Analisis Pengaruh Struktur Modal, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan

Summary

Winda Rahayu Pratiwi presents her research on the impact of capital structure, profitability, and company size on firm value, specifically within consumer goods companies listed on the Indonesia Stock Exchange (2015-2019). She highlights the growing interest in the Indonesian market and examines how these factors influence investment decisions. The research reveals that capital structure and profitability have a positive effect on firm value, while company size negatively impacts it. The study concludes with recommendations for investors to focus on undervalued stocks, while advising caution with overvalued ones. The findings contribute to better-informed investment strategies in the consumer goods sector.

Takeaways

• 😀 The speaker introduces themselves as Winda Rahayu Pratiwi, a student from the Financial Management program at Politeknik Negeri Jakarta, and thanks their supervisors for their guidance in completing the thesis.
• 😀 The study focuses on analyzing the impact of capital structure, profitability, and company size on firm value, specifically for consumer goods companies listed on the Indonesia Stock Exchange from 2015 to 2019.
• 😀 The capital market plays a crucial role in the economy by facilitating the flow of funds between investors with surplus funds and companies with financing needs.
• 😀 The paper highlights the growing interest of both domestic and international investors in Indonesian companies, particularly in the consumer goods sector, which is the second-largest sector in terms of market capitalization.
• 😀 The goal of companies is to maximize shareholder welfare by optimizing firm value, which is reflected in the company’s stock price. A higher stock price indicates higher firm value.
• 😀 Factors influencing firm value include capital structure (the ratio of debt to equity), profitability (the company’s ability to generate profits), and company size (which can impact access to financing).
• 😀 Past research shows differing results on the relationship between capital structure, profitability, company size, and firm value, which the study aims to investigate further.
• 😀 The research hypotheses include: 1) Capital structure positively influences firm value, 2) Profitability positively influences firm value, 3) Company size positively influences firm value, and 4) The combined effect of capital structure, profitability, and company size on firm value is significant.
• 😀 The study uses a quantitative approach with panel data regression analysis, with data sourced from 20 consumer goods companies that were listed on the Indonesian Stock Exchange between 2015 and 2019.
• 😀 The findings show that capital structure and profitability have a significant positive effect on firm value, while company size has a negative effect on firm value. Based on these results, recommendations for investment decisions are made, advising buying or holding undervalued stocks and selling overvalued ones.

Q & A

What is the main focus of the research presented in the thesis?

The research focuses on analyzing the impact of capital structure, profitability, and company size on firm value in the consumer goods sector in Indonesia, specifically looking at companies listed on the Indonesia Stock Exchange between 2015 and 2019.

How does capital structure affect firm value according to the research?

The study finds that capital structure, which is the ratio of debt to equity, has a positive and significant impact on firm value. A higher capital structure tends to increase firm value, signaling better prospects for investors.

What role does profitability play in determining a company's value?

Profitability, measured by Return on Equity (ROE), is found to have a positive and significant effect on firm value. The study suggests that companies with higher profitability tend to have higher firm values, making them more attractive to investors.

How does company size influence firm value?

Company size, measured by total assets, has a negative relationship with firm value in the research. Larger companies may face higher financial risks or inefficiencies, which can lower their overall value.

What is the significance of the Consumer Goods sector in this research?

The Consumer Goods sector was chosen because it is one of the most attractive sectors for investors. In 2019, it had the second-largest market capitalization in Indonesia, and it plays a critical role in daily life, which increases its appeal for long-term investment.

What methodology was used in the research?

The research employed a quantitative, associative method using panel data regression analysis to investigate the relationships between capital structure, profitability, company size, and firm value.

What is Tobin's Q, and how is it used in the research?

Tobin's Q is a ratio used to measure a company's market value relative to its asset replacement cost. In the research, Tobin's Q was used as a proxy for firm value to assess how capital structure, profitability, and company size influence a company's market performance.

What are the key investment recommendations based on the research findings?

The research recommends purchasing or holding stocks of companies like Aisyah, Alto, CK, and others in the undervalued category. Conversely, stocks of companies like GGRM, MLBI, and Sido, which are overvalued, should either be sold or purchased only at a more favorable price.

What were the results of the hypothesis testing in the research?

The research found that capital structure, profitability, and company size all have significant effects on firm value. The hypothesis testing confirmed that both capital structure and profitability positively influence firm value, while company size negatively impacts it.

What recommendations does the thesis provide for future research?

The thesis suggests that future research should explore other variables like ownership structure, liquidity, and growth potential, as well as consider external factors such as inflation, interest rates, and exchange rates. It also recommends broadening the sample to include more sectors beyond consumer goods.