Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
P-Index
This Author published in this journals
All Journal Journal of Economics, Entrepreneurship, Management Business and Accounting
Hendra Novie Tawas
Universitas Sam Ratulangi, Indonesia
Economics, Econometrics & Finance

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Corporate Finance and Firm Value on the Indonesia Stock Exchange Joubert Barens Maramis; Ivonne S. Saerang; Hendra Novie Tawas
Journal of Economics, Entrepreneurship, Management Business and Accounting Vol 4 No 4 (2026): Volume 4, Issue 4, July 2026
Publisher : CV. Sakura Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61255/jeemba.v4i4.1954

Abstract

Purpose – This study examines the relationship between corporate finance decisions and firm value among companies listed on the Indonesia Stock Exchange, focusing on financing, investment, and dividend-related decisions. It also evaluates the robustness of these relationships across alternative firm-value measures, economic controls, and time horizons. Design/methodology/approach – A confirmatory quantitative design was employed using secondary financial data from 155 listed companies during 2012–2022. Firm value was measured using Tobin’s Q and the market-to-book ratio. Multiple linear regression was conducted using SPSS, with robustness tests incorporating IHSG, inflation, interest rates, exchange rates, and 2-, 5-, and 10-year periods. Findings – The determinants of firm value vary across measurement proxies. Free cash flow significantly affects firm value when measured by Tobin’s Q, while fixed assets are the only significant determinant when using the market-to-book ratio. These findings remain consistent after controlling for macroeconomic factors and across different time horizons. Originality/Value – This study demonstrates that the influence of corporate finance decisions on firm value is sensitive to the measurement proxy but robust across alternative model specifications, economic controls, and time periods. The findings highlight the distinct roles of dividend-related financial capacity and investment decisions in shaping firm value in the Indonesian capital market.
Co-Authors Ivonne S. Saerang Joubert Barens Maramis