Macroeconomy and Company’s Policy on Firm Value: An Interactive Effect on Manufacturing Companies Listed in Idx Period 2013-2017

Wijaya, Agustinus Miranda; Widyastuti, Tri; Mappadang, Agoestina

doi:10.6007/ijarbss/v9-i9/6404

Cited by 2 publications

(4 citation statements)

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“…& Puspitasari, 2019); (Ferranti & Yunita, 2015) found that the interest rate had a positive but not significant effect on systematic risk. Another researcher, such as (Pan W 2018), states that the results of systematic risk have a positive impact on firm value; conversely, the results are different from (Wijaya et al, 2019) research, indicating that there is a negative effect on stock price volatility.…”

Section: Relation Of the Macroeconomics On The Firm Value With The Sy...mentioning

confidence: 89%

“…Previous research that analyzed macroeconomics with determinants of interest rates and exchange rates showed inconsistent results. Wijaya et al (2019); Utari & Sari (2016); Ajaz, Nain, Kamaiah, & Sharma (2017) conclude that interest rates have a significant negative effect on stock prices which have an impact on firm value, while Pan W (2018); Santosa & Puspitasari, (2019) gave different results, namely that the macroeconomy tends to respond positively to stock prices; however, the interest rate (B.I. rate) doesn't affect the systematic risk.…”

Section: Introductionmentioning

confidence: 99%

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Macroeconomic, Corporate Fundamentals, Systematic Risk on Firm Value: Evidence from Indonesian Manufacturing Sector

Mappadang

2021

J. Keuang. dan Perbank.

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This paper aims to study the connection between the effect of macroeconomics, corporate fundamentals on systematic risk, and the firm’s value of the Indonesian manufacturing industry listed on the Indonesian Stock Exchange period 2015-2020. A total of 522 object analyses in this study with the purposive sampling method. This paper found that the direction and magnitude of the impact of firm value depend on macroeconomic measurement variables: interest rates, exchange rates, and the company’s fundamental measurement variables: leverage and capital expenditure. The paper also found that the macroeconomic positively affects firm value, and leverage has a significant positive effect on firm value. At the same time, capital expenditure shows different results in response to the firm value, that is, negatively significant. In particular, a systematic risk as a mediating variable becomes a significant and positive driver of macroeconomics and leverage on firm value. However, different results indicate that capital expenditure negatively affects the firm value if mediated by the systematic risk. The implication of this research is beneficial to enable companies and investors to make the right analytical decision in the Indonesian capital market in this pandemic covid-19 situation.JEL: E43, G10, G32

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Section: Relation Of the Macroeconomics On The Firm Value With The Sy...mentioning

confidence: 89%

Section: Introductionmentioning

confidence: 99%

Macroeconomic, Corporate Fundamentals, Systematic Risk on Firm Value: Evidence from Indonesian Manufacturing Sector

Mappadang

2021

J. Keuang. dan Perbank.

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“…Kinerja Tobin's Q dapat dipengaruhi oleh perubahan persepsi pasar terhadap keberhasilan bisnis. Temuan Putra et al, (2021); Soeharjoto & Hariyanti, (2019); Mufidhoh et al, (2017); Wijaya et al, (2019) yang memberikan pernyataan bahwa exchange rate mempunyai pengaruh terhadap kinerja perusahaan Tobin's Q dalam penelitiannya. Melemahnya nilai tukar atau nilai mata uang dalam negeri mengakibatkan kerugian di pasar modal dalam negeri.…”

Section: Hubungan Exchange Rate Terhadap Kinerja Perusahaanunclassified

“…Sementara itu, hasil statistik yang tercantum pada Tabel 4 menunjukkan bahwa exchange rate memiliki pengaruh (p < 0,05) terhadap Tobin's Q. Temuan inipun sejalan dengan penelitian terdahulu yang dilakukan oleh Putra et al, (2021); Soeharjoto & Hariyanti, (2019); Mufidhoh et al, (2017); Wijaya et al, 2019). Exchange rate yang lebih besar bisa meningkatkan biaya impor bahan baku dan komponen, yang dapat berdampak pada biaya produksi perusahaan.…”

Section: Hasil Pengujian Hipotesis Penelitianunclassified

Pengaruh Kinerja CSR Dan Variabel Makro Ekonomi Terhadap Kinerja Perusahaan

Anjariyah,

Usman

2024

jesya

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Tujuan dari penelitian ini adalah untuk menguji pengaruh kinerja CSR dan variabel makro ekonomi terhadap kinerja perusahaan yang diukur dengan pengukuran menurut kinerja pasar, yaitu Tobin’s Q. Penelitian ini termasuk ke dalam jenis penelitian kuantitatif. Teori yang digunakan adalah signaling theory dan investment theory. Pengumpulan data dilakukan dengan tahapan studi literatur yang mempelajari buku, jurnal, hasil laporan, dan data sekunder lainnya. Populasi penelitian ini adalah seluruh saham perusahaan yang tergabung di BEI. Sedangkan sampel penelitian diambil dengan menggunakan metode purposive sampling dari 32 perusahaan dengan periode waktu pengamatan dari tahun 2018 sampai dengan tahun 2022. Penelitian ini menggunakan analisis regresi data panel dengan 160 observasi (perusahaan-tahun). Analisis menerapkan Common-Effect Model (CEM). Hasil penelitian menunjukkan bahwa dari seluruh variabel yang diteliti, hanya variabel exchange rate yang memiliki pengaruh terhadap kinerja perusahaan berdasarkan Tobin’s Q. Hal ini menunjukkan bahwa fluktuasi exchange rate dapat mempengaruhi nilai perusahaan dan kinerjanya. Meskipun penelitian mencakup kinerja CSR dan variabel makro ekonomi lainnya seperti inflasi, GDP, dan suku bunga, hasil menunjukkan bahwasanya variabel-variabel tersebut tidak memiliki pengaruh terhadap kinerja perusahaan berdasarkan Tobin’s Q. Ini mengindikasikan bahwasanya dalam konteks penelitian ini, faktor-faktor tersebut tidak menjadi penentu utama kinerja perusahaan berdasarkan Tobin’s Q.

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Macroeconomy and Company’s Policy on Firm Value: An Interactive Effect on Manufacturing Companies Listed in Idx Period 2013-2017

Cited by 2 publications

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Macroeconomic, Corporate Fundamentals, Systematic Risk on Firm Value: Evidence from Indonesian Manufacturing Sector

Macroeconomic, Corporate Fundamentals, Systematic Risk on Firm Value: Evidence from Indonesian Manufacturing Sector

Pengaruh Kinerja CSR Dan Variabel Makro Ekonomi Terhadap Kinerja Perusahaan

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