THE INFLUENCE OF PROFITABILITY, CAPITAL STRUCTURE, INVESTMENT DECISION, AND FIRM SIZE ON FIRM VALUE (A Study in the Pharmaceutical Sector Listed on the Indonesian Stock Exchange)

Authors

  • Chairil Akhyar Faculty of Economic and Business Universitas Malikussaleh
  • Hepi Boang Manalu Faculty of Economic and Business Universitas Malikussaleh
  • Husaini Faculty of Economic and Business Universitas Malikussaleh
  • Wardhiah Faculty of Economic and Business Universitas Malikussaleh

DOI:

https://doi.org/10.54443/jaruda.v1i4.61

Keywords:

Return On Assets, Return On Equity, Capital Structure, Investment Decision, Firm Size, and Firm Value.

Abstract

This study examines the influence of profitability, capital structure, investment decisions, and firm size on firm value in pharmaceutical sub-sector companies on the Indonesia Stock Exchange. This study uses secondary data from the financial statements of each pharmaceutical sub-sector company. The sample in this study consists of 9 pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange during 2018-2021. The data analysis method used is a multiple linear regression test with the help of Eviews 12. The results partially show that return on assets, return on equity, and capital structure has a positive and significant effect on firm value. Meanwhile, investment decisions and firm size partially do not significantly affect firm value in pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange for the 2018-2021 period.

References

Ali, J., Faroji, R., and Ali, O. (2021). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Industri Barang Konsumsi di Bursa Efek Indonesia Tahun 2017-2019). Jurnal Neraca Peradaban, 1(2), 128135.

Amaliyah, F., and Herwiyanti, E. (2020). Pengaruh Keputusan Investasi, Ukuran Perusahaan, Keputusan Pendanaan dan Kebijakan Deviden Terhadap Nilai Perusahaan Sektor Pertambangan. Jurnal Pendidikan Ekonomi Dan Bisnis, 5(1), 3951.

Artati, D. (2020). Pengaruh Return On Assets, Size, dan Current Ratio Terhadap Nilai Perusahaan Melalui Kebijakan Dividen. Jurnal Bisnis, Manajemen, Dan Akuntansi, 7(1), 111131.

Brigham, E. F., and Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan (14th ed.; N. I. Sallama and F. Kusumastuti, Eds.). Jakarta: Salemba Empat.

Fahmi, I. (2018). Pengantar Manajemen Keuangan. Bandung: Alfabeta.

Fitriyah, and Djawoto. (2021). Pengaruh Struktur Modal, Profitabilitas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Farmasi Yang Terdaftar di BEI. Jurnal Ilmu Dan Riset Manajemen, 10(3), 120.

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (9th ed.). Semarang: Universitas Diponegoro.

Halik, A. C. (2018). Pengaruh ROA dan NPM Terhadap Nilai Perusahaan Pada PT. Antam, Tbk. Scientific Journal of Reflection: Economic, Accounting, Management, and Business, 1(1), 110.

Haq, A., and Rahayu, Y. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal, dan Keputusan Investasi Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 8(1), 117.

Hartono, J. (2017). Teori Portofolio dan Analisis Investasi (10th ed.). Yogyakarta: BPFE.

Hery. (2018). Analisis Laporan Keuangan: Integrated and Comprehensive Edition. Jakarta: PT. Gramedia Pustaka Utama.

Hidayati, A., and Priyadi, M. P. (2022). Pengaruh Profitabilitas, Likuiditas, dan Keputusan Investasi Terhadap Nilai Perusahaan Pada Perusahaan Sub Sektor Farmasi Yang Terdaftar di BEI. Jurnal Ilmu Dan Riset Akuntansi, 11(3), 117.

Jufrizen, and Fatin, I. N. Al. (2020). Pengaruh Debt To Equity Ratio, Return On Equity, Return On Assets, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Farmasi. Jurnal Humaniora, 4(1), 183195.

Julaeha, Aryani, F., and Hendratni, T. W. (2021). Pengaruh Profitabilitas, Struktur Modal, dan Keputusan Investasi Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Telekomunikasi Yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2014-2020). Jurnal JIMP, 1(2), 106118.

Kasmir. (2017). Analisis Laporan Keuangan. Jakarta: Grasindo.

Komala, P. S., Endiana, I. D. M., Kumalasari, P. D., and Rahindayati, N. M. (2021). Pengaruh Profitabilitas, Solvabilitas, Likuiditas, Keputusan Investasi, dan Keputusan Pendanaan Terhadap Nilai Perusahaan. Jurnal Karya Riset Mahasiswa Akuntansi, 1(1), 4050.

Nasution, R. P. (2021). Pengaruh Keputusan Investasi, Profitabilitas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening Pada Perusahaan Properti dan Real Estate Yang Terdaftar di BEI. Jurnal Institusi Politeknik Ganesha, 4(1), 172177.

Oktiwiati, E. Dela, and Nurhayati, M. (2020). Pengaruh Profitabilitas, Struktur Modal, dan Keputusan Investasi Terhadap Nilai Perusahaan (Pada Sektor Farmasi Yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017). Jurnal Ilmiah Manajemen, 10(2), 196209.

Salama, M., Rate, P. Van, and Untu, V. N. (2019). Pengaruh Keputusan Investasi, Keputusan Pendanaan, dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Industri Perbankan Yang Terdaftar di BEI Periode 2014-2017. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3), 26512660.

Sari, E. W. D., and Subardjo, A. (2018). Pengaruh Keputusan Investasi, Keputusan Pendanaan, dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 7(10), 116.

Sondakh, P., Saerang, I., and Samadi, R. (2019). Pengaruh Struktur Modal (ROA, ROE, dan DER) Terhadap Nilai Perusahaan (PBV) Pada Perusahaan Sektor Properti Yang Terdaftar di BEI (Periode 2013-2016). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(3), 30793088.

Sugiyono. (2018). Metode Penelitian Kuantitatif. Bandung: alfabeta.

Sutrisno, E. (2017). Manajemen Keuangan: Teori, Konsep, dan Aplikasi. Yogyakarta: Ekonesia.

Tandelilin, E. (2017). Pasar Modal: Manajemen Portofolio dan Investasi (Sudibyo, Ed.). Yogyakarta: PT. Kanisius.

Tanjung, K. R., and Halawa, S. (2022). Pengaruh Return On Assets dan Return On Equity Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Otomotif dan Komponennya Yang Terdaftar di Bursa Efek Indonesia. Jurnal Neraca Agung, 12(1), 18.

Wahyuni, E., and Purwaningsih, E. (2021). Pengaruh Kepemilikan Manajerial, Ukuran Perusahaan, Profitabilitas, Kebijakan Dividen, Keputusan Investasi, Struktur Modal, dan Intelectual Capital Terhadap Nilai Perusahaan Pada Perusahaan Keluarga Yang Terdaftar di Bursa Efek Indonesia. Jurnal Media Akuntansi, 33(1), 7990.

Yuniastri, N. P. A., Endiana, I. D. M., and Kumalasari, P. D. (2021). Pengaruh Profitabilitas, Kebijakan Dividen, Keputusan Investasi, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2017-2019. Karya Riset Mahasiswa Akuntansi, 1(1), 6979.

Nur Ilham, R. ., Arliansyah, A., Juanda, R., Multazam, M. ., & Saifanur, A. . (2021). RELATHIONSIP BETWEEN MONEY VELOCITY AND INFLATION TO INCREASING STOCK INVESTMENT RETURN: EFFECTIVE STRATEGIC BY JAKARTA AUTOMATED TRADING SYSTEM NEXT GENERATION (JATS-NG) PLATFORM. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 1(1), 87–92. https://doi.org/10.54443/ijebas.v1i1.27

Yusuf Iis, E., Wahyuddin, W., Thoyib, A., Nur Ilham, R., & Sinta, I. (2022). THE EFFECT OF CAREER DEVELOPMENT AND WORK ENVIRONMENT ON EMPLOYEE PERFORMANCE WITH WORK MOTIVATION AS INTERVENING VARIABLE AT THE OFFICE OF AGRICULTURE AND LIVESTOCK IN ACEH. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 2(2), 227–236. https://doi.org/10.54443/ijebas.v2i2.191

Geovani, I. ., Nurkhotijah, S. ., Kurniawan, H. ., Milanie, F., & Nur Ilham, R. . (2021). JURIDICAL ANALYSIS OF VICTIMS OF THE ECONOMIC EXPLOITATION OF CHILDREN UNDER THE AGE TO REALIZE LEGAL PROTECTION FROM HUMAN RIGHTS ASPECTS: RESEARCH STUDY AT THE OFFICE OF SOCIAL AND COMMUNITY EMPOWERMENT IN BATAM CITY. International Journal of Educational Review, Law And Social Sciences (IJERLAS), 1(1), 45–52. https://doi.org/10.54443/ijerlas.v1i1.10

Bustani, B., Khaddafi, M. ., & Nur Ilham, R. (2022). REGIONAL FINANCIAL MANAGEMENT SYSTEM OF REGENCY/CITY REGIONAL ORIGINAL INCOME IN ACEH PROVINCE PERIOD YEAR 2016-2020. International Journal of Educational Review, Law And Social Sciences (IJERLAS), 2(3), 459–468. https://doi.org/10.54443/ijerlas.v2i3.277

Nur Ilham, R., Heikal, M. ., Khaddafi, M. ., F, F., Ichsan, I., F, F., Abbas, D. ., Fauzul Hakim Hasibuan, A. ., Munandar, M., & Chalirafi, C. (2021). Survey of Leading Commodities Of Aceh Province As Academic Effort To Join And Build The Country. IRPITAGE JOURNAL, 1(1), 13–18. https://doi.org/10.54443/irpitage.v1i1.19

Nur ilham, R., Likdanawati, L., Hamdiah, H., Adnan, A., & Sinta, I. . (2022). COMMUNITY SERVICE ACTIVITIES “SOCIALIZATION AVOID STUDY INVESTMENT” TO THE STUDENT BOND OF SERDANG BEDAGAI. IRPITAGE JOURNAL, 2(2), 61–64. https://doi.org/10.54443/irpitage.v2i2.312

Falahuddin, F., Fuadi, . F., Munandar, M., Juanda, R. ., & Nur Ilham, R. . (2022). INCREASING BUSINESS SUPPORTING CAPACITY IN MSMES BUSINESS GROUP TEMPE BUNGONG NANGGROE KERUPUK IN SYAMTALIRA ARON DISTRICT, UTARA ACEH REGENCY. IRPITAGE JOURNAL, 2(2), 65–68. https://doi.org/10.54443/irpitage.v2i2.313

Majied Sumatrani Saragih, M. ., Hikmah Saragih, U. ., & Nur Ilham, R. . (2021). RELATIONSHIP BETWEEN MOTIVATION AND EXTRINSIC MOTIVATION TO ICREASING ENTREPRENEURSHIP IMPLEMENTATION FROM SPP AL-FALAH GROUP AT BLOK 10 VILLAGE DOLOK MASIHUL. MORFAI JOURNAL, 1(1), 1–12. https://doi.org/10.54443/morfai.v1i1.11

Sandi, H. ., Afni Yunita, N. ., Heikal, M. ., Nur Ilham, R. ., & Sinta, I. . (2021). RELATIONSHIP BETWEEN BUDGET PARTICIPATION, JOB CHARACTERISTICS, EMOTIONAL INTELLIGENCE AND WORK MOTIVATION AS MEDIATOR VARIABLES TO STRENGTHENING USER POWER PERFORMANCE: AN EMPERICAL EVIDENCE FROM INDONESIA GOVERNMENT. MORFAI JOURNAL, 1(1), 36–48. https://doi.org/10.54443/morfai.v1i1.14

Sinurat, M. ., Heikal, M. ., Simanjuntak, A. ., Siahaan, R. ., & Nur Ilham, R. . (2021). PRODUCT QUALITY ON CONSUMER PURCHASE INTEREST WITH CUSTOMER SATISFACTION AS A VARIABLE INTERVENING IN BLACK ONLINE STORE HIGH CLICK MARKET: Case Study on Customers of the Tebing Tinggi Black Market Online Store. MORFAI JOURNAL, 1(1), 13–21. https://doi.org/10.54443/morfai.v1i1.12

Ilham, Rico Nur. et all (2019). Investigation of the Bitcoin Effects on the Country Revenues via Virtual Tax Transactions for Purchasing Management. International Journal of Suplly Management.Volume 8 No.6 December 2019.

Ilham, Rico Nur. et all (2019).. Comparative of the Supply Chain and Block Chains to Increase the Country Revenues via Virtual Tax Transactions and Replacing Future of Money. International Journal of Suplly Management.Volume 8 No.5 August 2019.

Lasta Irawan, A. ., Briggs, D. ., Muhammad Azami, T. ., & Nurfaliza, N. (2021). THE EFFECT OF POSITION PROMOTION ON EMPLOYEE SATISFACTION WITH COMPENSATION AS INTERVENING VARIABLES: (Case Study on Harvesting Employees of PT. Karya Hevea Indonesia). International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET), 1(1), 11–20. https://doi.org/10.54443/ijset.v1i1.2

Rahmaniar, R., Subhan, S., Saharuddin, S., Nur Ilham, R. ., & Anwar, K. . (2022). THE INFLUENCE OF ENTREPRENEURSHIP ASPECTS ON THE SUCCESS OF THE CHIPS INDUSTRY IN MATANG GLUMPANG DUA AND PANTON PUMP. International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET), 1(7), 337–348. https://doi.org/10.54443/ijset.v1i7.36

likdanawati, likdanawati, Yanita, Y., Hamdiah, H., Nur Ilham, R., & Sinta, I. (2022). EFFECT OF ORGANIZATIONAL COMMITMENT, WORK MOTIVATION AND LEADERSHIP STYLE ON EMPLOYEE PERFORMANCE OF PT. ACEH DISTRIBUS INDO RAYA. International Journal of Social Science, Educational, Economics, Agriculture Research, and Technology (IJSET), 1(8), 377–382. https://doi.org/10.54443/ijset.v1i8.41

Nur Ilham, R., Arliansyah, A., Juanda, R. ., Sinta, I. ., Multazam, M. ., & Syahputri, L. . (2022). APPLICATION OF GOOD CORPORATE GOVERNANCE PRINCIPLES IN IMPROVING BENEFITS OF STATE-OWNED ENTERPRISES (An Emperical Evidence from Indonesian Stock Exchange at Moment of Covid-19). International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 2(5), 761–772. https://doi.org/10.54443/ijebas.v2i5.410

Rico Nur Ilham, Irada Sinta, & Mangasi Sinurat. (2022). THE EFFECT OF TECHNICAL ANALYSIS ON CRYPTOCURRENCY INVESTMENT RETURNS WITH THE 5 (FIVE) HIGHEST MARKET CAPITALIZATIONS IN INDONESIA. Jurnal Ekonomi, 11(02), 1022–1035. Retrieved from http://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/481

Nur ilham, R., Likdanawati, L., Hamdiah, H., Adnan, A., & Sinta, I. . (2022). COMMUNITY SERVICE ACTIVITIES “SOCIALIZATION AVOID STUDY INVESTMENT” TO THE STUDENT BOND OF SERDANG BEDAGAI. IRPITAGE JOURNAL, 2(2), 61–64. https://doi.org/10.54443/irpitage.v2i2.312

Wayan Mertha, I. ., & Mahfud, M. (2022). HISTORY LEARNING BASED ON WORDWALL APPLICATIONS TO IMPROVE STUDENT LEARNING RESULTS CLASS X IPS IN MA AS’ADIYAH KETAPANG. International Journal of Educational Review, Law And Social Sciences (IJERLAS), 2(5), 507–612. https://doi.org/10.54443/ijerlas.v2i5.369

Mahfud, M., Yudiana, I. K., & Sariyanto, S. (2022). HISTORY OF BANYUWANGI KALIKLATAK PLANTATION AND ITS IMPACT ON SURROUNDING COMMUNITIES. International Journal of Educational Review, Law And Social Sciences (IJERLAS), 3(1), 91–104. https://doi.org/10.54443/ijerlas.v3i1.492

Mahfud et all (2021). PEMANFAATAN TRADISI RESIK LAWON SUKU USING SEBAGAI SUMBER BELAJAR SEJARAH LOKAL PADA SMA DI BANYUWANGI. Media Bina Ilmiah Vol.16 No.3 Oktober 2021. http://ejurnal.binawakya.or.id/index.php/MBI/article/view/1294/pdf

Sinta, I., Nur Ilham, R. ., Authar ND, M. ., M. Subhan, & Amru Usman. (2022). UTILIZATION OF DIGITAL MEDIA IN MARKETING GAYO ARABICA COFFEE. IRPITAGE JOURNAL, 2(3), 103–108. https://doi.org/10.54443/irpitage.v2i3.467

Nur Ilham, R., Arliansyah, A., Juanda, R. ., Sinta, I. ., Multazam, M. ., & Syahputri, L. . (2022). APPLICATION OF GOOD CORPORATE GOVERNANCE PRINCIPLES IN IMPROVING BENEFITS OF STATE-OWNED ENTERPRISES (An Emperical Evidence from Indonesian Stock Exchange at Moment of Covid-19). International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 2(5), 761–772. https://doi.org/10.54443/ijebas.v2i5.410

Mahfud et all (2020). Developing a Problem-Based Learning Model through E-Learning for Historical Subjects to Enhance Students Learning Outcomes at SMA Negeri 1 Rogojampi. IOP Conf. Series: Earth and Environmental Science 485 (2020) 012014 doi:10.1088/1755-1315/485/1/012014

Downloads

Published

2023-04-08

How to Cite

Chairil Akhyar, Hepi Boang Manalu, Husaini, & Wardhiah. (2023). THE INFLUENCE OF PROFITABILITY, CAPITAL STRUCTURE, INVESTMENT DECISION, AND FIRM SIZE ON FIRM VALUE (A Study in the Pharmaceutical Sector Listed on the Indonesian Stock Exchange). Journal of Accounting Research, Utility Finance and Digital Assets, 1(4), 399–407. https://doi.org/10.54443/jaruda.v1i4.61

Issue

Section

Articles