Analysis Of The Effect Of Capital Structure, Firm Size, Liquidity On Firm Value In Coal Subsector Companies On The Indonesia Stock Exchange In 2018-2022
Kata Kunci:
Struktur Modal, Ukuran Perusahaan, Likuiditas, Nilai PerusahaanAbstrak
This study aims to analyse the effect of capital structure, firm size, and liquidity on firm value in the coal subsector listed on the Indonesia Stock Exchange (IDX) during the 2018-2022 period. The background of this study is the importance of the coal subsector in the Indonesian economy as well as the challenges faced by companies in maintaining firm value amid fluctuating energy prices and policies. This research uses quantitative methods with multiple linear regression analysis approaches. The research population consisted of coal subsector companies listed on the IDX, with the sampling technique using purposive sampling. The number of samples taken was 28 companies with 140 data collected in a span of 5 years. The data used is secondary data in the form of financial reports of companies listed on the IDX coal subsector. The research location is on the Indonesia Stock Exchange, with a research period from 2018 to 2022. The independent variables in this study consist of capital structure, firm size, and liquidity, while the dependent variable is firm value. The results showed that capital structure has a significant influence on firm value, while firm size and liquidity do not have a significant influence on firm value.
Referensi
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81–102.
Chen, L.-j., & Christian, C. J. (2011). How the Pecking-Order Theory Explain Capital Structure. Journal of Business Research, 65(5), 483-490.
Enzela, M., Simorangkir, E. N., Torian, N. S., & Wahyuni, P. (2024). The influence of liquidity, profitability, company size, company growth and company age on company value (Case study on food and beverage companies listed on the Indonesian Stock Exchange period 2018 - 2022). Journal of Economics and Business Letters, 4(1), 71-81.
Mangku, I. K., Patonangan, M., Najmudin, & Susanti, F. E. (2024). Does free cash flow moderate the effect of profitability and capital structure on company value? Interdisciplinary Social Studies, 3(2), 88-95.
Nikmah, C., & Hung, R. J. (2024). The impact of ASEAN economic community, firm characteristics and macroeconomics on firm performance and firm value: An investigation of Shariah-compliant firms in Indonesia. Heliyon, 10(11), 1-15.
Purnamasari, D. I., & Yuliana, P. (2024). The Influence of Capital Structure, Company Growth, Liquidity, and Profitability on Company Value in Food and Beverages Sector Companies Listed on the IDX for 2017 - 2022. Social Science and Humanities Journal, 8(3), 34562-34575.
Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421-1460.
Saudicha, M. s., & Kautsar, A. (2024). The Effect of Liquidity, Leverage, Firm Size, Ceo Duality, Political Connection on Financial Distress with Profitability as a Moderating Variable in Property & Real Estate Sector Companies Listed on the Indonesian Stock Exchange for the Period 2018-2022. Journal of Business and Management Review1`1`, 5(3), 215-233.
Titman, S., & Wesseles, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1-19.
Tyas, A. A., & Binekas, B. (2023). The Effect of Firm Size and Institutional Ownership on Tax Avoidance. Accounting and Finance Studies, 3(4), 239-251.
Widyawati, N., & Aris, M. A. (2021). The Influence Of Capital Structure, Company Growth And Profitability On Company Value (Empirical Study Of Manufacturing Companies In The Consumer Goods Industry Sector Listed On The Indonesia Stock Exchange For The Period 2020-2022). Management Studies and Entrepreneurship, 5(1), 1453-1465.
Wijaya, A., Juliana, & Avelina, V. (2021). Influence Capital Structure, Liquidity, Size the Company, Debt Policy and Profitability towards Corporate Value on Property Company, Real Estate and Building Construction Listed on the Stock Exchange Indonesia Period 2016-2019. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 4(3), 2241-2256.
William, G., & Ekadjaja, A. (2024). THE INFLUENCE OF CAPITAL STRUCTURE, PROFITABILITY AND LIQUIDITY ON THE VALUE OF COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE. International Jurnal of Application on Ekonomics and Business, 2(1), 29871972.
