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.v15i1.4637Abstrak
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.
Referensi
Antwi, Samuel., E.F.E.A. Mills., X. Zhao. (2012). Capital Structure and Firm Value: Empirical Evidence from Ghana. International Journal of Business and Social Science, 3 (22}.
Bararuallo, Frans. (2011). Nilai Perusahaan: Konsep, Teori, Aplikasi. Jakarta: Penerbit Atma Jaya.
Bemby S, Bambang, Mukhtaruddin, Arista H dan Rahmah F. (2015). Intellectual Capital, Firm Value, and Ownership Structure as Moderating Variable : Empirical Study on Banking Listed in Indonesia Stock Exchange Period 2009-2012. Asian Social Science, 11 (16a, 148-159
Bontis, N. (2001). Assessing knowledge assets: a review of the models used to measure intellectual capital. International Journal of Management Reviews, 3(1), 41-60.
Bontis, N., Keow, William C.C., Richardson, S. (2000). Intellectual capital and business performance in Malaysian industries, Journal of Intellectual Capital, 1(1), 85-100
Brooking, A. (1996). Intellectual Capital: Core Asset for the Third Millennium Enterprise, Thompson International. Business Press, London.
Bruton, G. D., Filatotchev, 1., Chahine, S. and Wright, M. (2010).Governance, ownership structure, and performance of IPO firms: the impact of different types of private equity investors and institutional environments. Strategic Management. Journal, 31(5}, 491—509
Chahine, Salim and Goergen, Marc. (2013). The Effects of Management- Board Ties on IPO Performance. ECGI - Finance Working Paper No. 348/2073.
Chen, Li-Ju & Chen, Shun-Yu. (2011). The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations, 8(3).
Chen, Ming-Chin, Cheng, Shu-Ju, & Hwang, Yuhchang. (2005). An Empirical In’ estigation of the Relationship between Intellectual Capital and Firms’ Market Value and Financial Performance. Journal of Intellectual Capital, 6(2), 159-176.
Cholid, I., Safitri, E., & S.M., Fachruddin. (2016). Pengaruh EPS, DPS, Dan ROE Terhadap Nilai Perusahaan Property and Real Estate Yang Terdaftar Di Bursa Efek Indonesia. STIE MDP, Palembang.
Cirillo, et al. (2015). All the Power in Two Hands: The Role of CEOs in Family lPOs. European Management Journal, 1-15.
Edvinsson, L. & M. Malone. (1997). Intellectual Capital: Realizing Your Company’s True Value by Finding Its Hidden Brainpower. Harper Collins, New York, NY.
Ekowati, S., Rusmana, O., & Mafudi. (2010). Pengaruh Modal Fisik, Modal Finansial, dan Modal Intelektual terhadap Kinerja Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Jenderal Soedirman, 1(1), 1-23.
Fachrudin, K.A. (2011). Analisis Pengaruh Struktur Modal, Ukuran Perusahaan, dan Agency Cost Terhadap Kinerja Perusahaan. Jurnal Akuntansi & Keuangan, 13(1 ). 37-46.
Firer, S., & Williams, S.M. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4(3), 348-360.
Fitriani. (2016). Analisis Kinerja Keuangan Sebelum Dan Sesudah Go Public. Jurnal llmu dan Riset Manajemen, 5(7), 1-17.
Garcia-Meca, E. & Martinez, l. (2005). Assessing the Quality of Disclosure on lntangibles in the Spanish Capital Market. European Business Review, 17(4), 305-313.
Ghozali, Imam. (2009). Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Badan Penerbit UNDIP.
Hamidy, Rahman Rusdi., Wiksuana, I Gusti Bagus., & Artini, Luh Gede Sri. (2015). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Denga Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Properti Dan Real Estate Di Bursa Efek Indonesia. E-Jurnal Ekonomi & Bisnis Universitas Udayana , 4(10)
Harahap, Sofyan S. (2007). Analisis Kritis Atas Laporan Keuangan. Jakarta: Raja Grafindo Persada.
Hermuningsih, S. (2013). Pengaruh Profitabilitas, GroMh Opportunity, Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Publik di Indonesia. Jurnal Buletin Ekonomi Moneter dan Perbankan, 16(2), 128-148.
Heze, El. (2016). Analisis Fundamental Saham. Return to Equify (ROE) — Part 1. http://www.sahamgain.com/2016/09/analisis-fundamental- saham-return-to.htmI?m-1
Hin, L. Thian. (2008). Panduan Berinvestasi Saham Edisi Te› kini. Jakarta: PT. Elex Media Komputindo.
Is, F., Kamaliah & Gusnardi. (2014). Pengaruh Modal Fisik, Modal Finansial, dan Modal Intelektual terhadap Kinerja Perusahaan (Studi Kasus Pada Perusahaan Food And Beverages Yang Terdaftar Di BEI Tahun 2009 s.d. 2013). Jurnal Ekonomi, 22(3), 49-61.
Jensen, Michael C. (1986). Agency Cost of Free cash Flow, Corporate Finance, and. Takeovers. American Economic Review, 76(2), 323- 329.
Kasmir. (2010). Analisis Laporan Keuangan. Jakarta: PT Raja Grafindo Persada.
Kavida, V. & Sivakoumar, N. (2009). Intellectual Capital: A Strategic Management Perspective. The IUP Journal of Knowledge Management, 7(5-6), 55-69.
Kesuma, Ali. (2009). Analisis Faktor yang Mempengaruhi Struktur Modal Serta Pengaruhnya Terhadap Harga Saham Perusahaan Real Estate yang Go Public di Bursa Efek Indonesia . Jurnal Manajemen dan Kewirausahaan, 11(1 ), 38-45.
Kleeburg, R.F. (2005). Initial Public Offering. Cengage Learning.
Klein, D.A & Prusak, L. (1994). Characterising Intellectual Capital. Cambridge, MA: Centre for Business Innovation, Ernst and Young.
Majluf, N.S., & Myers, S.C. (1984). Corporate Financing and Investment Decisions Whom Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.
Mardiyati, U., G.N. Ahmad, & R. Putri. (2012). Pengaruh Kebijakan Deviden, Kebijakan Utang dan Profitabilitas Terhadap Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2005- 2010. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 3(1), 1-17.
Mavridis, D.G. (2005). Intellectual capital performance determinants and globalization status of Greek listed firms. Journal of Intellectual Capital, 6( 1 ), 127-140
Mousa, F.T., Marlin, D. and Ritchie, W.J. (2013). Configurations of slack and their performance implications: an examination of high-tech IPOs. Management Decision, 51(2), 225-247.
Mulyani, et al. 2007. Faktor-Faktor yang Mempengaruhi Earnings Response Coefficient pada Perusahaan yang Terdaftar di Bursa Efek Jakarta. Jurnal Akuntansi dan Auditing Indonesia, 1J(1), 35-45
Muttaqin,H. (2013). Teori Kepemilikan Perusahaan dan Pengertian Kepemilikan Perusahaan. http://pustakabakuI.bIogspot.co.id/2013/06/teorikepemilikan- perusahaan-dan.html
Nelson, T. (2003). The persistence of founder influence: management, ownership, and performance effects at initial public offering. Strategic Management Journal, 24(8), 707-724.
Priatinah, Denies & Kusuma, Prabandaru A. (2012). Pengaruh Return On Investment (ROI), Earning Per Share (EPS), dan Dividen Per Share (DPS) Terhadap Harga Saham (Studi Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia (BEI)). Jurnal Nominal, 1(1), Universitas Negeri Yogyakarta
Pulic, A. (2000). VAICTM — An Accounting Tool For intellectual Capital Management. International Journal Technology Management, 20(5), 149-155.
Pulic, A. (2008). The Principles of Intellectual Capital Efficiency. Croatian Intellectual Capital Center. Zagreb.
Putra, l. (2012). Pengaruh Modal Intellectual Pada Nilai Perusahaan Perbankan Yang Go Public Di Bursa Efek Indonesia. Jurnal Ilmiah Akuntansi dan Humanikal (JINAH), 2(2), 1—22
Putra, I Made Gunartha D., & Dana, I Made. (2016). Pengaruh Profitabilitas, Leverage, Likuiditas Dan Ukuran Perusahaan Terhadap Return Saham Perusahaan Farmasi Di BEI. E-Jurnal Manajemen Unud, 5(11), 6825-6850.
Putri, Dithi Amanda. (2013). Pengaruh Investment Opportunity Set, Kebijakan Utang Dan Ukuran Perusahaan Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI). Jurnal Program Studi Manajemen Fakultas Ekonomi Universitas Negeri Padang, 1-13.
Putri, R.W., & Ukhriyawati- C.F. (2016). Pengaruh Likuiditas, Leverage dan Profitabilitas Terhadap Nilai Perusahaan pada Perusahaan Telekomunikasi yang Terdaftar di Bursa Efek Indonesia Tahun 2012- 2014. Jurnal BENING, 3(1), 52-73.
Rasheed A M A, Datta D K and Chinta R. R. (1997), Determinants of Price Premiums: A Study of Initial Public Offerings in the Medical Diagnostic and Devices Industry. Journal of Small Business Management 35(4), 11-23.
Riadi, Elon Davit, (2011). Pengaruh Faktor Debt To Equity Ratio, Return On Equity dan Total Assets Terhadap Price Earning Ratio (PER) Pada Perusahaan Otomotif Dan Komponen Yang Terdaftar Di Bursa Efek Indonesia (BEI). Jurnal Ekonomi dan Bisnis, 2(3).
Ross et al. (2015). Essentials of Corporate Finance. New York: McGraw-Hill Education.
Saint-Onge. H. (1996). Tacit knowledge: the key to strategic alignment of intellectual capital. Strategy and Leadership, 24(2). 10-14.
Salim, Joko. (2010). Cara Gampang Bermain Saham. Jakarta: Visimedia. Sawarjuwono, Tjiptohadi & Kadir, Agustine Prihatin. (2003). Intellectual Capital: Perlakuan, Pengukuran dan Pelaporan (Sebuah Library Research). Jurnal Akuntansi dan Keuangan. 5(1), 31-51.
Scott, W. R. (2003). Financial Accounting Theory (4’h ed.). Canada: Prentice Hall.
Stewart, T.A. (1994). Your company's most valuable asset: intellectual capital. Fortune, 68-74
Sudana, I.M. & Aristina, Ni Putu N. (2017). Chief Executive Officer (CEO) Power, CEO Keluarga, Dan Nilai IPO Premium Perusahaan Keluarga Di Indonesia. Jurnal Akuntansi, 21(2), 219-231
Sufiana, Nina & Purnawati, Ni Ketut. (2013). Pengaruh Perputaran Kas, Perputaran Piutang dan Perputaran Persediaan Terhadap Profitabilitas. E-Jurnal Manajemen Universitas Udayana, 2(4).
Sukirni, Dwi. (2012). Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Dividen, dan Kebijakan Utang Analisis terhadap Nilai Perusahaan, Accounting Analysis Journal, Universitas Negeri Semarang, 2(1), 1—12.
Surahman, Arif. (2017). Pengaruh EPS, DER, IHSG Terhadap Harga lpo Pada Perusahaan-Perusahaan Yang Melakukan IPO Periode 2014- 2016. Jurnal Sekuritas Manajemen Keuangan, 1(1 ), 108-117.
Susilawati, Christine Dwi K. (2012). Analisis Perbandingan Pengaruh Likuiditas, Solvabilitas, dan Profitabilitas Terhadap Harga Saham pada Perusahaan LQ 45. Jurnal Akuntansi, 4(2), 165-174.
Sveiby, K.E. (1997). The New Organizational Wealth. Berett-Koehler Publishers, USA.
Tan, H.P., D. Plowman & P. Hancock. (2007). Intellectual Capital and Financial Returns of Companies. Journal of Intellectual Capital, 8(1), 76-95.
Ulum, l., Imam G. & Anis C. (2008). Intellectual Capital dan Kinerja Keuangan Perusahaan; Suatu Analisis dengan Pendekatan Partial Least Square. Jurnal SNA, 11.
Utomo, Wawan, Rita A., & Kharis R. (2016). Pengaruh Leverage (DER), Price Book Value (PBV), Ukuran Perusahaan (Size), Return On Equity (ROE),Deviden Payout Ratio (DPR) dan Likuiditas (CR) Terhadap Price Earning Ratio (PER) Pada Perusahaan Manufaktur Yang Listing Di BEI Tahun 2009— 2014. Jurnal Accounting, 2(2).
Weston, E.F. & Brigham, E.F. (2010). Dasar-Dasar Manajemen Keuangan (Essentials of Financial Management) (2nd ed.). Jakarta : Salemba Empat.
Widarjo, Wahyu. (2010). Pengaruh Modal lntelektual Dan Pengungkapan Modal lntelektual Pada Nilai Perusahaan Yang Melakukan Initial Public Offering. Jurnal Akuntansi dan Keuangan Indonesia, 8(2), 157-170.
Wijaya, B.I., & Panji Sedana, I.B. (2015). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen dan Kesempatan Investasi sebagai Variabel Mediasi). E-Jurnal Manajemen Unud, 4(12), 4477- 4500.
Williams, J.R. (2000). GAAP Guide, College Edition. San Diego, CA: Harcourt Professional.
