Company Size and Price-Earnings Ratio as A Signal in Influencing Firm Value Moderated by Investment Decisions
Keywords:
Firm Size; Price Earning Ratio; Investment Decision; Firm Value
Abstract
This study aims to examine the impact of firm size and price-earnings ratio on firm value, with investment decisions as a moderating variable, focusing on property and real estate companies listed on the Indonesia Stock Exchange from 2020 to 2023. The research employs a quantitative approach using panel data regression analysis. Financial data were collected from annual reports and financial statements of listed property and real estate companies. The study utilises E-Views software for data analysis, including descriptive statistics, correlation analysis, and moderated regression analysis. The findings reveal that firm size and price-earnings ratio positively and significantly influence firm value. However, investment decisions do not moderate the relationship between firm size or price-earnings ratio and firm value in the context of Indonesian property and real estate companies during the studied period. The study is limited to a specific sector and time frame, which may affect the generalizability of results. Additionally, secondary data may not capture all nuances of managerial decision-making processes. This research contributes to the body of corporate finance and strategic management knowledge by providing insights into the determinants of firm value in the Indonesian property and real estate sector.
References
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Innafisah, L., Afifuddin, & Mawardi, M. C. (2019). Pengaruh Earning Per Share (EPS), Price Earning Ratio (EPS), Price Earning Ratio (PER) Dan Dividend Payout Ratio (DPR) Terhadap Nilai Perusahaan Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2014-2017. E-JRA, 08 No. 07.
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Kelana, S. K. P., & Amanah, L. (2020). Pengaruh Pertumbuhan Perusahaan dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening. Jurnal Ilmu Dan Riset Akuntansi, 9(1), 1–22.
Kleij, F. M. van der. (2019). Comparison of teacher and student perceptions of formative assessment feedback practices and association with individual student characteristics. Teaching and Teacher Education, 85(1), 175–189.
Krueger, R. A., & Casey, M. A. (2015). Focus groups: A practical guide for applied research. Sage Publications, Inc.
Mahvelati, E. H. (2021). Learners’ perceptions and performance under peer versus teacher corrective feedback conditions. Studies in Educational Evaluation, 70. https://doi.org/10.1016/j.stueduc.2021.100995
Mardiana, W. D., Amin, M., & Hariri. (2020). Pengaruh Strukrut MOdal, Profitabilitas, Leverage Dan Price Earning Ratio (PER) Terhadap Nilai Perusahaan Manufaktur Yang Terdafatr Di BEI Periode 2017-2019. E-JRA, 09 No 04.
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Pratiwi, N., & Mertha, M. (2017). Pengaruh Kebijakan Hutang Dan Profitabilitas Pada Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 20(2), 1446–1475.
Purwanti, A., Susilawati, E., Suprihanti, S., Sukrisno, A., Wati, N. W. A. E., Zuliyana, M., Juminawati, S., Yulaini, E., Lestari, N. D., Fitri, H., Pratiwi, N., Yahya, A., Pramika, D., Turi, L. O., & Meisak, D. (2022). Bunga Rampai Pengantar Akuntansi (S. S. Atmodjo (ed.)). Eureka Media Aksara.
Rahayu, I., & Rihardjo, I. B. (2019). Pengaruh Struktur Modal , Pertumbuhan Perusahaan ,. Jurnal Ilmu Dan Riset Akuntansi, 8(1), 1–21.
Ravelita, N., Andini, R., & Santosa, E. B. (2018). Pengaruh Current Ratio, Debt to Equity Ratio, Return on Asset Terhadap Price Earning Ratio Melalui Price to Book Value Sebagai Variabel Intervening Pada Perusahaan 126 Manufaktur di Bidang Otomotif dan Komponen Yang Terdaftar di BEI Periode 2012-2016. Journal Of Accounting, 4 no 4, 1–20.
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Wibowo, E. T., & Yahya, A. (2022). Ukuran Perusahaan Sebagai Moderasi Pengaruh Profitabilitas Dan Solvabilitas Terhadap Audit Delay. Jurnal Manajemen Kewirausahaan, 19(1), 41. https://doi.org/10.33370/jmk.v19i1.769
Yahya, A., Affandi, A., Herwani, A., Hermawan, A., & Suteja, J. (2024). Herding Behavior in the Sharia Capital Market on Investment Decisions. Jrak, 16(1), 107–118. https://doi.org/10.23969/jrak.v16i1.12172
Yahya, A., Agustin, E. G., & Nurastuti, P. (2022). Firm Size, Capital Intensity dan Inventory Intensity terhadap Agresivitas Pajak. Jurnal Eksplorasi Akuntansi (JEA), 4(3), 574–588. https://doi.org/https://doi.org/10.24036/jea.v4i3.615
Yahya, A., Hidayat, T., Nurjanah, R., & Pratama, N. D. (2023). The dynamic impact of intellectual capital on firm value: evidence from China. Asian Journal of Management Entrepreneurship and Social Science, 8(3), 742–756. https://doi.org/10.1080/13504851.2017.1290769
Baier, F., Decker, A.-T., Voss, T., Kleickmann, T., Klusmann, U., & Kunter, M. (2019). What makes a good teacher? The relative importance of mathematics teachers’ cognitive ability, personality, knowledge, beliefs, and motivation for instructional quality. British Journal of Educational Psychology, 89(4), 767–786. https://doi.org/10.1111/bjep.12256
Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405
Brockett, R. G., & Hiemstra, R. (2020). Self-direction in adult learning: Perspectives on theory, research, and practice. Routledge.
Creswell, J. W., & Clark, V. L. P. (2011). Choosing a mixed methods design. In Designing and Conducting Mixed Methods Research (pp. 53–106). Sage Publications, Inc.
Effendy, N. N., & Handayani, N. (2020). Pengaruh Keputusan Investasi, Keputusan Pendanaan, Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal IImu Dan Riset Akuntansi, 9(3), 1–18. https://doi.org/10.37301/jkaa.v0i0.5122
Eviana, H., & Amanah, L. (2020). Pengaruh Profitabilitas, Ukuran Perusahaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 9(8), 1–16.
Feriyanto, M. Z., & Djowoto. (2020). Pengaruh Struktur Modal, Kinerja Keuangan, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Manajemen, 9(5), 1–16.
Flanagan, A. M., Cormier, D. C., & Bulut, O. (2020). Achievement may be rooted in teacher expectations: examining the differential influences of ethnicity, years of teaching, and classroom behaviour. Social Psychology of Education, 23, 1429–1448. https://doi.org/10.1007/s11218-020-09590-y
Fraenkel, J. R., Wallen, N. E., & Hyun, H. H. (2012). How to design and evaluate research in education. McGraw-Hill.
Geng, S., Law, K. M. Y., & Niu, B. (2019). Investigating self-directed learning and technology readiness in blending learning environment. International Journal of Educational Technology in Higher Education, 16(17), 1–22. https://doi.org/10.1186/s41239-019-0147-0
Hanafi, M. M., & Halim, A. (2018). Analisis Laporan Keuangan. UPP STIM YKPN.
Hery. (2017). Kajian Riset Akuntansi. PT Grasindo. https://play.google.com/books/reader?id=tsRGDwAAQBAJ&pg=GBS.PR1&hl=en
Hidayat, T., Wibowo, E. T., & Marpaung, N. V. (2020). Penerapan Good Corporate Governance dan Kinerja Keuangan terhadap Nilai Perusahaan. Jurnal Akuntansi Bisnis, 1(10), 709–721. https://doi.org/10.46799/jst.v1i10.164
Hidayat, T., Yahya, A., & Permatasari, M. D. (2023). Pengaruh Financial Distress , Inflasi, dan Nilai Tukar Terhadap Keputusan Investasi serta Implikasinya Pada Nilai Perusahaan. Jurnal Akuntansi Bisnis Pelita Bangsa, 8(1), 1–14. https://doi.org/https://doi.org/10.37366/akubis.v8i01.744
Hiemstra, R., & Brockett, R. G. (2012). Reframing the Meaning of Self-Directed Learning: An Updated Modeltt. Adult Education Research Conference Proceedings, 155–161.
Honey, M., & Marshall, D. (2003). The impact of on-line muti-choice questions on undergraduate student nurses’ learning. Proceedings of the 20th Annual Conference of the Australasian Society for Computers in Learning in Tertiary Education (ASCILITE), 236–243.
Husna, R., & Rahayu, Y. (2020). Pengaruh pertumbuhan perusahaan, kebijakan dividen, dan profitabilitas terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 9(1), 1–16.
Hutapea, D. O., Zebua, E. W., & Hayati, K. (2021). Pengaruh Kinerja Keuangan, Earning Per Share, Price Earning Ratio Dan Current Ratio Terhadap Nilai Perusahaan. JAMBURA ECONOMIC EDUCATION JOURNAL, 03 No.02.
Imron, A., & Kurniawati, D. (2020). Pengaruh Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Moderasi Kebijakan Dividen: Studi Pada Perusahaan Properti, Real Estate dan Konstruksi Bangunan Yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017. Ilmu Sosial, Manjemen, Akuntansi & Bisnis, 1(2), 50–65.
Innafisah, L., Afifuddin, & Mawardi, M. C. (2019). Pengaruh Earning Per Share (EPS), Price Earning Ratio (EPS), Price Earning Ratio (PER) Dan Dividend Payout Ratio (DPR) Terhadap Nilai Perusahaan Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2014-2017. E-JRA, 08 No. 07.
Ismayilova, K., & M.Klassen, R. (2019). Research and teaching self-efficacy of university faculty: Relations with job satisfaction. International Journal of Educational Research, 98, 55–66. https://doi.org/10.1016/j.ijer.2019.08.012
Kelana, S. K. P., & Amanah, L. (2020). Pengaruh Pertumbuhan Perusahaan dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening. Jurnal Ilmu Dan Riset Akuntansi, 9(1), 1–22.
Kleij, F. M. van der. (2019). Comparison of teacher and student perceptions of formative assessment feedback practices and association with individual student characteristics. Teaching and Teacher Education, 85(1), 175–189.
Krueger, R. A., & Casey, M. A. (2015). Focus groups: A practical guide for applied research. Sage Publications, Inc.
Mahvelati, E. H. (2021). Learners’ perceptions and performance under peer versus teacher corrective feedback conditions. Studies in Educational Evaluation, 70. https://doi.org/10.1016/j.stueduc.2021.100995
Mardiana, W. D., Amin, M., & Hariri. (2020). Pengaruh Strukrut MOdal, Profitabilitas, Leverage Dan Price Earning Ratio (PER) Terhadap Nilai Perusahaan Manufaktur Yang Terdafatr Di BEI Periode 2017-2019. E-JRA, 09 No 04.
Nurhayadi, W., Abdurrohman, & Supriatin, E. (2020). Pengaruh Struktur Modal, Pertumbuhan Perusahaan, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Pengaruh Struktur Modal, Pertumbuhan Perusahaan, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan, 16(jurnal ekonomi dan publik), 127–140.
Pratiwi, N., & Mertha, M. (2017). Pengaruh Kebijakan Hutang Dan Profitabilitas Pada Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 20(2), 1446–1475.
Purwanti, A., Susilawati, E., Suprihanti, S., Sukrisno, A., Wati, N. W. A. E., Zuliyana, M., Juminawati, S., Yulaini, E., Lestari, N. D., Fitri, H., Pratiwi, N., Yahya, A., Pramika, D., Turi, L. O., & Meisak, D. (2022). Bunga Rampai Pengantar Akuntansi (S. S. Atmodjo (ed.)). Eureka Media Aksara.
Rahayu, I., & Rihardjo, I. B. (2019). Pengaruh Struktur Modal , Pertumbuhan Perusahaan ,. Jurnal Ilmu Dan Riset Akuntansi, 8(1), 1–21.
Ravelita, N., Andini, R., & Santosa, E. B. (2018). Pengaruh Current Ratio, Debt to Equity Ratio, Return on Asset Terhadap Price Earning Ratio Melalui Price to Book Value Sebagai Variabel Intervening Pada Perusahaan 126 Manufaktur di Bidang Otomotif dan Komponen Yang Terdaftar di BEI Periode 2012-2016. Journal Of Accounting, 4 no 4, 1–20.
Saifi, M. (2019). Pengaruh Corporate Governance Dan Struktur Kepemilikan Terhadap Kinerja Keuangan Perusahaan. Profit, 13(02), 1–11. https://doi.org/10.21776/ub.profit.2019.013.02.1
Sudarmanto, E., Susanti, E., & Novida, E. (2021). Good Corporate Governance. Yayasan Kita Menulis. https://books.google.co.id/books?hl=id&lr=&id=CAciEAAAQBAJ&oi=fnd&pg=PA1&dq=GCG&ots=6IIw1Rg44i&sig=VMwcjszEfkMxTIKYsWiJnRlQ5oQ&redir_esc=y#v=onepage&q=GCG&f=false
Wibowo, E. T., & Yahya, A. (2022). Ukuran Perusahaan Sebagai Moderasi Pengaruh Profitabilitas Dan Solvabilitas Terhadap Audit Delay. Jurnal Manajemen Kewirausahaan, 19(1), 41. https://doi.org/10.33370/jmk.v19i1.769
Yahya, A., Affandi, A., Herwani, A., Hermawan, A., & Suteja, J. (2024). Herding Behavior in the Sharia Capital Market on Investment Decisions. Jrak, 16(1), 107–118. https://doi.org/10.23969/jrak.v16i1.12172
Yahya, A., Agustin, E. G., & Nurastuti, P. (2022). Firm Size, Capital Intensity dan Inventory Intensity terhadap Agresivitas Pajak. Jurnal Eksplorasi Akuntansi (JEA), 4(3), 574–588. https://doi.org/https://doi.org/10.24036/jea.v4i3.615
Yahya, A., Hidayat, T., Nurjanah, R., & Pratama, N. D. (2023). The dynamic impact of intellectual capital on firm value: evidence from China. Asian Journal of Management Entrepreneurship and Social Science, 8(3), 742–756. https://doi.org/10.1080/13504851.2017.1290769
Published
2024-10-31
How to Cite
Nurjanah, R., Yahya, A., & Wulandari, A. (2024). Company Size and Price-Earnings Ratio as A Signal in Influencing Firm Value Moderated by Investment Decisions. Jurnal Ekonomi Syariah Pelita Bangsa, 9(02), 435-445. https://doi.org/10.37366/jespb.v9i02.1922
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Articles
