This study focused on increasing firm value through CSR- and profitability-moderated investment decisions in emerging markets. A panel data analysis method was used for this study with a total of 215 observations of non-financial sector companies on the Indonesian Stock Exchange from 2018 to 2020. The results of the Chow test and the Hausman test showed that the fixed effect model with GLS was the most feasible. The model showed that there was a negative effect of investment decisions on firm value and the role of CSR and profitability strengthened this effect. Based on the results of the robustness check, the research model remained consistent with the results of previous studies. Investment decisions have a negative effect on firm value, and CSR and profitability moderate this effect, either when using other control variables or when using a different estimation model, which in this case was quantile regression. Our findings provide an understanding of the fact that investment decisions are important financial decisions for companies and that they can be controlled through good fund management and risk management.
This paper focuses on strategic corporate financial decisions related to capital structure to increased firm value, moderated by the COVID-19 pandemic under MM theory, trade-off theory, and pecking order theory. The analytical method used is panel data analysis, with observations of 1828 non-financial companies on the Indonesia Stock Exchange from the years 2019 to 2021. The results show that there is an effect of capital structure on firm value in a positive direction, and the moderating role of the COVID-19 pandemic weakens the effect of capital structure on firm value. The findings show that capital structure only has a significant effect on firm value for the debt-dominant group, but not for the equity-dominant group. The moderating effect of the COVID-19 pandemic affects firm value for the debt-dominant group, but not for the equity-dominant group.
This study aims to ascertain how the capital structure affects firm value via profitability moderated by hedging practices and firm size. Verification analysis is used in this study, with data analysis techniques through conditional process analysis. Companies from miscellaneous industrial sectors that were listed on the Indonesia Stock Exchange between 2016 and 2020 make up the research population. The study showed that: capital structure affects profitability; capital structure and profitability affect firm value; profitability does not mediate the effect of capital structure on firm value, which is moderated by hedging policies and firm size; hedging policies and firm size do not moderate the indirect effect of profitability on firm value. This conclusion is crucial for decision-makers who aim to optimize the structure to raise the business value.
Penelitian ini bertujuan untuk mengetahui 1) Gambaran risiko sistematis 2) Gambaran kinerja perusahaan 3) Gambaran nilai perusahaan 4) Pengaruh risiko sistematis terhadap kinerja perusahaan 5) Pengaruh kinerja perusahaan terhadap nilai perusahaan 6) Pengaruh risiko sistematis terhadap nilai perusahaan. Teknik pengambilan sampel menggunakan metode teknik sampling purposive. Teknik pengumpulan data menggunakan teknik dokumentasi dengan data sekunder. Metode analisis data yang digunakan meliputi statistik deskriptif dan analisis jalur. Hasil penelitian menunjukkan 1) Rata-rata beta agresif (nilai β lebih besar dari satu) terjadi pada tahun 2010 dan tahun 2011, rata-rata beta defensif (nilai β lebih kecil dari satu) terjadi pada tahun 2007, tahun 2008 dan tahun 2009 2) Rata-rata ROA positif terjadi pada tahun 2009, tahun 2010 dan tahun 2011, rata-rata ROA negatif terjadi pada tahun 2007 dan tahun 2008 3) Rata-rata nilai perusahaan tahun 2007-2011 memiliki rasio q atau Tobin’s Q diatas satu 4) Tidak terdapat pengaruh risiko sistematis terhadap kinerja perusahaan 5) Terdapat pengaruh kinerja perusahaan terhadap nilai perusahaan 6) Terdapat pengaruh risiko sistematis terhadap nilai perusahaan.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.