Determinan Firm Value Creation Di Indonesia

Mispiyanti Mispiyanti; Junaidi Junaidi

doi:10.33395/owner.v6i3.900

Authors

Mispiyanti Mispiyanti Universitas Putra Bangsa, Kebumen, Jawa Tengah, Indonesia
Junaidi Junaidi Sekolah Tinggi Ilmu Ekonomi Muhammadiyah, Palopo, Indonesia

DOI:

10.33395/owner.v6i3.900

Abstract

Firm value creation menjadi penting bagi entitas bisnis yang sukses. Penciptaan nilai bagi pelanggan akan membantu dalam operasional dan pelayanan. Di sisi lain, penciptaan nilai bagi pemegang saham berupa peningkatan dividen dan harga saham dapat menambah dana operasional entitas tersebut kedepannya. Penelitian ini bertujuan untuk menganalisis bukti empiris faktor pendorong peningkatan firm value creation pada perusahaan di Indonesia yang terdaftar di Bursa Efek Indonesia tahun 2015 – 2020. Sampel dalam penelitian ini sebanyak 337 perusahaan yang dipilih berdasarkan metode purposive sampling dan dianalisis menggunakan regresi data panel. Hasil penelitian ini menunjukkan bahwa hedging tidak berpengaruh terhadap firm value creation dikarenakan banyak dana yang perlu dipersiapkan perusahaan Indonesia yang terdaftar di Bursa Efek Indonesia untuk melakukan hedging dalam jumlah besar. Sedangkan debt financing berpengaruh positif terhadap firm value creation yang menunjukkan kemampuan perusahaan dalam menyeimbangkan perolehan dan penggunaan dana tersebut pada proyek investasi produktif. Namun firm size berpengaruh negatif terhadap firm value creation dikarenakan perusahaan yang memiliki total aset besar cenderung lebih kecil dividennya. Hasil penelitian mengimplikasikan tingginya biaya hedging di Indonesia sehingga banyak perusahaan yang tidak menggunakan hedging dalam memitigasi risiko. Selain itu, perusahaan mampu mengelola debt financing dalam pengalokasian ke investasi mampu meningkatkan firm value creation. Namun, firm size yang besar belum tentu meningkatkan firm value creation tetapi menurunkan firm value creation.

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