PENGARUH KINERJA KEUANGAN DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Abstract

Abstrak 

Kajian ini memiliki maksud menganalisis dampak performa finansial ukuran entitas usaha terhadap nilai entitas usaha melalui metode telaah pustaka pada tiga riset empiris Indonesia. Nilai entitas usaha dimaknai sebagai representasi pandangan penanam modal terhadap capaian pengelola saat mengatur sumber daya entitas usaha serta peluang periode mendatang, lazim tergambar melalui tolok ukur pasar seperti PBV. Landasan konsep memakai teori sinyal, menjabarkan informasi finansial karakter entitas usaha berperan sebagai penanda bagi penanam modal ketika melakukan penilaian mutu entitas usaha. Teknik kajian berlangsung melalui penelaahan tiga tulisan: bidang manufaktur rentang 2017–2021, bidang barang konsumsi rentang 2018–2021, serta entitas usaha indeks LQ45 rentang 2021–2023. Output penelaahan memperlihatkan hasil tidak selaras antar kajian: sektor manufaktur, performa finansial (ROE) memberikan dampak arah naik, sedangkan skala entitas usaha memberi dampak arah turun terhadap nilai entitas usaha. Bidang barang konsumsi, performa finansial memberi dampak berarti dengan arah beragam (ROA CR arah turun; DER arah naik), sementara skala entitas usaha tidak memberi dampak. Indeks LQ45, indikator performa finansial tidak memberi dampak, namun skala entitas usaha memberi dampak arah naik sebagai penanda kestabilan. Output ini mempertegas relasi performa finansial skala entitas usaha terhadap nilai entitas usaha bersifat kontekstual, dipicu bidang, indikator variabel, profil sampel.

Kata Kunci: performa finansial, skala entitas usaha, nilai entitas usaha, teori sinyal, telaah pustaka

Abstract

Research possesses objective examining influence financial performance firm size toward firm value through literature review method on three empirical investigations Indonesia. Firm value interpreted representation investor perception regarding management achievement utilizing corporate resources alongside prospect upcoming period, generally illustrated through market indicator such PBV. Conceptual basis applies signaling theory, describing financial data firm attribute function marker for investor during evaluation firm quality. Analytical procedure executed via examination three papers: manufacturing sector span 2017–2021, consumer goods sector span 2018–2021, also LQ45 index firms span 2021–2023. Findings display inconsistency across investigation: manufacturing sector, financial performance (ROE) produces upward effect, meanwhile firm size produces downward effect toward firm value. Consumer goods sector, financial performance yields significant effect with varied direction (ROA CR downward; DER upward), whereas firm size

yields no effect. LQ45 index firms, financial performance proxy yields no effect, however firm size yields upward effect functioning stability signal. Findings reinforce relation financial performance firm size toward firm value carries contextual nature, influenced sector, variable proxy, sample profile.

Keywords: financial performance, firm size, firm value, signaling theory, literature review