JURNAL ILMIAH KOMPUTERISASI AKUNTANSI.
Vol.
No.
2 ,Desember 2024, pp:188-196 p-ISSN : 1979-116X .
e-ISSN : 2621-6248 .
Doi : 10.
51903/kompak.
n page 1 http://journal.
id/index.
php/kompak Pengaruh Profitabilitas.
Leverage.
Corporate Governance.
Dan Cash Holding Terhadap Nilai Perusahaan ( Studi Empiris Pada Perusahaan Aneka Industri Yang Terdaftar Pada Bursa Efek Indonesia Tahun 2020-2022 ) Mahindra Nathan Mastroyanna Arifin1.
Listyorini Wahyu Widati2.
Muhammad Ali Ma'sum3 1,2,3 Universitas Stikubank Jl.
Kendeng V Bendan Ngisor Semarang, 024-8414970/0248441738,sekretariat.
univ@edu.
ARTICLE INFO
Article history:
Received 30 Agustus 2024
Received in revised form 2 Oktober 2024
Accepted 10 November 2024
Available online 1 Desember 2024
ABSTRACT
The purpose of this study is to determine the effects of cash holding, corporate governance, profitability, and leverage on a company's value.
In this study, quantitative methods are used.
An industrial sector business that was listed on the Indonesian stock exchange between 2020 and 2022 serves as the 126 samples were obtained by applying the purposive sample method to data extracted from the financial accounts.
Data analysis techniques include double linear regression analysis and hypothesis testing .
-testin.
The findings indicate that the following factors raise a company's value: cash holding, corporate governance, profitability, and Keywords: cash holding, corporate governance, profitability, leverage, and company value.
Introduction According to corporate theory, increasing company value is the main goal.
Company value is very important because the level of investor growth will be influenced by the value of the company, which means that a high company value will also result in a high level of investor growth.
Market value is a measure of company value because if the company's share price rises, the company value can generate profits for shareholders.
Company value can show future prospects and current developments (Oktaviarni, 2.
Company value is influenced by several factors.
The first factor that can influence Firm Value is Profitability is the level of profit achieved by a company during operations (Hartanti et al.
, 2.
The second factor is Leverage.
Leverage is one of the factors that can influence the value of a Companies can obtain financing by using financing sources from within the company, such as depreciation and income, or by obtaining financing from outside the company, such as debt and equity.
Received Agustus 13, 2024 Revised November 13, 2024.
Accepted November 22, 2024 p-ISSN : 1979-116X e-ISSN : 2621- 6248 n The third factor is corporate governance.
Corporate governance is one of the keys to a company's success in increasing the efficiency and effectiveness of business growth, increasing investor confidence and protecting investor interests (Suhadak et al.
, 2.
The last factor is cash holding.
If the company's interests differ from the interests of shareholders, managers can use cash holdings or cash available to the company to meet the company's needs.
Based on the explanation above, the following hypothesis can be drawn:
H1: Profitability has a positive effect on company value.
H2: Leverage has a positive effect on Company Value H3: Corporate governance has a positive effect on company value H4: Cash holding has a negative effect on company value Research Methods The research objects used are various industrial companies that have gone public and are listed on the Indonesia Stock Exchange (BEI) for the 2020-2022 period.
This research uses quantitative data as secondary data.
The data collection technique using purposive sampling has the following Various Industrial Companies are registered on the IDX .
The company uploads financial reports to the IDX for 3 consecutive years.
Companies whose financial report data is complete.
Results and Discussion Destcriptive Statistic Descriptive statistics provide an overview or description of data seen from the average value .
, standard deviation, variance, maximum, minimum.
Table 1 Descriptive Statistics Results ROA Minimum Maximum Mean Std.
Deviation DER
GCG
PBV
The distribution of the Company's profitability data as measured using the ROA ratio shows an average value of -0.
0262 or -0.
26% of the total assets owned by the Company.
The minimum ROA value is -0.
87079 or -87.
08% obtained by SRIL in 2021 and the maximum ROA value reaches 1555 or 15.
55% obtained by ADMG 2022 with a standard deviation of 0.
The distribution of company leverage data measured using the DER ratio shows an average value The minimum DER value was -17,952 obtained by HDTX in 2021 and the maximum DER value reached 114,289 obtained by MYTX in 2020 with a standard deviation of 11,954.
The distribution of company corporate governance data measured using disclosure of 103 CG items shows an average value of 0.
This shows that the average sample company has a CG disclosure of 0.
9412 or 94.
12% of the company's ownership.
The minimum CG disclosure value is 7767 or 77.
67% obtained by POLY in 2022 and the maximum CG disclosure value reaches 1 or 100% with a standard deviation of 0.
JURNAL ILMIAH KOMPUTERISASI AKUNTANSI Vol.
No.
Desember 2023 : 188Ae196 p-ISSN : 1979-116X e-ISSN : 2621- 6248 n The distribution of company cash holding data measured using the CR ratio shows an average value The minimum cash holding value is 0.
00032 obtained by ARGO 2020 and the maximum cash holding value reaches 0.
85714 obtained by STAR in 2021 with a standard deviation Normality Test Data normality is a requirement that data can be analyzed using regression.
Data normality testing will be carried out using the Skwerness and Kurtosis tests.
Normal data is indicated by the Skwerness and Kurtosis test values which have values below 1.
Table 2 Data Normality Results Statistics Skewness Mark
Kurtosis Oo6AEycu
Oo24AEycu
1,024
-1,039
The results of normality testing on testing 101 data or by removing 25 data show that the regression model has residual values that are normally distributed.
This is indicated by the Z value of skewness and kurtosis which is smaller than the value of 1.
96, namely the z-skewness value of 1.
024 and zkurtosis of -1.
For this, some data was removed from the model to achieve a normal Classical Assumption Test Multicollinearity Test Testing was carried out using 101 data that met normal assumptions.
The independent variables of the model consist of 4 variables which will provide different VIF values.
The VIF and Tolerance values of each independent variable are obtained as follows:
Table 3 Multicollinearism Test Model (Constan.
ROA
DER
GCG
Collinearity Statistics Tolerance VIF
,962
,975
,978
,958
1,040
1,026
1,023
1,044
The test results show that there is a VIF value for the variable that has a value smaller than 10.
Thus, the regression model does not have a multicollinearity problem.
The tolerance value for all variables shows a value smaller than 1.
Heteroscedacity Test Hetroscedasticity testing was also carried out using 101 data that met normal assumptions.
Heteroscedasticity testing was carried out using the Glejser Test.
Table 4 Glejser Heteroscedacity Test JURNAL ILMIAH KOMPUTERISASI AKUNTANSI Vol.
No.
Desember 2024 : 188 Ae 196 p-ISSN : 1979-116X e-ISSN : 2621- 6248 n Standardized Coefficients Unstandardized Coefficients Model Std.
Error Beta Sig.
(Constan.
,038 ,391 ,096 ,924 ROA
,175
,756
DER
,002
,374
GCG
,338
,414
,083
,815
,417
,205
,516
Dependent Variable: AbsRes The results of the Glejser test show that the research model tested in this study shows that there are no variables that are significant to the absolute value of the regression residual, where the model significance value is greater than 0.
This means that the model does not have heteroscedasticity Autocorrelation Test Autocorrelation testing was also carried out using 101 data that met normal assumptions.
Autocorrelation testing was carried out using the Durbin Watson test.
The Durbin Watson value that is between the du and 4 - du values indicates a model that is not affected by autocorrelation Table 5 Durbin-Watson Autocorrelation Test
Adjusted R Square Square Model
,886
,881
Predictors: (Constan.
CH.
GCG.
DER.
ROA Dependent Variable: PBV Source:
R Std.
Error of the Durbin-Watson Estimate 1,923 The DW value obtained is 1.
The du table value for k = 4 and data from 101 samples is 1.
Thus, the DW value of 1.
923 is between 1.
77 and 4 Ae du = 2.
This means there is no autocorrelation problem in the regression model.
The image below showsthat the DW value is between du and 4-dU which indicates that the model is free from autocorrelation problems.
Multiple Linear Regression Test This hypothesis testing aims to test the significance of the influence between the independent variables on the dependent variable.
Testing was carried out using 101 data that met normal Table 6 Linear Regression Test Unstandardized Coefficients Model Std.
Error (Constan.
-1,053 ,696 ROA
1,150
,312
DER
,095
,004
GCG
1,610
,737
,945
,365
Dependent Variable: PBV
Standardized Coefficients Beta
,130
,919
,076
,091
-1,513
3,689
26,317
2,184
2,593
Sig.
,000
,000
JURNAL ILMIAH KOMPUTERISASI AKUNTANSI Vol.
No.
Desember 2023 : 188Ae196 p-ISSN : 1979-116X e-ISSN : 2621- 6248 n PBV = -1.
150 ROA 0.
095 DER 1.
610 GCG 0.
945 CH e Model Feasibility Test (F Tes.
The results of testing the feasibility of the regression model are shown by the F value from the test
Table 7 Model Feasibility Test
Model
Sum of Squares Df
Regression 135,030 Residual 17,394 Total
152,424
Dependent Variable: PBV Mean Square 33,757 ,181 186,307 Sig.
,000c An F value of 186.
307 was obtained with a significance of 0.
000 which is smaller than 0.
showing that this regression model provides empirical evidence that company value as a proxy for PBV can be explained by the profitability ratio, leverage, corporate governance and cash holding Coefficient of Determination The coefficient of determination value shows the percentage of the dependent variable that can be explained by the independent variables.
The coefficient of determination value can be obtained from the adjusted R2 value.
Table 8 Determination Coefficient Test Model R Square ,886 Std.
Error of the Adjusted R Square Estimate ,881 Predictors: (Constan.
CH.
GCG.
DER.
ROA Dependent Variable: PBV This research obtained an adjusted R2 value of 0.
This means that 88.
1% of company value can be explained by the profitability ratio, leverage.
CG disclosure and cash holding ratio variables, while the other 11.
9% of PBV can be explained by other variables.
Hypothesis Test .
Tes.
To see which variables have a partially meaningful influence on company value.
Table 9 Hypothesis Testing Model (Constan.
ROA
DER
GCG
Unstandardized Coefficients Std.
Error
-1,053
,696
1,150
,312
,095
,004
1,610
,737
,945
,365
Standardized Coefficients Beta
,130
,919
,076
,091
-1,513
3,689
26,317
2,184
2,593
Sig.
,000
,000
JURNAL ILMIAH KOMPUTERISASI AKUNTANSI Vol.
No.
Desember 2024 : 188 Ae 196 p-ISSN : 1979-116X e-ISSN : 2621- 6248 n Dependent Variable: PBV Discussion The Effect of Profitability on Company Value The test results regarding the effect of profitability on company value as proxied by PBV show that it has a t value of 3.
689 with a significance of 0.
< 0.
This means that ROA profitability has a positive influence on company value.
This means that Hypothesis 1 is accepted.
The positive influence of profitability on company value is logical because profitability shows the level of the company's ability to generate profits for the company.
Signaling theory, which is widely associated with company financial performance, reveals that better disclosure of profitability information will provide a positive signal to parties with an interest in the company .
and to the company's shareholders .
The Effect of Leverage on Company Value The test results regarding the effect of the leverage ratio on company value as proxied by PBV show that it has a t value of 26.
317 with a significance of 0.
< 0.
This means that leverage has a positive influence on company value.
This means that Hypothesis 2 is accepted.
This condition illustrates that companies with a high level of leverage will have high company value.
Trade-off Theory explains that leverage or capital structure is the idea that a company chooses how much debt financing and how much equity financing to use by balancing costs and benefits.
The Influence of Corporate Governance on Company Value The test results regarding the effect of corporate governance (CG) disclosure on company value as proxied by PBV show that it has a t value of 2.
184 with a significance of 0.
< 0.
This means that corporate governance disclosure has a positive influence on company value.
This means that Hypothesis 3 is accepted.
This means that the number of CG disclosures by the company influences the higher company value.
Agency theory can be used to design incentives from the existence of corporate governance mechanisms appropriately by considering what interests motivate agents to act.
The Effect of Cash Holding on Company Value The test results regarding the effect of the cash holding ratio on company value as proxied by PBV show that it has a calculated t value of 2.
593 with a significance of 0.
< 0.
This means that the cash holding ratio has a positive and significant influence on company value.
This means that Hypothesis 4 is rejected.
The significant positive influence of cash holding on company value can be seen from the strength of the value of cash held by the company .
as a form of the company's ability to fulfill its short-term obligations.
According to trade-off theory, companies can consider the marginal benefits and costs of holding cash to maximize shareholder wealth (Dittmar et al.
, 2.
Conclusion In this research, using multiple linear regression analysis, it can be concluded as follows:
The research results show that ROA profitability has a positive and significant influence on company value as measured using PBV.
The research results show that leverage has a positive and significant influence on company value as measured using PBV.
The research results show that corporate governance has a positive and significant influence on company value as measured using PBV.
The research results show that cash holding has a positive and significant influence on company value as measured using PBV.
Limitations JURNAL ILMIAH KOMPUTERISASI AKUNTANSI Vol.
No.
Desember 2023 : 188Ae196 n p-ISSN : 1979-116X e-ISSN : 2621- 6248 Based on the researcher's direct experience in this study, there are several limitations that future researchers should pay attention to in order to improve their research.
This is because this research itself certainly has shortcomings that need to be corrected in future research.
Several research limitations include:
The results of cash holding did not prove negative so it was necessary to re-examine this variable with other company sectors.
Suggestion Future research can use control variables to reduce company-specific characteristic bias, such as using a control variable for company size.
Apart from that, to minimize the effect of this bias, it can be done using a panel regression model.
References