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Determinants of Company Value: Empirical Evidence from Consumer Goods Industrial Companies in Indonesia Purnama, Maria Goreti; Yuniarti, Sari; Terdpaopong, Kanitsorn; Subiyantoro, Edi; Khouroh, Umu
Jurnal Manajemen Bisnis Vol 15, No 1: March 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v15i1.20114

Research Aims: Investors focus on a company's value before investing, which can benefit shareholders. This study, thus, investigates how factors like liquidity, debt, profits, growth, and investment opportunities affect a company's value, with dividend policy playing a role.Design/Methodology/Approach: This study examined companies in the consumer goods industry listed on the IDX from 2018 to 2021. The authors collected data from 71 selected companies using purposive sampling. The analysis method employed was Moderating Regression Analysis (MRA).Research Findings: The findings demonstrated that Debt to Asset Ratio (DAR), Return on Assets (ROA), and Investment Opportunity Set (IOS) strongly affected Price to Book Value (PBV) positively. However, Current Ratio (CR) and Growth did not significantly affect PBV. Additionally, the Dividend Payout Ratio (DPR) did not influence the relationship between CR, DAR, and Growth with PBV. Also, it did moderate the relationship between ROA and IOS with PBV.Theoretical Contribution/Originality: The research findings contribute to our understanding of the factors that impact the market value of companies in the consumer goods industry listed on the IDX.Practitioners/Policy Implications: It is crucial to examine specific variables that have a significant impact on PBV, while other variables may not play a vital role. This can help practitioners, academics, and investors make more informed decisions based on in-depth analysis of company performance and value.Research Limitations/Implications: The limitations include limited panel data, a single industry focus, the absence of supportive data on individual company investment variations, and no consideration of industry risk, market policies, or investor preferences.

Determinants of Company Value: Empirical Evidence from Consumer Goods Industrial Companies in Indonesia Purnama, Maria Goreti; Yuniarti, Sari; Terdpaopong, Kanitsorn; Subiyantoro, Edi; Khouroh, Umu
Jurnal Manajemen Bisnis Vol. 15 No. 1: March 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v15i1.20114

Research Aims: Investors focus on a company's value before investing, which can benefit shareholders. This study, thus, investigates how factors like liquidity, debt, profits, growth, and investment opportunities affect a company's value, with dividend policy playing a role.Design/Methodology/Approach: This study examined companies in the consumer goods industry listed on the IDX from 2018 to 2021. The authors collected data from 71 selected companies using purposive sampling. The analysis method employed was Moderating Regression Analysis (MRA).Research Findings: The findings demonstrated that Debt to Asset Ratio (DAR), Return on Assets (ROA), and Investment Opportunity Set (IOS) strongly affected Price to Book Value (PBV) positively. However, Current Ratio (CR) and Growth did not significantly affect PBV. Additionally, the Dividend Payout Ratio (DPR) did not influence the relationship between CR, DAR, and Growth with PBV. Also, it did moderate the relationship between ROA and IOS with PBV.Theoretical Contribution/Originality: The research findings contribute to our understanding of the factors that impact the market value of companies in the consumer goods industry listed on the IDX.Practitioners/Policy Implications: It is crucial to examine specific variables that have a significant impact on PBV, while other variables may not play a vital role. This can help practitioners, academics, and investors make more informed decisions based on in-depth analysis of company performance and value.Research Limitations/Implications: The limitations include limited panel data, a single industry focus, the absence of supportive data on individual company investment variations, and no consideration of industry risk, market policies, or investor preferences.

Determinants of Company Value: Empirical Evidence from Consumer Goods Industrial Companies in Indonesia Purnama, Maria Goreti; Yuniarti, Sari; Terdpaopong, Kanitsorn; Subiyantoro, Edi; Khouroh, Umu
Jurnal Manajemen Bisnis Vol. 15 No. 1: March 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/mb.v15i1.20114

Research Aims: Investors focus on a company's value before investing, which can benefit shareholders. This study, thus, investigates how factors like liquidity, debt, profits, growth, and investment opportunities affect a company's value, with dividend policy playing a role.Design/Methodology/Approach: This study examined companies in the consumer goods industry listed on the IDX from 2018 to 2021. The authors collected data from 71 selected companies using purposive sampling. The analysis method employed was Moderating Regression Analysis (MRA).Research Findings: The findings demonstrated that Debt to Asset Ratio (DAR), Return on Assets (ROA), and Investment Opportunity Set (IOS) strongly affected Price to Book Value (PBV) positively. However, Current Ratio (CR) and Growth did not significantly affect PBV. Additionally, the Dividend Payout Ratio (DPR) did not influence the relationship between CR, DAR, and Growth with PBV. Also, it did moderate the relationship between ROA and IOS with PBV.Theoretical Contribution/Originality: The research findings contribute to our understanding of the factors that impact the market value of companies in the consumer goods industry listed on the IDX.Practitioners/Policy Implications: It is crucial to examine specific variables that have a significant impact on PBV, while other variables may not play a vital role. This can help practitioners, academics, and investors make more informed decisions based on in-depth analysis of company performance and value.Research Limitations/Implications: The limitations include limited panel data, a single industry focus, the absence of supportive data on individual company investment variations, and no consideration of industry risk, market policies, or investor preferences.

The Strategic Role of Innovation as a Mediator Between Internal Firm Factors and Value Creation: : A Study of the Indonesian Manufacturing Industry Assih, Prihat; Cahyaningsih, Diyah Sukanti; Terdpaopong, Kanitsorn
AKRUAL: JURNAL AKUNTANSI Vol 17 No 2 (2026): AKRUAL: Jurnal Akuntansi (In Progress)
Publisher : Accounting Study Programme Faculty of Economics and Business Universitas Negeri Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26740/jaj.v17n2.p244-260

Introduction/Main Objectives: This study analyzes the role of innovation in bridging factors that influence firm value. As is known, COVID-19 has triggered manufacturing companies to innovate both processes and products. Methods: This study places the innovation variable as an intervening variable to examine whether companies with adequate profitability, assets, managerial ownership, and determinants of R&D activities can drive firm value. The sample in this study was 132 manufacturing companies with an observation period of 2021-2024. Finding/Results: The results of this study show that the role of managerial ownership influences corporate innovation. Firm size hurts innovation, and the ability to generate profits in period t-1 can drive innovation in period t. Firm value is proven to be influenced by managerial ownership, size, profitability, and innovation. Innovation can also act as an intervening variable. Conclusions: This study contributes a discourse that the role of innovation in manufacturing companies is quite significant. Government encouragement can increase R&D activities. Thus, manufacturing companies should consider R&D activities, which are a positive signal for investors.

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