PENGARUH DEBT TO EQUITY RATIO, INTELLECTUAL CAPITAL, EARNINGS PER SHARE, RETURN ON EQUITY, RETURN ON ASSET TERHADAP NILAI PERUSAHAAN YANG MELAKUKAN IPO
DOI:
https://doi.org/10.25170/wpm.v15i1.4637Abstract
This study aims to provide empirical evidence regarding the influence of financial capital, intellectual capital, and profitability on the value of companies undergoing an Initial Public Offering (IPO). The study used a sample of 84 non-financial industry companies listed on the Indonesia Stock Exchange from 2013 to 2019. The method of analysis employed was multiple linear regression using the Statistical Package for Social Sciences (SPSS) version 22 on Windows. The results of the study indicate that financial capital and intellectual capital, along with profitability (proxied by Return on Assets - ROA), have a significant positive impact on the value of companies undergoing an IPO. In other words, higher levels of financial and intellectual capital, as well as better profitability (measured by ROA), are associated with higher company values during the IPO process. However, it was also found that profitability (proxied by Return on Equity - ROE) has a significant negative impact on the value of companies during an IPO. This implies that higher ROE might negatively affect the company's value in the context of an IPO.
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