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Pengaruh Persepsi Financial Knowledge dan Persepsi Love of Money terhadap Financial Behavior Dila Julianti; Lasmanah Lasmanah; Nadia Meirani
Bandung Conference Series: Business and Management 811-818
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.25275

Abstract. This study aims to examine and analyze the extent to which perceptions of financial knowledge and love of money influence the financial behavior of students at Bandung Islamic University in the class of 2022. Sampling was conducted using non-probability sampling techniques, specifically a combination of purposive sampling and proportionate quota sampling. The population consisted of 1,586 students, and the sample comprised 94 respondents from the class of 2022 at Bandung Islamic University. This study utilized primary data obtained from questionnaires distributed to the respondents. The data analysis employed in this study consisted of descriptive and confirmatory analyses, using a multiple linear regression model. The results of this study indicate that perceptions of financial knowledge and perceptions of love of money simultaneously exert a significant influence and account for 31.3% of the variation in financial behavior. Partially, the perception of financial knowledge has a positive and significant effect on financial behavior. Meanwhile, the perception of love of money does not have a significant effect on financial behavior. Abstrak. Penelitian ini bertujuan untuk menguji dan menganalisis seberapa besar pengaruh persepsi financial knowledge dan persepsi love of money terhadap financial behavior pada mahasiswa Universitas Islam Bandung Angkatan 2022. Pengambilan sampel menggunakan teknik Non Probability Sampling dengan metode purposive sampling yang dikombinasikan dengan proportionate quota sampling dengan jumlah populasi sebanyak 1.586 mahasiswa dan sampel penelitian sebanyak 94 responden mahasiswa Universitas Islam Bandung Angkatan 2022. Penelitian ini menggunakan data primer yang didapatkan dari hasil kuesioner yang disebarkan kepada responden. Analisis data yang digunakan dalam penelitian ini yaitu analisis deskriptif dan verifikatif, dengan menggunakan model regresi linier berganda. Hasil dari penelitian ini menunjukkan bahwa persepsi financial knowledge dan persepsi love of money secara simultan berpengaruh signifikan dan memiliki kemampuan untuk menjelaskan variasi financial behavior sebesar 31,3%. Secara parsial, persepsi financial knowledge berpengaruh terhadap financial behavior secara positif dan signifikan. Sedangkan love of money tidak berpengaruh signifikan terhadap financial behavior.

Pengaruh DPK dan Pembiayaan Bank Syariah terhadap Perekonomian Indonesia Ghiandra Rizky Nugraha; Handri Handri; Nadia Meirani
Bandung Conference Series: Business and Management 819-826
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.25295

Abstract. Economic growth is a primary benchmark in measuring national development success. Sharia commercial banking plays a strategic role through financial intermediation by mobilizing Third-Party Funds (TPF) and reallocating them as financing to productive sectors. This study aims to evaluate the impact of TPF Growth and Sharia Commercial Bank financing on Indonesia's economic growth, both partially and simultaneously, during the 2019–2024 period. This study adopted a quantitative approach with an explanatory research design. Secondary panel data were used, combining time-series data (2019–2024) and cross-sectional data from 10 Sharia Commercial Banks selected via purposive sampling, yielding 60 observations. Parameter estimation was conducted using panel data regression via the Random Effect Model (REM) processed in EViews 12. Statistical results reveal that, partially, Third-Party Fund growth (TPF Growth) has a positive and significant effect on Indonesia's economic growth. Conversely, Sharia Commercial Bank financing partially shows no significant effect on economic growth. Simultaneously, TPF Growth and financing do not significantly affect national economic growth. The R-squared value of 0.0554 indicates that the independent variables explain only 5.54% of economic growth variations, while the remaining 94.46% is driven by external macroeconomic factors outside the model. These findings highlight the need to optimize Islamic financing allocation toward productive real sectors. Abstrak. Pertumbuhan ekonomi merupakan indikator utama dalam mengukur keberhasilan pembangunan nasional. Industri perbankan syariah memegang peran strategis melalui fungsi intermediasi keuangan dengan menghimpun Dana Pihak Ketiga (DPK) dan menyalurkannya kembali dalam bentuk pembiayaan ke sektor usaha produktif. Penelitian ini bertujuan untuk menguji dampak Growth DPK dan pembiayaan Bank Umum Syariah terhadap pertumbuhan ekonomi Indonesia, baik secara parsial maupun simultan selama periode 2019–2024. Penelitian ini menerapkan metode kuantitatif dengan pendekatan explanatory research. Data yang digunakan merupakan data sekunder berbentuk data panel yang menggabungkan data time series 2019–2024 dan data cross section 10 Bank Umum Syariah hasil pemilihan purposive sampling (total 60 observasi). Estimasi parameter dilakukan menggunakan regresi data panel pendekatan Random Effect Model (REM) yang diolah melalui EViews 12. Hasil pengujian statistik menunjukkan bahwa secara parsial, pertumbuhan Dana Pihak Ketiga (Growth DPK) berpengaruh positif dan signifikan terhadap pertumbuhan ekonomi Indonesia. Sebaliknya, pembiayaan Bank Umum Syariah secara parsial terbukti tidak memiliki pengaruh yang signifikan terhadap pertumbuhan ekonomi. Secara simultan, Growth DPK dan pembiayaan secara bersama-sama tidak berpengaruh signifikan terhadap pertumbuhan ekonomi nasional. Nilai R-squared sebesar 0,0554 mengindikasikan bahwa variasi kedua variabel independen hanya mampu menjelaskan fluktuasi pertumbuhan ekonomi sebesar 5,54%, sedangkan 94,46% sisanya dipengaruhi faktor makro eksternal di luar model. Temuan ini menegaskan pentingnya evaluasi alokasi pembiayaan syariah agar lebih optimal dalam menggerakkan sektor riil yang produktif.

Pengaruh GCG, CSR, dan ROA terhadap Nilai Perusahaan Batu Bara Naufal Rifqi Anwar; Azib Azib; Nadia Meirani
Bandung Conference Series: Business and Management 887-894
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.25559

Abstract. This study aims to analyze the effect of Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), and Return on Assets (ROA) on firm value in coal sector companies listed on the Indonesia Stock Exchange during 2020-2024. Firm value is proxied by Price to Book Value (PBV). This study uses a quantitative approach with a panel data regression method. The sample was determined using a purposive sampling technique, resulting in 6 coal companies (PT Adaro Energy Indonesia Tbk, PT Bukit Asam Tbk, PT Indo Tambangraya Megah Tbk, PT Bayan Resources Tbk, PT Harum Energy Tbk, and PT Bumi Resources Tbk), producing 30 units of observation. The Fixed Effect Model (FEM) was selected as the most appropriate model. The results show that GCG has no significant effect on firm value, while CSR and ROA each have a positive and significant effect. Simultaneously, GCG, CSR, and ROA significantly affect firm value, explaining 74.24% of its variation. These findings indicate that profitability and CSR disclosure are considered more by investors than corporate governance when valuing coal sector companies. Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), dan Return on Assets (ROA) terhadap nilai perusahaan pada perusahaan sektor batu bara yang terdaftar di Bursa Efek Indonesia periode 2020-2024. Nilai perusahaan diproksikan menggunakan Price to Book Value (PBV). Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi data panel. Sampel ditentukan menggunakan teknik purposive sampling sehingga diperoleh 6 perusahaan sektor batu bara dengan 30 unit observasi selama 2020-2024. Hasil pemilihan model menunjukkan bahwa Fixed Effect Model (FEM) merupakan model paling tepat digunakan. Hasil penelitian menunjukkan bahwa GCG tidak berpengaruh signifikan terhadap nilai perusahaan, sedangkan CSR dan ROA masing-masing berpengaruh positif dan signifikan. Secara simultan, GCG, CSR, dan ROA berpengaruh signifikan terhadap nilai perusahaan dengan kemampuan menjelaskan variasi sebesar 74,24%. Hasil ini mengindikasikan bahwa profitabilitas dan pengungkapan tanggung jawab sosial perusahaan lebih dipertimbangkan investor dibandingkan tata kelola perusahaan dalam menilai perusahaan sektor batu bara.

Pengaruh Kebijakan Dividen dan Kebijakan Hutang terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening pada Perusahaan yang Terdaftar di IDX High Dividend 20 Tahun 2020-2024 Salwa Fitria Muhrida; Lasmanah Lasmanah; Nadia Meirani
Bandung Conference Series: Business and Management 895-904
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.25563

Abstrak. This study aims to analyze the influence of dividend policy and debt policy on firm value, with profitability serving as an intervening variable, among companies listed on the IDX High Dividend 20 index during the 2020–2024 period. The study employs descriptive and verificative methods, utilizing a population of 36 companies and a sample of 11 companies selected through purposive sampling. Descriptive analysis results indicate that dividend policy and profitability fluctuated throughout the study period, whereas debt policy and firm value tended to decline. Verificative analysis reveals that dividend policy, debt policy, and profitability do not individually (partially) affect firm value; nor do these variables collectively (simultaneously) influence firm value. Furthermore, while dividend policy has a partial effect on profitability, debt policy does not; however, dividend policy and debt policy do collectively influence profitability. Mediation test results indicate that profitability fails to mediate the influence of either dividend policy or debt policy on firm value. Abstract. Penelitian ini bertujuan menganilisis pengaruh Kebijakan Dividen dan Kebijakan Hutang terhadap Nilai Perusahaan dengan Profitabilitas sebagai variabel intervening pada perusahaan yang terdaftar di IDX High Dividend 20 periode 2020-2024. Penelirian menggunakan metode deskriptif dan verifikatif dengan populasi 36 perusahaan serta sampel 11 perusahaan yang dipilih menggunakan purposive sampling. Hasil analisis deskriptif menunjukkan Kebijakan Dividen dan Profitabilitas mengalami fluktuasi selama periode penelitian, sedangkan Kebijakan Hutang dan Nilai Perusahaan cenderung mengalami penurunan. Berdasarkan analisis verifikatif, Kebijakan Dividen, Kebijakan Hutang, dan Profitabilitas tidak berpengaruh secara parsial terhadap Nilai Perusahaan. Ketika variabel tersebut juga tidak berpengaruh secara simultan terhadap Nilai Perusahaan. Selanjutnya, Kebijakan Dividen berpengaruh secara parsial terhadap Profitabilitas, sedangkan Kebijakan Hutang tidak berpengaruh secara parsial terhadap Profitabilitas. Namun, secara simultan Kebijakan Dividen dan Kebijakan Hutang berpengaruh terhadap Profitabilitas. Hasil pengujian mediasi menunjukkan bahwa Profitabilitas tidak mampu memediasi pengaruh Kebijakan Dividen maupun Kebijakan Hutang terhadap Nilai Perusahaan.

Pengaruh Profitabilitas, Earning Per Share (EPS), dan Leverage terhadap Nilai Perusahaan pada Sektor Pertambangan Subsektor Batubara Periode 2022-2025 Althaf Mughni Aufa; Azib Azib; Nadia Meirani
Bandung Conference Series: Business and Management 977-984
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.25984

Abstract. This study aims to determine the effect of Profitability, Earning Per Share (EPS), and Leverage on firm value in coal mining sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2025 period. This study uses a quantitative method with descriptive and verificative approaches. The data were obtained from the companies’ annual financial reports and analyzed using panel data regression with the assistance of EViews software. The results show that simultaneously profitability, Earning Per Share (EPS), and leverage have a significant effect on firm value. Partially, Earning Per Share (EPS) has a significant effect on firm value, while profitability and leverage do not have a significant effect on firm value. Abstrak. Penelitian ini bertujuan untuk mengetahui pengaruh Profitabilitas, Earning Per Share (EPS), dan Leverage terhadap nilai perusahaan pada perusahaan pertambangan sub sektor batu bara yang terdaftar di Bursa Efek Indonesia (BEI) periode 2022–2025. Penelitian ini menggunakan metode kuantitatif dengan pendekatan deskriptif dan verifikatif. Data penelitian diperoleh dari laporan keuangan tahunan perusahaan dan dianalisis menggunakan regresi data panel dengan bantuan aplikasi EViews. Hasil penelitian menunjukkan bahwa secara simultan profitabilitas, Earning Per Share (EPS), dan leverage berpengaruh signifikan terhadap nilai perusahaan. Secara parsial, Earning Per Share (EPS) berpengaruh signifikan terhadap nilai perusahaan, sedangkan profitabilitas dan leverage tidak berpengaruh signifikan terhadap nilai perusahaan.

Pengaruh Faktor Keuangan terhadap Financial Distress Perusahaan Sektor Transportasi dan Logistik Mushoimatul Afwa Al-jinani; Handri Handri; Nadia Meirani
Bandung Conference Series: Business and Management 1033-1042
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.26026

Abstract. Even after Large-Scale Social Restrictions (PSBB) were lifted and the economy began to recover, some transportation and logistics companies listed on the Indonesia Stock Exchange (IDX) continued to experience financial distress, indicating that distress is driven not only by external pressure but also by internal financial factors. This study examines the effect of profitability, liquidity, and leverage on the dynamics of financial distress in transportation and logistics companies listed on the IDX during 2020–2025. Financial distress dynamics are measured through the period-to-period change in the modified Altman Z-Score, while profitability, liquidity, and leverage are proxied by Return on Assets (ROA), Current Ratio (CR), and Debt to Asset Ratio (DAR). Using purposive sampling, seven companies with 42 panel observations were analyzed through panel data regression with the Fixed Effect Model and Generalized Least Squares weighting. The results show that profitability, liquidity, and leverage simultaneously have a significant effect on the dynamics of financial distress. Partially, only profitability shows a significant positive effect, while liquidity and leverage do not. Abstrak. Setelah Pembatasan Sosial Berskala Besar (PSBB) dicabut dan perekonomian mulai pulih, sebagian perusahaan transportasi dan logistik yang terdaftar di Bursa Efek Indonesia (BEI) ternyata masih terus mengalami financial distress. Kondisi ini mengindikasikan bahwa financial distress tidak hanya dipengaruhi oleh tekanan eksternal, tetapi juga oleh faktor keuangan internal perusahaan. Penelitian ini bertujuan menganalisis pengaruh profitabilitas, likuiditas, dan leverage terhadap dinamika financial distress pada perusahaan sektor transportasi dan logistik yang terdaftar di BEI periode 2020–2025. Dinamika financial distress diukur melalui selisih Altman Z-Score modifikasi antar periode, sedangkan profitabilitas, likuiditas, dan leverage diproksikan dengan Return on Asset (ROA), Current Ratio (CR), dan Debt to Asset Ratio (DAR). Melalui metode purposive sampling diperoleh tujuh perusahaan dengan 42 observasi data panel yang dianalisis menggunakan regresi data panel Fixed Effect Model dengan pembobotan Generalized Least Squares. Hasil penelitian menunjukkan bahwa profitabilitas, likuiditas, dan leverage secara simultan berpengaruh signifikan terhadap dinamika financial distress. Secara parsial, hanya profitabilitas yang berpengaruh signifikan positif, sedangkan likuiditas dan leverage tidak terbukti berpengaruh.

Pengaruh Strategi Inovasi dan Likuiditas terhadap Profitabilitas Perusahaan Makanan dan Minuman yang Terdaftar di Bei Periode 2020–2023 Dita Azahra; Lasmanah Lasmanah; Nadia Meirani
Bandung Conference Series: Business and Management 1239-1244
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.26217

Abstract: This study was conducted to determine and analyze the effect of innovation strategy and liquidity on the profitability of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. The research employed a causal associative explanatory approach using descriptive and verificative methods. The sampling technique was carried out using purposive sampling, resulting in 30 companies that met the research criteria. The data analysis technique used regression analysis to examine the effect of the variables both partially and simultaneously. The results show that, simultaneously, innovation strategy and liquidity have a significant effect on profitability. Partially, innovation strategy has a positive effect on profitability, while liquidity does not show a significant effect. These findings indicate that the profitability of food and beverage companies during the research period is influenced not only by the variables examined but also by other factors outside the research model, such as operational efficiency, marketing strategy, and market conditions. Abstrak. Penelitian ini dilakukan dengan tujuan untuk mengetahui dan menganalisis pengaruh strategi inovasi dan likuiditas terhadap profitabilitas perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2023. Penelitian ini menggunakan pendekatan eksplanasi asosiatif kausal dengan metode deskriptif dan verifikatif. Teknik pengambilan sampel dilakukan dengan metode purposive sampling sehingga diperoleh 30 perusahaan yang memenuhi kriteria penelitian. Teknik analisis data menggunakan analisis regresi untuk menguji pengaruh variabel secara parsial maupun simultan. Hasil penelitian menunjukkan bahwa secara simultan strategi inovasi dan likuiditas berpengaruh signifikan terhadap profitabilitas. Secara parsial, strategi inovasi berpengaruh positif terhadap profitabilitas, sedangkan likuiditas tidak menunjukkan pengaruh signifikan. Temuan ini mengindikasikan bahwa profitabilitas perusahaan makanan dan minuman pada periode penelitian lebih dipengaruhi oleh faktor lain di luar model penelitian, seperti efisiensi operasional, strategi pemasaran, serta kondisi pasar. Keywords: Innovation Strategy, Liquidity, Profitability.

Pengaruh Earning Yield, ROA, dan DER terhadap Kinerja Jangka Panjang Perusahaan dengan Underpricing sebagai Intervening (Studi Kasus Pada Perusahaan yang Melakukan IPO di BEI) Nayla Nur Lutfiani; Lasmanah Lasmanah; Nadia Meirani
Bandung Conference Series: Business and Management 1091-1100
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.26237

Abstract. Companies seeking to expand their business operations may conduct an Initial Public Offering (IPO) as a source of financing. A common phenomenon that occurs during an IPO is underpricing. This study aims to analyze the effect of Earnings Yield, Return on Assets (ROA), and Debt to Equity Ratio (DER) on long-term corporate performance, with underpricing as a mediating variable. Long-term performance is measured using Cumulative Abnormal Return (CAR) over a three-year period following the IPO. The research employs a quantitative method using multiple linear regression analysis. The final sample consistsed of 126 companies that met following criteria; conducted IPOs on the Indonesia Stock Exchange during the 2020–2022 period, experienced underpricing, and reported profits. The data were obtained from company prospectuses and stock price data. The results indicate that simultaneously, of Earnings Yield, ROA, and DER have a significant effect on long-term corporate performance as proxied by CAR for IPO companies during 2020–2022, However, partially, only of Earnings Yield has a significant effect on long-term firm performance. Furthermore, underpricing is not able to mediate the relationship between of Earnings Yield, ROA, and DER and long-term firm performance. This study concludes that the fundamental conditions of a company at the time of its IPO do not entirely determine its long-term performance three years after the IPO. Abstrak. Perusahaan yang ingin mengembangkan usahanya dapat melakukan IPO untuk pendanaannya, fenomena yang terjadi ketika IPO adalah Underpricing. Tujuan dari penelitian ini untuk menganalisis pengaruh Earning Yield, ROA, dan DER terhadap Kinerja Jangka Panjang Perusahaan dengan Underpricing sebagai mediasi. Kinerja Jangka Panjang diukur menggunakan Cumulative Abnormal Return (CAR) selama tiga tahun setelah IPO. Penelitian ini menggunakan pendekatan kuantitatif sebagai metode dengan analisis linear berganda. Sampel penelitian ada 126 dengan kriteria perusahaan yang melakukan IPO tahun 2020-2022, mengalami Underpricing, dan profit. Data diperoleh dari prospektus dan harga saham perusahaan. Hasil penelitian menunjukkan bahwa secara simultan Earning Yield, ROA, dan DER memiliki pengaruh terhadap Kinerja Jangka Panjang Perusahaan yang di proksikan oleh CAR pada perusahaan IPO tahun 2020-2022, sedangkan secara parsial hanya Earning Yield yang memiliki pengaruh. Dan Underpricing tidak mampu menjadi variabel mediasi. Penelitian ini menyimpulkan bahwa kondisi fundamental perusahaan ketika IPO tidak seluruhnya memiliki pengaruh terhadap Kinerja Jangka Panjang perusahaan tiga tahun setelahnya.

Pengaruh Ukuran Perusahaan dan Pengungkapan ESG terhadap Profitabilitas Perusahaan Consumer Non-Cyclicals Latifah Tri Kania; Handri Handri; Nadia Meirani
Bandung Conference Series: Business and Management 953-960
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.25918

Abstract. This study aims to analyze the impact of firm size and Environmental, Social, and Governance (ESG) disclosures on profitability among companies in the Non-Cyclical Consumer Sector listed on the Indonesia Stock Exchange during the 2021–2024 period. Company size is proxied by Ln Total Assets, ESG disclosure is measured using the Corporate Sustainability Index (CSI) based on GRI standards, and profitability is proxied by Return on Assets (ROA). The study employs a quantitative method using secondary data obtained from annual reports, financial reports, and sustainability reports. The research sample was determined using purposive sampling, resulting in 75 companies with 300 observations. Data analysis was conducted using panel data regression with the aid of EViews 12. Model selection was performed using the Chow test and the Lagrange Multiplier (LM) test, while hypothesis testing was conducted using the t-test to determine partial effects, the F-test to determine simultaneous effects, and the coefficient of determination (R²) to measure the model’s ability to explain variations in profitability. The results of the study indicate that, when considered individually, firm size and ESG disclosure do not have a significant effect on profitability. However, when considered simultaneously, both variables have a significant effect on profitability. Abstrak. Penelitian ini bertujuan menganalisis pengaruh ukuran perusahaan dan pengungkapan Environmental, Social, and Governance (ESG) terhadap profitabilitas pada perusahaan Sektor Consumer Non-Cyclicals yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Ukuran perusahaan diproksikan dengan Ln Total Aset, pengungkapan ESG diukur menggunakan Corporate Sustainability Index (CSI) berbasis standar GRI, dan profitabilitas diproksikan dengan Return on Assets (ROA). Penelitian menggunakan metode kuantitatif dengan data sekunder yang diperoleh dari annual report, financial report, dan sustainability report. Sampel penelitian ditentukan menggunakan teknik purposive sampling sehingga diperoleh 75 perusahaan dengan 300 observasi. Analisis data dilakukan menggunakan regresi data panel dengan bantuan Eviews 12. Pemilihan model dilakukan melalui uji Chow dan uji Lagrange Multiplier (LM), sedangkan pengujian hipotesis dilakukan melalui uji t untuk mengetahui pengaruh parsial, uji F untuk mengetahui pengaruh simultan, serta koefisien determinasi (R²) untuk mengukur kemampuan model dalam menjelaskan variasi profitabilitas. Hasil penelitian menunjukkan bahwa secara parsial ukuran perusahaan dan pengungkapan ESG tidak berpengaruh signifikan terhadap profitabilitas. Namun, secara simultan kedua variabel tersebut berpengaruh signifikan terhadap profitabilitas.

Pengaruh Profitabilitas, Likuiditas, dan Leverage terhadap Nilai Perusahaan pada Perusahaan Sektor Infrastruktur yang Terdaftar di Indeks Saham Syariah Indonesia (ISSI) Periode 2020-2024 Rio Ananda Sofyan; Nurdin Nurdin; Nadia Meirani
Bandung Conference Series: Business and Management 961-968
Publisher : UNISBA Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29313/bcsbm.v6i2.25955

Abstract. This study investigates how profitability, liquidity, and leverage influence the firm value of Sharia-compliant infrastructure companies in Indonesia. Operating under the Indonesia Sharia Stock Index (ISSI), these firms must balance massive capital needs with strict Islamic principles restricting interest-based debt. Using purposive sampling, secondary data was collected from the annual reports of 11 ISSI-listed infrastructure companies from 2020 to 2024. Panel data regression analysis reveals that profitability significantly drives firm value; higher asset returns directly boost the company's valuation. Leverage also significantly affects firm value, as the structure of allowed financing dictates overall corporate worth. However, liquidity shows no significant impact, indicating short-term cash does not primarily drive the value of long-term infrastructure firms. Consequently, corporate leaders should prioritize enhancing asset profitability and optimizing capital structure to maximize firm value rather than hoarding short-term cash. Abstrak. Penelitian ini menginvestigasi pengaruh profitabilitas, likuiditas, dan leverage terhadap nilai perusahaan infrastruktur di Indeks Saham Syariah Indonesia (ISSI). Perusahaan-perusahaan ini harus menyeimbangkan kebutuhan modal masif dengan prinsip syariah yang membatasi utang berbasis bunga. Menggunakan purposive sampling, data sekunder dikumpulkan dari laporan keuangan tahunan 11 perusahaan selama periode 2020–2024. Analisis regresi data panel menunjukkan bahwa profitabilitas secara signifikan mendorong nilai perusahaan; tingginya pengembalian aset secara langsung meningkatkan valuasi perusahaan. Leverage juga berpengaruh signifikan terhadap nilai perusahaan, karena struktur pembiayaan yang diizinkan sangat menentukan penilaian korporasi. Sebaliknya, likuiditas tidak berdampak signifikan, mengindikasikan bahwa ketersediaan kas jangka pendek bukanlah pendorong utama nilai perusahaan infrastruktur berjangka panjang. Kesimpulannya, pemimpin perusahaan harus memprioritaskan peningkatan profitabilitas aset dan optimalisasi struktur modal untuk memaksimalkan nilai perusahaan, dibandingkan sekadar menahan kas jangka pendek.

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