PROPERTI DETERMINAN NILAI PERUSAHAAN DAN REAL ESTATE PADA PERIODE GENCARNYA PEMBANGUNAN INFRASTRUKTUR

Riza Fajarnia, Yuni Rimawati, Emi Rahmawati

Abstract


This research aims to obtain empirical evidence about the determinant of firm value property and real estate in the period of incessant infrastructure development. Independent variables used in this research were capital structure as measured by debt to equity ratio (DER), investment opportunity set measured by the market to book ratio (MBA), liquidity measured by the current ratio (CR), and profitability measured by return on equity (ROE). The dependent variable was firm value measured by the price to book value (PBV). Control variable was the size of the firm. The population used in this research are property and real estate companies listed Indonesian Stock Exchange in period 2014-2016. Sample collected using purposive sampling method. The total of 33 companies was determined as the sample during 2014-2016. The method of analysis of this research using multiple linear regression. The result showed that investment opportunity set and profitability has a positive influence on the firm value, and capital structure and liquidity has no effect on the firm value. While the size of the firm as a control variable has a significant positive influence on the firm value.

Save to Mendeley


Keywords


Capital Structure, Investment Opportunity Set, Liquidity, Profitability, Firm Value

Full Text:

PDF

References


Brigham, E. F. danHouston, J. F., (2001), Manajemen Keuangan Edisi 8 Buku 1, Jakarta: Erlangga

__________________________________., (2011), Dasar-Dasar Manajemen Keuangan Edisi 11 Buku 2, Jakarta: Salemba Empat

__________________________________., (2014), Dasar-Dasar Manajemen Keuangan Edisi 11 Buku 1, Jakarta: Salemba Empat

Deli, E. P. I. dan Kurnia, (2017), Pengaruh Struktur Modal, Profitabilitas, Growth Opportunity dan Likuiditas Terhadap Nilai Perusahaan, Jurnal Ilmu dan Riset Akuntansi, Vol. 6, No. 7

Ernawati, D. dan Widyawati, D., (2015), Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmu & Riset Akuntansi, Vol 4 No 4.

Fahmi, I., (2014), Manajemen Keuangan Perusahaan dan Pasar Modal, Jakarta: Mitra Wacana Media.

Ghozali, I., (2016), Aplikasi Analisis Multivariete dengan Program IBM SPSS 23. Cetakan VIII, Semarang: Badan Penerbit Universitas Diponegoro

Hery., (2015), Analisis Kinerja Manajemen, Jakarta: PT Grasindo

Husnan, S. dan E. Pudjiastuti. 2002. Dasar-Dasar Manajemen Keuangan. Yogyakarta: UPP AMP YKPN

Indasari, A. P. dan Yadnyana, I. K., (2018) Pengaruh Profitabilitas, Growth Opportunity, Likuiditas, dan Struktur Modal Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, Vol 22 No 1, page 714-746.

Kasmir. 2006. Analisis Laporan Keuangan. Jakarta: RajaGrafindo Persada

Kompas.https://ekonomi.kompas.com/read/2017/05/17/163124026/8.sektor.melorot.ihsg.kembali.terpuruk diakses pada 28 Januari 2018 pukul 18.22

Lubis, I. L., Sinaga, B. M. dan Sasongko, H., (2017), Pengaruh Profitabilitas, Struktur Modal, dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis dan Manajemen, Vol. 3 No 3, September 2017

Murhadi, W. R., (2009), Analisis Saham Pendekatan Fundamental. Jakarta: PT Indeks

Myers, S. C., (1977), Determinants of Corporate Borrowing. Journal of Financial Economics 5.

Novari, P. M. dan Lestari, P. V., (2016) Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas Terhadap Nilai Perusahaan Pada Sektor Properti dan Real Estate. E-Jurnal Manajemen Unud, Vol 5 No 9, page 5671-5694

Okezone.https://economy.okezone.com/read/2017/11/01/320/1806358/gencar-proyek-infrastruktur-menhub-bagus-untuk-masa-depan diakses pada 21 Mei 2018 pukul 19.05

Ross, S. A., (1977) The Determination of Financial Structure: The Incentive Signalling Approach. The Bell Journal of Economics, Vol 8 No 1 (Spring, 1977), page 23-40.

Safitri, N dan Wahyuati, A., (2015), Pengaruh Struktur Modal dan Keputusan Investasi Terhadap Profitabilitas dan Nilai Perusahaan. Jurnal Ilmu dan Riset Manajemen, Vol 4 No 2.

Sindonews. https://ekbis.sindonews.com/read/934160/34/bi-rate-naik-perbankan-naikkan-suku-bunga-1417953232 diakses pada 21 Mei 2018 pukul 19.31

Sjahrial, D., (2014), Manajemen Keuangan Lanjutan Edisi Revisi, Jakarta: Mitra Wacana Media

Spence, M., (1973), Job Marketing Signalling, The Quarterly Journal of economics, Vol 87 No 3.

Subramanyam, K.R. dan Wild, J. J., (2014), Financial Statement Analysis. Edisi 10. New Work: McGraw Hill

Sudana, I. M., (2015), Manajemen Keuangan Perusahaan Teori dan Praktik Edisi 2, Jakarta: Erlangga.

Sugiyono, (2009), Metode Penelitian Bisnis (Pendekatan Kuantitatif, Kualitatif, dan R&D). Bandung: Alfabeta

_______. (2015), Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta

Uzliawati, L., Nofianti, N. dan Ratnasari, D. P., (2016), Struktur Modal, Investment Opportunity Set, Likuiditas dan Nilai Perusahaan. Jurnal Keuangan dan Perbankan, Vol 20 No 2 Mei 2016, page 195-203

Weston, J. F. dan Brigham, E. F., (1999), Dasar-Dasar Manajemen Keuangan Edisi 9 Jilid 1. Jakarta: Erlangga




DOI: https://doi.org/10.33508/jako.v11i2.2081