Investors are cautious in investing in the IDX including considering the value of the company. According to a number of studies, firm value (PBV) is influenced by leverage (DER), profitability (ROE), interest rates (BI Rate), and company size (SIZE) but inconsistently (positively or negatively). There are other studies that show an inconsistent relationship between DER, ROE, BI Rate and SIZE. Therefore, it is necessary to analyze DER, ROE, and BI Rate on PBV with SIZE as an intervening variable. The research was conducted on companies listed in LQ45 for the 2019-2022 Period using purposive sampling method and based on their annual financial statements. Other data is obtained from the Central Bureau of Statistics, and Yahoo Finance. Data processing using SmartPLS with the PLS-SEM method with a 95% confidence level reinforced by the Sobel Test. The results of the study are based on direct influence, namely: 1) Leverage (DER) has a significant positive effect on firm value (PBV), 2) Profitability (ROE) has no effect on firm value (PBV), 3) Interest Rate (BI Rate) has no effect on firm value (PBV), 4) Firm size (SIZE) has a significant negative effect on firm value (PBV), 5) Leverage (DER) has a significant positive effect on firm size (SIZE ), 6) Profitability (ROE) has no effect on firm size (SIZE), 7) Interest rate (BI Rate) has no effect on company size (SIZE). Based on the indirect effect, the results are: 1) Leverage (DER) has a significant negative effect on firm value (PBV) through firm size (SIZE), 2) Profitability (ROE) has no effect on firm value (PBV) through firm size (SIZE), and 3) Interest rates (BI Rate) have no effect on firm value (PBV) through company size (SIZE). Based on this research, companies need to be wise in managing debt in connection with the significant positive leverage (debt) on firm value. Likewise, with the effect of profitability (ROE) on firm value negatively although not significant, companies need to anticipate/be careful because in real conditions profitability should have a positive effect on firm value. This anomalous condition can occur during Covid-19 and therefore companies must be wiser in running their business effectively and efficiently in order to achieve high profitability and firm value.

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以公司规模为干预变量，分析杠杆率、盈利能力和利率比率对公司价值的影响

印度尼西亚证券交易所（IDX）是符合要求的公司进行股票交易的场所。Covid-19 的扩散事件对股市的不稳定性产生了影响，也对公司价值产生了影响。投资者在投资 IDX 时非常谨慎，包括考虑公司的价值。许多研究表明，公司价值（PBV）受杠杆率（DER）、盈利能力（ROE）、利率（BI Rate）和公司规模（SIZE）的影响，但影响程度不一致（正面或负面）。还有一些研究表明，DER、ROE、BI Rate 和 SIZE 之间的关系并不一致。因此，有必要以规模作为干预变量，分析 DER、ROE 和 BI Rate 对 PBV 的影响。本研究采用目的性抽样方法，以2019-2022年期间在LQ45上市的公司为研究对象，并以其年度财务报表为基础。其他数据来自中央统计局和雅虎财经。数据处理采用 SmartPLS 和 PLS-SEM 方法，置信度为 95%，并通过 Sobel 检验进行强化。研究结果基于直接影响，即1）杠杆率（DER）对公司价值（PBV）有显著的正向影响；2）盈利能力（ROE）对公司价值（PBV）没有影响；3）利率（BI Rate）对公司价值（PBV）没有影响；4）公司规模（SIZE）对公司价值（PBV）有显著的负向影响、5）杠杆率（DER）对公司规模（SIZE）有显著的正向影响；6）盈利能力（ROE）对公司规模（SIZE）没有影响；7）利率（BI Rate）对公司规模（SIZE）没有影响。基于间接效应，结果如下1）杠杆率（DER）通过公司规模（SIZE）对公司价值（PBV）有显著的负面影响；2）盈利能力（ROE）通过公司规模（SIZE）对公司价值（PBV）没有影响；3）利率（BI Rate）通过公司规模（SIZE）对公司价值（PBV）没有影响。根据这项研究，企业需要明智地管理债务，因为杠杆（债务）对企业价值有显著的正向影响。同样，虽然盈利能力（ROE）对公司价值的影响并不显著，但对公司价值的影响却是负面的，因此公司需要预测/小心谨慎，因为在现实条件下，盈利能力应该对公司价值产生积极影响。这种反常情况可能会在科维德-19 期间出现，因此公司必须更加明智地有效和高效地经营业务，以实现高盈利能力和公司价值。

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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Kontigensi : Jurnal Ilmiah Manajemen

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