DETERMINANTS OF FIRM VALUE FOR WHOLESALE SUB-SECTOR COMPANIES IN 2016-2019 WITH BEHAVIORAL ACCOUNTING APPROACH
Keywords:
Stock Returns, DER, Size, PER, EPS, Growth, Behavioral Accounting
Abstract
Stock returns which are decreasing every year are a problem for investors who want to get benefit from capital gains. The purpose of this study is to determine the factors that affect firm value. The sample in this study were 15 companies in the wholesale sub-sector. The sample selection method is purposive sampling with criteria listed on the Indonesia Stock Exchange in 2015-2019 and the data to be processed does not have outliers. The results showed that the PER and EPS had a significant effect on Stock Returns, while DER, Size, and Growth had no significant effect on Stock Returns. Recommendations that can be given for this research are that companies maintain consistent profits so that investors are still interested in investing, maintain capital structure, create stable equity growth and maintain company size so as not to be overvalued by investors and potential investors.
References
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Chandra, T., Renaldo, N., & Putra, L. C. (2018). Stock Market Reaction towards SPECT Events using CAPM Adjusted Return. Opción, Año 34(Especial No.15), 338–374.
Chemmanur, T. J., & Yan, A. (2019). Advertising, Attention, and Stock Returns. Quarterly Journal of Finance, 9(3), 1–51. https://doi.org/10.1142/S2010139219500095
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Dimaranty, O., Junaedi, A. T., & Panjaitan, H. P. (2019). ANALYSIS OF THE EFFECT OF CURRENCY EXCHANGE, PROFITABILITY, DEBT, AND COMPANY SIZE ON STOCK RETURNS (CASE STUDY OF COMPANIES LISTED ON IDX INPLANTATION SUB SECTOR). Procuratio: Jurnal Ilmiah Manajemen, 7(2), 165–173.
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Forti, C. A. B., Peixoto, F. M., & Alves, D. L. e. (2015). Determinant Factors of Dividend Payments in Brazil. Revista Contabilidade e Financas, 1–14. https://doi.org/10.1590/1808-057x201512260
Hafni, L., & Anggraini, S. V. (2018). Pengaruh Current Ratio (CR), Debt Equity Ratio (DER), Earning Per Share (EPS), Return on Equity, dan Price Earning Ratio (PER) Terhadap return Saham Pada Perusahaan Food and Beverage yang Terdaftar Di Bursa Efek Indonesia. Bilancia: Jurnal Ilmiah Akuntansi, 2(2), 137–149.
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Hosain, M. Z. (2016). Determinants of the Dividend Payout Policy : A Study on Listed Private Commercial Banks of Dhaka Stock Exchange Limited in Bangladesh. IOSR Journal of Economics and Finance (IOSR-JEF), 7(5), 1–10. https://doi.org/10.9790/5933-0705040110
Hutauruk, M. R., Mintarti, H. S., & Paminto, H. A. (2014). Influence of Fundamental Ratio, Market Ratio and Business Performance to The Systematic Risk and Their Impacts to The Return on Shares at The Agricultural Sector Companies at The Indonesia Stock Exchange for The Period of 2010 -2013. Academic Research International, 5(September), 149–168.
Ibrahim, D. C., & Panjaitan, H. P. (2020). Influence of NPM, PBV, DER, TATO, and EPS on Stock Prices of Automotive Sub Sector Companies and Its Components Listed on IDX in 2014-2018. Journal of Applied Business and Technology, 1(3), 151–162.
Irfani, A. (2012). A Study of Financial Performance and Stock Return in IPO Underpricing Phenomenon on the Indonesia Stock Exchange ( IDX ). INDONESIAN CAPITAL MARKET REVIEW, IV(2), 101–116.
Irman, M., Okalesa, & Hadi, S. (2018). Analisis Pengaruh Return on Equity, Debt To Equity Ratio, Current Ratio Dan Earning Per Share Terhadap Harga Saham Pada Perusahaan Infrastruktur, Utilitas Dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2014 – 2017. Bilancia: Jurnal Ilmiah Akuntansi, 2(4), 451–464.
Khomsiyah. (2001). PERKEMBANGAN AKUNTANSI KEPERILAKUAN DAN DAMPAKNYA PADA PENELITIAN AKUNTANSI DI INDONESIA. Media Riset Akuntansi, Auditing Dan Informasi, 1(1), 73–80. https://doi.org/10.25105/mraai.v1i1.1761
Kusiyah, & Arief. (2017). The determinants of firm value on commercial banks in Indonesia. Journal of Engineering and Applied Sciences. https://doi.org/10.3923/jeasci.2017.171.175
Lind, D. A., Marchal, W. G., & Wathen, S. A. (2018). Statistical Techniques in Business & Economics. Economics (Seventeent). New York: McGraw-Hill Education.
Machdar, N. M., M, A. H. M. D. R., & Murwaningsari, E. (2017). The Effects of Earnings Quality, Conservatism, and Real Earnings Management on the Company’s Performance and Information Asymmetry as a Moderating Variable. International Journal of Economics and Financial Issues, 7(2), 309–318.
Nwakuya, M. T., & Nwabueze, J. C. (2018). Application of Box-Cox Transformation as a Corrective Measure to Heteroscedasticity Using an Economic Data. American Journal of Mathematics and Statistics, 8(1), 8–12. https://doi.org/10.5923/j.ajms.20180801.02
Pažický, M. (2017). Stock Price Simulation Using Bootstrap and Monte Carlo. Scientific Annals of Economics and Business, 64(2), 155–170. https://doi.org/10.1515/saeb-2017-0010
Ramadan, I. Z. (2016). Panel Data Approach of the Firm’s Value Determinants: Evidence from the Jordanian Industrial Firms. Modern Applied Science, 10(5), 163–169. https://doi.org/10.5539/mas.v10n5p163
Razali, N. M., & Wah, Y. B. (2011). Power Comparisons of Shapiro-Wilk, Kolmogorov-Smirnov, Lilliefors, and Anderson-Darling Tests. Journal of Statistical Modeling and Analysis, 2(1), 21–33.
Rehman, O. U. (2016). Impact of Capital Structure and Dividend Policy on Firm Value. Journal of Poverty, Investment and Development, 21(2006), 40–57. Retrieved from https://iiste.org/Journals/index.php/JPID/article/view/28887
Renaldo, N., Sudarno, & Hutahuruk, M. B. (2020). THE IMPROVEMENT OF GENERATION Z FINANCIAL WELL-BEING IN PEKANBARU. JURNAL MANAJEMEN DAN KEWIRAUSAHAAN, 22(2), 142–151. https://doi.org/10.9744/jmk.22.2.142
Salamat, W. A. Al, & Mustafa, H. H. H. (2016). The Impact of Capital Structure on Stock Return: Empirical Evidence from Amman Stock Exchange. International Journal of Business and Social Science, 7(9), 183–196. Retrieved from http://ijbssnet.com/journals/Vol_7_No_9_September_2016/19.pdf
Samimi, S., & Oskuee, S. A. P. (2016). Investigating The Effect of Corporate Sovereignty Mechanisms on The Stock Return of Listed Companies of Tehran Stock Exchange. International Business Management, 10(5), 6638–6644.
Se Tin, S. T., Lidya, A., & Meyliana, M. (2017). A new classification of topics in behavioral accounting: current research direction from BRIA journal in the past 10 years. Journal of Business and Retail Management Research (JBRMR), 11(3), 47–58.
Siahaan, U. M., Suhadak, Handayani, S. R., & Solimun. (2014). The Influence of Company Size and Capital Structure towards Liquidity, Corporate Performance and Firm Value, for Large and Small Group Companies. European Journal of Business and Management, 6(18), 148–157.
Stefano, K. (2015). The Impact of Financial Ratio toward Stock Return of Property Industry in Indonesia. IBuss Management, 3(2), 222–231.
Suyono, Andi, Utari, D., & Hairudin. (2019). DETERMINANT OF COMPANY’S GROWTH: STUDY ON CONVENTIONAL BANKS IN INDONESIA PERIOD 2013-2017. Bilancia: Jurnal Ilmiah Akuntansi, 3(3), 335–347. Retrieved from www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/BILANCIA/index
Suyono, Chandra, T., & Irawati. (2017). Analisis Faktor-Faktor Yang Mempengaruhi Profitabilitas Perbankan (Studi Bank Umum Di Indonesia Priode 2006-2010). Procuratio: Jurnal Ilmiah Manajemen, 5(2), 262–275.
Suyono, Yusrizal, & Solekhatun, S. (2019). Analisis Pengaruh Current Ratio, Total Debt To Equity Ratio, Inventory Turnover, Total Assets Turnover, Receivable Turnover Dan Size Perusahaan Terhadap Pertumbuhan Laba Pada Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2013. Bilancia: Jurnal Ilmiah Akuntansi, 3(4), 389–405.
Uyanto, S. S. (2020). Power Comparisons of Five Most Commonly Used Autocorrelation Tests. Pakistan Journal of Statistics and Operation Research, 16(1), 119–130. https://doi.org/10.18187/pjsor.v16i1.2691
Wijaya, E. (2016). Dinamika Ukuran Perusahaan, Tangibilitas, Likuiditas, Dan Profitabilitas Terhadap Struktur Modal Industri Sektor Perdagangan Periode Krisis Global (2008-2009) Dan Periode Pasca Krisis Global (2010-2011). Kurs: Jurnal Akuntansi, Kewirausahaan Dan Bisnis, 1(1), 34–50.
Wijaya, E., & Jessica. (2017). ANALYSIS OF EFFECT OF STRUCTURE OF ASSETS, ITS SIZE, PROFITABIILTY, GROWTH OPPORTUNITIES, TANGIBILITY, BUSINESS RISKS AND CAPITAL STRUCTURE LIQUIDITY AGAINST SECTOR COMPANIES IN THE PROPERTY & REAL ESTATE LISTED IN INDONESIA STOCK EXCHANGE IN 2011-2015. Procuratio: Jurnal Ilmiah Manajemen, 5(4), 440–451.
Wijaya, J. A. (2015). The Effect of Financial Ratios toward Stock Returns among Indonesian Manufacturing Companies. IBuss Management, 3(2), 261–271.
Anwaar, M. (2016). Impact of Firms’ Performance on Stock Returns (Evidence from Listed Companies of Ftse-100 Index London, UK), 16(1).
Arslan, M., & Zaman, R. (2014). Impact of Dividend Yield and Price Earnings Ratio on Stock Returns: A Study Non-Financial listed Firms of Pakistan. Research Journal of Finance and Accounting, 5(19), 2222–2847.
Ayako, A., & Wamalwa, F. (2015). Determinants of Firm Value in Kenya : Case of Commercial Banks Listed at the Nairobi Securities Exchange, 1(2), 129–142. https://doi.org/10.11114/afa.v1i2.934
Bujang, M. A., Sa’at, N., & Sidik, T. M. I. T. A. B. (2017). Determination of Minimum Sample Size Requirement for Multiple Linear Regression and Analysis of Covariance Based on Experimental and Non-experimental Studies. Epidemiology Biostatistics and Public Health, 14(3), e12117-1-e12117-9. https://doi.org/10.2427/12117
Chandra, T., Junaedi, A. T., Wijaya, E., Chandra, S., & Priyono. (2019). The Co-Determinant of Capital Structure and Profitability Based on the Supply Chain Strategy: Evidence from Manufacturing Sector in Indonesia. International Journal of Supply Chain Management, 8(6), 705–717.
Chandra, T., Renaldo, N., & Putra, L. C. (2018). Stock Market Reaction towards SPECT Events using CAPM Adjusted Return. Opción, Año 34(Especial No.15), 338–374.
Chemmanur, T. J., & Yan, A. (2019). Advertising, Attention, and Stock Returns. Quarterly Journal of Finance, 9(3), 1–51. https://doi.org/10.1142/S2010139219500095
Clara, Z. N., & Firli, A. (2017). Terrorism Event Study: The Analysis of Abnormal Return And Trading Volume Activity Before, During and After Terrorism Act (A Case Study on Indonesia Terrorism Acts in 2005-2015). International Journal of Economics, Commerce and Management, V(2), 177–185.
Dang, H. N., Nguyen, T. T. C., & Tran, D. M. (2020). The Impact of Earnings Quality on Firm Value: The Case of Vietnam. Journal of Asian Finance, Economics and Business, 7(3), 63–72. https://doi.org/10.13106/jafeb.2020.vol7.no3.63
Daoud, J. I. (2017). Multicollinearity and Regression Analysis. In Journal of Physics: Conference Series (Vol. 949, pp. 1–6). https://doi.org/10.1088/1742-6596/949/1/012009
Dimaranty, O., Junaedi, A. T., & Panjaitan, H. P. (2019). ANALYSIS OF THE EFFECT OF CURRENCY EXCHANGE, PROFITABILITY, DEBT, AND COMPANY SIZE ON STOCK RETURNS (CASE STUDY OF COMPANIES LISTED ON IDX INPLANTATION SUB SECTOR). Procuratio: Jurnal Ilmiah Manajemen, 7(2), 165–173.
Dita, A. H., & Murtaqi, I. (2014). The Effect of Net Profit Margin, Price To Book Value and Debt To Equity Ratio to Stock Return In The Indonesian Consumer Goods Industry. JOURNAL OF BUSINESS AND MANAGEMENT, 3(3), 305–315. Retrieved from http://journal.sbm.itb.ac.id/index.php/jbm/article/view/1214
Forti, C. A. B., Peixoto, F. M., & Alves, D. L. e. (2015). Determinant Factors of Dividend Payments in Brazil. Revista Contabilidade e Financas, 1–14. https://doi.org/10.1590/1808-057x201512260
Hafni, L., & Anggraini, S. V. (2018). Pengaruh Current Ratio (CR), Debt Equity Ratio (DER), Earning Per Share (EPS), Return on Equity, dan Price Earning Ratio (PER) Terhadap return Saham Pada Perusahaan Food and Beverage yang Terdaftar Di Bursa Efek Indonesia. Bilancia: Jurnal Ilmiah Akuntansi, 2(2), 137–149.
Hafni, L., Renaldo, N., Chandra, T., & Thaief, I. (2020). The Use of Regression Models with Supply Chain Management to Increase Financial Satisfaction of Generation Z. International Journal of Supply Chain Management, 9(5), 1641–1650.
Hosain, M. Z. (2016). Determinants of the Dividend Payout Policy : A Study on Listed Private Commercial Banks of Dhaka Stock Exchange Limited in Bangladesh. IOSR Journal of Economics and Finance (IOSR-JEF), 7(5), 1–10. https://doi.org/10.9790/5933-0705040110
Hutauruk, M. R., Mintarti, H. S., & Paminto, H. A. (2014). Influence of Fundamental Ratio, Market Ratio and Business Performance to The Systematic Risk and Their Impacts to The Return on Shares at The Agricultural Sector Companies at The Indonesia Stock Exchange for The Period of 2010 -2013. Academic Research International, 5(September), 149–168.
Ibrahim, D. C., & Panjaitan, H. P. (2020). Influence of NPM, PBV, DER, TATO, and EPS on Stock Prices of Automotive Sub Sector Companies and Its Components Listed on IDX in 2014-2018. Journal of Applied Business and Technology, 1(3), 151–162.
Irfani, A. (2012). A Study of Financial Performance and Stock Return in IPO Underpricing Phenomenon on the Indonesia Stock Exchange ( IDX ). INDONESIAN CAPITAL MARKET REVIEW, IV(2), 101–116.
Irman, M., Okalesa, & Hadi, S. (2018). Analisis Pengaruh Return on Equity, Debt To Equity Ratio, Current Ratio Dan Earning Per Share Terhadap Harga Saham Pada Perusahaan Infrastruktur, Utilitas Dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2014 – 2017. Bilancia: Jurnal Ilmiah Akuntansi, 2(4), 451–464.
Khomsiyah. (2001). PERKEMBANGAN AKUNTANSI KEPERILAKUAN DAN DAMPAKNYA PADA PENELITIAN AKUNTANSI DI INDONESIA. Media Riset Akuntansi, Auditing Dan Informasi, 1(1), 73–80. https://doi.org/10.25105/mraai.v1i1.1761
Kusiyah, & Arief. (2017). The determinants of firm value on commercial banks in Indonesia. Journal of Engineering and Applied Sciences. https://doi.org/10.3923/jeasci.2017.171.175
Lind, D. A., Marchal, W. G., & Wathen, S. A. (2018). Statistical Techniques in Business & Economics. Economics (Seventeent). New York: McGraw-Hill Education.
Machdar, N. M., M, A. H. M. D. R., & Murwaningsari, E. (2017). The Effects of Earnings Quality, Conservatism, and Real Earnings Management on the Company’s Performance and Information Asymmetry as a Moderating Variable. International Journal of Economics and Financial Issues, 7(2), 309–318.
Nwakuya, M. T., & Nwabueze, J. C. (2018). Application of Box-Cox Transformation as a Corrective Measure to Heteroscedasticity Using an Economic Data. American Journal of Mathematics and Statistics, 8(1), 8–12. https://doi.org/10.5923/j.ajms.20180801.02
Pažický, M. (2017). Stock Price Simulation Using Bootstrap and Monte Carlo. Scientific Annals of Economics and Business, 64(2), 155–170. https://doi.org/10.1515/saeb-2017-0010
Ramadan, I. Z. (2016). Panel Data Approach of the Firm’s Value Determinants: Evidence from the Jordanian Industrial Firms. Modern Applied Science, 10(5), 163–169. https://doi.org/10.5539/mas.v10n5p163
Razali, N. M., & Wah, Y. B. (2011). Power Comparisons of Shapiro-Wilk, Kolmogorov-Smirnov, Lilliefors, and Anderson-Darling Tests. Journal of Statistical Modeling and Analysis, 2(1), 21–33.
Rehman, O. U. (2016). Impact of Capital Structure and Dividend Policy on Firm Value. Journal of Poverty, Investment and Development, 21(2006), 40–57. Retrieved from https://iiste.org/Journals/index.php/JPID/article/view/28887
Renaldo, N., Sudarno, & Hutahuruk, M. B. (2020). THE IMPROVEMENT OF GENERATION Z FINANCIAL WELL-BEING IN PEKANBARU. JURNAL MANAJEMEN DAN KEWIRAUSAHAAN, 22(2), 142–151. https://doi.org/10.9744/jmk.22.2.142
Salamat, W. A. Al, & Mustafa, H. H. H. (2016). The Impact of Capital Structure on Stock Return: Empirical Evidence from Amman Stock Exchange. International Journal of Business and Social Science, 7(9), 183–196. Retrieved from http://ijbssnet.com/journals/Vol_7_No_9_September_2016/19.pdf
Samimi, S., & Oskuee, S. A. P. (2016). Investigating The Effect of Corporate Sovereignty Mechanisms on The Stock Return of Listed Companies of Tehran Stock Exchange. International Business Management, 10(5), 6638–6644.
Se Tin, S. T., Lidya, A., & Meyliana, M. (2017). A new classification of topics in behavioral accounting: current research direction from BRIA journal in the past 10 years. Journal of Business and Retail Management Research (JBRMR), 11(3), 47–58.
Siahaan, U. M., Suhadak, Handayani, S. R., & Solimun. (2014). The Influence of Company Size and Capital Structure towards Liquidity, Corporate Performance and Firm Value, for Large and Small Group Companies. European Journal of Business and Management, 6(18), 148–157.
Stefano, K. (2015). The Impact of Financial Ratio toward Stock Return of Property Industry in Indonesia. IBuss Management, 3(2), 222–231.
Suyono, Andi, Utari, D., & Hairudin. (2019). DETERMINANT OF COMPANY’S GROWTH: STUDY ON CONVENTIONAL BANKS IN INDONESIA PERIOD 2013-2017. Bilancia: Jurnal Ilmiah Akuntansi, 3(3), 335–347. Retrieved from www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/BILANCIA/index
Suyono, Chandra, T., & Irawati. (2017). Analisis Faktor-Faktor Yang Mempengaruhi Profitabilitas Perbankan (Studi Bank Umum Di Indonesia Priode 2006-2010). Procuratio: Jurnal Ilmiah Manajemen, 5(2), 262–275.
Suyono, Yusrizal, & Solekhatun, S. (2019). Analisis Pengaruh Current Ratio, Total Debt To Equity Ratio, Inventory Turnover, Total Assets Turnover, Receivable Turnover Dan Size Perusahaan Terhadap Pertumbuhan Laba Pada Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia Periode 2013. Bilancia: Jurnal Ilmiah Akuntansi, 3(4), 389–405.
Uyanto, S. S. (2020). Power Comparisons of Five Most Commonly Used Autocorrelation Tests. Pakistan Journal of Statistics and Operation Research, 16(1), 119–130. https://doi.org/10.18187/pjsor.v16i1.2691
Wijaya, E. (2016). Dinamika Ukuran Perusahaan, Tangibilitas, Likuiditas, Dan Profitabilitas Terhadap Struktur Modal Industri Sektor Perdagangan Periode Krisis Global (2008-2009) Dan Periode Pasca Krisis Global (2010-2011). Kurs: Jurnal Akuntansi, Kewirausahaan Dan Bisnis, 1(1), 34–50.
Wijaya, E., & Jessica. (2017). ANALYSIS OF EFFECT OF STRUCTURE OF ASSETS, ITS SIZE, PROFITABIILTY, GROWTH OPPORTUNITIES, TANGIBILITY, BUSINESS RISKS AND CAPITAL STRUCTURE LIQUIDITY AGAINST SECTOR COMPANIES IN THE PROPERTY & REAL ESTATE LISTED IN INDONESIA STOCK EXCHANGE IN 2011-2015. Procuratio: Jurnal Ilmiah Manajemen, 5(4), 440–451.
Wijaya, J. A. (2015). The Effect of Financial Ratios toward Stock Returns among Indonesian Manufacturing Companies. IBuss Management, 3(2), 261–271.
Published
2021-01-27
How to Cite
Renaldo, N., Andi, A., Nur, N. M., Junaedi, A. T., & Panjaitan, H. P. (2021). DETERMINANTS OF FIRM VALUE FOR WHOLESALE SUB-SECTOR COMPANIES IN 2016-2019 WITH BEHAVIORAL ACCOUNTING APPROACH. Journal of Applied Business and Technology, 2(1), 1-12. https://doi.org/10.35145/jabt.v2i1.55
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