Pengaruh Makroekonomi terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Mediasi pada Perusahaan LQ45
Abstract
The purpose of this study was to investigate the role of macroeconomics by proxies for inflation, interest rates, exchange rates and unemployment rates in influencing firm value with capital structure as a mediating variable in LQ45 companies on the Indonesia Stock Exchange. The objects in this study were 28 LQ45 companies for 5 years, 2017-2021, using a data collection technique, namely purposive sampling, to obtain a sample of 140 data. The method used in testing the data is panel regression analysis. The result of this test is that inflation has a significant positive effect on firm value. The form of inflation that can support the results of this investigation is creeping inflation, where inflation is identified by a slow increase in prices because it is less than 10% per year, has a small percentage and is a relatively long term. Based on this type of inflation, investors will be more interested in investing due to the volatility of trading in commodity prices. Other independent variables such as interest rates, exchange rates and unemployment rates do not have a significant impact on firm value. Then all the independent variables studied have no significant effect on firm value which is mediated by capital structure.
References
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Alyousef, Husain Y, Rula O Saffouri, and Ahmad F Alqassar. 2019. “Bank-Specific and Macroeconomic Determinants of Bank Profitability: Evidence from Kuwaiti Banks.†International Research Journal of Finance and Economics 176: 167–81.
Bandiyono, Agus, and Etty Murwaningsari. 2019. “Effect of Intra Group Transaction, Thin Capitalization and Executive Characters on Tax Avoidation with Multinationality as A Moderation.†Journal of Accounting, Business and Finance Research 7, no. 2: 82–97.
Binder, Carola, and Rupal Kamdar. 2022. “Expected and Realized Inflation in Historical Perspective.†Journal of Economic Perspectives 36, no. 3: 131–55. https://doi.org/10.1257/jep.36.3.131.
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Egbunike, Chinedu Francis, and Chinedu Uchenna Okerekeoti. 2018. “Macroeconomic Factors, Firm Characteristics and Financial Performance: A Study of Selected Quoted Manufacturing Firms in Nigeria.†Asian Journal of Accounting Research 3, no. 2: 142–68. https://doi.org/10.1108/AJAR-09-2018-0029.
Fuad, Muhammad, and Ayu Wandari. 2018. “Pengaruh Struktur Modal Dan Faktor Eksternal Terhadap Nilai Perusahaan (Studi Pada PT. Bank Central Asia, Tbk).†Jurnal Manajemen Dan Keuangan 7, no. 1: 32–46. https://doi.org/10.33059/jmk.v7i1.755.
Hamidah, Hamidah, Hartini Hartini, and Umi Mardiyati. 2015. “Pengaruh Inflasi, Suku Bunga BI, Profitabilitas, Dan Risiko Finansial Terhadap Nilai Perusahaan Sektor Properti Tahun 2011-2013.†JRMSI-Jurnal Riset Manajemen Sains Indonesia 6, no. 1: 395–416.
Hatmanu, Mariana, Cristina Cautisanu, and Mihaela Ifrim. 2020. “The Impact of Interest Rate, Exchange Rate and European Business Climate on Economic Growth in Romania: An ARDL Approach with Structural Breaks.†Sustainability 12, no. 7: 2798. https://doi.org/10.3390/su12072798.
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Nguyen, Quynh Nga, Rihab Bedoui, Najemeddine Majdoub, Khaled Guesmi, and Julien Chevallier. 2020. “Hedging and Safe-Haven Characteristics of Gold Against Currencies: An Investigation Based on Multivariate Dynamic Copula Theory.†Resources Policy 68: 101766. https://doi.org/10.1016/j.resourpol.2020.101766.
Noerirawan, Moch Roni. 2012. “Pengaruh Faktor Internal Dan Timeliness Laporan Keuangan.†Diss. Fakultas Ekonomika Dan Bisnis, 1–40.
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Okeke, Iruka N, Aaron O Aboderin, Abiodun Egwuenu, Anthony Underwood, Ayorinde O Afolayan, Mihir Kekre, Anderson O Oaikhena, Erkison Ewomazino Odih, Hamzat T Omotayo, and Hannah Dada-Adegbola. 2022. “Establishing A National Reference Laboratory for Antimicrobial Resistance Using A Whole-Genome Sequencing Framework: Nigeria’s Experience.†Microbiology 168, no. 8: 1208. https://doi.org/10.1099/mic.0.001208.
Oluchukwu F, Anowor, Uwakwe Queendaline Chinyere, and Chikwendu Nneka Francisca. 2019. “How Investment Does Affect Unemployment in A Developing Economy.†Sumerianz Journal of Economics and Finance 2, no. 7: 82–88.
Pangestuti, Dewi Cahyani, and Azzahra Meirizqi Louisa Tindangen. 2020. “The Influence of Internal and External Factors on Firm Value.†European Journal of Business and Management Research 5, no. 5. https://doi.org/10.24018/ejbmr.2020.5.5.492.
Permana, A.A. Ngr BGS Aditya, and Henny Rahyuda. 2019. “Pengaruh Profitabilitas, Solvabilitas, Likuiditas, Dan Inflasi Terhadap Nilai Perusahaan.†E-Jurnal Manajemen Unud 8, no. 3: 1577–1607. https://doi.org/10.24843/EJMUNUD.2019.v8.i3.p15.
Prabheesh, K P, and Sanjiv Kumar. 2021. “The Dynamics of Oil Prices, Exchange Rates, and The Stock Market under COVID-19 Uncertainty: Evidence from India.†Energy Research Letters 2, no. 3. https://doi.org/10.46557/001c.27015.
Purnomo, Tri Hendra, and Nurul Widyawati. 2013. “Pengaruh Nilai Tukar, Suku Bunga, Dan Inflasi Terhadap Return Saham Pada Perusahaan Properti.†Jurnal Ilmu & Riset Manajemen 2, no. 10: 1–20.
Rolle, Jo-Ann, Bushra Javed, and Gobind M Herani. 2020. “Micro and Macroeconomic Determinants of Profitability of Conventional Banks and Stock Performance Using Tobin’s Q Ratio: Evidence from The Banking Sector of Pakistan.†International Journal of Business and Economic Development (IJBED) 8, no. 2.
Saad, Noriza Mohd. 2021. “Relationship between Covid-19 Pandemic and Firm’s Performance towards Unemployment Across Countries.†Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 3: 5072–81. https://doi.org/10.17762/turcomat.v12i3.2038.
Santosa, Perdana Wahyu, and Nita Puspitasari. 2019. “Corporate Fundamentals, Bi Rate And Systematic Risk: Evidence From Indonesia Stock Exchange.†Jurnal Manajemen 23, no. 1: 40–53. https://doi.org/10.24912/jm.v23i1.443.
Sarjono, Eko, Kartika Hendra Titisari, and Supawi Pawenang. 2021. “Effects of Infrastructure Development, Inflation and Economic Growth to Performance Company (ROA, Tobin’s Q, PBV): Study on Registered Infrastructure Support Companies in IDX Period 2014-2019.†Economics and Business Quarterly Reviews 4, no. 3. https://doi.org/10.31014/aior.1992.04.03.382.
Sasmita, Fera, Dewi Cahyani Pangestuti, and Dahlia Br Pinem. 2020. “Analisis Faktor Internal Dan Eksternal Yang Mempengaruhi Nilai Perusahaan.†In Konferensi Riset Nasional Ekonomi, Manajemen, Dan Akuntansi I.
Singhal, Shelly, Sangita Choudhary, and Pratap Chandra Biswal. 2019. “Return and Volatility Linkages among International Crude Oil Price,Gold Price, Exchange Rate and Stock Markets: Evidence from Mexico.†Resources Policy 60: 255–61. https://doi.org/10.1016/j.resourpol.2019.01.004.
Suteja, Jaja, and Winston Manihuruk. 2013. “Pengaruh Struktur Modal, Kepemilikan, Dan Faktor Eksternal Pada Penentuan Nilai Perusahaan.†Jurnal Trikonomika 8, no. 2: 78–89.
Syaifuddin, Muhammad Syarif. 2021. “The Effect of Investment Opportunity Set, Capital Structure, Interest Rate and Inflation on Firm Value.†Journal of Islamic Economic Scholar 2, no. 2: 62–72. https://doi.org/10.14421/jies.2021.2.2.62-72.
Ulum, Achmad Saiful. 2021. “Pattern of Relationship Between Macro Economics, Capital Structure, Profitability, And Firm Value of Manufacturing Companies.†International Journal of Business Marketing and Management 6, no. 1: 70–80.
Vladi, Eneda, and Eglantina Hysa. 2019. “The Impact of Macroeconomic Indicators on Unemployment Rate: Western Balkan Countries.†International Firms’ Economic Nationalism and Trade Policies in the Globalization Era, 158–81. https://doi.org/10.4018/978-1-5225-7561-0.ch009.
Wihardjo, Djoko Satrio, and R Djoko Sampurno. 2014. “Analisis Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2009-2011).†Fakultas Ekonomika dan Bisnis.
Wijaya, Liliana Inggrit, Arif Herlambang, and Billy Evans. 2022. “Corporate Social Responsibility and Leverage Level on High Profile Industries at Indonesian Stock Exchange of 2015-2019 Period.†Media Ekonomi Dan Manajemen 37, no. 1: 1–16. https://doi.org/10.24856/mem.v27i01.2285.
Zhu, Qi, Sisi Jin, Yuxuan Huang, Cheng Yan, and Chuanglian Chen. 2022. “Oil Price Uncertainty and Stock Price Informativeness: Evidence From Investment-Price Sensitivity in China.†International Review of Financial Analysis 84: 102377. https://doi.org/10.1016/j.irfa.2022.102377.
Al-Abdallah, Shadi Yousef, and N I Aljarayesh. 2017. “Influence of Interest Rate, Exchange Rate and Inflation on Common Stock Returns of Amman Stock Exchange, Jordan.†International Journal of Economics, Commerce and Management 5, no. 10: 589–601.
Alaali, Fatema. 2020. “The Effect of Oil and Stock Price Volatility on Firm Level Investment: The Case of UK Firms.†Energy Economics 87: 104731. https://doi.org/10.1016/j.eneco.2020.104731.
Alyousef, Husain Y, Rula O Saffouri, and Ahmad F Alqassar. 2019. “Bank-Specific and Macroeconomic Determinants of Bank Profitability: Evidence from Kuwaiti Banks.†International Research Journal of Finance and Economics 176: 167–81.
Bandiyono, Agus, and Etty Murwaningsari. 2019. “Effect of Intra Group Transaction, Thin Capitalization and Executive Characters on Tax Avoidation with Multinationality as A Moderation.†Journal of Accounting, Business and Finance Research 7, no. 2: 82–97.
Binder, Carola, and Rupal Kamdar. 2022. “Expected and Realized Inflation in Historical Perspective.†Journal of Economic Perspectives 36, no. 3: 131–55. https://doi.org/10.1257/jep.36.3.131.
Brigham, Eugene F, and Joel F Houston. 2021. Fundamentals of Financial Management: Concise. Cengage Learning.
Crawley, Michael J. 2015. “Macroeconomic Consequences of Accounting: The Effect of Accounting Conservatism on Macroeconomic Indicators and The Money Supply.†The Accounting Review 90, no. 3: 987–1011. https://doi.org/10.2308/accr-50998.
Egbunike, Chinedu Francis, and Chinedu Uchenna Okerekeoti. 2018. “Macroeconomic Factors, Firm Characteristics and Financial Performance: A Study of Selected Quoted Manufacturing Firms in Nigeria.†Asian Journal of Accounting Research 3, no. 2: 142–68. https://doi.org/10.1108/AJAR-09-2018-0029.
Fuad, Muhammad, and Ayu Wandari. 2018. “Pengaruh Struktur Modal Dan Faktor Eksternal Terhadap Nilai Perusahaan (Studi Pada PT. Bank Central Asia, Tbk).†Jurnal Manajemen Dan Keuangan 7, no. 1: 32–46. https://doi.org/10.33059/jmk.v7i1.755.
Hamidah, Hamidah, Hartini Hartini, and Umi Mardiyati. 2015. “Pengaruh Inflasi, Suku Bunga BI, Profitabilitas, Dan Risiko Finansial Terhadap Nilai Perusahaan Sektor Properti Tahun 2011-2013.†JRMSI-Jurnal Riset Manajemen Sains Indonesia 6, no. 1: 395–416.
Hatmanu, Mariana, Cristina Cautisanu, and Mihaela Ifrim. 2020. “The Impact of Interest Rate, Exchange Rate and European Business Climate on Economic Growth in Romania: An ARDL Approach with Structural Breaks.†Sustainability 12, no. 7: 2798. https://doi.org/10.3390/su12072798.
Kusuma, Jalu Teja, and Ak Wahyono. 2016. “Analisis Pengaruh Faktor Internal Dan Faktor Eksternal Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2014).†Universitas Muhammadiyah Surakarta.
Nguyen, Quynh Nga, Rihab Bedoui, Najemeddine Majdoub, Khaled Guesmi, and Julien Chevallier. 2020. “Hedging and Safe-Haven Characteristics of Gold Against Currencies: An Investigation Based on Multivariate Dynamic Copula Theory.†Resources Policy 68: 101766. https://doi.org/10.1016/j.resourpol.2020.101766.
Noerirawan, Moch Roni. 2012. “Pengaruh Faktor Internal Dan Timeliness Laporan Keuangan.†Diss. Fakultas Ekonomika Dan Bisnis, 1–40.
Obeh, Henry Obukohwo, and Dennis Efemuaye Brotoboh. 2021. “Impact of Interest Rate Spread on Savings in Nigeria.†ESUT Journal of Social Sciences 6, no. 3.
Okeke, Iruka N, Aaron O Aboderin, Abiodun Egwuenu, Anthony Underwood, Ayorinde O Afolayan, Mihir Kekre, Anderson O Oaikhena, Erkison Ewomazino Odih, Hamzat T Omotayo, and Hannah Dada-Adegbola. 2022. “Establishing A National Reference Laboratory for Antimicrobial Resistance Using A Whole-Genome Sequencing Framework: Nigeria’s Experience.†Microbiology 168, no. 8: 1208. https://doi.org/10.1099/mic.0.001208.
Oluchukwu F, Anowor, Uwakwe Queendaline Chinyere, and Chikwendu Nneka Francisca. 2019. “How Investment Does Affect Unemployment in A Developing Economy.†Sumerianz Journal of Economics and Finance 2, no. 7: 82–88.
Pangestuti, Dewi Cahyani, and Azzahra Meirizqi Louisa Tindangen. 2020. “The Influence of Internal and External Factors on Firm Value.†European Journal of Business and Management Research 5, no. 5. https://doi.org/10.24018/ejbmr.2020.5.5.492.
Permana, A.A. Ngr BGS Aditya, and Henny Rahyuda. 2019. “Pengaruh Profitabilitas, Solvabilitas, Likuiditas, Dan Inflasi Terhadap Nilai Perusahaan.†E-Jurnal Manajemen Unud 8, no. 3: 1577–1607. https://doi.org/10.24843/EJMUNUD.2019.v8.i3.p15.
Prabheesh, K P, and Sanjiv Kumar. 2021. “The Dynamics of Oil Prices, Exchange Rates, and The Stock Market under COVID-19 Uncertainty: Evidence from India.†Energy Research Letters 2, no. 3. https://doi.org/10.46557/001c.27015.
Purnomo, Tri Hendra, and Nurul Widyawati. 2013. “Pengaruh Nilai Tukar, Suku Bunga, Dan Inflasi Terhadap Return Saham Pada Perusahaan Properti.†Jurnal Ilmu & Riset Manajemen 2, no. 10: 1–20.
Rolle, Jo-Ann, Bushra Javed, and Gobind M Herani. 2020. “Micro and Macroeconomic Determinants of Profitability of Conventional Banks and Stock Performance Using Tobin’s Q Ratio: Evidence from The Banking Sector of Pakistan.†International Journal of Business and Economic Development (IJBED) 8, no. 2.
Saad, Noriza Mohd. 2021. “Relationship between Covid-19 Pandemic and Firm’s Performance towards Unemployment Across Countries.†Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 3: 5072–81. https://doi.org/10.17762/turcomat.v12i3.2038.
Santosa, Perdana Wahyu, and Nita Puspitasari. 2019. “Corporate Fundamentals, Bi Rate And Systematic Risk: Evidence From Indonesia Stock Exchange.†Jurnal Manajemen 23, no. 1: 40–53. https://doi.org/10.24912/jm.v23i1.443.
Sarjono, Eko, Kartika Hendra Titisari, and Supawi Pawenang. 2021. “Effects of Infrastructure Development, Inflation and Economic Growth to Performance Company (ROA, Tobin’s Q, PBV): Study on Registered Infrastructure Support Companies in IDX Period 2014-2019.†Economics and Business Quarterly Reviews 4, no. 3. https://doi.org/10.31014/aior.1992.04.03.382.
Sasmita, Fera, Dewi Cahyani Pangestuti, and Dahlia Br Pinem. 2020. “Analisis Faktor Internal Dan Eksternal Yang Mempengaruhi Nilai Perusahaan.†In Konferensi Riset Nasional Ekonomi, Manajemen, Dan Akuntansi I.
Singhal, Shelly, Sangita Choudhary, and Pratap Chandra Biswal. 2019. “Return and Volatility Linkages among International Crude Oil Price,Gold Price, Exchange Rate and Stock Markets: Evidence from Mexico.†Resources Policy 60: 255–61. https://doi.org/10.1016/j.resourpol.2019.01.004.
Suteja, Jaja, and Winston Manihuruk. 2013. “Pengaruh Struktur Modal, Kepemilikan, Dan Faktor Eksternal Pada Penentuan Nilai Perusahaan.†Jurnal Trikonomika 8, no. 2: 78–89.
Syaifuddin, Muhammad Syarif. 2021. “The Effect of Investment Opportunity Set, Capital Structure, Interest Rate and Inflation on Firm Value.†Journal of Islamic Economic Scholar 2, no. 2: 62–72. https://doi.org/10.14421/jies.2021.2.2.62-72.
Ulum, Achmad Saiful. 2021. “Pattern of Relationship Between Macro Economics, Capital Structure, Profitability, And Firm Value of Manufacturing Companies.†International Journal of Business Marketing and Management 6, no. 1: 70–80.
Vladi, Eneda, and Eglantina Hysa. 2019. “The Impact of Macroeconomic Indicators on Unemployment Rate: Western Balkan Countries.†International Firms’ Economic Nationalism and Trade Policies in the Globalization Era, 158–81. https://doi.org/10.4018/978-1-5225-7561-0.ch009.
Wihardjo, Djoko Satrio, and R Djoko Sampurno. 2014. “Analisis Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Tahun 2009-2011).†Fakultas Ekonomika dan Bisnis.
Wijaya, Liliana Inggrit, Arif Herlambang, and Billy Evans. 2022. “Corporate Social Responsibility and Leverage Level on High Profile Industries at Indonesian Stock Exchange of 2015-2019 Period.†Media Ekonomi Dan Manajemen 37, no. 1: 1–16. https://doi.org/10.24856/mem.v27i01.2285.
Zhu, Qi, Sisi Jin, Yuxuan Huang, Cheng Yan, and Chuanglian Chen. 2022. “Oil Price Uncertainty and Stock Price Informativeness: Evidence From Investment-Price Sensitivity in China.†International Review of Financial Analysis 84: 102377. https://doi.org/10.1016/j.irfa.2022.102377.
Published
2023-12-07
How to Cite
BUDIMAN, Johny; RUDIYANTO, Rudiyanto.
Pengaruh Makroekonomi terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Mediasi pada Perusahaan LQ45.
REVITALISASI : Jurnal Ilmu Manajemen, [S.l.], v. 12, n. 2, p. 207-217, dec. 2023.
ISSN 2657-1684.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/Revitalisasi/article/view/4173>. Date accessed: 21 dec. 2024.
doi: https://doi.org/10.32503/revitalisasi.v12i2.4173.
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License
