Financial Performance and Capital Structure on Firm Value with Commodity Prices as a Moderating Variable

Pardomuan Sihombing; Clinton Banua Betlehem Hutajalu; Agustina Suparyati

doi:10.58777/rbm.v1i2.80

Authors

Pardomuan Sihombing Faculty of Economics and Business, Mercu Buana University
Clinton Banua Betlehem Hutajalu Faculty of Economics and Business, Trisakti University
Agustina Suparyati Faculty of Economics and Business, Trisakti University

DOI:

https://doi.org/10.58777/rbm.v1i2.80

Keywords:

Liquidity, Profitability, Capital Structure, Coal Price Reference and firm Value

Abstract

The objective of this study is to examine the impact of liquidity, profitability, and capital structure on firm value, with commodity prices as a moderating variable. Causal research was employed, and 23 companies were selected as samples using purposive sampling at the IDX. Secondary data from these companies were used for analysis, and panel data analysis with e-views was applied. The findings reveal that liquidity and profitability do not significantly influence firm value, while capital structure has a significant effect on firm value. Commodity prices moderate the relationship between profitability and firm value, but not for liquidity and capital structure. The study's implications suggest that coal mining companiesˑneed to carefullyˑconsider decisions that affect theirˑvalue, particularly regarding investment funding through the management of capital structure, profitability, and liquidity. For investors, it is crucial to make informed decisions based on firm value and performance, considering financial reports and stock price developments at IDX

References

Alamsyah, A. (2018). Pengaruh Struktur Kepemilikan, Struktur Modal, Dan Ios Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Manufaktur Terdaftar Di BEI. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 12(1), 9-16. https://doi.org/10.32812/jibeka.v12i1.5

Albart, N., Sinaga, B., Santosa, P. W., & Andati, T. (2020). The effect of corporate characteristics on capital structure in Indonesia. Journal of Economics, Business, and Accountancy Ventura, 23(1), 46–56. https://doi.org/10.14414/jebav.v23i1.2153

Amanda, R., Utary, A. R., & Defung, F. (2018). Pengaruh Struktur Modal Dan Pertumbuhan Perusahaan Serta Harga Komoditas Terhadap Profitabilitas Dan Nilai Perusahaan Pada Industri Pertambangan Batu Bara Di Indonesia. Jurnal Manajemen, 10(2), 147–158. http://repository.unmul.ac.id/handle/123456789/1703

Anggraini, N. (2022). Pengaruh struktur modal, likuiditas, dan profitabilitas terhadap nilai perusahaan pada sektor pertambangan batubara yang terdaftar di bursa efek indonesia periode 2016 – 2020. Jurnal Ilmu Dan Riset Manajemen, 11(4). https://doi.org/10.37577/ekonam.v4i1.485

Bergh, D. D., Connelly, B. L., Ketchen, D. J., & Shannon, L. M. (2014). Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. Journal of Management Studies, 51(8). https://doi.org/10.1111/joms.12097

Brigham, E F., dan Houston, J F. (2013). Dasar – Dasar Manajemen Keuangan, Edisi Kesebelas. Jakarta: Salemba Empat.

Daddikar, P.V., & Rajgopal, M. (2016). Impact of Crude Oil Price Volatility on firm’s Financial Performance Empirical Evidence from Indian Petroleum Refining Sector. Imperial Journal Of Interdisciplinary Research, 2(10).

Daeli & Endri, (2018). Determinants of firm Value: A Case Study of Cigarette Companies Listed on the Indonesia Stock Exchange. International Journal of Managerial Studies and Research, 6(8): 51-59. https://doi.org/10.20431/2349-0349.0608006

Dewi, I., & Sujana, I. (2019). Pengaruh Likuiditas, Pertumbuhan Penjualan, dan Risiko Bisnis Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 26(1), 85 - 110. https://doi.org/10.24843/EJA.2019.v26.i01.p04

Farooq dan Masood (2016). Impact of Financial Leverage on Value of firms: Evidence from Cement Sector of Pakistan. Research Journal of Finance and Accounting, 7(9), 73-77.

Fitria, Giawan Nur dan Kuntari, Dini. (2019). Nilai Perusahaan: Ditinjau dari Karkateristik Perusahaan Pertambangan di Indonesia. Jurnal MONEX, 8(2). http://dx.doi.org/10.30591/monex.v8i2.1462

Hermansyah, F., & Sihombing, P. (2022). Fundamental Analysis that Affects Stock Returns of the Coal Mining Sub-Sector on the Indonesia Stock Exchange 2015-2020. IJISRT, 7(7), 1337–1340. https://doi.org/10.5281/zenodo.7000390

Hirdinis, M. (2019). Capital Structure and firm Size on firm Value Moderated by Profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204

Indrarini, Silvia. (2019). Nilai Perusahaan Melalui Kualitas Laba (Good Governance dan Kebijakan Perusahaan). Surabaya: Scopind.

Jonathan, L., & Militina, T. (2019). Pengaruh Aktivitas Perusahaan Terhadap Profitabilitas Dan Peluang Investasi Pada Perusahaan Sektor Industri Barang Konsumsi Yang Go-Public Di Indonesia. BISMA: Jurnal Bisnis Dan Manajemen, 13(2), 87-96. https://doi.org/10.19184/bisma.v13i2.11093

Jonathan, L. R., & Militina, T. (2019). Pengaruh Struktur Modal Terhadap Profitabilitas Dan Nilai Perusahaan Pada Perusahaan Batubara Yang Go-Public Di Indonesia. Research Journal of Accounting and Business Management, 3(1), 97. https://doi.org/10.31293/rjabm.v3i1.4219

Kasmir. (2017). Analisis Laporan Keuangan. Jakarta: PT Rajagrafindo Persada.

Lumentut, F. G. dan M. Mangantar. 2019. Pengaruh Likuiditas, Profitabilitas, Solvabilitas, dan Aktiva Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Indeks Kompas100 Periode 2012-2016. Jurnal EMBA, 7(3): 2601-2610. https://doi.org/10.35794/emba.v7i3.23643

Munawir, S. (2017). Analisis Laporan Keuangan. Yogyakarta: Liberty.

Ningsih, M. M. (2019). Waspada, I. (2019). Pengaruh Suku Bunga, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan: Studi Empiris Pada Perusahaan Di Indonesia. Jurnal Riset Akuntansi dan Keuangan, 7(1), 97-110. https://doi.org/10.17509/jrak.v7i1.16343

Nur, Triasesiarta. (2018). Pengaruh Growth Opportunity, Profitabilitas dan Struktur Modal terhadap Nilai Perusahaan dengan dividen sebagai Variabel Intervening pada Perusahaan Manufaktur yang Terdaftar du BEI pada periode 2014-2017. Jurnal Manajemen Bisnis Indonesia, 5(3). https://doi.org/10.31843/jmbi.v5i3.175

Peranginangin, R., & Saragih, F. (2019). Pengaruh Struktur Modal Harga Batubara Acuan dan Profitabilitas Terhadap Nilai Perusahaan Sub Sektor Pertambangan Batubara yang Tercatat Pada Bursa Efek Indonesia Tahun 2012 – 2016. Jurnal Riset Perbankan, Manajemen, Dan Akuntansi, 3(2), 157 - 170. https://doi.org/10.56174/jrpma.v3i2.47

Santosa, P. W. (2020). The moderating role of firm size on financial charactersitics and Islamic firm value at Indonesian equity market. Business: Theory and Practice, 21(1), 391–401. https://doi.org/10.3846/btp.2020.12197

Santosa, P. W., Aprilia, O., & Tambunan, M. E. (2020). The Intervening Effect of the Dividend Policy on Financial Performance and firm Value in Large Indonesian firms. International Journal of Financial Research, 11(4), 408–420. https://doi.org/10.5430/ijfr.v11n4p408

Santosa, P. W., Tambunan, M. E., & Kumullah, E. R. (2020). The role of moderating audit quality relationship between corporate characteristics and financial distress in the Indonesian mining sector. Investment Management and Financial Innovations, 17(2), 88–100. https://doi.org/10.21511/imfi.17(2).2020.08

Tandanu, Andrew & Suryadi, Lukman. (2020). Ppengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(1), 108 – 117. https://doi.org/10.24912/jpa.v2i1.7138

Turahma, M., & Tanjung, I. (2022). The Effect Of Profitability, Solvability And firm Size On The Audit Delay On Listed Coal Mining Companies. Jurnal Riset Manajemen Indonesia, 4(1), 13– 21. https://doi.org/10.55768/jrmi.v4i1.88

Wiyono, Gendro dan Kusuma, Hadri. (2017). Manajemen Keuangan Lanjutan Berbasis Corporate Value Creation Edisi Kesatu. Yogyakarta: UPP STIM YKPN.