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All Journal Journal of Economic, Bussines and Accounting (COSTING)
Kenny Ardillah
STIE Wiyatamandala
Economics, Econometrics & Finance

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PENGARUH STRUKTUR MODAL, KEBIJAKAN DIVIDEN, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING Christyna Capriaty; Kenny Ardillah
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 4 (2026): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/088a6d91

Abstract

This study examines the determinants of firm value among banking companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2025 period by analyzing the roles of capital structure, dividend policy, firm size, and financial performance. A quantitative approach was employed using purposive sampling, resulting in 35 banking companies selected from a population of 48 firms based on the availability of complete annual financial reports throughout the observation period. Data analysis was conducted through classical assumption testing, hypothesis testing, and path analysis to evaluate direct and indirect relationships among variables. The findings indicate that dividend policy and firm size have a significant positive effect on financial performance, while capital structure has a significant negative effect. However, capital structure, dividend policy, and firm size do not directly influence firm value significantly. Conversely, financial performance has a significant positive impact on firm value, demonstrating its role as an important intervening variable in translating corporate strategies into market valuation. These results highlight that improving financial performance is a key mechanism for enhancing firm value, as investors primarily assess companies based on their operational effectiveness and financial achievements.
PENGARUH KONSERVATISME AKUNTANSI, ASIMETRI INFORMASI, KUALITAS AUDIT, LEVERAGE, DAN PROFITABILITAS TERHADAP COST OF EQUITY Titi Indri; Kenny Ardillah
Journal of Economic, Bussines and Accounting (COSTING) Vol. 9 No. 4 (2026): Journal of Economic, Bussines and Accounting (COSTING)
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/pcbqpz12

Abstract

This study investigates the effects of accounting conservatism, information asymmetry, Audit Quality, Leverage, and profitability on the cost of equity of financial sector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Using a quantitative approach with purposive sampling, 90 companies were selected, producing 450 firm-year observations from annual reports. Panel data regression analysis was conducted using EViews 13, including model selection, classical assumption testing, hypothesis testing, and coefficient of determination analysis. The findings indicate that, individually, only Audit Quality has a significant positive effect on the cost of equity, whereas accounting conservatism, information asymmetry, Leverage, and profitability show no significant influence. Collectively, the independent variables significantly explain variations in the cost of equity, with an Adjusted R² of 65.97%. These results suggest that investors place greater emphasis on Audit Quality than other financial indicators when assessing required returns in Indonesia's highly regulated financial sector.
Co-Authors Christyna Capriaty Titi Indri