Analysis of Firm Value Mediated by Investment Decisions of Coal Subsector Companies Listed on The Indonesian Stock Exchange
Abstract
Firm value can be interpreted as a measure of the success of the company's performance in increasing shareholder prosperity. The purpose of this study was to determine the effect of company size, liquidity and leverage on firm value and the role of investment decisions as mediating variables in property and real estate companies listed on the Indonesia Stock Exchange for the 2019-2023 period. The sampling technique in this study used purposive sampling technique with a total sample of 19 companies. The analysis technique used is path analysis. This study found that company size and liquidity have a significant positive effect on firm value, while leverage has no significant effect on firm value, investment decisions are able to mediate the effect of company size and liquidity on firm value, and investment decisions are not able to mediate the effect of leverage on coal company value.
References
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2. Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management. Cengage Learning, 498-501.
3. Efni, Y. (2017). The mediating effect of investment decisions and financing decisions on the effect of corporate risk and dividend policy against corporate value. Investment Management and Financial Innovation, 14(2).
4. Ferdyansyah, M. D., Suwaidi, R. A., Development, U., Veteran, N.", & Timur, J. (2023).
5. Fundamental Factors On Company Value In The Infrastructure, Utilities, And Transportation Sector. Management Studies and Entrepreneurship Journal, 4(5), 7349-7356. http://journal.yrpipku.com/index.php/msej
6. Indra Mariana, W., Kamaliah, & Indrawati, N. (2019). The Effect of Financial Performance on Firm Value with Investment Decisions as a Mediating Variable (Study on Mining Sector Companies Listed on the Indonesia Stock Exchange in 2012-2016). Journal of Economics, Faculty of Economics and Business, Riau University, 27(1), 47-56. http://je.ejournal.unri.ac.id/
7. Jogiyanto, H. (2015). Portfolio Theory and Investment Analysis (10th Edition). BPFE Yogyakarta. Karim, A. N., & Nur, D. I. (2024). Analysis of Company Value in Textile and Garment Companies
8. Listed on the IDX. 6(4), 5461-5469. https://doi.org/10.47467/alkharaj.v6i4.2177 Cashmere. (2019). Financial Statement Analysis (10th ed.). PT Raja Grafindo Persada.
9. Komala, P. S., Endiana, I. D. M., Kumalasari, P. D., & Rahindayati, N. M. (2021). The Effect of Profitability, Solvency, Liquidity, Investment Decisions and Funding Decisions on Firm Value. Journal of Pelita Indonesia.
10. Lutfita, A., & Takarini, N. (2021). The Effect of Profitability, Firm Size and Capital Structure on Company Value. Procuratio: Scientific Journal of Management, 9(3), 319-329. http://www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/PROCURATIO/index
11. M, Spance. (1973). Job Market Signaling. The Quarterly Journal Of Economics.
12. Merinda, P., & Pertiwi, T. K. (2019). Analysis of Company Value in Transportation Companies on the Indonesia Stock Exchange. Potential Development of Digital Economy in Indonesia, 55-63.
13. Oktaviarni, F. (2019). The Effect of Profitability, Liquidity, Leverage, Dividend Policy, and Company Size on Firm Value. Journal of Accounting, 9(1), 1-16. https://doi.org/10.33369/j.akuntansi.9.1.1-16
14. Pamungkas, A. P., & Yuniningsih. (2022). The Impact of Fundamental Factors in Determining Company Value. Journal of Social Sciences, 9(1), 179-187.
15. Pradani, A. P., Nur, D. I., & Wikartika, I. (2021). FINANCIAL PERFORMANCE ANALYSIS OF
16. WHOLESALE FIRM VALUE. Journal of Management Science, 10(June), 10-19.
17. Rizkiwati, N., & Anwar, M. (2023). The Effect of Investment Decisions on Firm Value with Capital Structure as an Intervening Variable in Food & Beverage Companies Listed on the IDX. Reslaj: Religion Education Social Laa Roiba Journal, 5(6), 3271-3282. https://doi.org/10.47467/reslaj.v5i6.3804
18. Saputri, I. G., & Anwar, M. (2021). Analysis of Company Value in Manufacturing Sector Companies Listed on the Indonesia Stock Exchange. Fiduciary: Journal of Finance and Banking, 4(2), 150-158. https://doi.org/10.24127/jf.v4i2.620
19. Sartono, A. (2010). Financial Management Theory and Application. BPFE Yogyakarta.
20. Sulistiono, S. (2017). Investment opportunity set as the mediation effect of capital structure, and corporate dividend policy on firm value: A study on manufacturing firms in Indonesia Stock Exchange. International Journal of Applied Business and Ecnomic Research, 15(22).
21. Yanti, &., & Darmayanti. (2020). The Effect of Profitability, Company Size, Leverage and Liquidity on Company Value. Journal of Accounting Paradigms, 2 (1), 367. https://doi.org/10.24912/jpa.v2i1.7165
22. Yuniningsih, Y., Pertiwi, T. K., & Purwanto, E. (2019). Fundamental factors of financial management in determining company values. Management Science Letters, 9(2), 205-216. https://doi.org/10.5267/j.msl.2018.12.002
Authors
[1]
“Analysis of Firm Value Mediated by Investment Decisions of Coal Subsector Companies Listed on The Indonesian Stock Exchange”, Soc. sci. humanities j., vol. 8, no. 10, pp. 5698–5710, Oct. 2024, doi: 10.18535/sshj.v8i10.1426.
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