The moderating role of firm size on financial characteristics and Islamic firm value at Indonesian equity market
Abstract
This study aims to understand the moderating role of firm size on financial characteristics and Islamic firm value. Then study how the influence of firm size moderation on the relationship of financial characteristics and corporate governance with firm value. This study uses secondary data from financial statements and analyzed by the panel data method for six years. The sample selection is arranged by the purposive sampling method with Islamic index constituent population. Conclusion: leverage, profitability, and efficiency have a significant positive effect on Islamic firm value, but the liquidity and audit committee do not affect. Firm size moderators provide a reinforcing effect for all independent variables so that liquidity and audit committees have a positive effect on firm value. Implications: Islamic firm investors in the equity market should consider the crucial variable, namely firm size, in addition to firm and corporate governance characteristics. These conclusions provide important implications for managers and relevant authorities to enhance financial market information related to firm value and further attention to corporate governance mechanisms.
Keyword : firm value, financial characteristics, audit committee, firm size, equity market, Islamic index
How to Cite
Santosa, P. W. (2020). The moderating role of firm size on financial characteristics and Islamic firm value at Indonesian equity market. Business: Theory and Practice, 21(1), 391-401. https://doi.org/10.3846/btp.2020.12197
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bajaj, Y., Kashiramka, S., & Singh, S. (2018). Dynamics of capital structure: evidence from Indian manufacturing firms. J. for Global Business Advancement, 11(6), 667. https://doi.org/10.1504/JGBA.2018.097774
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Butar, L. K. B., & Sudarsi, S. (2012). Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, dan Kepemilikan Institusional terhadap Perataan Laba. Strategic Direction, 29(1), 12–15. https://doi.org/10.1108/02580541311285366
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Cheng, M.-C., & Tzeng, Z.-C. (2011). The effect of leverage on firm value and how the firm financial quality influence on this effect. World Journal of Management, 3(2), 30–53.
Černius, G., & Birškytė, L. (2020). Financial Information and Management Decision: Impact of Accounting Policy on Financial Indicators of the Firm. Business: Theory and Practice, 21(1), 48–57. https://doi.org/10.3846/btp.2020.9959
Dewinta, I. A. R., & Setiawan, P. E. (2016). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Profitabilitas, Leverage, Dan Pertumbuhan Penjualan Terhadap Tax Avoidance. E-Jurnal Akuntansi, 14(3), 1584–1615.
Ding, C. G., Wang, H.-J., Lee, M.-C., Hung, W.-C., & Lin, C.-P. (2014). How does the change in investor sentiment over time affect stock returns? Emerging Markets Finance and Trade, 50(sup2), 144–158. https://doi.org/10.2753/REE1540-496X5002S210
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Febriawan, M., & Santosa, P. W. (2018). Return Saham dan Faktor Fundamental pada Pra Krisis Ekonomi Global 2008 di Bursa Efek Indonesia. Journal of Economics and Business Aseanomics, 2(2), 232–248.
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Gujarati, D. N., & Porter, D. C. (2013). Basic econometrics. In International Edition (Fourth). McGraw-Hill/Irwin.
Hardian, A. P., & Asyik, N. F. (2016). Kinerja Keuangan dan Ukuran Perusahaan Terhadap Nilai Perusahaan, CSR Sebagai Variabel Moderasi. Jurnal Ilmu & Riset Akuntansi, 5(9), 1–16.
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Hunjra, A. I. (2018). Mediating role of dividend policy among its determinants and organizational financial performance. Cogent Economics and Finance, 6(1), 1–16. https://doi.org/10.1080/23322039.2018.1558714
Indonesia Stock Exchange. (2018). ISSI Stock Index 2014–2018. https://www.idx.co.id/en-us/market-data/stocks-data/stock-index/
Jackson, S. B., Keune, T. M., & Salzsieder, L. (2013). Debt, equity, and capital investment. Journal of Accounting and Economics, 56(2–3), 291–310. https://doi.org/10.1016/j.jacceco.2013.09.001
Johan, S., Siregar, H., Maulana, T. N. A., & Santosa, P. W. (2012). Key financials performance independent versus integrated: empirical evidence from Indonesia financial service industry (2001–2011). International Journal of Economics and Finance, 5(1), 92–104. https://doi.org/10.5539/ijef.v5n1p92
Kasmiati, M., & Santosa, P. W. (2019). The effect of earning information, cash flow componens, firnancing decision, and stock return: empirical evidence on Indonesia stock exchange. Journal of Economics, Business & Accountancy Ventura, 22(2), 157–166. https://doi.org/10.14414/jebav.v22i2.1638
Khaoula, F., & Moez, D. (2019). The moderating effect of the board of directors on firm value and tax planning: Evidence from European listed firms. Borsa Istanbul Review, 19(4), 331–343. https://doi.org/10.1016/j.bir.2019.07.005
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Marsha, N., & Murtaqi, I. (2017). The effect of financial ratios on firm value in the food and beverage sector of the IDX. Journal of Business and Management, 6(2), 214–226.
Masdupi, E., Tasman, A., & Davista, A. (2018). The influence of liquidity, leverage and profitability on financial distress of listed manufacturing companies in Indonesia. Advances in Economics, Business and Management Research, 57(Piceeba), 223–228. https://doi.org/10.2991/piceeba-18.2018.51
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good corporate governance, corporate social responsibility, firm value, and financial performance as moderating variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55. https://doi.org/10.28992/ijsam.v3i1.74
Nanik, L., & Candra, S. R. (2016). Pengaruh Intellectual Capital Terhadap Nilai Perusahaan. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 4(1), 28–33.
Nastiti, P. K. Y., Atahau, A. D. R., & Supramono, S. (2019). The determinants of working capital management: the contextual role of enterprise size and enterprise age. Business, Management and Education, 17(2), 94–110. https://doi.org/10.3846/bme.2019.10409
Nguyen, V. C., Nguyen, T. N. L., Tran, T. T. P., & Nghiem, T. T. (2019). The impact of financial leverage on the profitability of real estate companies: A study from Vietnam stock exchange. Management Science Letters, 9(Spceial Issue 13), 2315–2326. https://doi.org/10.5267/j.msl.2019.7.023
Nurhayati, M. (2013). Profitabilitas, likuiditas dan ukuran perusahaan pengaruhnya terhadap kebijkan dividen dan nilai perusahaan sektor non jasa. Jurnal Keuangan Dan Bisnis, 5(2), 144–153.
Nurlela, N., Sulastri, S., Hamdan, U., & Hanafi, A. (2019). The influence of investment decisions and financing decisions on firm value with profitability as intervening variables (empirical study on companies listed in Indonesian Sharia Stock Index). International Journal of Multicultural and Multireligious Understanding, 6(2), 447–456. https://doi.org/10.18415/ijmmu.v6i2.758
Paul, S. Y., Guermat, C., & Devi, S. (2018). Why do firms invest in accounts receivable? An empirical investigation of the Malaysian manufacturing sector. Journal of Accounting in Emerging Economies, 8(2), 166–184. https://doi.org/10.1108/JAEE-01-2017-0005
Prieto, A. B. T., & Lee, Y. (2019). Internal and external determinants of capital structure in Large Korean Firms. Global Business and Finance Review, 24(3), 79–96. https://doi.org/10.17549/gbfr.2019.24.3.79
Rehman, O. U. (2016). Impact of Capital structure and dividend policy on firm value. Journal of Poverty, Investment and Development, 21(2), 308–324.
Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2013). Fundamentals of corporate finance (10th). McGraw-Hill/Irwin.
Santosa, P. W. (2010). Longterm performance trends analysis and managing expectation for active value (Case study PT Indocement Tunggal Prakarsa, Tbk). Finance & Accounting Journal, 12(02), 94–101.
Santosa, P. W. (2019). Financial performance, exchange rate and stock return: evidence from manufacturing sector. Jurnal Manajemen Teknologi, 18(3), 205–217. https://doi.org/10.12695/jmt.2019.18.3.5
Santosa, P. W. (2020). Determinants of price reversal in high-frequency trading: empirical evidence from Indonesia. Investment Management and Financial Innovations, 17(1), 175–187. https://doi.org/10.21511/imfi.17(1).2020.16
Santosa, P. W., & Hidayat, A. (2014). Riset Terapan: Teori dan Aplikasi (1rst edit). Globalstat Solusi Utama.
Santosa, P. W., & Laksana, H. Y. (2011). Value at risk, market risk and trading activity: CAPM Alternative Model. Journal of Applied Finance & Banking, 1(4), 239–268.
Sayidah, N., Assagaf, A., & Possumah, B. T. (2019). Determinant of state-owned enterprises financial health: Indonesia empirical evidence. Cogent Business and Management, 6(1), 1–15. https://doi.org/10.1080/23311975.2019.1600207
Shao, L. (2019). Dynamic study of corporate governance structure and firm performance in China. Chinese Management Studies, 13(2), 299–317. https://doi.org/10.1108/CMS-08-2017-0217
Subramanyam, K. R. (2014). Financial statement analysis (eleventh). McGraw-Hill/Irwin.
Sugiarto, M., & Santosa, P. W. (2018). Pengaruh Indikator Makroekonomi, Kinerja Keuangan, dan Tata Kelola Terhadap Nilai Perusahaan Pada Sektor Properti di Bursa Efek Indonesia. Journal of Economics and Business Aseanomics, 2(2), 288–312.
Sutriani, A. (2014). Pengaruh Profitabilitas, Leverage, dan Likuiditas terhadap Return Saham dengan Nilai Tukar ebagaiVariabel Moderasi pada Saham LQ-45. Journal of Business and Banking, 4(1), 67–80. https://doi.org/10.14414/jbb.v4i1.294
Suwardika, I. N., & Mustanda, I. K. (2017). Pengaruh Leverage, Ukuran Perusahaan, Pertumbuhan Perusahaan dan Profitabilitas terhadap Nilai Perusahaan (Perusahaan Properti yang terdaftar Di Bursa Efek Indonesia). E-Jurnal Manajemen Universitas Udayana, 6(3), 1248–1277.
Tambunan, M., Siregar, H., Manurung, A., & Priyarsono, D. (2017). Related party transactions and firm value in the business groups in the Indonesia stock exchange. Journal of Applied Finance & Banking, 7(3), 1–20. https://search.proquest.com/abicomplete/docview/1898416706/fulltextPDF/7011ACE8BAF9440BPQ/38?accountid=151027
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