Pengaruh Faktor Internal dan Eksternal Perusahaan Terhadap Nilai Perusahaan

Abstract

The purpose of this study is to investigate the influence of internal and external factors on the firm value of property and real estate companies listed in Indonesia Stock Exchange. The dependent variable used in this study is Price to Book Value. The Internal factors used in this study are a debt to equity ratio, asset growth, and return on equity, while the external factors used are inflation, exchange rates, and economic growth. The data collected from financial statements of companies in property and real estate companies listed in Indonesia Stock Exchange during the period from 2013 to 2017, and samples were taken from 20 companies. Panel data regression was applied to establish the relationship between dependent and independent variables. The results showed that the internal factors such as debt to equity ratio, return on equity, and asset growth had a significant positive relationship with price to book value. The external factors such as inflation had a significant positive relationship with a price to book value, the exchange rate had a significant negative relationship with a price to book value and the economic growth had no relationship with a price to book value. This study recommends that companies take a policy of using debt as a source of investment financing and also need to improve company performance. Companies need to pay attention and anticipate the changes of external factors, especially exchange rates, because the exchange rate is the most influential factor in the value of the company.

Keywords: debt to equity ratio, exchange rate, property, price to book value, return on equity

Abstrak: Penelitian ini bertujuan menguji pengaruh faktor internal dan eksternal perusahaan terhadap nilai perusahaan subsektor properti dan real estate yang terdaftar di Bursa Efek Indonesia. Nilai perusahaan dalam penelitian ini diukur dengan Price to Book Value (PBV). Faktor internal yang dipilih adalah struktur modal yang dihitung dengan Debt Equity Ratio (DER), asset growth, dan profitabilitas yang dihitung dengan Return on Equity (ROE). Sedangkan faktor eksternal yang dipilih adalah inflasi, kurs dan pertumbuhan ekonomi. Pengambilan contoh menggunakan metode purposive sampling dengan kriteria sampel merupakan perusahaan di industri sektor properti dan real estate yang memiliki laporan keuangan periode kuartal tahun 2013 hingga 2017 yang lengkap, dan diperoleh 20 perusahaan. Hasil penelitian menunjukkan bahwa faktor internal DER, ROE, dan asset growth berpengaruh positif terhadap PBV. Faktor eksternal inflasi berpengaruh positif terhadap PBV, sedangkan kurs berpengaruh negatif terhadap PBV, dan PDB tidak berpengaruh terhadap nilai perusahaan. Penelitian ini merekomendasikan perusahaan untuk mengambil kebijakan menggunakan utang sebagai sumber pembiayaan investasi dan juga perlu meningkatkan kinerja perusahaan. Perusahaan perlu memberikan perhatian dan antisipasi terhadap perubahan faktor eksternal, khususnya nilai tukar karena nilai tukar adalah faktor yang paling berpengaruh terhadap nilai perusahaan.

Kata kunci: debt to equity ratio, nilai tukar, properti, price to book value, return on equity