Dampak eksternal, internal dan tata kelola terhadap profitabilitas dan nilai perusahaan di bursa efek Indonesia

Assrianti, . (2021) Dampak eksternal, internal dan tata kelola terhadap profitabilitas dan nilai perusahaan di bursa efek Indonesia. Masters thesis, IPB University.

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Official URL: http://lib.sb.ipb.ac.id/

Abstract

Financial crises can adversely affect the economic sector and according to IICG (2010), International Monetary Fund (IMF) will provide financial assistance if there is an increase in the implementation of corporate governance, especially for large companies that have an impact on the economy. Concept of corporate governance is still not fully implemented by most business actors as reflected in the results of ASEAN Corporate Governance Scorecard (ACGS) assessment. The results of ACGS participant assessment led to the suspicion that good corporate governance was not really implemented so the results obtained were not optimal, especially for non-financial sector companies where the imposition of prudential principle was not mandatory. However, various literatures state that through the implementation of good corporate governance it creates benefits for the company, one of which is to improve company’s performance which can be seen through firm value (TOBS) and profitability ratio, namely Return on Assets (ROA) and Return on Equity (ROE). Based on firm value (TOBS) and its profitability ratio, ROA and ROE of companies that are included in LQ45 index period 2014 - 2018 do not show a positive trend, but have fluctuated, even some companies experience a downward trend. The research objectives are (1) to analyze factors that affect profitability and firm value, and (2) to analyze impact of external, internal and governance factors on profitability and firm value of companies that are included in LQ45 index in Indonesian Stock Exchange. The type of data used is panel data consisting of 14 non-financial sector companies included in LQ45 index period 2014 - 2018. Econometric model is built as a system of recursive equation, consisting of 13 equations (7 structural equations and 6 identity equations). Identification results show that the model is overidentified and estimated using Two State Least Squares (2SLS) method. Impact analysis uses alternative simulation scenarios of external, internal and corporate governance factors. The results showed that company's revenue (REV) is influenced by company's total assets (TAP), gross domestic product (PDBT), and last year's REV. Earning before interest and tax (EBIT) is influenced by company's gross profit (LKT) and company’s operating expenses (BOP). Company's interest expense (BBP) is influenced by company's total liabilities (TLP) and BBP last year. Company’s net income (LBP) is influenced by earning before interest and tax (EBIT), corporate interest expense (BBP), corporate tax expense (BPJ), and last year's LBP. Return on Asset (ROA) is influenced by governance factors (percentage number of independent commissioners (PJKI) and number of audit committees (JKA)), company’s net income (LBP), company’s total assets (TAP), and last year's ROA. Return on Equity (ROE) is influenced by governance factors (ratio number of directors (RJDD), percentage number of independent commissioners (PJKI), number of audit committees (JKA), and managerial ownership (KMN)), company’s net income (LBP), and company’s total equity (TEP). Firm Value (TOBS) is influenced by Return on Assets (ROA) and last year's TOBS. Impact of changes in conditions of external, internal and governance factors on profitability and firm value in 2014 - 2018, are as follows: (1) in condition of a decrease in gross domestic product, compared to an increase in inflation rate or nominal interest rate on company loans, has a greater impact decrease in profitability and firm value, and (2) in conditions of a decrease in gross domestic product, an increase in inflation rate, or an increase in nominal interest rate on company loans, which company anticipates with policies to improve corporate governance will be more effective in increasing profitability and firm value by doing (a) efficiency in reducing operating expenses and increasing total assets, compared to (b) efficiency in reducing in cost of goods sold.

Item Type: Thesis (Masters)
Uncontrolled Keywords: faktor eksternal dan internal, model ekonometrika, nilai perusahaan, profitabilitas, tata kelola perusah corporate governance, econometric model, external and internal factors, firm value, profitability
Subjects: Manajemen Keuangan
Depositing User: SB-IPB Library
Date Deposited: 16 Mar 2022 07:00
Last Modified: 16 Mar 2022 07:00
URI: http://repository.sb.ipb.ac.id/id/eprint/3818

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