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Improving market value of textile and garment company through company growth, company financial performance, and macroeconomics
Abstract
Abstract
There are so many studies on the company's market value. However, most studies do not verify the macroeconomic effect on certain industries. Research on macroeconomic as moderators in increasing the company's market value is still limited also. Therefore, macroeconomics (interest rates) presented in this study as a moderator to examine the effect of company growth (increased sales) and company financial performance (ROA) to the company’s market value (PBV). It expected to provide additional information to individuals, lecturers, and business actors on how to increase company market value and what factors must be considered to increase it. The population is all go-public companies, and the samples are manufacturing companies-textile and garment sub-sectors during 2015-2020. Multiple linear regression and SPSS are used as the data analysis technique. The results imply that the increase in sales has no influence on PBV. Even though interest rates have been presented, it still can’t strengthen the effect of increased sales on PBV. ROA influences PBV. However, after presenting interest rates, it turns out that interest rates weaken the influence of the ROA level on PBV. This result shows that macroeconomics can moderate the connection of company financial performance to the company’s market value.
Abstrak
Terdapat banyak penelitian terdahulu tentang nilai pasar perusahaan. Namun, sebagian besar penelitian tidak melihat pengaruh variabel makroekonomi pada industri tertentu. Penelitian tentang faktor makroekonomi sebagai moderator dalam meningkatkan nilai pasar perusahaan juga belum banyak. Oleh karena itu, penelitian ini menghadirkan makroekonomi yang diproxy oleh suku bunga sebagai moderator untuk menguji pengaruh pertumbuhan perusahaan yang diproxy oleh peningkatan penjualan dan kinerja keuangan perusahaan yang diproxy oleh ROA terhadap nilai pasar perusahaan yang diproxy oleh PBV. Sehingga diharapkan dapat memberikan tambahan informasi kepada individu, dosen, maupun pelaku usaha tentang bagaimana meningkatkan company market value serta faktor apa saja yang harus diperhatikan untuk meningkatkannya. Populasi penelitian yaitu semua perusahaan yang sudah go public. Sedangkan samplenya adalah perusahan manufaktur, subsektor textile dan garment tahun 2015-2020. Penelitian ini menggunakan analisis regresi linear berganda dengan SPSS sebagai teknik analisis data. Menurut hasil uji, peningkatan penjualan tidak berpengaruh terhadap PBV. Meskipun telah dihadirkan suku bunga, ternyata suku bunga tetap tidak mampu memperkuat pengaruh peningkatan penjualan terhadap PBV. Selain itu, dapat diketahui pula bahwa ROA berpengaruh terhadap PBV. Setelah dihadirkan suku bunga, ternyata suku bunga memperlemah pengaruh tingkat ROA terhadap PBV. Hal ini menunjukkan bahwa makroekonomi mampu menjadi moderator bagi kinerja keuangan perusahaan terhadap nilai pasar perusahaan.
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DOI: http://dx.doi.org/10.17977/um004v10i12023p069
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