THE EFFECTS OF SALES GROWTH AND TOTAL ASSETS TURN OVER ON COMPANY VALUE WITH PROFITABILITY AND DEBT POLICY AS MEDIATION VARIABLES (CASE STUDY ON TRANSPORTATION COMPANY LISTED ON THE IDX FOR 2015-2018 PERIOD)

Vera Andriani, Haryetti Haryetti, Ahmad Fauzan Fathoni, Anggia Paramitha

Abstract


This study aims to test and seek empirical evidence of the factors that influence company value. The factors tested in this study include Sales Growth and Total Asset Turn Over. Researcher adds Profitability and Debt Policy as mediating variables in this study. The population of this research is transportation companies listed on the Indonesia Stock Exchange in the 2015-2018 period. The research sample was selected using purposive sampling criteria so that 25 transportation companies were selected that were listed consecutively on the Indonesia Stock Exchange starting from the 2015-2018 period. To examine the factors that contribute to company value, this study uses path analysis and uses SPSS Statistics version 23 as an analysis tool. The results of this study indicate that Sales Growth and Total Asset Turn Over have a significant effect on Profitability, Sales Growth and Total Asset Turn Over have a significant effect on Debt Policy, Total Asset Turn Over and Debt Policies have a significant effect on Company Value. Meanwhile, Sales Growth and Profitability have no significant effect on Company Value. Debt policy as a mediating variable is able to mediate the effect of the dependent variable on the independent variable in this study. Meanwhile, Profitability as a mediating variable is not able to mediate the effect of the dependent variable on the independent variable in this study.


Keywords


Sales Growth; Total Asset Turn Over; Profitability; Debt Policy; Company Value.

Full Text:

XML PDF

References


Ambari, R., Indrawan, A., & Sudarma, A. (2020). Pengaruh total debt equity ratio (DER) dan total asset turnover (TATO) terhadap profitabilitas (ROE) pada perusahaan manufaktur yang terdaftar di bursa efek. Journal of Business, Management and Accounting, 1, 66-72

Chandra, C & Jonnardi (2020). Pengaruh profitabilitas, kebijakan hutang, dan

perputaran modal kerja terhadap nilai perusahaan. Jurnal Multiparadigma Akuntansi Tarumanaga, 2, 1276-1285

Chotimah, C & Susiowibowo, J. (2014). Pengaruh struktur modal, modal kerja

dan pertumbuhan penjualan terhadap profitabilitas. Jurnal Ilmu Manajemen,

, 12-20

Hanafi, M. (2004). Manajemen Keuangan. Penerbit BPFE: Yogyakarta.

Hidayat, M.S. (2013). Pengaruh kepemilikan manajerial, kebijakan dividen, struktur aktiva, pertumbuhan penjualan, dan ukuran perusahaan terhadap kebijakan utang. Jurnal Ilmu Manajemen,1, 12-25

Nurlaela, S., Mursito,B., Kustiyah, E., Istiqomah., & Hartono, S. (2019). Asset turnover, capital structure, and financial performance consumption industry company in Indonesia stock exchange. International Journal of Economics and Financial Issues, 9, 297-301

Oktrima, B. (2017). Pengaruh profitabilitas, likuiditas, dan struktur modal terhadap nilai perusahaan. Sekuritas,1, 21-32

Paminto, A., Setiadi, D., & Sinaga, J. (2016). The effect of capital structure, firm growth, and dividend policy on profitability and firm value of the oil palm plantation companies in Indonesia. European Journal of Business and Management, 33, 123-134

Sarwono, J. (2007). Analisis Jalur untuk Riset Bisnis dengan SPSS. Penerbit Andi: Yogyakarta.

Simanjuntak, G.Y. (2020). Analysis of The Effect of Debt Structure, Firm Size, Sales Growth, and Total Asset Turnover on Profitability in Manufacturing Firms Listed on The Indonesian Stock Exchange. International Journal of Public Budgeting, Accounting, and Finance, 3, 54-62.

Triyani, W., Mahmudi, B.,& Rosyid, A. (2018). Pengaruh pertumbuhan aset terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening. Tirtayasa Ekonomika, 13,107-129

Zuhria, S.F. & Riharjo, I.B. (2016). Pengaruh profitabilitas, free cash flow, pertumbuhan penjualan, ukuran perusahaan terhadap kebijakan hutang. Jurnal Ilmu dan Riset Akuntansi (JIRA), 5, 1-21




DOI: http://dx.doi.org/10.31258/ijeba.6.2.93-109

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 INTERNATIONAL JOURNAL OF ECONOMICS, BUSINESS AND APPLICATIONS