The  effect of company profitability and dividend policy on firm value PT Bukit Asam TBK

Meri Amalia Utami; Mohamad Adam; Marlina Widiyanti; Lukluk Fuadah

doi:10.21744/ijbem.v7n4.2337

Authors

Meri Amalia Utami Sriwijaya University, Palembang, Indonesia
Mohamad Adam
mr_adam88@unsri.ac.id
Sriwijaya University, Palembang, Indonesia
Marlina Widiyanti Sriwijaya University, Palembang, Indonesia
Lukluk Fuadah Sriwijaya University, Palembang, Indonesia

Keywords:

dividend policy, firm value, profitability

Abstract

The purpose of this study is to obtain empirical evidence of Coal Prices, Profitability and Dividend Policy on PT Bukit Asam Tbk value listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, the research samples obtained totalled 1 company with quarterly research period from 2012-2022 so that there were 44 units of analysis. The research design was quantitative descriptive. The analysis technique in this research is multiple regression analysis method. The results showed that Coal Price has a significant positive effect, Profitability and Dividend Policy have no effect on PT Bukit Asam Tbk value. The implication of this research is that companies must pay attention to Coal Price that can affect stock price so that company value can increase.

Downloads

Download data is not yet available.

References

Agustina, L., Nurmalasari, E., & Astuty, W. (2023). Corporate Social Responsibility Dan Risiko Investasi Terhadap Reputasi Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening. Owner: Riset Dan Jurnal Akuntansi, 7(1), 687-699.

Amelia, R., & Sembiring, F. M. (2023). Analisis Current Ratio, Return on Assets, dan Ukuran Perusahaan, serta Pengaruhnya terhadap Nilai Perusahaan yang Dimediasi oleh Struktur Modal.

Aydo?mu?, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119-S127. https://doi.org/10.1016/j.bir.2022.11.006

Belo, F., Gala, V. D., Salomao, J., & Vitorino, M. A. (2022). Decomposing firm value. Journal of Financial Economics, 143(2), 619-639. https://doi.org/10.1016/j.jfineco.2021.08.007

Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 114-138. https://doi.org/10.1016/j.ribaf.2018.07.005

Booth, L., & Zhou, J. (2017). Dividend policy: A selective review of results from around the world. Global Finance Journal, 34, 1-15. https://doi.org/10.1016/j.gfj.2017.07.002

Brown, L. D., & Caylor, M. L. (2006). Corporate governance and firm valuation. Journal of accounting and public policy, 25(4), 409-434. https://doi.org/10.1016/j.jaccpubpol.2006.05.005

Dewi, G. A. M. S., & Abundanti, N. (2020). Effect Of Profitability On Firm ValueWith Dividend Policy As A Mediation Variables In Manufacturing Companies. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(11), 330-335.

Dinar, M., Yuesti, A., & Dewi, N. P. S. (2020). The Effect of Profitability, Liquidity and Leverage on Tax Aggressiveness in Manufacturing Companies Listed on the Stock Exchange. Journal of Charisma, 2(1), 66-73.

Gugler, K. (2003). Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment. Journal of Banking & Finance, 27(7), 1297-1321. https://doi.org/10.1016/S0378-4266(02)00258-3

He, W., Ng, L., Zaiats, N., & Zhang, B. (2017). Dividend policy and earnings management across countries. Journal of Corporate Finance, 42, 267-286. https://doi.org/10.1016/j.jcorpfin.2016.11.014

Jamil, P.C. & Hayati, R. (2020). 'Foreign Investment in Indonesia', KIAT Economic Journal, 31(2).

Khairunisa, N., & Nazir, N. (2022). Pengaruh Leverage, Kebijakan Dividen Dan Ukuran Perusahaan Terhadap Volatilitas Harga Saham. Jurnal Ekonomi Trisakti, 2(2), 833-844.

Kharisma, P., & Priyadi, M. P. (2023). Pengaruh Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Variabel Moderasi. Jurnal Ilmiah Akuntansi dan Keuangan (JIAKu), 2(3), 258-274.

Kim, J., Yang, I., Yang, T., & Koveos, P. (2021). The impact of R&D intensity, financial constraints, and dividend payout policy on firm value. Finance Research Letters, 40, 101802. https://doi.org/10.1016/j.frl.2020.101802

Ministry of Finance of the Republic of Indonesia (2022) Ministry of Finance Performance Report, Ministry of Finance of the Republic of Indonesia.

Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging markets review, 5(4), 409-426. https://doi.org/10.1016/j.ememar.2004.05.003

Nesta, K. A., & Amir, A. (2023). The Effect of Capital Structure, Profitability, Leverage and Company Size on Company Value. Ratio: Reviu Akuntansi Kontemporer Indonesia, 4(2), 139-148.

Otoritas Jasa Keuangan (2024) Celebration of 47 Years of the Reactivation of the Indonesian Capital Market, OJK.

Putri, A. P. J., & Wahyudi, I. (2023). Pengaruh Risiko Kredit, Risiko Likuiditas, Modal Bank Dan Efisiensi Operasional Terhadap Profitibilitas Bank. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(3), 79-94.

Rahma, S. S., & Arifin, A. (2022, April). Pengaruh Kebijakan Deviden, Kebijakan Hutang, Keputusan Investasi, Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2020). In Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK) (Vol. 1, pp. 330-341).

Santoso, P. W., Aprilia, O., & Tambunan, M. E. (2020). The intervening effect of the dividend policy on financial performance and firm value in large indonesian firms. International Journal of Financial Research, 11(4), 408-420.

Saragih, R., Ashadi, D., Sembiring, M. O., & Nurlinda, N. (2023). Analisis Boston Consulting Group (BCG) pada PT Bukit Asam Tbk. Jurnal Akuntansi, Keuangan dan Perpajakan, 6(1), 53-61.

Sihotang, D. R., & Saragih, J. L. (2017). Pengaruh Kebijakan Dividen, Kebijakan Hutang Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Riset Akuntansi & Keuangan, 25-46.

Spence, M. (1978). Job market signaling. In Uncertainty in economics (pp. 281-306). Academic Press. https://doi.org/10.1016/B978-0-12-214850-7.50025-5

Stevanus, Y., & Rahadi, D. R. (2020). Persepsi dan pengambilan keputusan milenial terhadap instrumen investasi masa depan. Jurnal Riset Bisnis dan Investasi, 6(3), 107-119.

Sudarma, I. P., & Sari, M. M. R. (2020). Financial distress, growth opportunities, and dividend policy on firm value through company hedging policies: Empirical study on property and real estate companies listed on indonesian stock exchange. International Research Journal of Management, IT and Social Sciences, 8(1), 47-59.

Wahyuni, S., Arliansyah, A., Khaddafi, M., & Zulkifli, Z. (2024). Pengaruh Corporate Governance Terhadap Tax Avoidance Pada Perusahaan Bumn Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2021. Jurnal Akuntansi Malikussaleh (JAM), 2(4), 565-576.

Yanti, N. M. Y. W. A., & Dwirandra, A. A. N. B. (2019). The effect of profitability in income smoothing practice with good corporate governance and dividend of payout ratio as a moderation variable. International research journal of management, IT and social sciences, 6(2), 12-21.