PENGARUH KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN MELALUI KINERJA PERUSAHAAN SEKTOR PERTAMBANGAN DI BURSA EFEK INDONESIA (BEI)

M Sahrul, Mohamad Aulia Sobri, Tri Ratnawati

Abstract


The purpose of this research is to determine the effect of Investment Decision on Firm’s Value through Firm Performance. The object of this research was mining companies listed on Bursa Efek Indonesia (BEI) during 2016-2018. Firm’s value as dependent variable measured by PBV and EPS. The independent variable in this research is investment decision measured by PER and MBVA. Then, intervening variable is firm performance measured by ROA and ROE. Data analysis techniques use Partial Least Square (PLS) and from data processing and hypothesis testing, produced 3 accepted hypothesis and 1 hypothesis is rejected. The results of this study were (1) Investment decision has no effect on firm value, (2) Investment decision has positive effect on firm performance, (3) Firm performance has positive effect on firm’s value, (4) Firm performance has mediating effect on the relationship between investment decision and firm’s value.

Kata Kunci : Investment Decision, Firm Performance, and Firm’s Value.

Full Text:

PDF

References


Achmad, S. L., & Amanah, L. (2014). Pengaruh keputusan investasi, keputusan pendanaan, kebijakan dividen dan kinerja keuangan terhadap nilai perusahaan. Jurnal Ilmu & Riset Akuntansi, 3(9), 1-15.

Agung Wicaksono, R. (2018). Pengaruh struktur kepemilikan, keputusan investasi, keputusan pendanaan, kebijakan dividen terhadap nilai perusahaan (studi pada perusahaan yang terdaftar di indeks lq 45 periode 2012-2016). STIE PERBANAS SURABAYA.

Attarie, P. N., Ratnawati, T., & Moehaditoyo, S. H. (2018). Effect of Investment Decisions, Capital Structure, Profit Management, Cash Flow of Corporate Social Resposibility Reporting, Financial Performance and Value of Manufacturing Companies Listed in Indonesia Stock Exchange. Archives of Business Research, 6(5).

Biddle, G. C., & Hilary, G. (2006). Accounting quality and firm-level capital investment. The accounting review, 81(5), 963-982.

Christiawan, Y. J., & Tarigan, J. (2007). Kepemilikan Manajerial: Kebijakan Hutang, Kinerja dan Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, 9(1), 1-8.

Gayatri, N. L. P. R., & Mustanda, I. K. (2013). Pengaruh struktur modal, kebijakan dividen dan keputusan investasi terhadap Nilai perusahaan. E-Jurnal Manajemen, 3(6).

Hemastuti, C. P., & Hermanto, S. B. (2014). Pengaruh profitabilitas, kebijakan dividen, kebijakan hutang, keputusan investasi dan kepemilikan insider terhadap nilai perusahaan. Jurnal Ilmu & Riset Akuntansi, 3(4), 1-15.

Hwihanus, T., Ratnwati, T., & Yuhertiana, I. (2018). Analysis of the Influence of Fundamental Macro and Fundamental Micro to Discolure of Corporate Social Responsibility, Ownership Structure, Financial Performance, Going Concern Audit Opinion and Value of the Firm at State-Owned Enterprises in Indonesia. Archives of Business Research, 6(7).

Jogiyanto, H. (2010). Metodologi penelitian bisnis: Salah kaprah dan pengalaman-pengalaman, Edisi I. Yogyakarta: BPFE.

Khafa, L., & Laksitoo, H. (2015). Pengaruh CSR, Ukuran Perusahaan, Leverage, dan Keputusan Investasi pada Kinerja Keuangan Perusahaan dan Nilai Perusahaan. Diponegoro Journal of Accounting, 4(4), 207-219.

Liow, K. H. (2010). Firm value, growth, profitability and capital structure of listed real estate companies: an international perspective. Journal of Property Research, 27(2), 119-146.

Matiin, N., Ratnawati, T., & Riyadi, S. (2018). The Influence of Investment Decisions, Funding Decisions, Risk of Strategy, To Efficeincy, Finance Performance, Value of Firm, Good Corporate Governance As Moderating Variable In The Mining Company Coal Sub Sector Go Public In Indonesia Stock Exchange. Archives of Business Research, 6(6).

Nuryaman, N. (2015). The Influence of Intellectual Capital on The Firm’s Value with The Financial Performance as Intervening Variable. Procedia–Social and Behavioral Sciences, 211, 292-298.

Pristiana, U. (2018). INVESTMENT DECISION, CAPITAL DECISION, INDUSTRY PERFORMANCE, ECONIMIC MACROS AS ANTECEDENT VARIABLES OF FINANCIAL RISK MANAGEMENT AND FINANCIAL DISTRESS AGAINST VALUE OF THE FIRM WITH GCG AS A VARIABLE MODERATING FOR MANUFACTURING COMPANIES REGISTERED ON THE INDONESIAN STOCK EXCHANGE. Archives of Business Research, 6(9).

Saleh, H., Priyawan, S., & Ratnawati, T. (2015). The Influence of Assets Structure, Capital Structure, And Market Risk on The Growth, Profitability And Corporate Values (Study inManufacturing Companies Listed in Indonesia Stock Exchange). International Journal of Business And Management Invention, 4(12).

Sholikhah, A. (2018). Factors that Infl uence the Firm Value in Consumer Goods Sector Companies Listed on the Indonesia Stock Exchange 2013–2017. The Indonesian Accounting Review, 8(1), 57-70.

Spence, M. (1974). Competitive and optimal responses to signals: An analysis of efficiency and distribution. Journal of Economic theory, 7(3), 296-332.

Varaiya, N., Kerin, R. A., & Weeks, D. (1987). The relationship between growth, profitability, and firm value. Strategic Management Journal, 8(5), 487-497.




DOI: https://doi.org/10.30996/jem17.v5i1.3624

Refbacks

  • There are currently no refbacks.


Copyright (c) 2020 M Sahrul, Mohamad Aulia Sobri, Tri Ratnawati

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.




Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
View My Stats