Financial Performance, Exchange Rate, and Firm Value: The Indonesian Public Companies Case

IF 0.9 Q3 ECONOMICS

Organizations and Markets in Emerging Economies Pub Date : 2020-12-30 DOI:10.15388/omee.2020.11.37

Yulita Setiawanta, Dwiarso Utomo, I. Ghozali, J. Jumanto

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引用次数: 10

Abstract

Transactions between countries require a stable exchange rate. When the exchange rate of the country experiences uncertainty, then this will influence the company’s financial performance and even affect the company’s market value. This study aims to look for the direct influence of the company’s financial performance as an independent variable and the firm value as a dependent variable within the investor perspective, also including the exchange rate factor as a moderating variable. Investors could probably learn about information on the ups-and-downs of the Indonesian rupiah against foreign currencies before their investment decisions, even though financial performance substantially influences the company’s market value. The sample in this study was 50 companies within four years of observation. Data processing was carried out by the Eviews statistical application. The results showed that the financial performance, which is proxied by the capital structure, affects firm value, but not profitability. The impact of exchange rate moderation also occurs in the relationship of capital structure and firm value, while the moderation effect on profitability and firm value is not proven. This study provides information that exchange rates influence investment interests upon investors’ analysis of the financial performance of the capital structure, but not profitability.

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财务绩效、汇率与公司价值:印尼上市公司案例

国与国之间的交易需要稳定的汇率。当国家的汇率经历不确定性时，这将影响公司的财务业绩，甚至影响公司的市场价值。本研究旨在寻找投资者视角下公司财务绩效作为自变量和公司价值作为因变量的直接影响，并包括汇率因素作为调节变量。投资者可能会在做出投资决定之前了解印尼盾对外币的涨跌信息，尽管财务业绩对公司的市场价值有很大影响。这项研究的样本是50家公司在四年的观察。数据处理采用Eviews统计软件。结果表明，以资本结构为代表的财务绩效对企业价值有影响，但对盈利能力没有影响。汇率调节的影响也出现在资本结构与企业价值的关系中，但对盈利能力和企业价值的调节作用尚未得到证实。本研究提供的信息是，汇率影响投资者对资本结构财务绩效的分析，而不是盈利能力的投资利益。

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

Organizations and Markets in Emerging Economies ECONOMICS-

CiteScore

1.60

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： The journal aims to contribute to the development and dissemination of multidisciplinary knowledge on organizations and markets in emerging economies, to increase dialogue among scholars focused on a specific emerging economy or region and to encourage and give an outlet to high quality scholarship, both local and international, to this subject. Organizations and Markets in Emerging Economies welcomes analysis of emerging economies from the perspectives of organizational sciences, marketing, economics, finance and related disciplines. The journal appreciates studies that highlight specificities and patterns that occur in emerging economies and develop new empirical and theoretical knowledge on the subject.