The Role of Profitability Mediates the Effect of Macro Economic Factors, Capital Structure and Company Growth on Firm’s Value
Keywords:
Inflation, Gross Domestic Product (GDP), Capital Structures (DER), Company Growth, Firm value (PER)Abstract
The company's goal in a management perspective is to maximize shareholder satisfaction. The stock price in the capital market reflects the value of a company. There are many factors that affect a firm value. The purpose of this study is to determine how the role of profitability in mediating the influence of macroeconomic factors (inflation and GDP), capital structure (DER) and company growth on firm value (PER). The population numbered in this study is the textile and garment sector companies listed on the Stock Exchange in the period 2013 to 2017, as many as 17 companies. The sampling method used was non-probability sampling method so that the number of samples obtained was 15 samples. The analysis technique used in this study is path analysis. The results of this study indicate that inflation, capital structure, and company growth have a significant positive effect on company profitability while GDP has a significant positive effect on firm profitability. Inflation, capital structure, and company growth have a significant positive effect on value, while GDP does not have a significant positive effect on firm value. Profitability has a significant positive effect on firm value. Profitability does not significantly mediate the effect of GDP and company growth on firm value. This shows that with the addition of the profitability variable, the size of the profitability of a company does not affect inflation, GDP and company growth in increasing firm value but profitability significantly mediates the effect of inflation and capital structure on firm value in the garment and textile industry companies listed on the Indonesia Stock Exchange Period 2013-2017.
References
Asmara, dan Suarjaya. (2018). Pengaruh Variabel Ekonomi Terhadap IHSG. EJurnal Manajemen Unud, Vol. 7, No. 3, 1397-1425.
Ashraf, Ameen, Kiran Shazandi. (2017). The Impact of Capital Structure on Firm’s Profitability: A Case of Cement Industry of Pakistan. International Journal of Business and Social Science,Vol 8, No. 4. 140-147.
Athanasoglou, P.P., Delis, M.D., & Staikouras, C.K. (2006). Determinants of Bank Profitability in the South Eastern Europan Region. Working paper bank of greece, No. 47.
Athanasoglou, Panayiotis, et.al, Bank Spesific, Industry-Spesific and Macroeconomic Determinants of Bank Profitability, MPRA Paper No.32026 June 2005, diakses di http://mpra.ub.uni-muenchen. de/32026/, pada tanggal 31 Agustus 2013.
Aziz, Musdalifah, dkk. 2015, Manajemen Investasi: Fundamental, Teknikal, Perilaku Investor dan Return Saham. Yogyakarta: Deepublish
Brigham, Eugene F., dan Joel F. Houston. 2011. Fundamentals of Financial Management. Jakarta: Salemba Empat.
Brigham, F. Eugene dan Houston, Joel F. 2013. Dasar Dasar Manajemen Keuangan, Edisi 11. Jakarta: Salemba Empat Guru,
Balanchandher K. et.al, Determinant of Commercial Bank Profitability in Malaysia, Asian Academy of Management Journal, USM Malaysia, Vol.5 No.2 Juli 2000.
Brigham, Eugene F. Dan J.F. Houston. 2010. Dasar - Dasar Manajemen Keuangan.Edisi 11. Jakarta: Salemba Empat
Demir, F. 2007. Determinants of Manufacturing Firm Profitability Under Uncertainty and Macroeconomic Volatility: Evidence from an Emerging Market. White Paper of Departement of Economics. University of Oklahoma.
Dewi Rachmawati dan Sugeng Wahyudi. Analisis Pengaruh Rasio Keuangan Dan Makro Ekonomi Terhadap Harga Saham Pada Perusahaan LQ 45 Yang Terdaftar Di BEI Tahun 2007-2011. Diponegoro Journal Of Management Volume 1, Nomor 1, Tahun 2012, Halaman 1-11
Duraj, dan Moci. (2015). Factors Influencing The Bank Profitability – Empirical Evidence From Albania. Asian Economic and Financial Review, Vol. 5, No. 3, 483-494.
Dwipartha, Ni Made Witha. Pengaruh Faktor Ekonomi Makro dan Kinerja Keuangan Terhadap Nilai Perusahaan Manufaktur di Bursa Efek Indonesia. Fakultas Ekonomi, Universitas Udayana Bali.
Ernawati, Dewi. Pengaruh Profitabilitas, Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi 4.4 (2016).
Fahmi, Irham. 2016. Teori dan Teknik Pengambilan Keputusan. Jakarta: Raja Grafindo Persada.
Fauzi, M. N., & Suhadak. (2015, Juli). Pengaruh Kebijakan Dividen dan Pertumbuhan Perusahaan Terhadap Struktur Modal dan Profitabilitas (Studi Pada Sektor Mining yang Terdaftar di Bursa Efek Indonesia Periode 2011-2013). Jurnal Administrasi Bisnis (JAB), 24.
Hamidy, Rahman Rusdi, Dkk. 2015. Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Properti dan Real Estate Di Bursa Efek Indonesia. E-jurnal Ekonomi dan Bisnis. Universitas Udayana, Bali.
Hanafi, Mamduh M, dan Abdul Halim. 2012. Analisis Laporan Keuangan, Edisi Keempat. Yogyakarta: UPP STIM YKPN
Harahap, S. S. 2007. Analisis Kritis Atas Laporan Keuangan. Jakarta: PT Raja Grasindo Persada.
Hermuningsih,Sri, 2012.Pengaruh Profitabilitas, Size Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening, Jurnal Siasat Bisnis,Vol. 16(2), Juli:232-242.
Hooshyari, Naser, Abdollah Pakdel Moghanloo. 2015. Evaluating the Impact of Inflation on Profitability of Banks. Arabian Journal of Business and Management Review Vol.4 No.9
Irham, Fahmi, (2015). Manajemen Investasi Teori dan Soal Jawab. Edisi 2. Salemba Empat, Jakarta.
Janor, Hawati, Rahim, Ruzita Abdul, Yaacob, Mohd Hasimi, Ibrahim, Izani, 2010, “Stock Returns and Inflation with Supply and Demand Shocks : Evidence From Malaysia”, Jurnal Ekonomi Malaysia ,No.44.
Kalengkongan, Glenda. (2013). Tingkat Suku Bunga Dan Inflasi Pengaruhnya Terhadap Return On Asset (Roa) Pada Industri Perbankan Yang Go Public Di Bursa Efek Indonesia. Jurnal EMBA, Vol.1, No.4. 737-747
Kanwal, S. and Nadeem, M. (2013), “The impact of macroeconomic variables on the profitability of listed commercial banks in Pakistan”, European Journal of Business and Social Sciences, Vol. 2No. 9, pp. 186-201.
Kartika, I Komang Sunarta., Dana Made. 2015. Analisis Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Dan Tingkat Pertumbuhan Terhadap Struktur Modal perusahaan Food And Beverages Yang Terdaftar Di Bursa Efek Indonesia. Jurnal fakultas ekonomi dan bisnis, Unud, Bali
Kasmir. 2003. Manajemen Perbankan. Jakarta (ID): PT Raja Gravindo Persada.
Kasmir.2011.Analisis Laporan Keuangan.Jakarta: Rajawali Pers
Kausar, A. Et.al. (2012). ”Personality Traits and Juvenil Delinquency in Punjab, Pakistan. International Conference on Business, Economics, Management and Behavioral Sciences Journal. Vol. 7-8. Punjab, Pakistan.
Kewal, S. S. 2012. Pengaruh Inflasi, Suku Bunga, Kurs Dan Pertumbuhan PDB Terhadap Indeks Harga Saham Gabungan. Jurnal Economia, Volume 8, Nomor 1, April 2012.
Kusumajaya, D. K. 2011. "Pengaruh Struktur Modal Dan Pertumbuhan perusahaan terhadap profitabilitas dan nilai perusahaan pada perusahaan manufatur di Bursa Efek Indonesia". Tesis . Denpasar : Program Pasca Sarjana Universitas Udayana.
Kusuma, dan Badjra. (2016). Pengaruh Inflasi, Jub, Nilai Kurs Dollar Dan Pertumbuhan Gdpterhadap IHSG Di Bursa Efek Indonesia. E-Jurnal Manajemen Unud, Vol.5, No. 3, 1829-1858.
Lee, Sanghoon. 2014. The Relationship Between Growth and Profit: Evidence From Firm-Level Panel Data. Structural Change and Economic Dynamics, 28, pp: 1-11
Lestari, Murti. 2005. “Pengaruh Variabel Makro Terhadap Return Saham Di Bursa Efek Jakarta: Pendekatan Beberapa Model”. SNA VII Solo. 15-16 September: Hal 504-513.
Lindayani, dan Sutrisna Dewi. (2016). Dampak Struktur Modal dan Inflasi terhadap Profitabilitas dan Return Saham pada Perusahaan Keuangan Sektor Perbankan. E-Jurnal Manajemen Unud, Vol. 5, No.8, 5274-5303.
Macit Fatih, 2012. "Bank Specific and Macroeconomic Determinants of Profitability: Evidence From Participation Banks in Turkey," Economics Bulletin, AccessEcon, vol. 32(1), pages 586-595.
Mahardhika, dan Marbun. (2016). Pengaruh Current Ratio Dan Debt To Equity Ratio Terhadap Return On Assets. Widyakala. Vol. 3. 23 – 28.
Mangondu, R., & Diantimala, Y. (2016). Pengaruh Struktur Modal Terhadap Nilai Perusahaan dan Kinerja Perusahaan Pada Perusahaan Perbankan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Dinamika Akuntansi dan Bisnis Vol. 3(1), 62-69.
Mankiw, N. Gregory. ―Macroeconomics, fifth edition‖. Worth Publisher, New York, 2003.
Misran, Medy dan Chanacib. (2017). Analisis Pengaruh Der Cr Dan Tato Terhadap Pbv Dengan Roa Sebagai Variabel Intervening (Studi Pada Perusahaan Properti Dan Real Estate Yang Terdaftar Pada Bei Tahun 2011 – 2014). Diponegoro Journal Ofmanagement. Vol. 6, No. 1. 203-215
Moazzami, Bakhtiar, 2010, “Stock Price and Inflation : Evidence from 12 Develop and Emerging Economies”, The International Bussiness and Economics Research Journal Vol.9, No.11.
Mushtaq, M., Ul Hassan, N., Yaqub, M.S., & Awan, M.M.H. (2014). Determinants of commercial banks performance: Empirical evidence from Pakistan. Journal of applied environmental and biological sciences, Vol. 6, No. 7; 15-21.
Mustafa Bekmezci / Procedia - Social and Behavioral Sciences 181 ( 2015 ) 228 – 240
Natsir, M. 2014. Ekonomi Moneter dan Perbankan Sentral. Jakarta: Mitra Wacana Media
Owoputi, J.A., Kayode, O.F. and Adeyefa, F.A. (2014), “Bank specific, industry specific and macroeconomic determinants of bank profitability in Nigeria”, European Scientific Journal, Vol. 10No. 25, pp. 408-423.
Pareira, Diego. 2010. “Inflation, Real Stock Prices and Earnings : Friedman was Right”. Garmendia.
Petria, N., Capraru, B. and Ihnatov, I. (2015), “Determinants of banks’ profitability: evidence from EU 27 banking systems”, Procedia Economics and Finance, Vol. 20, pp. 518-524.
Pujiati, Diyah dan Widanar, Erman, 2009, ”Pengaruh Struktur Kepemilikan Terhadap Nilai Perusahaan : Keputusan Keuangan Sebagai Variabel Intervening”, Jurnal Ekonomi Bisnis dan Kauntansi Ventura, Vol.12, No.1, Hal : 71-86.
Prasetiono, Dwi Wahyu, 2011, ”Analisis Pengaruh Faktor Fundamental Ekonomi Makro dan Harga Minyak Terhadap Saham LQ45 dalam Jangka Pendek dan Jangka Panjang”, Journal of Indonesian Applied Economics, Vol.4, No.1.
Riaz, Majid and Muhammad Qasim. 2016. Islamic Microfinance Institution: The Capital Structure. Growth, Performance and Value of The Firm In Pakistan. Journal of ISOSS, 2(1), pp: 97-101.
Rosyadah, F., Suhadak, & Darminto. (2012). Pengaruh Struktur Modal Terhadap Profitabilitas (Studi Pada Perusahaan Real Estate and Property Yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2009 – 2011). 1-11
Sahara, Ayu Yanita, 2013, Analisis Pengaruh Inflasi, Suku Bunga BI dan Produk Domestic Bruto Terhadap Return On Asset (ROA) Bank Syariah di Indonesia, Jurnal Ilmu Manajemen, Vol. 1, No. 1, Januari 2013.
Sangkyun, P. 1997. Rationality of Negative Stock-Price Responses to Strong Economic Activity. Financial Analysts Journal. 53 (5).
Samuelson, Paul A., Nordhaus, William D, 2005, Economics, Mc. Graw – Hill International Editions, Singapore.
Samuelson. Paul A, Economics, 14 th ed, New York: McGraw-Hill, Inc. 1992.
Sastrosuwito, S. dan Y. Suzuki. 2011. “Post Crisis Indonesian Banking System Profitability: Bank-Specific, IndustrySpecific, and Macroeconomic Determinants”. The 2nd International Research Symposium in Service Management Yogyakarta, Indonesia: 588-597.Soebagiyo, Daryono. 2013. Perekonomian Indonesia. Surakarta: Fakultas Ekonomi Universitas Muhammadiyah Surakarta.
Sodiq, Amirus. 2015. Pengaruh Variabel Makro Ekonomi terhadap Profitabilitas Bank Syariah di Indonesia Periode 2009 – 2014. Jurnal Bisnis dan Manajemen Islam STAIN Kudus : 344-363.
Solimun. 2002. Multivariate Analysis Structural Equation Modelling (SEM) Lisrel dan Amos. Fakultas MIPA, Universitas Brawijaya.
Sugiyono. 2005. Metode Penelitian Kualitatif, Bandung: Alfabeta
Sugiyono. 2010. Metode Penelitian Kuantitatif Kualitatif & RND. Bandung: Alfabeta.
Sukirno, Sadono, Makroekonomi: Teori Pengantar, Jakarta: Rajawali Pers. 2012.
Susilowati, Y & Tri, T. 2011. Reaksi Signal Rasio Profitabilitas dan Rasio Solvabilitas terhadap Return Saham. Jurnal Dinamika Keuangan dan Perbankan. 17:73.
Syardiana, Gita, Ahmad Rodoni, dan Zuwesty Eka Putri. 2015. Pengaruh Investment Opportunity Set, Struktur Modal, Pertumbuhan Perusahaan, dan Return On Assets terhadap Nilai Perusahaan. Akuntabilitas. 8(1): 39-46
Rachmawati, Rini, 2012, ”Analisis Variabel Mikro dan Makro Terhadap Kesulitan Keuangan Pada Perusahaan Tekstil dan Produk Tekstil.
Tandelilin, Eduardus. 2001. Analisis Investasi dan Manajemen Portofolio. Yogyakarta: BPFE
Triayuningsih, R. 2003. Analisi Pengaruh Kinerja Keuangan Perusahaan dan Faktor Ekonomi Makro Terhadap Return Perusahaan Industri Manufaktur di BEJ Periode 1999-2001. Tesis. Semarang: Universitas Diponegoro.
Wibowo, A. dan S. Wartini. (2012). Efisiensi Modal Kerja, Likuiditas dan Leverage Terhadap Profitabilitas Pada Perusahaan Manufaktur Di BEI. Jurnal Dinamika Manajemen, 3(1): 49-58.
Zeitun, Rami, 2012, Determinants of Islamic and Conventional Banks Performance in GCC Countries Using Panel Data Analysis, Global Economy and Finance Journal Vol. 5. No.1. March 2012. Pp. 53 – 72.
Downloads
Published
How to Cite
Issue
Section
License
Authors who submit papers with this journal agree to the following terms.
