Email this article Analisis pengaruh diversifikasi terhadap nilai perusahaan keluarga dan non keluarga di Indonesia
Abstract
Penelitian ini memiliki tujuan untuk menyelidiki dampak dari diversifikasi perusahaan terhadap nilai perusahaan. Variabel lain seperti Leverage, tobin’s q, pertumbuhan laba, ukuran perusahaan dan umur perusahaan juga digunakan dalam penelitian ini. Penelitian ini menggunakan laporan keuangan dari perusahaan keluarga dan non keluarga yang terdaftar di Bursa Efek Indonesia. penelitian ini menggunakan metode regresi panel data untuk menganalisis semua data. Hasil dari penelitian ini membuktikan bahwa diversifikasi perusahaan berpengaruh negatif terhadap nilai perusahaan, Leverage, tobin's q dan umur perusahaan berpengaruh positif terhadap nilai perusahaan, serta pertumbuhan laba dan ukuran perusahaan berpengaruh tidak signifikan terhadap nilai perusahaan.
Keywords
Full Text:
PDF (Bahasa Indonesia)References
Adenugba, A. A., Ige, A. A., & Kesinro, O. R. (2016). Financial leverage and firms’ value : a study of selected firms in nigeria. European Journal of Research and Reflection in Management Sciences, 4(1), 14–32.
Aggarwal, D., & Padhan, P. C. (2017). Impact of capital structure on firm value: evidence from Indian hospitality industry. Theoretical Economics Letters, 07(04), 982–1000. https://doi.org/10.4236/tel.2017.74067
Al-Slehat, Z. A. F. (2019). Impact of financial leverage, size and assets structure on firm value: Evidence from industrial sector, Jordan. International Business Research, 13(1), 109. https://doi.org/10.5539/ibr.v13n1p109
Ali, S., Haider Hashmi, S., & Mehmood, T. (2016). Corporate diversification and firm performance: An inverted U-shaped hypothesis. International Journal of Organizational Leadership, 5(4), 393–410. https://doi.org/10.33844/ijol.2016.60389
Bestariningrum, N. (2015). Analyzing the effect of capital structure and firm size on firm value (case study: company that listed in LQ-45 index period 2010-2014). Jurnal Berkala Ilmiah Efisiensi, 15(04), 354–365.
Bhatia, A., & Thakur, A. (2018). Corporate diversification and firm performance: an empirical investigation of causality. International Journal of Organizational Analysis, 26(2), 202–225. https://doi.org/10.1108/IJOA-04-2017-1149
Brahmana, R. K., Setiawan, D., & Hooy, C. W. (2019). Controlling shareholders and the effect of diversification on firm value: evidence from Indonesian listed firms. Journal of Asia Business Studies, 13(3), 362–383. https://doi.org/10.1108/JABS-12-2016-0165
Chan, L. F., An, B. A., & Nasir, A. B. M. (2019). Does the method of corporate diversification matter to firm’s performance? International Symposia in Economic Theory and Econometrics, 26, 208–233. https://doi.org/10.1108/S1571-038620190000026011
Chandra, B., & Kelly, K. (2021). Praktik manajemen laba dan excess cash holding terhadap nilai perusahaan di indonesia. Forum Ekonomi, 23(4), 714–723. https://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI/article/view/10129%0Ahttps://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI/article/download/10129/1566
Cheryta, A. M., Moeljadi, & Indrawati, N. K. (2017). The effect of leverage, profitability, information asymmetry, firm size on cash holding and firm value of manufacturing firms listed at Indonesian Stock Exchange. International Journal of Research in Business Studies and Management, 4(4), 21–31. http://dx.doi.org/10.22259/ijrbsm.0404004
Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study the impact of growth, firm size, capital structure, and profitability on enterprise value: evidence of enterprises in Vietnam. Journal of Corporate Accounting & Finance, 30(1), 144–160. https://doi.org/10.1002/jcaf.22371
Darmadi, S., & Sodikin, A. (2013). Information Disclosure by Family-controlled Firms: The Role of Board Independence and Institutional Ownership. Asian Review of Accounting, 21(3), 223–240. https://doi.org/10.1108/ARA-01-2013-0009
Delbufalo, E., Poggesi, S., & Borra, S. (2016). Diversification, family involvement and firm performance: Empirical evidence from Italian manufacturing firms. Journal of Management Development, 35(5), 663–680. https://doi.org/10.1108/JMD-09-2015-0129
Dutta, S. R., Mukherjee, T., & Sen, S. S. (2018). Impact of financial leverage on the value of firm : evidence from some NSE listed companies. The BESC Journal of Commerce and Management, 4(July), 42–52.
Endri, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 10(1), 111–120. https://doi.org/10.5267/j.msl.2019.8.011
Fajaria, A. Z., & Isnalita, I. (2018). The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable. International Journal of Managerial Studies and Research, 6(10), 55–69. https://doi.org/10.20431/2349-0349.0610005
Frederica, D. (2019). The impact of investment opportunity set and cost of equity toward firm value moderated by information technology governance. International Journal of Contemporary Accounting, 1(1), 1--12. https://doi.org/10.25105/ijca.v1i1.5181
Ginting, A. M. (2021). Optimism of Positive Economic Growth in 2021 in the Middle of Covid-19 Pandemic. Research Center, Expertise Agency of DPR RI, XIII(1/I/Puslit/January/2021), 6.
Handriani, E., & Robiyanto, R. (2018). Corporate finance and firm value in the Indonesian manufacturing companies. International Research Journal of Business Studies, 11(2), 113–127. https://doi.org/10.21632/irjbs.11.2.113-127
Hapsoro, D., & Falih, Z. N. (2020). The effect of firm size, profitability, and liquidity on the firm value moderated by carbon emission disclosure. Journal of Accounting and Investment, 21(2), 240–257. https://doi.org/10.18196/jai.2102147
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
Ilaboya, O. J., & Ohiokha, I. F. (2016). Firm age, size and profitability dynamics: a test of learning by doing and structural inertia hypotheses. Business and Management Research, 5(1), 29–39. https://doi.org/10.5430/bmr.v5n1p29
Ivone, I., & Chandra, B. (2020). Analisis Pengaruh Tata Kelola Perusahaan Terhadap Pengungkapan Sukarela pada Perusahaan Keluarga. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 4(1), 322–334. https://doi.org/10.36778/jesya.v4i1.350
Kartika, R. (2020). Analysis Of size, ROA, and growth Of corporate value; With variable capital structure as intervening. International Journal of Science, Engineering, and Information Technology, 4(2), 203–208. https://doi.org/10.21107/ijseit.v4i2.6242
Khuzaini, K., Artiningsih, D. W., & Paulina, L. (2017). Influence of Profitability, Investment Opportunity Set (Ios) Leverage and Dividend Policy on Firm Value in The L Service in Indonesia Stock Exchange. JURNAL TERAPAN MANAJEMEN DAN BISNIS, 3(2), 235. https://doi.org/10.26737/jtmb.v3i2.346
Komarudin, M., & Affandi, N. (2019). Firm value, capital structure, profitability, firm characteristic and disposable income as moderator: an empirical investigation of retail firms in Indonesia. Inovbiz: Jurnal Inovasi Bisnis, 7(1), 79. https://doi.org/10.35314/inovbiz.v7i1.943
Lambey, R., Tewal, B., Sondakh, J. J., & Manganta, M. (2021). The effect of profitability, firm size, equity ownership and firm age on firm value (leverage basis): Evidence from the Indonesian manufacturer companies. Archives of Business Research, 9(1), 128–139. https://doi.org/10.14738/abr.91.9649
Manyuru, A., Wachira, M., & Amata, E. (2017). The impact of corporate diversification on firm value in Kenya. African Journal of Business Management, 11(11), 241–249. https://doi.org/10.5897/ajbm2017.8275
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of profitability, leverage, and liquidity to the firm value. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 83–94. https://doi.org/10.38035/dijefa.v1i1.225
Mehmood, R., Hunjra, A., & Chani, M. (2019). The impact of corporate diversification and financial structure on firm performance: evidence from South Asian countries. Journal of Risk and Financial Management, 12(1), 49. https://doi.org/10.3390/jrfm12010049
Mule, R. K., Mukras, M. S., & Mutunga, N. O. (2015). Corporate size, profitability and market value: an econometric panel analysis of listed firms in Kenya. European Scientific Journal, 11(13), 376–396.
Muñoz-Bullon, F., Sanchez-Bueno, M. J., & Suárez-González, I. (2018). Diversification decisions among family firms: The role of family involvement and generational stage. BRQ Business Research Quarterly, 21(1), 39–52. https://doi.org/10.1016/j.brq.2017.11.001
Oktaviani, R. F. (2020). Effect of firm growth and firm size on company value with earning per share as moderation. EAJ (ECONOMICS AND ACCOUNTING JOURNAL), 3(3), 219. https://doi.org/10.32493/eaj.v3i3.y2020.p221-229
Parampreet, K., Jill, S., & Vikas, Y. (2018). Descriptive statistics. Biostatics, 4(1), 60–63. https://doi.org/10.4103/IJAM.IJAM
Patrisia, D., Dastgir, S., & Abror, A. (2019). Corporate diversification and corporate social performance in Indonesia. Etikonomi, 18(2), 221–232. https://doi.org/10.15408/etk.v18i2.11816
Pedige, M., & Ishari, S. (2016). The impact of financial leverage on firms’ value (Special reference to listed manufacturing companies in Sri Lanka). International Journal Of Advancement In Engineering Technology, Management and Applied Science (IJAETMAS), 03(07), 100–104.
Purwohandoko. (2017). The influence of firm’s size, growth, and profitability on firm value with capital structure as the mediator: a study on the agricultural firms listed in the Indonesian Stock Exchange. International Journal of Economics and Finance, 9(8), 103. https://doi.org/10.5539/ijef.v9n8p103
Putri, V. R., & Rachmawati, A. (2018). The Effect of Profitability, Dividend Policy, Debt Policy, and Firm Age on Firm Value in The Non-Bank Financial Industry. Jurnal Ilmu Manajemen & Ekonomika, 10(1), 14. https://doi.org/10.35384/jime.v10i1.59
Resti, A. A., Purwanto, B., & Ermawati, W. J. (2019). Investment opportunity set, dividend policy, company’s performance, and firm’s value: Some Indonesian firms evidence. Jurnal Keuangan Dan Perbankan, 23(4), 611–622. https://doi.org/10.26905/jkdp.v23i4.2753
Riswan, R., & Suyono, E. (2016). Corporate diversification: Destroying or increasing firm value? an empirical evidence from Indonesia. Corporate Ownership and Control, 14(1), 692–700. https://doi.org/10.22495/cocv14i1c4art16
Rosikah, Prananingrum, D. K., Muthalib, D. A., Azis, M. I., & Rohansyah, M. (2018). Effects of Return on Asset , Return On Equity , Earning Per Share on Corporate Value. The International Journal of Engineering and Science (IJES, 7(3), 6–14. https://doi.org/10.9790/1813-0703010614
Rostami, K. H., Malekian, E., & Kamyabi, Y. (2017). The Impact of Corporate Diversification on Firm Value Using Entropy and Herfindel Indices for the Companies Listed in Tehran Stock Exchange. Risk Governance and Control: Financial Markets and Institutions, 7(3), 77–84. https://doi.org/10.22495/rgcv7i3p8
Salma, U., & Hussain, A. (2018). A comparative study on corporate diversification and firm performance across South Asian countries. Journal of Accounting & Marketing, 07(01), 1–7. https://doi.org/10.4172/2168-9601.1000263
Selçuk, E. A. (2015). Corporate diversification and firm value: Evidence from emerging markets. International Journal of Emerging Markets, 10(3), 294–310. https://doi.org/10.1108/IJoEM-12-2012-0180
Septiana, D. D., & Riswandari, E. (2020). The role of investment opportunities, managerial ownership, capital structure on corporate value. EAJ (ECONOMICS AND ACCOUNTING JOURNAL), 3(2), 138. https://doi.org/10.32493/eaj.v3i2.y2020.p138-145
Setianto, R. H. (2020). Corporate diversification and firms’ value in emerging economy: the role of growth opportunity. Journal of Asian Business and Economic Studies, 27(2), 195–207. https://doi.org/10.1108/jabes-08-2019-0075
Sinurat, W., Erlina, E., & Bukit, R. (2017). Analysis of the effect of investment opportunity set and profitability on firm values with dividend policy as intervening variables in main sector companies listed in indonesia stock exchange in 2015-2017. International Journal of Public Budgeting, Accounting and Finance, 2(7), 1–12.
Suchandiko, E., Efni, Y., & Rokhmawati, A. (2021). The Effect of Diversification and Funding Decisions on Company Performance and Corporate Value with Good Corporate Governance (GCG) as Moderated Variable (Study on Manufacturing Companies Listed on The Indonesia Stock Exchange from 2013 to 2017). International Journal of Economic, Business and Applications, 6(1), 6.
Sucuahi, W. (2016). Effect of operating segments to the firm value of diversified listed companies in the Philippines. Umin Journals, 1(1), 227–237.
Sulaiman, A. S., Mijinyawa, U. M., & Isa, K. T. (2019). Effect of Financial Performance, Capital Structure and Firm Size on Firms’ Value of Listed Consumer-goods firms in Nigeria. International Journal of Social and Economic Research, 2(1), 1–10.
Susanti, N., & Restiana, N. G. (2018). What’s the best Factor to Determining Firm Value? Jurnal Keuangan Dan Perbankan | KEUANGAN, 22(2), 301–309.
Venusita, L., & Agustia, D. (2021). The relationship between firm value and ownership of family firms: A case study in Indonesia. Journal of Asian Finance, Economics and Business, 8(4), 863–873. https://doi.org/10.13106/jafeb.2021.vol8.no4.0863
Wuryandani, D. (2020). The Covid-2019’s Impact on Indonesia Economic Growth 2020. Research Center, Expertise Agency of DPR RI, XII(15/I/Puslit/August), 19–24. http://berkas.dpr.go.id/puslit/files/info_singkat/Info Singkat-XII-15-I-P3DI-Agustus-2020-206-EN.pdf
Zheng (Jerry), C., & Tsai, H. (2019). Diversification and performance in the hotel industry: do board size and family representation matter? International Journal of Contemporary Hospitality Management, 31(8), 3306–3324. https://doi.org/10.1108/IJCHM-06-2018-0465
Refbacks
- There are currently no refbacks.
Copyright (c) 2022 Budi Chandra, Michelle Willestania
Editorial Address
Akuntabel: Jurnal Akuntansi dan Keuangan
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jakt.feb.unmul@gmail.com
StatCounter: Akuntabel: Jurnal Akuntansi dan Keuangan