Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2019 - 2022
Keywords:
Kecukupan Modal; Kredit Bermasalah; Efisiensi Perusahaan; Likuiditas; serta Margin Bunga Bersih; Nilai Perusahaan; Profitabilitas.
Abstract
Tujuan dilakukannya riset ini yaitu guna menganalisis pengaruh kinerja keuangan terhadap nilai perusahaan pada perusahaan perbankan. Kinerja keuangan suatu perusahaan dihitung dengan kecukupan modal, kredit bermasalah, efisiensi perusahaan, likuiditas, serta margin bunga bersih. Variabel moderasi juga digunakan dalam proses analisis ini, dimana variabel profitabilitas dipilih sebagai variabel moderasi tersebut. Sampel pada riset disini entitas sub sektor perbankan tercatat di Bursa Efek Indonesia periode 2019-2022 metodenya purposive sampling. Pada riset ini ada 39 entitas mendukung kriteria sampel riset, maka didapatkan sejumlah 156 data laporan keuangan. Uji riset memakai moderated regression analysis. Berdasarkan temuan pengujian diketahui bahwa kecukupan modal, kredit bermasalah, dan likuiditas mempengaruhi nilai perusahaan secara signifikan. Selain itu juga diperoleh bukti empiris mengenai beberapa faktor yang tidak berpengaruh secara signifikan terhadap nilai perusahaan antara lain adalah efisiensi perusahaan, margin bunga bersih, dan profitabilitas. Selanjutnya juga berdasarkan penelitian menyimpulkan bahwa profitabilitas dapat memperkuat hubungan yang terjadi antara pengaruh kecukupan modal, kredit bermasalah, likuiditas, serta margin bunga bersih terhadap nilai perusahaan, namun memperlemah hubungan yang terjadi antara efisiensi perusahaan terhadap nilai perusahaan.
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Izzah, R. N., Kosim, A. M., & Gustiawati, S. (2019). Pengaruh non performing financing dan capital adequacy ratio terhadap profitabilitas. Al Maal: Journal of Islamic Economics and Banking, 1(1), 18–36.
Jagirani, T. S., Chee, L. C., & Kosim, Z. B. (2023). Determinants of the firm value of listed banks in Pakistan: A panel data approach. Asian Economic and Financial Review, 13(4), 241–250.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kai-Ineman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 363–391.
Kansil, L. A., Rate, P. V., & Tulung, J. E. (2021). Analisis pengaruh kinerja keuangan terhadap nilai perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(3), Article 3. https://doi.org/10.35794/emba.v9i3.34665
Kartika, A., Nurhayati, I., & Hardiyanti, W. (2022). Peran mediasi profitabilitas pada pengaruh rasio kecukupan modal dan loan to deposit ratio terhadap return saham. Distribusi - Journal of Management and Business, 10(1), Article 1. https://doi.org/10.29303/distribusi.v10i1.203
Kim, C.-S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis, 33(3), 335–359.
Lambert, R. A. (2006). Agency theory and management accounting. Handbooks of Management Accounting Research, 1, 247–268.
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.
Mawarti, W., Negoro, D. A., & Syah, T. Y. R. (2022). The effect of financial ratio in determining company value: Empirical study on banking companies listed on the Indonesia Stock Exchange for the 2015-2019 period. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(1), 3001–3013.
Nabila, F., Surasni, N. K., & Husnan, L. H. (2021). Pengaruh intellectual capital dan struktur modal terhadap nilai perusahaan dengan profitabilitas sebagai variabel pemediasi. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(1), 618–627.
Nurkhofifah, N., Rozak, D. A., & Apip, M. (2020). Pengaruh kredit bermasalah terhadap profitabilitas pada perbankan yang terdaftar di BEI. Akuntapedia, 1(1). https://jurnal.unigal.ac.id/index.php/akuntapedia/article/view/3540
Olalere, O., Aminul Islam, Md., Zukime Mat Junoh, M., Sallha Yusoff, W., & Masum Iqbal, M. (2020). Revisiting the impact of intrinsic financial risks on the firm value of banks in ASEAN-5 countries: A panel data approach. Banks and Bank Systems, 15(2), 200–213. https://doi.org/10.21511/bbs.15(2).2020.18
Olalere, O. E., Islam, A., Yusoff, W. S., & Mumu, F. E. (2021). Modeling the determinants of firm value of conventional banks: Empirical evidence from ASEAN-5 countries. Asia-Pacific Social Science Review, 21(3).
Olalere, O. E., Islam, M. A., Yusoff, W. S., Ariffin, K. H. K., & Kamruzzaman, M. (2021). The moderating role of financial innovation on financial risks, business risk and firm value nexus: Empirical evidence from Nigeria. 020108. https://doi.org/10.1063/5.0045082
Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 74–95. https://doi.org/10.1177/0974686217701467
Rafique, A., Quddoos, M. U., Akhtar, M. H., & Karim, A. (2020). Impact of financial risk on financial performance of banks in Pakistan: The mediating role of capital adequacy ratio. Journal of Accounting and Finance in Emerging Economies, 6(2).
Saleh, I., & Abu Afifa, M. (2020). The effect of credit risk, liquidity risk and bank capital on bank profitability: Evidence from an emerging market. Cogent Economics & Finance, 8(1), 1814509. https://doi.org/10.1080/23322039.2020.1814509
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Sutrisno, S. (2020). Corporate governance, profitability, and firm value study on the Indonesian Sharia Stock Index. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 6(2), 292. https://doi.org/10.20473/jebis.v6i2.23231
Suwarti, T., Widati, L. W., Nurhayati, I., & Ainunnisa, S. Z. (2020). Pengaruh debt covenant, profitabilitas dan growth opportunities terhadap konservatisme akuntansi: Study pada perusahaan manufaktur yang terdaftar di BEI tahun 2016-2018. Proceeding SENDI_U, 627–632.
Tenriwaru, T., & Nasaruddin, F. (2020). Pengaruh pengungkapan corporate social responsibility terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Ajar, 3(01), 68–87.
Vayanos, D., & Wang, J. (2012). Theories of liquidity. Foundations and Trends® in Finance, 6(4), 221–317.
Wulandari, R., Wibowo, S., & Yunanto, A. (2020). Analisis pengaruh corporate social responsibility dan kebijakan dividen terhadap nilai perusahaan dengan profitabilitas sebagai variabel pemoderasi studi pada industri perbankan. Jurnal Ekonomi, Bisnis, Dan Akuntansi, 22(2), 144–157.
Yasar, B., Martin, T., & Kiessling, T. (2020). An empirical test of signalling theory. Management Research Review, 43(11), 1309–1335.
Yuliawati, R., & Alinsari, N. (2022). Pengaruh modal intelektual terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Owner: Riset Dan Jurnal Akuntansi, 6(3), 2808–2818.
Zogning, F. (2017). Agency theory: A critical review. European Journal of Business and Management, 9(2), 1–8.
Amalia, D., Diana, N., Ekonomi, F., & Karawang, S. (2022). Pengaruh biaya operasional terhadap pendapatan operasional (BOPO), capital adequacy ratio (CAR), dan financing to deposit ratio (FDR) terhadap profitabilitas (ROA) pada Bank Bukopin Syariah periode 2013-2020. Jurnal Ilmiah Ekonomi Islam, 8(01), 1095–1102.
Aprilia, W., & Hapsari, N. (2021). Pengaruh tingkat kesehatan bank melalui metode RGEC terhadap nilai perusahaan: Studi kasus pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2016-2020. Neraca Keuangan : Jurnal Ilmiah Akuntansi Dan Keuangan, 16(2), Article 2. https://doi.org/10.32832/neraca.v16i2.5432
Ardyansyah, A. D., & Arifin, A. (2023). Pengaruh tingkat kecukupan modal, risiko bisnis, dan ukuran perusahaan terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderating pada perbankkan dari tahun 2019-2021. J-MAS (Jurnal Manajemen Dan Sains), 8(2), 1997–2006.
Bendickson, J., Muldoon, J., Liguori, E., & Davis, P. E. (2016). Agency theory: The times, they are a-changin’. Management Decision, 54(1), 174–193. https://doi.org/10.1108/MD-02-2015-0058
Bougie, R., & Sekaran, U. (2019). Research methods for business: A skill building approach. John Wiley & Sons.
Chioma, A. V., Okoye, N. E., & Chidume, A. J. (2021). Assessing the effect of capital adequacy risk and liquidity risk management on firm value of deposit money banks in Nigeria. African Journal of Accounting and Financial Research, 4(1).
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Diamond, D. W., & Rajan, R. G. (2001). Liquidity Risk, Liquidity Creation, and Financial Fragility: A Theory of Banking. Journal of Political Economy, 109(2), 287–327. https://doi.org/10.1086/319552
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. The Academy of Management Review, 14(1), 57. https://doi.org/10.2307/258191
Endri, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 111–120. https://doi.org/10.5267/j.msl.2019.8.011
Esan, O. M., Nwobu, O., Adeyanju, I. T., & Adeyemi, J. O. (2022). Firm value response to internal and external corporate governance in the Nigerian stock market. Asian Economic and Financial Review, 12(4), 227–243. https://doi.org/10.55493/5002.v12i4.4465
Fasa, R. A. A., Nurdin, A. A., & Tripuspitorini, F. A. (2022). Pengaruh likuiditas terhadap profitabilitas pada bank umum syariah di Indonesia periode 2015-2020. Journal of Applied Islamic Economics and Finance, 2(2), 428–433.
Fayezi, S., O’Loughlin, A., & Zutshi, A. (2012). Agency theory and supply chain management: A structured literature review. Supply Chain Management: An International Journal, 17(5), 556–570.
Fitriani, R., & Lasmanah. (2022). Pengaruh kinerja keuangan perbankan terhadap nilai perusahaan. Bandung Conference Series: Business and Management, 2(1), Article 1. https://doi.org/10.29313/bcsbm.v2i1.332
Handayani, N., Asyikin, J., Ernawati, S., & Boedi, S. (2023). Analisis pengaruh kinerja keuangan terhadap nilai perusahaan perbankan Indonesia. Kinerja : Jurnal Ekonomi dan Manajemen, 20(2), Article 2. https://doi.org/10.30872/jkin.v20i2.13024
Haryanto, S., Aristanto, E., Assih, P., Aripin, Z., & Bachtiar, Y. (2021). Loan to deposit ratio, risiko kredit, net interest margin dan profitabilitas bank. AFRE Accounting and Financial Review, 4(1), 146–154.
Ho, Y.-C., & Kastner, M. (1978). Market signaling: An example of a two-person decision problem with dynamic information structure. IEEE Transactions on Automatic Control, 23(2), 350–361.
Izzah, R. N., Kosim, A. M., & Gustiawati, S. (2019). Pengaruh non performing financing dan capital adequacy ratio terhadap profitabilitas. Al Maal: Journal of Islamic Economics and Banking, 1(1), 18–36.
Jagirani, T. S., Chee, L. C., & Kosim, Z. B. (2023). Determinants of the firm value of listed banks in Pakistan: A panel data approach. Asian Economic and Financial Review, 13(4), 241–250.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kai-Ineman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 363–391.
Kansil, L. A., Rate, P. V., & Tulung, J. E. (2021). Analisis pengaruh kinerja keuangan terhadap nilai perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(3), Article 3. https://doi.org/10.35794/emba.v9i3.34665
Kartika, A., Nurhayati, I., & Hardiyanti, W. (2022). Peran mediasi profitabilitas pada pengaruh rasio kecukupan modal dan loan to deposit ratio terhadap return saham. Distribusi - Journal of Management and Business, 10(1), Article 1. https://doi.org/10.29303/distribusi.v10i1.203
Kim, C.-S., Mauer, D. C., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis, 33(3), 335–359.
Lambert, R. A. (2006). Agency theory and management accounting. Handbooks of Management Accounting Research, 1, 247–268.
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.
Mawarti, W., Negoro, D. A., & Syah, T. Y. R. (2022). The effect of financial ratio in determining company value: Empirical study on banking companies listed on the Indonesia Stock Exchange for the 2015-2019 period. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 5(1), 3001–3013.
Nabila, F., Surasni, N. K., & Husnan, L. H. (2021). Pengaruh intellectual capital dan struktur modal terhadap nilai perusahaan dengan profitabilitas sebagai variabel pemediasi. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(1), 618–627.
Nurkhofifah, N., Rozak, D. A., & Apip, M. (2020). Pengaruh kredit bermasalah terhadap profitabilitas pada perbankan yang terdaftar di BEI. Akuntapedia, 1(1). https://jurnal.unigal.ac.id/index.php/akuntapedia/article/view/3540
Olalere, O., Aminul Islam, Md., Zukime Mat Junoh, M., Sallha Yusoff, W., & Masum Iqbal, M. (2020). Revisiting the impact of intrinsic financial risks on the firm value of banks in ASEAN-5 countries: A panel data approach. Banks and Bank Systems, 15(2), 200–213. https://doi.org/10.21511/bbs.15(2).2020.18
Olalere, O. E., Islam, A., Yusoff, W. S., & Mumu, F. E. (2021). Modeling the determinants of firm value of conventional banks: Empirical evidence from ASEAN-5 countries. Asia-Pacific Social Science Review, 21(3).
Olalere, O. E., Islam, M. A., Yusoff, W. S., Ariffin, K. H. K., & Kamruzzaman, M. (2021). The moderating role of financial innovation on financial risks, business risk and firm value nexus: Empirical evidence from Nigeria. 020108. https://doi.org/10.1063/5.0045082
Panda, B., & Leepsa, N. M. (2017). Agency theory: Review of theory and evidence on problems and perspectives. Indian Journal of Corporate Governance, 10(1), 74–95. https://doi.org/10.1177/0974686217701467
Rafique, A., Quddoos, M. U., Akhtar, M. H., & Karim, A. (2020). Impact of financial risk on financial performance of banks in Pakistan: The mediating role of capital adequacy ratio. Journal of Accounting and Finance in Emerging Economies, 6(2).
Saleh, I., & Abu Afifa, M. (2020). The effect of credit risk, liquidity risk and bank capital on bank profitability: Evidence from an emerging market. Cogent Economics & Finance, 8(1), 1814509. https://doi.org/10.1080/23322039.2020.1814509
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Sutrisno, S. (2020). Corporate governance, profitability, and firm value study on the Indonesian Sharia Stock Index. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 6(2), 292. https://doi.org/10.20473/jebis.v6i2.23231
Suwarti, T., Widati, L. W., Nurhayati, I., & Ainunnisa, S. Z. (2020). Pengaruh debt covenant, profitabilitas dan growth opportunities terhadap konservatisme akuntansi: Study pada perusahaan manufaktur yang terdaftar di BEI tahun 2016-2018. Proceeding SENDI_U, 627–632.
Tenriwaru, T., & Nasaruddin, F. (2020). Pengaruh pengungkapan corporate social responsibility terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Ajar, 3(01), 68–87.
Vayanos, D., & Wang, J. (2012). Theories of liquidity. Foundations and Trends® in Finance, 6(4), 221–317.
Wulandari, R., Wibowo, S., & Yunanto, A. (2020). Analisis pengaruh corporate social responsibility dan kebijakan dividen terhadap nilai perusahaan dengan profitabilitas sebagai variabel pemoderasi studi pada industri perbankan. Jurnal Ekonomi, Bisnis, Dan Akuntansi, 22(2), 144–157.
Yasar, B., Martin, T., & Kiessling, T. (2020). An empirical test of signalling theory. Management Research Review, 43(11), 1309–1335.
Yuliawati, R., & Alinsari, N. (2022). Pengaruh modal intelektual terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi. Owner: Riset Dan Jurnal Akuntansi, 6(3), 2808–2818.
Zogning, F. (2017). Agency theory: A critical review. European Journal of Business and Management, 9(2), 1–8.
Published
2024-08-02
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Articles
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