Karakteristik Perbankan dan Nilai Perusahaan: Analisis pada Emiten di Bursa Efek Indonesia

Anak Agung Putu Gede Bagus Arie Susandya; I Ketut Sunarwijaya

doi:10.59086/jam.v4i3.1117

Authors

Anak Agung Putu Gede Bagus Arie Susandya Universitas Mahasaraswati Denpasar
I Ketut Sunarwijaya Universitas Mahasaraswati Denpasar

DOI:

https://doi.org/10.59086/jam.v4i3.1117

Keywords:

Nilai Perusahaan, kecukupan modal, umur perusahaan, ukuran perusahaan, Keputusan Investasi, pertumbuhan perusahaan

Abstract

Penelitian ini menganalisis faktor internal bank terhadap nilai perusahaan pada emiten perbankan di Bursa Efek Indonesia periode 2021–2023. Enam variabel independen yang diuji meliputi kecukupan modal (KM), umur perusahaan (UMP), ukuran perusahaan (UP), keputusan investasi (KI), pertumbuhan perusahaan (PP), dan kebijakan hutang (KH), sedangkan nilai perusahaan diukur dengan Tobin’s Q. Sampel ditentukan secara purposive terhadap 45 bank sehingga diperoleh 135 observasi. Data sekunder dari laporan tahunan diolah menggunakan regresi linier berganda, didahului uji asumsi klasik (normalitas, multikolinearitas, autokorelasi, heteroskedastisitas). Hasil menunjukkan rasio kecukupan modal dan pertumbuhan perusahaan berpengaruh positif terhadap nilai perusahaan. Sedangkan umur perusahaan, keputusan investasi, dan kebijakan utang tidak berpengaruh terhadap nilai perusahaan. Temuan ini menegaskan relevansi teori sinyal: permodalan yang kuat dan kapasitas bertumbuh menjadi sinyal kredibel bagi investor, sementara usia, skala aset, kebijakan hutang, dan keputusan investasi belum terbukti memengaruhi valuasi pada horizon pengamatan. Implikasi manajerial menekankan prioritas penguatan permodalan, strategi pertumbuhan berkualitas, serta transparansi kinerja dan manajemen risiko. Penelitian lanjutan disarankan memasukkan indikator profitabilitas dan risiko perusahaan serta faktor makroekonomi guna meningkatkan tingkat akurasi model.

This study analyzes internal bank factors affecting firm value among banking issuers listed on the Indonesia Stock Exchange for the 2021–2023 period. Six independent variables are examined—capital adequacy (KM), firm age (UMP), firm size (UP), investment decisions (KI), firm growth (PP), and debt policy (KH)—while firm value is measured using Tobin’s Q. The sample was determined purposively to include 45 banks, yielding 135 observations. Secondary data from annual reports were processed using multiple linear regression, preceded by classical assumption tests (normality, multicollinearity, autocorrelation, heteroskedasticity). The results show that the capital adequacy ratio and firm growth have a positive effect on firm value, whereas firm age, investment decisions, and debt policy do not affect firm value. These findings affirm the relevance of signaling theory: strong capitalization and growth capacity provide credible signals to investors, while age, asset scale, debt policy, and investment decisions have not been proven to influence valuation within the observation horizon. Managerial implications emphasize prioritizing capital strengthening, strategies for quality growth, and transparency in performance and risk management. Future research is advised to include risk indicators as well as macroeconomic factors to improve the model’s accuracy.

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Author Biography

I Ketut Sunarwijaya, Universitas Mahasaraswati Denpasar

Program studi akuntansi Fakultas ekonomi dan bisnis Universitas Mahasaraswati Denpasar

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