COMPANY VALUE ANALYSIS IS INFLUENCED BY FINANCIAL RATIOS AND INFLATION IN FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE
Abstract viewed = 0 times
PDF downloaded = 0 times
Abstract
This study aims to determine the effect of Return On Equity, Dividend Payout Ratio, Investment Opportunity Set and Inflation on Firm Value (Tobin's Q) in food and beverage sub-sector companies listed on the Indonesia Stock Exchange for the period 2019-2023. This study uses secondary data. The sampling technique in this study uses Purposive Sampling. The number of samples obtained was 43 companies. The analysis method of this study uses descriptive analysis and several types of evaluations using the help of SmartPLS software. The results of this study indicate that Return On Equity has a positive but insignificant effect on Firm Value. Dividend Payout Ratio has a negative but insignificant effect on Firm Value. Investment Opportunity Set has a positive and significant effect on Firm Value. Inflation has a negative but insignificant effect on Firm Value.
Penelitian ini bertujuan untuk mengetahui pengaruh Return On Equity, Dividend Payout Ratio, Investment Opportunity Set dan Inflasi terhadap Nilai Perusahaan (Tobin's Q) pada perusahaan subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2019-2023. Penelitian ini menggunakan data sekunder. Teknik pengambilan sampel dalam penelitian ini menggunakan Purposive Sampling. Jumlah sampel yang diperoleh sebanyak 43 perusahaan. Metode analisis penelitian ini menggunakan analisis deskriptif dan beberapa jenis evaluasi dengan menggunakan bantuan software SmartPLS. Hasil penelitian ini menunjukkan bahwa Return On Equity berpengaruh positif namun tidak signifikan terhadap nilai perusahaan. Dividend Payout Ratio berpengaruh negatif namun tidak signifikan terhadap nilai perusahaan. Investment Opportunity Set berpengaruh positif dan signifikan terhadap nilai perusahaan. Inflasi berpengaruh negatif namun tidak signifikan terhadap nilai perusahaan. Implikasi dari penelitian ini yaitu perusahaan di subsektor makanan dan minuman harus berfokus pada penguatan peluang investasi pada sebagai pendorong strategis untuk meningkatkan nilai perusahaan, variabel-variabel ekonomi makro dan indikator-indikator keuangan dalam penelitian ini, meskipun secara statistik tidak signifikan, masih dapat memengaruhi persepsi investor dan penilaian jangka panjang.
References
Alamsyah, MF, & Malanua, W. (2021). The Influence of Investment Opportunity Set, Corporate Social Responsibility, and Business Risk on Company Value. Journal of Business Management Focus, 11(2), 154. https://doi.org/10.12928/fokus.v11i2.4228
Andriani, P., & Rudianto, D. (2019). The Effect of Liquidity Level, Profitability and Leverage on Company Value in the Food and Beverage Subsector Listed on the Indonesian Stock Exchange (IDX) for the 2010-2017 Period. Management, and Industry (JEMI), 2(1), 48–60.
Anggraeini, S., & Krisnando. (2020). Factors Affecting Dividend Payout Ratio (In Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange in 2017-2019). Indonesian College of Economics, 1–17. http://repository.stei.ac.id/2996/1/Jurnal B.ind.pdf
Anggraini, S., Kamaliah, & Indrawati, N. (2021). The Effect of Capital Structure, Profitability, and Dividend Policy on the Value of Consumer Goods Industry Companies on the Indonesia Stock Exchange. KIAT Journal of Economics, 32(1), 66–72. https://doi.org/10.25299/kiat.2021.vol32(1).7409
Arifin, A., & Sudiyatno, B. (2023). Analysis of the Influence of Investment Opportunity Set, Institutional Ownership and Free Cash Flow, on Firm Value with Capital Structure as a Mediating Variable. YUME: Journal of Management , 6(1), 549–574.
Astriani, E. F. (2014). The Influence of Managerial Ownership, Leverage, Profitability, Company Size AND Investment Opportunity Set on Company Value. Scientific Journal of Students of Padang State University. https://ejournal.unp.ac.id/students/index.php/akt/article/view/904
Ernitasianturi, MW (2015). The Influence of Financial Performance on the Value of Manufacturing Companies in the Consumer Goods Industry Sector at Bei. EJournal of Business Administration Science, 3(2), 282–296.
Ghozali, I. (2018). Multivariate Analysis Application with IBM SPSS 25 Program 9th Ed., IXth Cet (9th Ed.; Ce). Semarang: Diponegoro University Publishing Agency.
Fahrizal, H (2014). The Influence of Return On Assets (ROA), Return On Equity (ROE) and Investment Opportunity Set (IOS) on Company Value. Syarif Hidayatullah State Islamic University. https://repository.uinjkt.ac.id/dspace/bitstream/123456789/24017/1/HELMY FAHRIZAL.pdf
Hendayana, Y., & Riyanti, N. (2019). The Effect of Inflation, Interest Rates, Liquidity, and Leverage on Company Value. Journal of Economics and Business Performance, 2(01), 36–48. https://doi.org/10.34005/kinerja.v2i02.795
Widanto, J.P, et all. (2023). The Effect of Capital Adequacy, Dividend Policy, and Inflation on Company Value (Study of Banking Companies Listed on the Indonesia Stock Exchange for the 2018-2021 Period). Scientific Journal of Accounting …, 6(2). https://doi.org/10.35326/jiam.v6i2.3771
Kasmir. (2015). Financial Statement Analysis (1st ed.). Rajawali Pers.
Kolibu, NN, Saerang, IS, & Maramis, JB (2020). Analysis of Investment Opportunity Set, Corporate Governance, Business Risk, and Profitability on the Value of Consumer Goods Companies with High Leverage on the Indonesia Stock Exchange. Journal of Economics and Development, 8(1), 202–211.
Lebelaha, DLA, Saerang, IS, Management, J., Economy, F., & Business, D. (2016). State-Owned Companies Listed on the Indonesia Stock Exchange for the Period 2011-2014. Scientific Periodical Journal of Efficiency, 16(2), 376–386.
Listyawati, I., & Kristiana, I. (2021). The Effect of Return on Equity, Current Ratio, Company Size and Debt to Equity Ratio on Company Value. Maksimum, 10(2), 47. https://doi.org/10.26714/mki.10.2.2020.47-57
Lutfiah, SQ, & Pangestuti, DC (2023). The Effect of Dividend Policy, Inflation, and Profitability on Company Value with CSR as Moderation. AKUNTABEL: Journal of Accounting and Finance, 20(3), 388–402. https://journal.feb.unmul.ac.id/index.php/AKUNTABEL/article/view/13822
Mardiyati, U. (2015). The Influence of Inflation, BI Interest Rate, Profitability. Indonesian Journal of Management Science Research (JRMSI) |, 6(1), 395–416.
Mariva, AK, Harahap, Z., & Simbolon, R. (2022). The Influence of Investment Opportunity Set (Ios) and Corporate Governance Mechanisms on Company Value in Property and Real Estate Companies in Bei. JRAM (Journal of Multiparadigma Accounting Research), 9(1), 53–61. https://doi.org/10.30743/akutansi.v9i1.5491
Mubyarto, N. (2019). Profitability, Company Size, Leverage, and Dividend Policy as Determinants of Company Value. ILTIZAM Journal of Shariah Economic Research, 3(2), 1. https://doi.org/10.30631/iltizam.v3i2.506
Murjiani, D., & Reza Adiyanto, M. (2023). The Effect of Inflation, Interest Rates, and Exchange Rates on Company Value in Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange (IDX) for the 2017-2022 Period. Accounting and Management Journal, 7(2), 19–34. https://doi.org/10.33086/amj.v7i2.3755
Naqsyabandi, SN (2015). Analysis of Company Valuation in the Diversified Banking Sector (Case Study of Public Banking Companies 2013-2014). Student Journal of Surabaya State University. file:///D:/PDF RUP/Tobin's Q Formula.pdf
Novryanius, R., Hasan, A., & Gusnardi. (2017). The effect of profitability and investment opportunity set on company value with dividend policy as an intervening variable (study on manufacturing companies on the Indonesian Stock Exchange). Journal of Business Management, XI(3), 619–636.
Nursalim, AB, Rate, P. Van, & Baramuli, DN (2021). The Effect of Inflation, Profitability, Solvency and Activity Ratio on the Value of Manufacturing Sector Companies in the Period 2015-2018. EMBA Journal, 9(4), 559–571.
Passar, AM, & Lestari, DS (2022). The Effect of Dividend Policy, Debt Policy and Profitability on Manufacturing Firm Value Alfonsus Moat Passar, Damajanti Sri Lestari SARR – Vol. 1 No. 1. Year 2022. Souetomo Administration Reform Review, 1(1), 101–120. https://ejournal.unitomo.ac.id/index.php/sab/article/view/5712
Ratna, AW (2014). The Influence of Profitability, Dividend Payout Ratio, and Corporate Social Responsibility on the Value of Manufacturing Sector Companies. Journal of Management Science, 2(3), 1048–1057.
Septiana, R (2023). The Influence of Dividend Payout Ratio, Liquidity, Profitability on Company Value at Bank BTPN Syariah 2020-2023. Al Birru, 3(1), 15–33.
Rivandi, M., & Petra, BA (2022). The Effect of Company Size, Leverage, and Profitability on Company Value in Food and Beverage Sub-Sector Companies. Journal of Research Innovation, 2(8), 2571–2580.
Tumiur, R (2019). The Influence of Financial Performance on Stock Returns of Mining Companies. Journal of Business and Accounting, 21(2), 155–164. https://doi.org/10.34208/jba.v21i2.616
Saputra, D., Yudha, AM, & Ulnisa, T. (2023). The Effect of Interest Rates, Exchange Rates and Inflation on Company Value with Profitability as a Moderating Variable in Property and Real Estate Companies Listed on the IDX 2017-2021. JAF- Journal of Accounting and Finance, 8(1), 54. https://doi.org/10.25124/jaf.v8i1.7224
SC Myers. (1976). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. https://www.sciencedirect.com/science/article/pii/0304405X77900150
Senda, FD (2014). The Influence of Managerial Ownership, Institutional Ownership, Dividend Policy, Profitability, Financial Leverage, and Investment Opportunity Set on Company Value. Management Faculty of Economics, Diponegoro University, Semarang, 1–6. https://doi.org/10.33508/jumma.v2i3.399
Silviyani, YA (2022). The Influence of Financial and Macroeconomic Factors on Company Value. Journal of Economic Education, Education and Accounting, 10(2), 115–127.
Simanjuntak, DF (2021). The effect of return on assets, return on equity, debt to equity ratio and company size on stock prices in manufacturing companies in the food and beverage sub-sector on the Indonesian Stock Exchange for the 2014-2018 period. Tri Bisnis Journal of Entrepreneurship, Accounting, and Management, 3(1), 45–78.
Syardiana, G., Rodoni, A., & Putri, ZE (2015). The Influence of Investment Opportunity Set, Capital Structure, Company Growth, and Return on Assets on Company Value. Accountability, 8(1), 39–46. https://doi.org/10.15408/akt.v8i1.2760
Triagustina, L., Sukarmanto, E., & Helliana. (2015). The Effect of Return On Asset (ROA) and Return On Equity (ROE) on Company Value in Manufacturing Companies in the Food and Beverage Subsector Listed on the Indonesia Stock Exchange for the Period 2010-2012. Accounting Proceedings, 28–34. http://karyailmiah.unisba.ac.id/index.php/akuntansi/article/view/1549
Wahyudi, M., & Deitiana, T. (2020). The Effect of Current Ratio, Debt To Equity Ratio, Return on Equity, Total Asset Turnover, Dividend Payout Ratio on Stock Returns in Automotive Companies. Media Bisnis, 11(2), 155–162. https://doi.org/10.34208/mb.v11i2.940
Warianto, P., & Ruisti, C. (2014). The Effect of Company Size, Capital Structure, Liquidity, and Investment Opportunity Set (IOS) on Earnings Quality in Manufacturing Companies Listed on the IDX. Modus Journals, 26(1), 19–32.
Andriani, P., & Rudianto, D. (2019). The Effect of Liquidity Level, Profitability and Leverage on Company Value in the Food and Beverage Subsector Listed on the Indonesian Stock Exchange (IDX) for the 2010-2017 Period. Management, and Industry (JEMI), 2(1), 48–60.
Anggraeini, S., & Krisnando. (2020). Factors Affecting Dividend Payout Ratio (In Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange in 2017-2019). Indonesian College of Economics, 1–17. http://repository.stei.ac.id/2996/1/Jurnal B.ind.pdf
Anggraini, S., Kamaliah, & Indrawati, N. (2021). The Effect of Capital Structure, Profitability, and Dividend Policy on the Value of Consumer Goods Industry Companies on the Indonesia Stock Exchange. KIAT Journal of Economics, 32(1), 66–72. https://doi.org/10.25299/kiat.2021.vol32(1).7409
Arifin, A., & Sudiyatno, B. (2023). Analysis of the Influence of Investment Opportunity Set, Institutional Ownership and Free Cash Flow, on Firm Value with Capital Structure as a Mediating Variable. YUME: Journal of Management , 6(1), 549–574.
Astriani, E. F. (2014). The Influence of Managerial Ownership, Leverage, Profitability, Company Size AND Investment Opportunity Set on Company Value. Scientific Journal of Students of Padang State University. https://ejournal.unp.ac.id/students/index.php/akt/article/view/904
Ernitasianturi, MW (2015). The Influence of Financial Performance on the Value of Manufacturing Companies in the Consumer Goods Industry Sector at Bei. EJournal of Business Administration Science, 3(2), 282–296.
Ghozali, I. (2018). Multivariate Analysis Application with IBM SPSS 25 Program 9th Ed., IXth Cet (9th Ed.; Ce). Semarang: Diponegoro University Publishing Agency.
Fahrizal, H (2014). The Influence of Return On Assets (ROA), Return On Equity (ROE) and Investment Opportunity Set (IOS) on Company Value. Syarif Hidayatullah State Islamic University. https://repository.uinjkt.ac.id/dspace/bitstream/123456789/24017/1/HELMY FAHRIZAL.pdf
Hendayana, Y., & Riyanti, N. (2019). The Effect of Inflation, Interest Rates, Liquidity, and Leverage on Company Value. Journal of Economics and Business Performance, 2(01), 36–48. https://doi.org/10.34005/kinerja.v2i02.795
Widanto, J.P, et all. (2023). The Effect of Capital Adequacy, Dividend Policy, and Inflation on Company Value (Study of Banking Companies Listed on the Indonesia Stock Exchange for the 2018-2021 Period). Scientific Journal of Accounting …, 6(2). https://doi.org/10.35326/jiam.v6i2.3771
Kasmir. (2015). Financial Statement Analysis (1st ed.). Rajawali Pers.
Kolibu, NN, Saerang, IS, & Maramis, JB (2020). Analysis of Investment Opportunity Set, Corporate Governance, Business Risk, and Profitability on the Value of Consumer Goods Companies with High Leverage on the Indonesia Stock Exchange. Journal of Economics and Development, 8(1), 202–211.
Lebelaha, DLA, Saerang, IS, Management, J., Economy, F., & Business, D. (2016). State-Owned Companies Listed on the Indonesia Stock Exchange for the Period 2011-2014. Scientific Periodical Journal of Efficiency, 16(2), 376–386.
Listyawati, I., & Kristiana, I. (2021). The Effect of Return on Equity, Current Ratio, Company Size and Debt to Equity Ratio on Company Value. Maksimum, 10(2), 47. https://doi.org/10.26714/mki.10.2.2020.47-57
Lutfiah, SQ, & Pangestuti, DC (2023). The Effect of Dividend Policy, Inflation, and Profitability on Company Value with CSR as Moderation. AKUNTABEL: Journal of Accounting and Finance, 20(3), 388–402. https://journal.feb.unmul.ac.id/index.php/AKUNTABEL/article/view/13822
Mardiyati, U. (2015). The Influence of Inflation, BI Interest Rate, Profitability. Indonesian Journal of Management Science Research (JRMSI) |, 6(1), 395–416.
Mariva, AK, Harahap, Z., & Simbolon, R. (2022). The Influence of Investment Opportunity Set (Ios) and Corporate Governance Mechanisms on Company Value in Property and Real Estate Companies in Bei. JRAM (Journal of Multiparadigma Accounting Research), 9(1), 53–61. https://doi.org/10.30743/akutansi.v9i1.5491
Mubyarto, N. (2019). Profitability, Company Size, Leverage, and Dividend Policy as Determinants of Company Value. ILTIZAM Journal of Shariah Economic Research, 3(2), 1. https://doi.org/10.30631/iltizam.v3i2.506
Murjiani, D., & Reza Adiyanto, M. (2023). The Effect of Inflation, Interest Rates, and Exchange Rates on Company Value in Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange (IDX) for the 2017-2022 Period. Accounting and Management Journal, 7(2), 19–34. https://doi.org/10.33086/amj.v7i2.3755
Naqsyabandi, SN (2015). Analysis of Company Valuation in the Diversified Banking Sector (Case Study of Public Banking Companies 2013-2014). Student Journal of Surabaya State University. file:///D:/PDF RUP/Tobin's Q Formula.pdf
Novryanius, R., Hasan, A., & Gusnardi. (2017). The effect of profitability and investment opportunity set on company value with dividend policy as an intervening variable (study on manufacturing companies on the Indonesian Stock Exchange). Journal of Business Management, XI(3), 619–636.
Nursalim, AB, Rate, P. Van, & Baramuli, DN (2021). The Effect of Inflation, Profitability, Solvency and Activity Ratio on the Value of Manufacturing Sector Companies in the Period 2015-2018. EMBA Journal, 9(4), 559–571.
Passar, AM, & Lestari, DS (2022). The Effect of Dividend Policy, Debt Policy and Profitability on Manufacturing Firm Value Alfonsus Moat Passar, Damajanti Sri Lestari SARR – Vol. 1 No. 1. Year 2022. Souetomo Administration Reform Review, 1(1), 101–120. https://ejournal.unitomo.ac.id/index.php/sab/article/view/5712
Ratna, AW (2014). The Influence of Profitability, Dividend Payout Ratio, and Corporate Social Responsibility on the Value of Manufacturing Sector Companies. Journal of Management Science, 2(3), 1048–1057.
Septiana, R (2023). The Influence of Dividend Payout Ratio, Liquidity, Profitability on Company Value at Bank BTPN Syariah 2020-2023. Al Birru, 3(1), 15–33.
Rivandi, M., & Petra, BA (2022). The Effect of Company Size, Leverage, and Profitability on Company Value in Food and Beverage Sub-Sector Companies. Journal of Research Innovation, 2(8), 2571–2580.
Tumiur, R (2019). The Influence of Financial Performance on Stock Returns of Mining Companies. Journal of Business and Accounting, 21(2), 155–164. https://doi.org/10.34208/jba.v21i2.616
Saputra, D., Yudha, AM, & Ulnisa, T. (2023). The Effect of Interest Rates, Exchange Rates and Inflation on Company Value with Profitability as a Moderating Variable in Property and Real Estate Companies Listed on the IDX 2017-2021. JAF- Journal of Accounting and Finance, 8(1), 54. https://doi.org/10.25124/jaf.v8i1.7224
SC Myers. (1976). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. https://www.sciencedirect.com/science/article/pii/0304405X77900150
Senda, FD (2014). The Influence of Managerial Ownership, Institutional Ownership, Dividend Policy, Profitability, Financial Leverage, and Investment Opportunity Set on Company Value. Management Faculty of Economics, Diponegoro University, Semarang, 1–6. https://doi.org/10.33508/jumma.v2i3.399
Silviyani, YA (2022). The Influence of Financial and Macroeconomic Factors on Company Value. Journal of Economic Education, Education and Accounting, 10(2), 115–127.
Simanjuntak, DF (2021). The effect of return on assets, return on equity, debt to equity ratio and company size on stock prices in manufacturing companies in the food and beverage sub-sector on the Indonesian Stock Exchange for the 2014-2018 period. Tri Bisnis Journal of Entrepreneurship, Accounting, and Management, 3(1), 45–78.
Syardiana, G., Rodoni, A., & Putri, ZE (2015). The Influence of Investment Opportunity Set, Capital Structure, Company Growth, and Return on Assets on Company Value. Accountability, 8(1), 39–46. https://doi.org/10.15408/akt.v8i1.2760
Triagustina, L., Sukarmanto, E., & Helliana. (2015). The Effect of Return On Asset (ROA) and Return On Equity (ROE) on Company Value in Manufacturing Companies in the Food and Beverage Subsector Listed on the Indonesia Stock Exchange for the Period 2010-2012. Accounting Proceedings, 28–34. http://karyailmiah.unisba.ac.id/index.php/akuntansi/article/view/1549
Wahyudi, M., & Deitiana, T. (2020). The Effect of Current Ratio, Debt To Equity Ratio, Return on Equity, Total Asset Turnover, Dividend Payout Ratio on Stock Returns in Automotive Companies. Media Bisnis, 11(2), 155–162. https://doi.org/10.34208/mb.v11i2.940
Warianto, P., & Ruisti, C. (2014). The Effect of Company Size, Capital Structure, Liquidity, and Investment Opportunity Set (IOS) on Earnings Quality in Manufacturing Companies Listed on the IDX. Modus Journals, 26(1), 19–32.
Published
2025-06-30
How to Cite
OKALESA, Okalesa; HALIM, Hernando; PRIHASTUTI, Asepma Hygi.
COMPANY VALUE ANALYSIS IS INFLUENCED BY FINANCIAL RATIOS AND INFLATION IN FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE.
Bilancia : Jurnal Ilmiah Akuntansi, [S.l.], v. 9, n. 2, p. 140-151, june 2025.
ISSN 2685-5607.
Available at: <https://ejournal.pelitaindonesia.ac.id/ojs32/index.php/BILANCIA/article/view/5060>. Date accessed: 13 july 2025.
doi: https://doi.org/10.35145/bilancia.v9i2.5060.
Section
Articles
