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All Journal Borobudur Accounting Review Indonesian Journal of Innovation Multidisipliner Research Indonesian Journal of Innovation Multidisipliner Research
Widigdya, Singgih
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Impact of Capital Structure on Firm Value with Profitability as Mediator: Indonesian Coal Companies Study Widigdya, Singgih; Akhmadi, Akhmadi; Ichwanudin, Wawan
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 1 (2024): March
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i1.151

Abstract

Over the past six years, global economic volatility shaped by geopolitical complexities has significantly impacted the coal sector, marked by fluctuating prices influenced by events such as the Ukraine crisis and the COVID-19 pandemic. This study focuses on Indonesian coal companies, examining the relationship between capital structure (DER), firm performance (ROA), and firm value (PBV). Through empirical analysis of 15 listed companies from 2018 to 2023, utilizing Hayes' Process Macro Model 4, the research finds that higher Debt to Equity Ratios (DER) negatively affect Return on Assets (ROA), indicating reduced efficiency in asset utilization. However, DER positively correlates with Price to Book Value (PBV), implying investor optimism regarding future earnings and asset worth. The study underscores the nuanced interplay between financial metrics in shaping corporate value within Indonesia's coal sector, offering insights for strategic financial management amid market uncertainties.
Peran mediasi profitabilitas dimoderasi leverage pada kepemilikan institusional terhadap nilai perusahaan: perusahaan batu bara Indonesia Widigdya, Singgih; Akhmadi, Akhmadi; Ichwanudin, Wawan
Borobudur Accounting Review Vol 4 No 1 (2024)
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31603/bacr.11473

Abstract

In this study, we look at how institutional ownership affects the Price to Book Value (PBV) of Indonesian coal mining companies. Return on Assets (ROA) is the mediating variable, and Debt to Equity Ratio (DER) is the moderating variable. The study is highly relevant given the dynamic changes in financial markets, the increasing dominance of institutional investors, and the challenges associated with debt management. Additionally, regulatory changes and the pressure to enhance shareholder value necessitate an understanding of how institutional ownership, financial performance, and leverage influence company value. Using financial information from Indonesian coal mining companies that were listed between 2018 and 2023 on the Indonesian Stock Exchange, the analysis was conducted using SPSS and the Hayes Process Macro Model 58. The findings indicate that institutional ownership significantly increases firm value (PBV) through better management and stricter supervision. DER, as a moderating variable, emphasizes the importance of good debt management. The positive coefficient of financial performance on firm value indicates that better financial performance contributes to increased firm value. Overall, institutional ownership is more effective in directly enhancing firm value than through the mechanisms involving financial performance and leverage. This study provides critical insights for corporate managers, institutional investors, and policymakers on managing institutional ownership to improve company performance and value, and effectively handle financial leverage.
Impact of Capital Structure on Firm Value with Profitability as Mediator: Indonesian Coal Companies Study Widigdya, Singgih; Akhmadi, Akhmadi; Ichwanudin, Wawan
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 1 (2024): March
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i1.151

Abstract

Over the past six years, global economic volatility shaped by geopolitical complexities has significantly impacted the coal sector, marked by fluctuating prices influenced by events such as the Ukraine crisis and the COVID-19 pandemic. This study focuses on Indonesian coal companies, examining the relationship between capital structure (DER), firm performance (ROA), and firm value (PBV). Through empirical analysis of 15 listed companies from 2018 to 2023, utilizing Hayes' Process Macro Model 4, the research finds that higher Debt to Equity Ratios (DER) negatively affect Return on Assets (ROA), indicating reduced efficiency in asset utilization. However, DER positively correlates with Price to Book Value (PBV), implying investor optimism regarding future earnings and asset worth. The study underscores the nuanced interplay between financial metrics in shaping corporate value within Indonesia's coal sector, offering insights for strategic financial management amid market uncertainties.
Co-Authors Akhmadi Akhmadi Wawan Ichwanudin