The Effect of Macroeconomic Indicators on Profitability and Firm Value

Penulis

  • Made Reina Candradewi Udayana University
  • Henny Rahyuda Udayana University

DOI:

https://doi.org/10.23887/ekuitas.v11i2.68672

Kata Kunci:

GDP, inflation, profitability, firm value

Abstrak

The objective of this study encompasses an examination of the influence of inflation, gross domestic product, and profitability on the valuation of companies within the Indonesian stock market, with specific emphasis on corporations listed in the LQ45 index on the Indonesia Stock Exchange (IDX). The LQ45 index as it offers a focused and comprehensive view of the Indonesian stock market, allowing them to draw meaningful conclusions about the impact of inflation, GDP, profitability, and other factors on the valuation and performance of these selected companies. The primary aim of this research is to provide valuable insights to corporations regarding the significance of maintaining profitability and firm value while taking into consideration macroeconomic indicators. The research methodology employed in this investigation is of a quantitative nature. The study encompasses the entirety of companies listed within the LQ45 Index on the IDX as the designated population. The technique employed for sample selection is purposive sampling. The selected sample comprises companies that have consistently maintained their listing in the LQ45 Index on the IDX from 2016 to 2022, totaling 31 companies. The outcomes of the goodness-of-fit examination and the robustness assessment of the model utilized within this study unequivocally affirm the model's exceptional effectiveness in aligning with the available dataset. The analysis of the results of the regression analysis and the mediation assessments leads to the definitive conclusion that the Gross Domestic Product variable exerts a remarkably positive and statistically significant influence on Firm Value. Likewise, the Profitability variable significantly and positively impacts firm value. However, it is imperative to acknowledge that profitability does not function as a mediating factor in the relationship between Inflation and Gross Domestic Product in the context of firm value.

Referensi

Adiyadnya, I.N.S., Artini, L.G.S., dan Rahyuda, H. 2016. Pengaruh Beberapa Variabel Ekonomi Makro terhadap Profitabilitas dan Return Saham pada Industri Perbankan di BEI. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, Vol.5(8), pp.2337-3067.

Agustina, C. dan Ardiansari, A. 2015. Pengaruh Faktor Ekonomi Makro dan Kinerja Keuangan terhadap Nilai Perusahaan. Management Analysis Journal, Vol.4(1), pp.10-21.

Brigham, E., and Daves, Philip. 2018. Intermediate Financial Management. 13th Edition. South-Western:Cengage.

Brigham, E.F. dan Houston, J.F. 2011. Dasar-dasar Manajemen Keuangan, Edisi 11, Penerjemah Ali Akbar Yulianto, Salemba Empat, Jakarta.

Creswell, J.W. 2014. Research Design, Qualitative, Quantitativem and Mixed Methods Approaches. USA: Sage Publications, Inc.

Ekasari, N. P., dan Baskara, I. G. K. 2018. Nilai Tukar, Nilai Ekspor, Dan Pertumbuhan Ekonomi Terhadap Profitabilitas Eksportir Food and Beverage di BEI. E-Jurnal Manajemen Universitas Udayana, 7(8), pp.4181.

Husnan, Suad dan Enny Pudjiastuti, 2015, Dasar-Dasar Manajemen Keuangan, Edisi Ketujuh. Yogyakarta: UPP STIM YKPN.

Karakus, R. dan Bozkurt, B. 2017. The Effect of Financial Ratios and Macroeconomic Factors on Firm Value: An Empirical Analysis in Borsa Istanbul. RSEP International Conferences on Social Issues and Economic Studies. ISBN: 978-605-307-685-8

Kasmir. 2016. Analisis Laporan Keuangan. Jakarta: Raja Grafindo Persada.

Kewal, S. S. 2012. Pengaruh Inflasi, Suku Bunga, Kurs, Dan Pertumbuhan PDB Terhadap IHSG. Jurnal Economia. 8 (1).

Lee. C.Y. 2015. The Effects of Firm Specific Factors and Macroeconomics on Profitability of Property-Liability Insurance Industry in Taiwan. Asian Economic and Financial Review, Vol. 4(5), pp.681 – 691.

Mankiw, N.G. 2019. Macroeconomics. Tenth Edition. New York: Macmillan International.

Ross, S.A., Randolph,W. Westerfield, Bradford D. Jordan, Joseph L. dan Ruth T., (2018), Pengantar Keuangan Perusahaan: Fundamentals of Corporate Finance, Edisi Global Asia, Buku 1, Jakarta Selatan: Salemba Empat.

Rosyadi, N.F., Kertahadi dan Nuzula, N.F. 2014. The Influence of Inflation, Interest and Gross Domestic Product on Firm Value. Jurnal Administrasi Bisnis (JAB), Vol.13(1), pp.1-19

Sartika, U.D., Siddik, S. dan Choiriyah. 2019. Pengaruh Inflasi, Suku Bunga, Nilai Tukar dan Produk Domestik Bruto terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen, Vol. 9(2), pp.75-89.

Sartono, A. 2015. Manajemen Keuangan Teori dan Aplikasi. Edisi Keempat. Yogyakarta: BPFE.

Salvatore, D. 2011. Managerial Economics. Seventh Edition. Singapore: Thomson Learning.

Saunders, M., Lewis, F., Thornhil, A. 2016. Research Methods for Business Students, Italy: Pearson Education

Sukirno, Sadono. 2013. Makro Ekonomi, Teori Pengantar. Jakarta : PT Raja Grafindo

Sugiyono. 2017. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung : Alfabeta, CV.

Sufian, F. and Kamarudin, F. 2012. Bank Specific and Macroeconomic Determinants of Profitability of Bangladesh’s

Commercial Banks. Bangladesh Development Studies, Vol 35(4), pp.1-29.

Sugiarto, M. dan Santosa, P.W. 2017. Pengaruh Indikator Makro Ekonomi, Kinerja Keuangan dan Tata Kelola Terhadap Nilai Perusahaan pada Sektor Properti di Bursa Efek Indonesia. Journal of Economics and Business Aseanomics (JEBA), Vol. 2(2), pp.288-312

Tandelilin, E. 2010. Portofolio dan Investasi Teori dan Aplikasi. First Edition. Yogyakarta: Kanisius.

www.bi.go.id

www.bps.go.id

www.idx.co.id

Diterbitkan

2023-12-31

Terbitan

Bagian

Articles