P-ISSN: 2808-0467
E-ISSN: 2808-5051
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742 This work is licensed under CC BY-SA 4.0
FIRM VALUE DETERMINANTS: EMPIRICAL EVIDENCE FROM
MANUFACTURING FIRMS LISTED ON THE INDONESIA STOCK
EXCHANGE
Nisrina Nur Fadhilah
1
, Destria Kurniati
2
, Suherman
3
Faculty of Economics, State University of Jakarta, DKI Jakarta, Indonesia
1
nisrinaf2@gmail.com
2
destria@unj.ac.id
3
suherman@unj.ac.id
PAPER INFO ABSTRACT
Received:
February 2022
Revised: March
2022
Approved: March
2022
Background: The company's objectives can be achieved through the
implementation of appropriate financial management functions because
every financial decision taken will affect other financial management
decisions and will have an impact on the value of the company.
Aim: This study aims to determine the effect of dividend policy, profitability,
capital structure, liquidity, and firm size on firm value.
Method: The data used in this study was secondary data obtained from
manufacturing companies located in the Indonesia Stock Exchange from
2016 to 2019. The data collection method used is the purposive sampling
method, which resulted in 50 companies during four years of observation.
The analysis technique used in this research is data panel regression.
Findings: The results of the model-1 research show that DPR, ROA, DER,
CR, and SIZE, together influence PBV with an adjusted R2 of 64,4%.
Individually, DPR and ROA have a positive and significant effect on firm
value, while CR, DER, and SIZE have no significant effect on firm value.
The results of the model-2 research show that DPR, ROA, DER, CR, and
SIZE, together influence Tobin’s Q with an adjusted R2 of 45,8%.
Individually, DPR and ROA have positive and significant effects on firm
value, while CR, DER, and SIZE have no significant effect on firm value.
KEYWORDS
dividend policy; profitability; capital structure; liquidity; firm size
INTRODUCTION
Competition in the business world is currently causing the economy in Indonesia to grow
rapidly. As a result, companies must be able to compete with other companies by making a
development such as market expansion so that the company can maintain company viability
and increase company value (Nuradawiyah & Susilawati, 2020). A company can be said as an
economic entity that is built to use company resources with the aim of maximizing company
profits and company value (Sari & Sedana, 2020). Maximizing company value is maximizing
profit or income by considering risk factors and the time value of money (Hamidah et al., 2015)
(). The short-term goal of a company is to obtain maximum profit by utilizing existing
resources, while the long-term goal of a company is to increase the value of the company and
increase the wealth of its shareholders (Dewi & Ekadjaja, 2020).
The company's objectives can be achieved through the implementation of appropriate
financial management functions because every financial decision taken will affect other
financial management decisions and will have an impact on the value of the company. The
optimal combination of three financial management decisions, namely investment decisions,
funding decisions, and policies can maximize the value of the company and every decision
taken by the company will be mutually related to each other (Ernayani & Sari, 2017).
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
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743 Interdisciplinary Social Studies, 1(6), Mar 2022
According to Jariah (2016), the value of the company can maximize shareholder welfare
if the share price rises. The higher the stock price, the higher the value of the company. A high
company value is desirable for company owners because a high value indicates the prosperity
of shareholders.
Factors that affect firm value have been widely discussed in various empirical studies. The
discussion is focused on whether there is an optimal capital structure for the company or
whether the amount of debt used can increase the value of the company (Handriani &
Robiyanto, 2018). Zheng (2017), argues that if the capital structure policy in a company can
add some value to the company, then the company must make capital structure decisions to
maximize the value of the company.
Several factors can affect the value of the firm including dividend policy, profitability,
liquidity, capital structure, current ratio, and firm size. Dividend policy is a company's financial
decision on whether to distribute the profits generated to shareholders or to retain them as
retained earnings. Dividends paid are usually expressed as the Dividend Payment Ratio
(Kristianti & Foeh, 2020). Profitability is an important prerequisite for a company's long-term
sustainability and is a scale that has a significant impact on the achievement of other companies'
financial goals. One of the company's efforts to improve and maintain its performance is to
measure the ability of the capital structure to influence the profitability and liquidity of the
company in order to increase its firm value. Capital structure is an important variable for
profitability, as improving a company's performance is inseparable from the capital aspect of
the company (Andawasatya, Indrawati, & Aisjah, 2017). Determining the right ratio of debt to
capital in a capital structure can help increase the profitability of a company (Habib, Khan, &
Wazir, 2016). Liquidity is closely related to revenue because it indicates the amount of working
capital a company needs to fund its business. Planning and monitoring a company's liquidity is
very important to the company as it avoids the risk of short-term defaults and excess working
capital (Sari & Sedana, 2020). The size of the company also plays an important role in
optimizing the firm value. Denziana and Monica (2016) state that firm size is an indicator of
the financial strength that underpins a company's performance. According to Pantow et al
(2015), the positive effect of firm size on access to funding sources can strengthen investor
confidence in the increase of firm value reflected in the stock exchange price. The larger size
of the company, the easier it will be to get operational costs as well as funding for the company's
development.
Some results of empirical studies on the impact of dividend policy on firm value were
inconsistent. As a reference, Nugroho (2016), Sintyana & Artini (2018), and Dewi & Astika,
(2019) research results show that dividend policy has a positive and significant effect on firm
value. Meanwhile, the research results made by Clementin & Priyadi (2016), Palupi &
Hendiarto (2018), and Ahmad et al (2020) showed that dividend policy has a negative and
significant effect on firm value. On the other hand, the research results made by (Abidin et al.,
2014) showed that dividend policy has no significant effect on firm value.
Fatimah et al (2020), (Purba, 2019)6) results showed that profitability has a positive and
significant effect on firm value. While Yulianto & Widyasari (2020), Meivinia (2018), and
Robiyanto et al (2020) results showed that profitability has a negative and significant effect on
firm value. Priyanto (2016), Ukhriwayati & Malia (2018) and Bagaskara et al. (2021) result
showed that profitability has no significant effect on firm value.
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
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744 Interdisciplinary Social Studies, 1(6), Mar 2022
According to (Adenugba et al., 2016) research, capital structure has a positive and
significant effect on firm value. Meanwhile (Sintyana & Artini, 2018) results showed that
capital structure has a negative and significant effect on firm value. On the other hand,
Meidiawati & Mildawati (2016) Utomo & Christy (2017) and Nasrun & Adi (2021) results
showed that capital structure has no significant effect on firm value.
Deli & Kurnia (2017), Yanti & Darmayanti (2019), and Astuti & Yadnya (2019) research
results showed that liquidity has a positive and significant effect on firm value. Thaib &
Dewantoro (2017) Dewiningrat & Mustanda (2018) and Dewi & Ekadjaja (2020) results
showed that liquidity has a negative and significant effect on firm value. Meanwhile, Lumentut
& Mangantar (2016), Fatimah et al. (2020), and Oktrima (2017) research results showed that
liquidity has no significant effect on firm value.
Pramana & Mustanda (2016), Astuti & Yadnya (2019), and Yanti & Damayanti (2019)
results showed that firm size has a positive significant effect on firm value. Utomo & Christy
(2017), Irawan & Kusuma (2019), and Nuradawiyah & Susilawati (2020) research results
showed that firm size has a negative significant effect on firm value. On the other hand,
Yuslirizal (2017) Sintyana & Artini (2018), and Fatimah et al (2020) results showed that firm
size has no significant effect on firm value.
Based on this description, this study aims to examine the effects of dividend policy,
profitability, capital structure, liquidity, and firm size on firm value in manufacturing
companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2019 period. Theoretical
studies conducted with the study of empirical study findings provide an overview of the
variables which can help formulate hypotheses. Based on this framework, a thesis study can be
expected to be able to provide theoretical and practical contributions related to the direct effect
of dividend policy, profitability, capital structure, liquidity, and firm size on firm value.
Research Model
Figure 1 presents the research model of the study. The independent variable of dividend
policy is measured DPR, profitability is measured by ROA, capital structure is measured by
DER, liquidity is measured by CR, and firm size is measured by Ln (Total Assets). The
dependent variable of firm value is measured by PBV and Tobin’s Q.
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
Exchange
745 Interdisciplinary Social Studies, 1(6), Mar 2022
Independent Variable (X) Dependent Variable (Y)
Hypothesis proposed in this study are as follows:
H1: Dividend Policy has a significant positive effect on firm value
H2: Return on Asset has a significant positive effect on firm value
H3: Capital Structure has a significant positive effect on firm value
H4: Liquidity has a significant positive effect on firm value
H5: Firm Size has a significant positive effect on firm value
METHOD
Data and Sample
This research was conducted on manufacturing sector companies listed on the Indonesia
Stock Exchange (IDX) for the 2016 – 2019 period. The data used in this study are secondary
data obtained from the annual reports of manufacturing sector companies available on the
official websites of each company and the official website of the Indonesia Stock Exchange.
We used a purposive sampling method to maintain the same number of observations during the
observed years. With the criteria used in determining the sample: 1) the sample must be actively
registered on the IDX 2016 to 2019; 2) the sample operates in a manufacturing sector company;
3) the sample publishes an annual report by presenting the complete data. A more detailed
sample distribution is presented in Table 1.
Table 1. Sample Selection Criteria
Criteria
Total
1
Manufacturing companies listed on Indonesia
Stock Exchange (IDX) for the period 2016– 2019.
180
Dividend Policy
Profitability
Capital Structure
Liquidity
Firm Size
Firm Value
H1
H2
H3
H4
H5
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
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746 Interdisciplinary Social Studies, 1(6), Mar 2022
2
Manufacturing companies that did not issue financial
reports as of December 31 for four consecutive years in the
2016–2019 period.
(83)
3
Manufacturing companies that have negative
Equity in the period Manufacturing companies that do not use
rupiah currency in their financial statements
(30)
4
Manufacturing companies that do not use Rupiah
currency in their financial statements
(11)
5
Manufacturing companies with annual reports that
do not provide complete data and information on
variables in the study.
(30)
6
Outlier Data
(9)
Total sample used
50
Number of observation
200
Variable Measurement
Dependent Variables
Dependent variables in this research are firm value. The value of the company is a picture
of the welfare of the company and its shareholders. Firm value can be measured by the ratio of
price to book value (PBV). The PBV ratio is a ratio that compares the price per share with the
book value per share (Deli & Kurnia, 2017).
Independent Variables
1) Dividend Policy: The dividend policy is the amount of profit distributed to shareholders
at the end of the year and also reflects the amount of profit invested in retained earnings
at the end of the year. The dividend policy for this survey is determined by the DPR
(Dividend Payment Ratio).
2) Profitability: Profitability is the company’s ability to earn profits through its business
operations using the company's assets. Referring to previous research conducted by
Kholis et al. (2018), profitability can be proxied by ROA.
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
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747 Interdisciplinary Social Studies, 1(6), Mar 2022
3) Capital Structure: Capital structure is the probability of the amount of short-term debt,
long-term debt, preferred stock, and common stock. Capital structures can be measured
as a ratio of total liabilities to equity. This is commonly known as the debt-to-capital
ratio (DER). According to Yanti & Damayanti (2019), capital structure can be
measured using DER.
4) Liquidity: Liquidity is a measure of a company's ability to fulfill its short-term
commitments. Referring to previous research conducted by Lisda and Kusmayanti
(2021) liquidity can be measured by Current Ratio (CR).
5) Firm Size: Firm size is the size of a company. The size of a company's size is determined
by the total assets owned by the company. According to Zuhroh (2019), company size
is proxied as follows:
Regression Model
To estimate the relationship between dividend policy (DPR), profitability (ROA), capital
structure (DER), liquidity (CR), and firm size (Ln(Total Asset) on the firm value in
manufacturing companies listed on the Indonesia Stock Exchange period of 2016-2019, we
adopted a panel data regression analysis by combining time- series (four years) and cross-
sectional (59 companies) data. The relationship between independent variables and firm value
was investigated through panel data regression with the following equation model:
In which:
= Constant (Intercept)
= Regression coefficient of each variable
= Firm Value (PBV, Tobin’s Q)
= Dividend Policy on previous year
ROA = Profitability
DER = Capital Structure
CR = Liquidity
SIZE = Firm Size
e = Error
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
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748 Interdisciplinary Social Studies, 1(6), Mar 2022
RESULTS AND DISCUSSION
Descriptive Statistics
We begin discussing our findings by first presenting the descriptive statistics of our
variables of interest. Hereby, we provide the information based on the mean value, standard
deviation, minimum, median, and maximum values of each variable. Table 3 presents the basic
information with regard to descriptive statistics analysis.
Table 2. Descriptive Statistics Analysis
PBV
TOBIN
DPR
ROA
DER
CR
SIZE
Mean
1.242341
1.122142
0.219586
0.045012
0.986868
1.884010
28.56953
Maximum
4.492553
2.847152
0.990256
0.178514
3.788035
5.828198
32.20096
Minimum
0.054717
0.359695
-0.118027
-0.15847
0.101908
0.133356
25.71439
Std. Dev.
0.985276
0.536912
0.228410
0.045425
0.606473
1.083106
1.338407
Observations
200
200
200
200
200
200
200
Based on table 2 descriptive statistical results of firm value (PBV) in manufacturing
companies on the IDX, the minimum value is 0.055, the maximum value is 4.493 with an
average of 1.242. The minimum value of Tobin’s Q is 0.359, the maximum value is 2.847 with
an average of 1.122.
The average dividend policy of 0.219 indicates that few companies outperform in the
market and distribute high dividends while others even do not pay dividends. The calculation
of average profitability is 0.045 indicates the company is capable of making a profit. The
average capital structure is 0.987, this shows the average DER level below 1 which indicates
the level of debt in manufacturing companies is quite low. The average liquidity is 1.884
indicates that the company is safe to pay its current liabilities by using its current assets. The
average firm size of 28.569 indicates that the company is able to manage a significant amount
of assets.
Table 3 presents the correlation analysis output. Based on the results in Table 3 shows the
results that there is no multicollinearity or no correlation coefficient between variables with a
value of more than 0.9000, it can be concluded that there is no correlation between the
independent variables used in this study.
Table 3. Correlation Analysis Output (PBV)
DPR
ROA
DER
CR
SIZE
DPR
1
ROA
-0.187367*
1
DER
-0.298034*
0.366203*
1
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
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749 Interdisciplinary Social Studies, 1(6), Mar 2022
CR
-0.587491*
0.261208*
0.316541*
1
SIZE
0.334211*
0.216809*
0.070931*
*
-0.275911*
1
Note: *, **, *** showing significance at the level of 10%, 5%, dan 1%
Table 4. Correlation Analysis Output (Tobin’s Q)
DPR
ROA
DER
CR
SIZE
DPR
1
ROA
-0.187367*
1
DER
-0.298034*
0.366203*
1
CR
-0.587491*
0.261208*
0.316541*
1
SIZE
0.334211*
0.216809*
0.070931*
*
-0.275911*
1
Note: *, **, *** showing significance at the level of 10%, 5%, dan 1%
Main Analysis
The result of the regression test which is the main regression analysis. In this research
hypothesis, it is assumed that DPR has a positive and significant effect on firm value, ROA has
a positive and significant effect on firm value, DER has a positive and significant effect on firm
value, CR has a positive and significant effect on firm value, and firm size has a positive and
significant effect on firm value. The researcher tested the research hypothesis by providing
empirical evidence about the relationship between DPR, ROA, DER, CR, firm size, and firm
value. The regression test model this time uses a fixed effect model, because that model is the
most appropriate model chosen for this study.
Table 5. T-test (partial) to explain the effect of firm value on the independent variables
Variable
Regression
Coefficient
Probability
Results
DPR
Regresi PBV
0.229335
0.0423
H
0
rejected
Regresi Tobin’s Q
0.153414
0.0322
ROA
Regresi PBV
0.425934
0.0018
H
0
rejected
Regresi Tobin’s Q
0.62207
0.0133
DER
Regresi PBV
-0.838232
0.4700
H
0
accepted
Regresi Tobin’s Q
-0.202932
0.2041
CR
Regresi PBV
-0.001906
0.9738
H
0
accepted
Regresi Tobin’s Q
-0.013445
0.6566
SIZE
Regresi PBV
-0.490076
0.1257
H
0
accepted
Regresi Tobin’s Q
-0.245222
0.1201
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
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750 Interdisciplinary Social Studies, 1(6), Mar 2022
The Effect of Dividend Policy on Firm Value
The result showed that the probability value of DPR using PBV and Tobin’s Q was less
than 0.05 (0.0423 and 0.0322 < 0.05) and a coefficient of 0.229335 indicating that DPR
partially has a significant effect on firm value in a positive direction.
If the dividend policy variable increases by 1% with the assumption that the other
independent variables remain constant, then the PBV will increase by 0.229335. The results of
this study are in accordance with the signal theory which explains that an increase in dividend
payments gives a signal that the company shows good profit prospects so that investors will
respond positively and the value of the company will increase. The greater the proportion of
shareholders receiving dividends, the better the value of the company. The results of this study
are supported by previous research conducted by (Nugroho, 2016; Sintyana & Artini, 2018;
Dewi & Astika, 2019) which states that dividend policy has a significant positive effect on firm
value. However, the results of this study contradict research conducted by (Abidin et al., 2014;
Meidiawati & Mildawati, 2016; Sualehkhattak & Hussain, 2017) where dividend policy has no
significant effect on firm value.
The Effect of Profitability on Firm Value
The result showed that the probability value of ROA was less than 0.05 on both PBV and
Tobin’s Q. (0.0018 and 0.0133 < 0.05) indicating that profitability has a positive and significant
effect on firm value.
The results of this study are in line with the signal theory where when profitability
increases, it is considered a signal to investors that the company has good prospects. One of
the important indicators for investors in seeing the prospects of a company is to see how far
the company's profit growth is. High profitability will reflect the company's ability to generate
high profits for shareholders. Therefore, a high profitability ratio will make the company have
more value, and attract investors to invest in the company. This has an impact on increasing
the value of the company. The results of this study are in line with research conducted by
(Fatimah et al., 2020; Pratama & Wirawati, 2016; Pramana & Mustanda, 2016) which shows
that profitability has a significant positive effect on firm value. However, the results of this
study contradict the results of research conducted by (Priyanto, 2016; Ukhriwayati & Malia,
2018; Bagaskara et al., 2021) showing that profitability has no effect on firm value).
The Effect of Capital Structure on Firm Value
The result showed that the probability value of DER was more than 0.05 on both PBV and
Tobin’s Q. (0.4700 and 0.2041 > 0.05) indicating that profitability did not affect firm value.
The results of this study are not in line with a signal theory which states that companies
with profitable prospects will try to avoid selling shares and seek new capital in other ways,
namely by using debt. However, this theory does not explain that the use of debt is a source of
high-risk financing. After reaching the maximum point, the use of debt by the company
becomes unattractive because the company must bear agency costs, interest costs, and
bankruptcy costs.
Although debt financing in the capital structure has several positive benefits, such as an
interest tax shield and a reduction in the cost of capital issued by the company, these benefits
are too small to affect the value of the company, at least significantly. The size of debt is also
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751 Interdisciplinary Social Studies, 1(6), Mar 2022
not the only factor that influences investors' decisions to invest, but there are other factors that
investors consider. This is because what concerns investors is not the level of debt, but how the
company manages these sources of funds to achieve maximum profits that can increase the
prosperity of shareholders. No effect on the level of debt on the value of the company should
be able to encourage the company to better manage the funds owned by the company.
These results are in line with research conducted by (Meidiawati & Mildawati, 2016;
Utomo & Christy, 2017; Nasrun & Adi, 2021) which shows that there is no effect between
capital structure and firm value. However, the results of this study contradict research
conducted by (Adenugba et al., 2016; Dewi & Astika, 2019; Deli & Kurnia, 2017) which states
that capital structure has a positive and significant effect on firm value.
The Effect of Liquidity on Firm Value
The result showed that the probability value of CR using PBV and Tobin’s Q was more
than 0.05 (0.9738 and 0.6566 > 0.05) indicating that CR partially has no significant effect on
firm value in a negative direction.
The results of this study contradict the signal theory that explains that the more liquid a
company is, the more valuable it is for investors. A high current ratio may indicate that the
company has a lot of money in unprofitable assets such as surplus cash and securities. High
liquidity does not necessarily increase the value of the company because there are unused assets
that management does not use to carry out business activities to generate profits for the
company, which is negative for investors. It is recognized as a signal. Investors tend to prefer
to use the funds available to fund the operation of the company, rather than the company being
held in the form of cash or stock. As a result, investors tend to look negatively at a company if
it is not using it and is saving a lot of money. The results of this study are consistent with studies
showing that liquidity has a significant negative impact on corporate value (Thaib &
Dewantoro, 2017; Dewiningrat & Mustanda, 2018; Dewi & Ekadjaja, 2020). In contrast to the
survey by (Lumentut & Mangantar, 2016; Fatimah et al., 2020; Oktrima, 2017), liquidity does
not affect firm value.
The Effect of Firm Size on Firm Value
The result showed that the probability value of SIZE was more than 0.05 on both PBV and
Tobin’s Q. (0.1257 and 0.1201 > 0.05) indicating that firm size did not affect firm value.
This kind of relationship indicates that the amount of assets owned by a company does not
necessarily indicate the effectiveness and efficiency of management in their use. A large
company size does not necessarily guarantee a company is effective and efficient in managing
its assets to generate profits that will have an impact on investors. Therefore, investors do not
use the size of a company in assessing the company. Suwardika & Mustanda (2017) explained
that in assessing a company, investors will not look at the size of the company which is reflected
in the total assets owned by the company. However, investors will pay more attention to various
aspects such as paying attention to the company's performance as seen in the company's
financial statements, the company's good name, and the company's overall policies before
deciding to invest their funds in the company. The results of this study are in line with research
conducted by (Yuslirizal, 2017; Sintyana & Artini, 2018; Fatimah et al., 2020) which shows
that firm size has no effect on firm value. However, the results of this study contradict the
Firm Value Determinants: Empirical Evidence from Manufacturing Firms Listed on the Indonesia Stock
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752 Interdisciplinary Social Studies, 1(6), Mar 2022
research conducted by (Pramana & Mustanda, 2016; Astuti & Yadnya, 2019; Yanti &
Damayanti, 2019) which shows that firm size has a positive effect on firm value.
CONCLUSION
This study aims to determine the effect of dividend payout ratio, profitability (ROA),
capital structure (DER), liquidity (CR), and firm size on firm value. This study uses a sample
of manufacturing companies listed on the IDX during 2016-2019 period. The following are the
conclusions obtained in this study.
1) Dividend payout ratio proxied by DPR and Tobin’s Q has positive and significant
effect on firm value according to both PBV and Tobin’s Q model.
2) Profitability as proxied by ROA has a positive and significant effect on firm value
according to both PBV and Tobin’s Q model;
3) Capital structure has no significant effect on firm value according to both PBV and
Tobin’s Q model;
4) Liquidity has no significant effect on firm value according to both PBV and Tobin’s
Q model; and
5) Firm size has no significant effect on firm value according to both PBV and Tobin’s
Q model.
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