Peranan Nilai Perusahaan dalam Memoderator Pengaruh Fundamental terhadap Kinerja Keuangan pada Perusahaan Sektor Aneka Industri

Abstract

IHSG fluctuated from 2015 to 2019 due to the trade war between the U.S. and China resulting in the performance of various industrial sector indices declining. In addition, the factors that cause the decline also come from the company's fundamentals (CR, DAR and TATO) The purpose of this study is to review and analyze the role of the company's value in moderating the fundamental influence of the company on financial performance in multi-industry sector companies recorded in the IDX period 2015 - 2019. The type of research used in this research is quantitative research. The population of 50 issuers uses purposive sampling techniques so that the sample used as many as 19 issuers. Data analysis techniques used are descriptive statistical analysis, classical assumption test, hypothesis test and residual test. The results obtained are known simultaneously the fundamentals of the company (CR, DAR and TATO) have a significant effect. Partially CR and TATO have a positive and significant effect on ROA while DAR has a negative and significant impact on ROA which means that by indicating that the company is able to manage the company's working capital by utilizing the company's assets for operational activities it can improve the company's performance but on the contrary with a high level of debt it will decrease financial performance. While the company's value (PBV) has no role in the influence between the company's fundamentals on financial performance

Role of Investment Opportunity Set (IOS) in Moderating the Influence of Company Size, Activity, and Profitability on Capital Structure in Multi-Industry Sector Companies for the Period 2015-2019

“…A high Debt to Total Asset Ratio (DAR) value indicates the greater the amount of loan capital used to invest in assets to obtain a profit for the company (Syamsuddin, 2016). The higher the company's DAR causes the company's financial performance to decrease so that investors believe that the company cannot afford the obligation to pay dividends to the company, because the company prefers to pay all debts, thus impacting the decline in the value of the company (Susanti et al, 2021). Pecking order theory states that companies are more likely to choose to fund from internal sources over external companies.…”

“…Return on Assets (ROA) is a ratio to measure the company's ability to use its assets to profit. A high ROA value describes the company's good financial performance so that investors are confident that the company can manage the company's assets to earn a profit (Susanti et al, 2021). Increased profitability will increase retained earnings by following the pecking order theory, which has the first funding preference with internal funds in the form of retained earnings so that the capital component itself is increasing (Sari & Haryanto, 2013).…”