PENGARUH KEPEMILIKAN INSTITUSIONAL, PROFITABILITAS, UKURAN PERUSAHAAN DAN PERTUMBUHAN PENJUALAN TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING

Fatimah Nur Isnawati, Kesi Widjajanti

Abstract


Tujuan dari penelitian ini adalah untuk mengukur dan menganalisis pengaruh kepemilikan institusional dan  rasio-rasio keuangan perusahaan (profitabilitas, ukuran perusahaan dan pertumbuhan penjualan) terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening pada perusahaan-perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2013 - 2017. Populasi dalam penelitian ini sejumlah 135 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2013 – 2017. Teknik pengambilan sampel yang digunakan adalah purposive sampling.Teknik analisis yang digunakan menggunakan program IBM SPSS (Statistical Package for Sosial Science) versi 20. Hasil penelitian menunjukkan hubungan positif signifikan antara variabel profitabilitas, ukuran perusahaan dan struktur modal dengan nilai perusahaan. Penelitian ini juga menunjukkan hubungan tidak signifikan antara kepemilikan institusional dan pertumbuhan penjualan dengan nilai perusahaan. Pada penelitian ini menunjukkan bahwa sturtur modal mampu memediasi hubungan antara profitabilitas,  terhadap nilai perusahaan.  Struktur modal tidak mampu memediasi hubungan antara kepemilikan institusional, ukuran perusahaan, dan pertumbuhan penjualan terhadap nilai perusahaan. Implikasi penelitian ini untuk meningkatkan kinerja manajemen perusahaan sebaiknya lebih fokus dalam mengelola hasil laba perusahaan dan dapat memberikan keputusan-keputusan yang tepat untuk mendapatkan keuntungan yang berkesinambungan, juga harus dapat mengontrol efesiensi dan efektivitas biaya, mengelola sumber daya yang dimiliki agar dapat terus tumbuh dan berkembang menjadi perusahaan yang besar. Pengambilan keputasan yang tepat mengenai sumber pendanaan yang akan digunakan untuk kegiatan operasional perusahaan.

 

The purpose of this study is to measure and analyze the influence of institutional ownership and company financial ratios (profitability, company size and sales growth) on firm value with capital structure as an intervening variable in manufacturing companies listed on the Indonesia Stock Exchange in the 2013 period - 2017. The population in this study were 135 manufacturing companies listed on the Indonesia Stock Exchange in the period 2013 - 2017. The sampling technique used was purposive sampling. The analytical technique used was the IBM SPSS program (Statistical Package for Social Science) version 20. Results The research shows a significant positive relationship between the variables of profitability, company size and capital structure with firm value. This study also shows the insignificant relationship between institutional ownership and sales growth with firm value. In this study, it shows that capital structure is able to mediate the relationship between profitability, and firm value. Capital structure is not able to mediate the relationship between institutional ownership, company size, and sales growth towards firm value. The implication of this research is to improve the performance of company management should be more focused in managing the results of company profits and can provide the right decisions to get sustainable benefits, also must be able to control efficiency and cost effectiveness, manage the resources they have in order to continue to grow and develop become a big company. Appropriate decision making regarding the source of funding to be used for the company's operational activities.


Keywords


Kepemilikan Institusional; Nilai Perusahaan; Pertumbuhan Penjualan; Profitabilitas; Ukuran Perusahaan; Struktur Modal

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