Fundamental And Technical Factors Towards Investment Decisions And Company Value Moderated By Sales At Trading Companies In Indonesia
Keywords:
fundamentals, technical, macro, investment desperance and corporate value
Abstract
The purpose of this study is a) to analyze the influence of fundamental factors, namely profit growth, ROE and DER on investment decisions and value; to analyze the influence of macro factors namely sectoral PDP, SBI and exchange rate and beta of stocks on investment decisions and company value; to analyze the influence of technical factors i.e. the previous share price and trading volume on investment desperedness and the value of the company; to analyze the effect of investment decisions on the company's value; to analyze sales as moderating the effect of investment decisions on the value of the company. Based on the results of data analysis and discussion, it can be concluded that 1) fundamental factors as measured by profit growth, ROE and DER affect investment decisions; 2) Macro variables, namely interest rates and sectoral GDP, have a significant effect on investment decisions. That means higher macro variables are causing increases and decreases in investment decisions. While inflation has no positive and significant effect; 3) Technical variables consist of the previous share price and the trading volume has no significant effect on investment decisions. That means the higher the previous share price and the volume of trades does not increase investment decisions; 5) Fundamental factors namely profit growth, ROE and DER affect the value of the company; 6) Macro variables namely interest rates and sectoral GDP and inflation have no significant effect on the value of the company; 7) Investment decisions affect the value of the company; 8) In sales is not proven to moderate the mover of investment decisions against the value of the company.
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References
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[37] Sugeng, Sulistiono et. al 2017. Investment opportunity set as the mediation effect of capital structure, and corporate dividend policy on firm value : A study on manufacturing firms in indonesia stock exchange. International journal of applied Busniness and economic research vol 15 no 22.
[38] Suresh. A.S,.2013. A Study on Fundamental and Technical Analysis. International Journal of Marketing, Financial Services & Management Research ISSN 2277- 3622 Vol.2, No. 5
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[1] Voloshyna, K. 2015. Fundamental Analysis Vs Technical Analysis in The Egyptian Stock Exchange–Empirical Study. International Journal of Business and Management Study–IJBMS,2(2), 212- 218
[41] Wahyudi, Untung & Pawestri, H 2006 . ‘Implikasi Struktur Kepemilikan Terhadap Nilai Perusahaan Keputusan Keuangan Sebagai Variabel Intervening’. Simposium Nasional Akutansi IX. Padang
[42] Wijaya, Bayu & Bandi, Sedana, I 2015. ‘Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi)’. E- jurnal manajemen Unud, vol 4 no 12.
[2] Ariska, M., & Fahru, M. (2020). Leverage, Ukuran Perusahaan dan Profitabilitas dan Pengaruhnya Terhadap Tax Avoidance Pada Perusahaan Sektor Pertambangan di Bursa Efek Indonesia Tahun 2014-2019. Jurnal Revenue: Jurnal Ilmiah Ilmu Akuntansi, 1(1), 133-142.
[3] Brigham, Eugene F and Houston, Joel F. 2015. Dasar-Dasar Manajemen. Keuangan, alih bahasa Ali Akbar Yulianto, Buku satu, Edisi sepuluh, PT. Salemba
[4] Cheung, William Mingyan, Richard Chung dan ScottFung. 2015. The Effects Of Stock Liquidity On firm Value and Corporate Governance: Endogeneity and The REIT experiment. Journal Coorparate Finance. Pg. 231-232
[5] Devianasari, N luh & Ni Putu,s 2015. ‘Pengaruh PER, DER, dan DPR terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di BEI’. E- jurnal manajemen universitas Udayana vol 4 no 11
[6] Efni, Yulia. 2017. ‘The mediating effect of investment decisions and financing decisions on the effect of corporate risk and devidend policy against corporate value’. Investment management and financial innovations, vol 14 issue 2.
[7] Ekman Nils, 2017.An Empirical Analysis of the Profitability of Technical Analysis Across Global Markets The Case of Equities, Commodities and Foreign Exchange Rates Lund University School Economics And Management
[8] Fahmi, Irham 2012. Analisa Laporan Keuangan.Cetakan ke -2. Bandung :Alfabeta. 2012
[9] Fahmi, Irham 2014. Analisa Laporan Keuangan.Cetakan ke -2. Bandung :Alfabeta. 2012
[10] Handayani Sri dan Artini. 2013. Pengaruh Rasio Keuangan Daerah terhadap Belanja Modal untuk Pelayanan Publik dalam Perspektif Teori Keagenan (Studi pada Kabupaten dan Kota di Jawa Tengah)”. JurnalEkonomi
[11] Harahap, Sofyan S 2013. Analisis Kritis Atas Laporan Keuangan. Raja Grafindo Persada, Jakarta.
[12] Harmono, 2017Manajemen Keuangan Berbasis Balanced Scorecard. (Pendekatan Teori,
[13] Hasania. Zuhria ,Murni, S & Mandagie, 2016. ‘Pengaruh Current ratio, ukuran perusahaan, struktur modal dan RoE terhadap Nilai perusahaan Farmasi yang terdaftar di bursa efek indonesia periode 2011 -2014’. Jurnal berkala ilmiah efesiensi vol 16 no 3
[14] Hemastuti, Candra Pami. 2014. Pengaruh Profitabiltas, Kebijakan Dividen, Kebijakan Hutang, Keputusan Investasi dan Kepemilikan Insider Terhadap Nilai Perusahaan.Jurnal Ilmu & Riset Akuntansi Vol. 3 No. 4
[15] Hermawan, Ahmadi , 2013. E-Business & E-Commerse. Andi: Denpasar.
[16] Hermuningsih, Sri dan Dewi Kusuma Wardani. 2013 Faktor-Faktor yang Mempengaruhi Nilai Perusahaan pada Perusahaan yang Terdaftar di Bursa Efek Malaysia dan Bursa Efek Indonesia. Jurnal Siasat Bisnis, Vol. 13, No. 2, pp. 173-183
[17] Jagongo dan Vincent S. Mutswenje.2014. A Survey of the Factors Influencing Investment Decisions: The Case of Individual Pemilik modals at the NSE Ambrose . International Journal of Humanities and Social Science Vol. 4 No. 4 [Special Issue –February 014] 92
[18] Kandir, Serkan Yilmaz. Arioglu, Emrah. 2014. Investigating The Impact of Microeconomic Factors on Stock Return: Evidence From Borsa Istanbul. Journal of Economics and Management. Hlm 1-14
[19] Kasmir, 2008. Bank dan Lembaga Keuangan Lainnya. Edisi Revisi 2008. Jakarta: PT. RAJAGRAFINDO PERSADA
[20] Kotwani, K. 2016. Financing Constraints and Corporate Investment. Brookings Paper on Economic Activity, 1.141-206
[21] Kumar, S., dan Warne, D. 2014. Parametric Determinants of Price-Earnings Ratio in Indian Capital Markets. The IUP Journal of Applied Finance, 15(9), 63-82.
[22] Kusumaningrum, Ayu L 2016. ‘The effeect of return on equity (ROE) to corporate value with managerial ownership as a moderating variabel( a study at manufacturing companies listed in indonesia stock exchange)’.Artikel Ilmiah mahasiswa Universitas Jember.
[23] Lestari Raisa Ayu, 2016. Factor-Faktor Yang Mempengaruhi Nilai Perusahaan. Jounal Ilmiah Universitas Bakrie,vol 1. No 2. 2013
[24] Mahastanti. Linda Ariany 2011. Faktor – faktor yang mempertimbangkan pemilik modal dalam melakukan investasi”. Jurnal Manajemen Teori dan Terapan | Tahun 4, No. 3, Desember
[25] Martono dan, Harjito, Agus. 2011Manajemen Keuangan,edisi1.yogyakarta: EKONISIA
[26] Maulina et al. 2018. . The Impact of Technical Analysis on Stock Returns in an Emerging Capital Markets (ECM‘s) Country: Theoretical and Empirical Study International Journal of Economics and Finance; Vol. 9, No. 3
[27] Oktavia, V., Jefri, U., & Kusuma, J. W. (2020). Pengaruh Good Corporate Governance dan Ukuran Perusahaan Terhadap Tax Avoidance. Jurnal Revenue: Jurnal Ilmiah Ilmu Akuntansi, 1(2), 143-151.
[28] Petrusheva, Nada dan Jordanoski, Igor.2016. Comparative Analysis Between The Fundamental And Technical Analysis Of Stocks. Journal of Process Management – New Technologies, International Vol. 4, No.2
[29] Prasetyo, Zahroh Z.A dan Devi Farah Azizah.2011. Pengaruh Keputusan investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan (Studi pada Perusahaan Sektor Properti dan Real Estate yang Terdaftar di BEI Periode Tahun 2009-2011). Jurnal Ekonomi Volume 4 Hal.1-8
[30] Putra Nyoman Wedana Adi, 2014. Pengaruh Faktor Fundamental Pada Nilai Perusahaan Sektor Telekomunikasi Di Bursa Efek Indonesia Jurnal Ekonomi Volume 3 Hal.1-11
[31] Rakhimsyah dan Gunawan.2011. “Pengaruh Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividen dan Tingkat Suku Bunga TerhadapNilai Perusahaan”.Jurnal Investasi Vol. 7 No.1 Juni 2011.
[32] Ramadhany, Fika. 2015. Pengaruh CR, QR, DAR, DER, Dan ROE Terhadap Nilai Perusahaan( Studi Empiris Pada Perusahaan Farmasi Yang Terdaftar Di BEI Periode 2011-2014)’. Jurnal Universitas Widyatama Vol 1 No 2. Research Journal Of Finance And Accounting. Vol.9, No.3
[33] Rismawati, 2012, Analisis Perbandingan Model Prediksi Financial Distress. Jurnal Ekonomi Indonesia
[34] Riyanto, Bambang.2011.Dasar-dasar Pembelanjaan Perusahaan. BPFE, Yogyakarta
[35] Robinhot, Gultom, Agustina, dan Sri Widia Wijaya. 2013,Analisis Factor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Farmasi Dibursa Efek Indonesia, Jurnal Wira Ekonomi Mikroskil vol 3 no 1. April.2013
[36] Simarmata, Rhoma dan Subowo.2016.Pengaruh Intellectual Capital terhadap Kinerja Keuangan dan Nilai Perusahaan Perbankan Indonesia. Accounting Analysis Journal 5 (1), ISSN: 2252-6765
[37] Sugeng, Sulistiono et. al 2017. Investment opportunity set as the mediation effect of capital structure, and corporate dividend policy on firm value : A study on manufacturing firms in indonesia stock exchange. International journal of applied Busniness and economic research vol 15 no 22.
[38] Suresh. A.S,.2013. A Study on Fundamental and Technical Analysis. International Journal of Marketing, Financial Services & Management Research ISSN 2277- 3622 Vol.2, No. 5
[39] Todaro, Michael. 2006 Pembangunan Ekonomi Di Dunia Ketiga, Edisi. Keenam, Jakarta: Erlangga.
[40] Tulay Yucel dan Guluzar Kurt. 2014. Foreign Exchange Rate Sensitivity And Stock Price:Estimating Economic Exposure Of Turkish Companies. Turkey Business Administration Accounting and Finance Department
[1] Voloshyna, K. 2015. Fundamental Analysis Vs Technical Analysis in The Egyptian Stock Exchange–Empirical Study. International Journal of Business and Management Study–IJBMS,2(2), 212- 218
[41] Wahyudi, Untung & Pawestri, H 2006 . ‘Implikasi Struktur Kepemilikan Terhadap Nilai Perusahaan Keputusan Keuangan Sebagai Variabel Intervening’. Simposium Nasional Akutansi IX. Padang
[42] Wijaya, Bayu & Bandi, Sedana, I 2015. ‘Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi)’. E- jurnal manajemen Unud, vol 4 no 12.
Published
2021-01-27
How to Cite
Mamay Komarudin. (2021). Fundamental And Technical Factors Towards Investment Decisions And Company Value Moderated By Sales At Trading Companies In Indonesia. International Journal of Science, Technology & Management, 2(1), 244-255. https://doi.org/10.46729/ijstm.v2i1.163
Section
Articles
