Pengaruh Asset Growth, Kebijakan Dividen, dan Struktur Modal terhadap Nilai Perusahaan Sektor Teknologi Terdaftar di Bursa  Efek Indonesia Tahun 2021-2023

Putu Doni Sastrawan; Gede Adi Yuniarta

doi:10.55606/jimek.v5i3.8156

Authors

Putu Doni Sastrawan Universitas Pendidikan Ganesha
Gede Adi Yuniarta Universitas Pendidikan Ganesha

DOI:

https://doi.org/10.55606/jimek.v5i3.8156

Keywords:

Asset Growth, Capital Structure, Dividend Policy, Firm Value, Technology Companies

Abstract

The purpose of this study is to determine the effect of asset growth, dividend policy, and capital structure on firm value in technology sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. The background of this study is based on the rapid development of the technology industry in Indonesia, which requires companies to manage resources and finances optimally. Factors such as asset growth, dividend distribution policy, and capital structure are believed to play a significant role in determining a company's value in the eyes of investors. In today's competitive business environment, firm value is one of the most crucial indicators for investors and stakeholders. The research data was obtained from the official IDX website, www.idx.co.id, using a purposive sampling technique. From the selection results, 22 technology companies were selected that met the research criteria. The data collection method was carried out by reviewing the annual financial reports of these companies. Data analysis used classical assumption tests, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests to ensure the regression model used met the BLUE (Best Linear Unbiased Estimator) requirements. Hypothesis testing was then conducted through multiple linear regression analysis, t-tests, and coefficient of determination using IBM SPSS 25 for Windows. The results showed that asset growth and dividend policy variables had no effect on firm value. Conversely, capital structure was shown to have a positive and significant influence on the value of technology sector companies. This finding highlights the importance of capital structure decisions in enhancing firm value, especially in the technology industry, where innovation and expansion require strong financial strategies. Therefore, this study contributes to financial managers and investors' consideration of capital structure as a strategic factor in increasing firm value.

References

Agusfianto, N. P., Herawati, N., Khotmi, H., Maqsudi, A., Murjana, I. M., Jusmarni, T. R., Hariyanti, N., Nuryati, S. U. A., & Nursansiwi, D. A. (2022). Dasar-dasar manajemen keuangan.

Amro, P. Z. N., & Asyik, N. F. (2021). Pengaruh profitabilitas, ukuran perusahaan, dan struktur modal terhadap nilai perusahaan.

Aripin, A. A. N., & Handayani, S. (2020). Pengaruh Economic Value Added, Earning Per Share, Debt to Total Asset Ratio dan Asset Growth terhadap nilai perusahaan. JCA Ekonomi, 1(1), 126–134.

Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.

Husain, T., Sarwani, Sunardi, N., & Lisdawati. (2020). Firm's value prediction based on profitability ratios and dividend policy. Finance & Economics Review, 2(2), 13–26. https://doi.org/10.38157/finance-economics-review.v2i2.102

Ida Ayu Putu, C. P., & Devi, S. (2024). Pengaruh environmental social governance (ESG) score dan struktur modal terhadap nilai perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 15(1), 166–173. https://doi.org/10.23887/jimat.v15i01.76346

Mirnawati, N. W. M. P. E. D. M. D. (2023). Pengaruh penerapan green accounting, ukuran perusahaan, dan kepemilikan saham terhadap nilai perusahaan pada perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia periode 2018–2021. Jurnal Ekonomi Trisakti, 3(2), 3745–3754. https://doi.org/10.25105/jet.v3i2.18116

Oemar, F. (2022). Pengaruh profitabilitas, likuiditas, assets growth dan assets tangibility terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening. Jurnal Akuntansi Kompetif, 5(2), 217–223. https://ejournal.kompetif.com/index.php/akuntansikompetif/article/view/958

Ovami, D. C., & Nasution, A. A. (2020). Pengaruh kebijakan dividen terhadap nilai perusahaan yang terdaftar dalam Indeks LQ 45. Owner, 4(2), 331–336. https://doi.org/10.33395/owner.v4i2.247

Prasetyo, D. W., & Hermawan, A. (2023). Profitabilitas, ukuran perusahaan, dan struktur modal terhadap nilai perusahaan. Jurnal Ekonomi, Sosial, dan Humaniora (JESYA), 6(1), 743–751. https://doi.org/10.36778/jesya.v6i1.1003

Putra, Y. A., Widati, L. W., & Author, T. (2022). Profitabilitas, struktur modal, ukuran perusahaan, dan kebijakan dividen terhadap nilai perusahaan di BEI. Kompak, 15(1). https://doi.org/10.51903/kompak.v15i1.623

Putri, M. R. S., Hermuningsih, S., & Wiyono, G. (2024). Pengaruh profitabilitas, leverage, ukuran perusahaan, dan pertumbuhan aset. Owner, 8(2), 1823–1838. https://doi.org/10.33395/owner.v8i2.1997

Ramadhani, A. T., & Sulistyowati, E. (2023). Pengaruh intellectual capital dan implementasi good corporate governance terhadap peningkatan kinerja keuangan. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(2), 969–986. https://doi.org/10.31955/mea.v7i2.3091

Romadhina, A. P., & Ahditiyara, R. (2021). Pengaruh perencanaan pajak, pertumbuhan penjualan, dan kebijakan dividen terhadap nilai perusahaan. Jurnal Ilmu Sosial, Manajemen, Akuntansi, dan Riset, 5(2). https://doi.org/10.52362/jisamar.v5i2

Rossa, P. A. E. (2023). Pengaruh likuiditas, profitabilitas, pertumbuhan perusahaan, ukuran perusahaan, dan struktur modal terhadap nilai perusahaan perbankan di BEI 2019–2021. Jurnal Pajak dan Akuntansi, 5(1), 88–99. https://doi.org/10.24912/jpa.v5i1.22173

Sari, M. I., Hafidzi, A. H., & Universitas Jember. (2021). Dasar-dasar manajemen keuangan (Issue November).

Setiyowati, S. W. (2022). Leverage dan pertumbuhan aset terhadap profitabilitas dan nilai perusahaan. Jurnal Ilmu Ekonomi, 23–30.

Sipayung, F. H., Puspitawati, E., & Nurdianto, N. R. (2023). Analisis faktor-faktor yang mempengaruhi indeks saham sektor energi di Indonesia. Jurnal Ekonomi dan Bisnis, 1(1), 62–81.

Suartama, I. G. A., Endiana, I. D. M., & Kumalasari, P. D. (2023). Pengaruh NPM, ROE, DER, DPR dan asset growth terhadap nilai perusahaan. Jurnal Akuntansi, 5(3), 577–588.

Tarigan, C. T. N. T. A. E. br. (2024). The influence of profitability and capital structure on company value with dividend policy as a moderating variable in consumer companies listed on the Indonesian Stock Exchange for the 2018–2021 period. International Journal of Social Science and Research Review, 7(5), 83–95. https://doi.org/10.47814/ijssrr.v7i4.2059

Wijaya, I. P. D. K., & Yasa, I. N. P. (2022). Pengaruh corporate social responsibility, ukuran perusahaan, dan profitabilitas terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2019–2020. Jurnal Ilmiah Mahasiswa Akuntansi, 13(4), 1186–1196.

Yudistira, I. G. Y., Mendra, N. P. Y., & Saitri, P. W. (2021). Pengaruh pertumbuhan aset, profitabilitas, kepemilikan institusional, dan kebijakan dividen terhadap nilai perusahaan. Karya Riset Mahasiswa Akuntansi, 1(1), 239–249.