Article Sidebar

Download
Full text PDF
Statistic
Read Counter : 176 Download : 119

Downloads

Download data is not yet available.

Main Article Content

Abstract

This study was conducted to analyze the factors that affect company value with EPS as a moderation variable in real estate and property subsector companies listed on the IDX for the 2017-2021 period. In this study, factors that affect company value use Intellectual Capital, Collateralizable Assets, and Dividend Policy. This research used secondary data is the company's financial statements published in the 2017-2021 on the IDX and has 10 companies for the population. The methods used are descriptive analysis, classical assumption test, moderation regression analysis, and hypothesis test. The results of this study are intellectual capital and collateralizable assets, each of which affects the value of the company. While the dividend policy has no effect on the value of the company. EPS do not moderate the effect of collateralizable assets on company value. EPS successfully moderates the influence of intellectual capital on company value and dividend policy on company value.

Keywords

Intellectual capital collateralizable assets dividend policy firm value

Article Details

License

Copyright (c) 2024 Heliani Heliani, Vina Herdina, Taofik Muhammad Gumelar

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access). 
How to Cite
Heliani, H., Herdina, V., & Gumelar, T. M. (2024). Analysis of factors affecting company value with EPS as a moderation variable. Journal of Contemporary Accounting, 6(1), 53–67. https://doi.org/10.20885/jca.vol6.iss1.art5
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Abbas, D., Dillah, U., & Sutardji, S. (2020). Faktor - faktor yang mempengaruhi nilai perusahaan. Jurnal Akuntansi dan Manajemen, 17(1), 42-49. https://doi.org/10.36406/jam.v17i01.274
  2. Agustin, E. D., Made, A., & Retnasari, A. (2022). Pengaruh struktur modal, ukuran perusahaan, intellectual capital terhadap nilai perusahaan, dengan kinerja keuangan sebagai intervening (studi kasus pada perusahaan manufaktur yang terdaftar di BEI periode 2017- 2019). Jurnal Akuntansi Indonesia, 11(1), 37–58. http://dx.doi.org/10.30659/jai.11.1.37-58
  3. Agustina, D. (2017). Pengaruh corporate governance dan variable keuangan terhadap nilai perusahaan. Jurnal Bisnis Dan Akuntansi, 19(1).
  4. Anisa, N., Hermuningsih, S., & Maulida, A. (2022). Pengaruh ukuran perusahaan, leverage, kebijakan dividen dan profitabilitas terhadap nilai perusahaan: studi pada perusahaan manufaktur sektor food and beverages. Reslaj: Religion Education Social Laa Roiba Journal, 4, 321. https://doi.org/10.47476/reslaj.v4i2.707
  5. Bahriah, I. S., Norisanti, N., & Danial, D. M. (2022). Peran profitabilitas dalam memoderasi pengaruh struktur modal dan ukuran perusahaan terhadap nilai perusahaanpada perusahaan sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia Tahun 2017-2019. COSTING: Journal of Economic, Business and Accounting, 5(2), 2597–5234.
  6. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
  7. Brigham, E. F., & Gapenski, L. C. (1996). Intermediate financial management (5th ed.). The Dryden Press.
  8. Brigham, & Houston. (2013). Dasar-dasar manajemen keuangan (10th ed.). Jakarta: Salemba Empat.
  9. Brüggen, A., Vergauwen, P., & Dao, M. (2009). Determinants of intellectual capital disclosure: Evidence from Australia. Management Decision, 47(2), 233–245. https://doi.org/10.1108/00251740910938894
  10. Chen, M. C., Cheng, S. J., & Hwang, Y. (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance. Journal of Intellectual Capital, 6(2). https://doi.org/10.1108/14691930510592771
  11. Chung, K. H., & Pruitt, S. W. (2015). Venture capital special issue (Autumn, 1994). In Source: Financial Management (Vol. 23, Issue 3).
  12. Darmadji, T., & Fakhruddin, H. . (2016). Pasar modal di Indonesia: Pendekatan Tanya Jawab. Jakarta: Salemba Empat.
  13. PSAK 72 Tentang Pendapatan dari Kontrak dengan Pelanggan Edisi Revisi 2017, Ikatan Akuntan Indonesia (2017).
  14. PSAK 19 Tentang Aset Tidak Berwujud Edisi Revisi 2018, Pub. L. No. 19, Ikatan Akuntan Indonesia (2018).
  15. Fretty, P., Silaban, E., Suryani, S. E., & Si, M. (2014). Pengaruh audit capacity stress, spesialisasi industri auditor dan komite audit terhadap kualitas audit (studi empiris pada perusahaan subsektor makanan dan minuman yang terdaftar di bursa efek Indonesia). E-Proceeding of Management, 7(2), 2687–2695.
  16. Google Finance. (2023). IDX sector properties & real estate. Google Finance. Retrieved from https://g.co/finance/IDXPROPERT:IDX?window=5Y
  17. Hantono. (2017). Konsep Analisa Laporan Keuangan dengan Pendekatan Rasio dan SPSS (1st ed.). Deepublish.
  18. Hardani, Ustiawaty, J., Andriani, H., Istiqomah, R., Sukmana, D., Fardani, R., Auliya, N., & Utami, E. (2020). Buku Metode Penelitian Kualitatif & Kuantitatif.
  19. Heliani, H., Mareta, F., Rina, E., Rahayu, M. S., & Ramdaniansyah, M. R. (2021). Liquidity, profitability and asset growth towards the dividend payout ratio. AFRE (Accounting and Financial Review), 4(2), 225–232. https://doi.org/10.26905/afr.v4i2.6324
  20. Hendriani, M. (2019). Opini audit sebagai pemoderasi pengaruh intellectual capital, profitabilitas dan leverage terhadap nilai perusahaan. Eqien: Jurnal Ekonomi Dan Bisnis, 6(2), 137–147. https://doi.org/10.34308/eqien.v6i2.103
  21. Heniswara, N. (2015). Analisis pengaruh mekanisme agensi, risiko pasar dan siklus hidup perusahaan terhadap kebijakan dividen pada perusahaan yang terdaftar di Jakarta Islamic Index (JII) [Universitas Islam Indonesia]. Retrieved from http://hdl.handle.net/123456789/561
  22. Hery. (2017). Kajian riset akuntansi. Jakarta: PT Grasindo.
  23. Huu Luu, D. (2021). The impact of capital structure on firm value: a case study in Vietnam. Journal of Asian Finance, 8(5).
  24. Ilyas, M., & Hertati, L. (2022). Pengaruh profitabilitas, leverage, struktur modal dan kebijakan dividen terhadap nilai perusahaan era pandemi covid-19. Jurnal Ilmu Keuangan dan Perbankan(JIKA), 11(2).
  25. Indrarini, S. (2019). Nilai perusahaan melalui kualitas laba (good governance dan kebijakan perusahaan). Scopindo.
  26. Irawan, D., & Nurhadi, K. (2016). Pengaruh struktur modal, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Aktual STIE Trisna Negara, 4(2), 358–372.
  27. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/https://doi.org/10.1016/0304-405X(76)90026-X
  28. Khalique, M., Bontis, N., Abdul Nassir bin Shaari, J., & Hassan Md. Isa, A. (2015). Intellectual capital in small and medium enterprises in Pakistan. Journal of Intellectual Capital, 16(1), 224–238. https://doi.org/10.1108/JIC-01-2014-0014
  29. Larasati, E. (2013). Pengaruh kepemilikan manajerial, kepemilikan institusional dankebijakan dividen terhadapkebijakan hutang perusahaan. Jurnal Ekonomi Bisnis, 16(2), 103–107.
  30. Lestari, D. A. D., & Satyawan, M. D. (2018). Pengaruh intellectual capital terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Jurnal Akuntansi AKUNESA, 7(1), 1–21.
  31. Lestari, S. (2015). Determinan struktur modal dalam perspektif pecking order theory dan agency theory (studi empiris pada perusahaan manufaktur yang listing di BEI tahun 2010-2013). Wahana Riset Akuntansi, 3(1), 571–590.
  32. Maula, R. N., Tarmedi, E., & Tanuatmodjo, H. (2019). Pengaruh modal intelektual (intellectual capital ) dan tanggungjawab sosial perusahaan terhadap nilai perusahaan. Journal of Business Management Education, 4(2).
  33. Mispiyanti, M. (2020). Pengaruh struktur modal, capital expenditure, profitabilitas dan kebijakan dividen terhadap nilai perusahaan pada perusahaan BUMN Indonesia. Jurnal Akuntansi dan Pajak, 20(2). https://doi.org/10.29040/jap.v20i2.636
  34. Ni, Y., Cheng, Y. R., & Huang, P. (2020). Do intellectual capitals matter to firm value enhancement? Evidences from Taiwan. Journal of Intellectual Capital, 22(4). https://doi.org/10.1108/JIC-10-2019-0235
  35. Novianti, W., & Agustian, W. M. (2018). Improving corporate values through the size of companies and capital structures. ICOBEST, 225, 255–257.
  36. Putri, M., & Noor, A. (2022). Pengaruh earning per share, profitabilitas, leverage, dan sales growth terhadap nilai perusahaan padaindustri makanan dan minuman yang terdaftar dalam bursa efek Indonesia (BEI). KINERJA: Jurnal Ekonomi Dan Manajemen, 19(2), 286–294. https://doi.org/10.30872/jkin.v19i2.11589
  37. Rahmadi, I. H., & Mutasowifin, A. (2021). Pengaruh intellectual capital terhadap kinerja keuangan dan nilai perusahaan (studi kasus perusahaan sektor keuangan yang terdaftar di Bursa Efek Indonesia Tahun 2017-2019). INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 4(2), 279–294. https://doi.org/10.31842/jurnalinobis.v4i2.183
  38. Ross, S. (1977). The determination of financial structure: the incentive signaling approach. Bell Journal of Economics, 8, 23–40. https://doi.org/10.2307/3003485
  39. Sa’diyah, C., & Hariyono, A. (2022). Struktur modal, ukuran perusahaan, pertumbuhan perusahaan dan tax avoidance terhadap nilai perusahaan. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 12(1), 27-41.
  40. Sari, M. A., Wati, L. N., & Rahardjo, B. (2020). Peran profitabilitas dalam memoderasi pengaruh struktur modal dan kebijakan dividen terhadap nilai perusahaan. Jurnal Akuntansi, 9(1), 2301–4075.
  41. Sayyidah, U., & Saifi, M. (2017). Pengaruh intellectual capital terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi (studi pada perusahaan sub sektor property dan real estate di bursa efek Indonesia Periode 2013-2015). Jurnal Administrasi Bisnis (JAB), 46(1).
  42. Seth, R., & Mahenthiran, S. (2022). Impact of dividend payouts and corporate social responsibility on firm value – Evidence from India. Journal of Business Research, 146, 571–581. https://doi.org/10.1016/j.jbusres.2022.03.053
  43. Showalter, D. (1999). Strategic debt: evidence in manufacturing. International Journal of Industrial Organization, 17(3), 319–333. https://doi.org/10.1016/S0167-7187(97)00030-1
  44. Sihombing, M. A., Hutagalung, D. N., Siska, N., & Sakuntala, D. (2020). Pengaruh intellectual capital, earning per share, dan leverage terhadap nilai perusahaan food and beverage di bursa efek Indonesia. Owner (Riset Dan Jurnal Akuntansi), 4(2), 257. https://doi.org/10.33395/owner.v4i2.233
  45. Sonjaya, L. M., Dayanti, S., & Imelda, E. (2021). Pengaruh profitabilitas, likuiditas, struktur modal, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Ekonomi, 238–264.
  46. Sudana, I. M. (2015). Manajemen keuangan perusahaan (kedua). Jakarta: Erlangga.
  47. Sugiyono. (2020). Metode penelitian kuantitatif, kualitatif, dan R&D (Sutopo (ed.); 2nd ed.). Bandung: Alfabeta.
  48. Sukamulja, S. (2019). Analisis laporan keuangan sebagai dasar pengambilan keputusan investasi (Fauzia (ed.); 1st ed.). Yogyakarta: Andi.
  49. Thamrin, K. M. H., Bashir, A., & Lestari, H. T. (2020). Financing decision and dividend policy to corporate value. Advances in Economics, Business and Management Research, 142, 223–229.
  50. Ulum, I. (2009). Intellectual capital konsep dan kajian empiris. Yogyakarta: Graha Ilmu.
  51. Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180. https://doi.org/https://doi.org/10.1002/smj.4250050207
  52. Westerfield, R., Ross, S., & Jordan, B. (2015). Essentials of corporate finance. Asia global edition (8th ed.). McGraw-Hill Higher Education.
  53. Widiantari, K. S., Si, M., & Irawati, D. (2020). Pengaruh earning per share, struktur modal dan ukuran perusahaan terhadap nilai perusahaan consumer goods sektor food and beverage yang terdaftar di bursa efek Indonesia. Jurnal Ilmiah Akuntansi dan Bisnis, 5(2), 2528–1216.
  54. Wulandari, R., Wibowo, S., & Yunanto, A. (2020). Analisis pengaruh corporate social responsibility dan kebijakan dividen terhadap nilai perusahaan dengan profitabilitas sebagai variabel pemoderasi studi pada industri perbankan. Bisnis dan Akuntansi (JEBA), 22(2), 144–157.
  55. Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh profitabilitas, ukuran perusahaan, struktur modal, dan likuiditas terhadap nilai perusahaan makanan dan minuman. E-Jurnal Manajemen, 8(4), 2297–2324.