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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis
Sukrisno Sukrisno
Sekolah Tinggi Ilmu Ekonomi dan Pariwisata Indonesia (STIEPARI) Semarang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Other

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Business Risk, Firm Size, and Debt Policy on Firm Value: The Mediating Role of Financial Performance Sosnon Putri Halawa; Sukrisno Sukrisno
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 3 (2026): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i3.11881

Abstract

This study aims to examine the effect of Business Risk (RISK), Firm Size (SIZE), and Debt Policy (DER) on Firm Value (PBV) with Financial Performance (ROA) as a mediating variable in non-financial companies listed on the Indonesia Stock Exchange. The study population includes all companies in the non-financial sector listed on the Indonesia Stock Exchange, and the sample selection was carried out using purposive sampling with criteria of financial reporting consistency, full availability of variable data, and continuous recording during the observation period 2020-2024. This study uses secondary data in the form of annual financial statements obtained from the official website of the Indonesia Stock Exchange and is analyzed using path analysis with the Baron and Kenny procedure through SPSS version 26 software. The results show that RISK has a negative and significant effect on ROA, SIZE has a positive and significant effect on ROA as the most dominant determinant, and DER has a negative and significant effect on ROA. ROA has a positive and significant effect on PBV. Mediation testing proves that ROA significantly mediates the effect of all three independent variables on PBV through partial mediation. This study provides theoretical implications in strengthening the trade-off theory and signaling theory, managerial implications regarding the importance of optimally managing asset scale and leverage, and regulatory implications regarding the need for increased transparency in the disclosure of financial risks by public non-financial companies in the Indonesian capital market.
Investment Decision, Funding Decisions, And Dividend Policies On Firm Value: Empirical Evidence From Emerging Country Lutfatul Jamiah; Sukrisno Sukrisno
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 3 (2026): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i3.11884

Abstract

This study aims to examine the influence of investment decision, funding decision, and dividend policies on the value of non finance companies listed on the Indonesia Stock Exchange for the period 2019 to 2023. The study population included all non finance companies listed on the Indonesia Stock Exchange, and sample selection was carried out using purposive sampling techniques with criteria of consistency of financial reporting, cash dividend distribution, and completeness of data during the observation period. This study uses secondary data in the form of annual financial statements obtained from the official website of the Indonesia Stock Exchange and analyzed using multiple linear regression using the Ordinary Least Squares method through SPSS software version 26. The results of the study show that. Simultaneously, Debt to Equity Ratio (DER) ,Price Earnings Ratio (PER ) and Price to Book Value (PBV),have a significant effect on the company's value with adequate model explainability. This study provides theoretical implications in the form of strengthening signaling theory and trade-off theory, managerial implications in the form of the importance of stable dividend policy priorities, and regulatory implications in the form of the need to strengthen transparency in the disclosure of financial policies of public companies in the Indonesian capital market.
Co-Authors Lutfatul Jamiah Sosnon Putri Halawa