Analisis Eksposur Ekonomi Terhadap Nilai Perusahaan pada Industri Manufaktur dan Pertambangan di Bursa Efek Indonesia

Abstract

Economic exposure is measuring the changes in exchange rate which influence firm value measured from the present value of cash flow in order to maximize the property of shareholders. The objective of the research was to find out and to analyze the influence of economic exposure on the firm value of manufacture and mining companies. Independent variables were firm size, market to book ratio, quick ratio, export ratio, debt to asset ratio, earning variability, and hedging on firm value with economic exposure as intervening variable in manufacture and mining industry. The research used associative statistics the data were gathered by conducting documentary study. The population was 171 manufacture and mining companies, consisted of 132 manufacture companies and 39 mining companies. The data were analyzed by using path analysis with software E-views 7.0. The result of the first substructure showed that firm size, market to book ratio, quick ratio, export ratio, debt to asset ratio, earning variability, and hedging simultaneously had the influence on economic exposure in manufacture and mining companies. Partially, export ratio had positive and significant influence on economic exposure. The result of the second substructure showed that firm size, market to book ratio, quick ratio, export ratio, debt to asset ratio, earning variability, hedging, and economic exposure simultaneously had the influence on firm value in manufacture and mining companies. Partially, only debt to asset ratio, and earning variability had positive and significant influence on firm value. Economic exposure was not intervening variable which intervened the influence of firm size, market to book ratio, quick ratio export ratio, debt to asset ratio, earning variability, and hedging on firm value.

Eksposur ekonomi adalah mengukur perubahan – perubahan nilai tukar yang mempengaruhi nilai perusahaan yang diukur dalam present value cash flows yang berfokus pada dampak perubahan nilai tukar terhadap nilai perusahaan yang bertujuan untuk memaksimumkan kekayaan pemegang saham. Tujuan penelitian ini adalah untuk mengetahui dan menganalisis pengaruh eksposur ekonomi terhadap nilai perusahaan Manufaktur dan Pertambangan. Variabel independen dari penelitian adalah firm size, market to book ratio, quick ratio, export ratio, debt to asset ratio,earning variability dan hedging terhadap nilai perusahaan dengan eksposur ekonomi sebagai variabel intervening pada industri Manufaktur dan Pertambangan. Penelitian ini merupakan penelitian statistik asosiatif. Metode pengumpulan data dilakukan melalui studi dokumentasi. Populasi penelitian ini adalah industri Manufaktur dan Pertambangan yang terdaftar di Bursa Efek Indonesia yang sesuai dengan kriteria yang telah ditentukan yaitu sebanyak 171 perusahaan yang terdiri dari 132 perusahaan manufaktur dan 39 perusahaan pertambangan . Metode analisis data yang digunakan adalah menggunakan path analisis dengan meggunakan software E-views 7,0. Hasil penelitian substruktur pertama menunjukkan Firm size, market to book ratio, quick ratio, export ratio, debt to asset ratio, earning variability dan hedging secara simultan berpengaruh terhadap eksposur ekonomi pada perusahaan Manufaktur dan Pertambangan. Secara parsial export ratio yang berpengaruh positif dan signifikan terhadap eksposur ekonomi. Hasil substruktur kedua menunjukkan Firm size, market to book ratio, quick ratio, export ratio, debt to asset ratio, earning variability, hedging dan eksposur ekonomi secara simultan berpengaruh terhadap nilai perusahaan pada perusahaan Manufaktur dan Pertambangan. Secara parsial hanya debt to asset ratio dan earning variability yang berpengaruh positif dan signifikan terhadap nilai perusahaan. Eksposur ekonomi bukan merupakan variabel intervening pengaruh Firm size, market to book ratio, quick ratio, export ratio, debt to asset ratio, earning variability dan hedging terhadap nilai perusahaan.