Determinants of Company Value in Mining Firms: An Empirical Analysis
DOI:
https://doi.org/10.37638/bima.6.1.219-230Keywords:
Capital Structure, Cash Flow Volatility, Company Value, Investment opportunity set, Sustainability ReportAbstract
Purpose: The purpose of this study is to determine the effect of sustainability reports, capital structure, and cash flow volatility on company values for mining companies in the energy and basic material sectors listed on the Indonesia Stock Exchange in 2021-2023 using investment opportunity set as a moderation. Methodology: The subjects of the study were mining companies in the energy and raw materials sector listed on the Indonesia Stock Exchange (IDX) in 2021-2023. There is a lot of data so purposive sampling is needed to filter the data needed and processed using multiple linear regression and Moderating Regression Analysis Results: Investment opportunity set can strengthen the influence of sustainability report, capital structure and cash flow volatility on company values. Finding: Sustainability report and capital structure have a positive effect on firm value while cash flow volatility has a negative effect on firm value. Investment opportunity set moderates the effect of sustainability report and capital structure on company values, but Investment opportunity set does not moderate the effect of cash flow volatility on company values. Novelty: This study uses the energy and basic materials sectors because these sectors have experienced a fairly high increase in investment value which results in high capital requirements and high cash flow volatility. Originality: This study provides a detailed explanation of the role of investment opportunity set as a moderating tool for the influence of sustainability reports, capital structure and cash flow volatility on company values. Conclusion: By using investment opportunity sets, the influence of sustainability reports and capital structures on company values can be increased, but according to research results, it turns out that investment opportunity sets cannot increase the influence of cash flow volatility on company values. Type of paper: Empirical Research Paper
References
Afsari, N., & Artinah, B. (2022). Pengaruh Pengungkapan Sustainability Report Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Investment Opportunity Set Sebagai Variabel Moderating. JURNAL ILMIAH BISNIS dan KEUANGAN, 10(2).
Ali, J., Faroji, R., & Ali, O. (2021). Pengaruh Profitabilitas terhadap Nilai Perusahaan:(Studi Empiris Pada Perusahaan Sektor Industri Barang Konsumsi Di Bursa Efek Indonesia Tahun 2017-2019). Jurnal Neraca Peradaban, 1(2), 128-135.
Anggraini, D. (2021). Pengaruh Pengungkapan Corporate Social Responsibility, Good Corporate Governance, Volatilitas Arus Kas Terhadap Nilai Perusahaan dengan Investment Opportunity Set Sebagai Variabel Moderasi. Jurnal perspektif manajerial dan kewirausahaan (JPMK), 1(2), 104-119.
Arifin, A., & Pratiwi, N. (2022). Pengaruh corporate governance, growth opportunity, dan volatilitas arus kas terhadap nilai perusahaan. Paper presented at the Prosiding Seminar Nasional Hukum, Bisnis, Sains dan Teknologi.
Avianto, W., Susanto, A., Sembel, R., & Manurung, A. H. (2022). The Impact of Capital Structure on Digital Bank Valuation in Indonesia. Journal of Economics, Finance and Accounting Studies, 4(4), 211-219.
Fitriana, A., & Gresya, H. (2021). Analisis Pengaruh Struktur Modal, Kebijakan Dividen Terhadap Nilai Perusahaan. Perwira Journal of Economics & Business, 1(1), 48-60.
Iberahim, S., & Artinah, B. (2021). PENGARUH SUSTAINABILITY REPORT TERHADAP NILAI PERUSAHAAN DAN INVESTMENT OPPORTUNITY SET SEBAGAI VARIABEL MODERATING (Studi Empiris Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2018). JURNAL ILMIAH BISNIS dan KEUANGAN, 9(2).
Ibrahim, F., Hadiwibowo, I., & taufik Azis, M. (2024). Pengaruh Firm Growth, Investment Opportunity Set, Struktur Aset dan Ukuran Perusahaan terhadap Kebijakan Hutang. Monex: Journal of Accounting Research, 13(01), 55-71.
Irawan, D., & Kusuma, N. (2019). Pengaruh struktur modal dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Aktual STIE Trisna Negara, 17(1), 66-81.
Kartika, A., Irsad, M., Setiawan, M., & Sudiyatno, B. (2023). The Relationship between Capital Structure, Firm Performance, and A Firm's Market Competitiveness: Evidence From Indonesia. Investment Management and Financial Innovations, 20(1), 88-98.
Khoirunnisa, F., Purnamasari, I., & Tanuatmodjo, H. (2018). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Tekstil Dan Garmen. Journal of Business Management Education (JBME), 3(2), 21-32.
Krishnanda, L., & Machdar, N. M. (2022). Pengaruh inklusi keuangan dan Kredit bermasalah terhadap kinerja keuangan dengan pengungkapan pelaporan berkelanjutan sebagai pemoderasi. KALBISIANA Jurnal Sains, Bisnis dan Teknologi, 8(4), 4077-4094.
Kurniasih, B., & Ruzikna, R. (2017). Pengaruh Struktur Modal Dan Keputusan Investasi Terhadap Nilai Perusahaan Pada Industri Makanan Dan Minuman Yang Terdaftar Di Bei. Riau University,
Machdar, N. M. (2019). Impact of corporate governance on company’s performance with sustainability reporting as an intervening variable in Indonesia. Paper presented at the 5th Annual International Conference on Accounting Research (AICAR 2018).
Nurcahyani, N. W., & Suardikha, I. M. S. (2017). Investment opportunity set (IOS) sebagai pemoderasi pengaruh struktur modal dan kebijakan dividen pada nilai perusahaan. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 6(3), 565-592.
Oktaviana, A. (2021). Pengaruh Profitabilitas, Bussines Risk, Growth of Assets, Operating Leverage Terhadap Struktur Modal (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019). Universitas Negeri Padang,
Pratami, Y., & Jamil, P. C. (2021). Pengaruh Sustainability Reporting, Profitabilitas, Struktur Modal Dan Insentif Manajer Terhadap Nilai Perusahaan. Journal of Economic, Bussines and Accounting (COSTING), 4(2), 434-444.
Pujiningsih, V. D. (2020). Pengaruh sustainability report terhadap nilai perusahaan dengan good corporate governance sebagai variabel pemoderasi. Jurnal Riset Akuntansi Dan Keuangan, 8(3), 579-594.
Purwanti, N. D., Maslichah, M., & Mawardi, M. C. (2019). Pengaruh sustainability reporting terhadap nilai perusahaan dengan investment opportunity set sebagai variabel moderating. e_Jurnal Ilmiah Riset Akuntansi, 8(04).
Rahma, Z., & Maryanti, E. (2024). Peran Investment Opportunity Set dalam Memoderasi Faktor-Faktor yang Mempengaruhi Nilai Perusahaan. Owner: Riset dan Jurnal Akuntansi, 8(1), 424-436.
Ramdhonah, Z., Solikin, I., & Sari, M. (2019). Pengaruh struktur modal, ukuran perusahaan, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan (Studi empiris pada perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia tahun 2011-2017). Jurnal Riset Akuntansi Dan Keuangan, 7(1).
Sari, A. M., Sanjaya, S., & Sopali, M. F. (2022). Nilai Perusahaan Melalui Investment Opportunity Set sebagai Variabel Moderasi: Sustainability Report, Struktur Modal, Kinerja Keuangan. Universitas Putra Indonesia YPTK Padang,
Siregar, N. Y., & Safitri, T. A. (2019). Pengaruh pengungkapan enterprise risk management, intellectual capital, corporate social responsibility, dan sustainability report terhadap nilai perusahaan. Jurnal Bisnis Darmajaya, 5(2), 53-79.
Sondakh, R., & Morasa, J. (2019). Ipteks Mengukur Nilai Perusahaan Di Pasar Modal Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ipteks Akuntansi Bagi Masyarakat, 3(1).
Wira, A. S., Wardoyo, D. U., Islahuddin, M. L., Safitri, R. G., & Putri, S. N. (2022). PENGARUH SUSTAINABILITY REPORT TERHADAP NILAI PERUSAHAAN (Studi Perusahaan Non Keuangan dari tahun 2018-2020) Proxy: PBV (Price to Book Value). Jurnal Publikasi Ekonomi dan Akuntansi, 2(2), 161-166.
Downloads
Additional Files
Published
Issue
Section
License
An author who publishes in the BIMA JOURNAL: Business, Management, and Accounting Journal agrees to the following terms:
Author retains the copyright and grants the journal the right of first publication of the work simultaneously licensed under the Creative Commons Attribution-ShareAlike 4.0 License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal
Submission of a manuscript implies that the submitted work has not been published before (except as part of a thesis or report, or abstract); that it is not under consideration for publication elsewhere; that its publication has been approved by all co-authors. If and when the manuscript is accepted for publication, the author(s) still hold the copyright and retain publishing rights without restrictions. For the new invention, authors are suggested to manage its patent before published. The license type is CC-BY-SA 4.0.
BIMA JOURNAL: Business, Management and Accounting is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
You are free to:
Share — copy and redistribute the material in any medium or format
Adapt — remix, transform, and build upon the material
for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
ShareAlike — If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
- You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation.
- No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
