VALUASI ENTITAS BISNIS SEKTOR KONSTRUKSI : SEBUAH ANALISIS JALUR PENGARUH FAKTOR FUNDAMENTAL DAN STRUKTUR MODAL DENGAN PERFORMA FINANSIAL SEBAGAI MEDIATOR
Abstract
Investigasi empiris ini menyajikan sebuah model analisis yang bertujuan untuk membedah determinan-determinan yang membentuk valuasi perusahaan di industri konstruksi Indonesia. Studi ini secara spesifik menelaah bagaimana nilai sebuah entitas bisnis dibentuk oleh interaksi antara kondisi fundamental makroekonomi, kapabilitas fundamental mikro korporat, dan kebijakan struktur permodalan. Kontribusi distingtif dari riset ini adalah pemodelan performa finansial sebagai sebuah variabel mediasi, yang memungkinkan identifikasi mekanisme transmisi tidak langsung antara variabel-variabel anteseden dengan nilai akhir perusahaan. Melalui aplikasi metode analisis jalur (path analysis) terhadap data sekunder laporan keuangan selama periode lima tahun, temuan kunci mengindikasikan bahwa faktor-faktor internal perusahaan merupakan prediktor signifikan bagi peningkatan kinerja finansial. Performa finansial selanjutnya terbukti berfungsi sebagai jembatan mediasi yang efektif, di mana pengaruh positif dari fundamental mikro secara signifikan tersalurkan kepada nilai perusahaan melalui variabel ini. Sebaliknya, baik kondisi makroekonomi maupun keputusan struktur modal tidak menunjukkan adanya pengaruh yang signifikan secara statistik. Hasil penelitian ini memberikan afirmasi kuat bahwa kapabilitas internal adalah determinan paling dominan dalam pembentukan kinerja dan valuasi di sektor konstruksi, mengimplikasikan bahwa strategi korporat yang berfokus pada efisiensi operasional dan optimalisasi finansial merupakan jalur paling efektif untuk penciptaan nilai pemegang saham.
References
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Alshareef, A., & Tauni, M. Z. (2020). Corporate Governance and Kinerja keuangan: Evidence from Saudi Arabia. Journal of Applied Accounting Research, 21(4), 564-581.
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Andaswari, S., et al. (2019). The company size as a moderating variable for the effect of investment opportunity set, debt policy, profitability, Profitabilitityd policy and ownership structure on the value of construction companies listed on the Indonesia stock exchange. International Journal of Scientific and Technology Research, 8(9), 2356-2362.
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Asdemir, O., Fernando, G. D., & Tripathy, A. (2018). Market perception of firm strategy. Managerial Finance, 39(2), 90-115.
Assaf, A. A., Ahmed, A. D., & Abughazleh, Y. M. (2018). The Impact of Intellectual Capital on Kinerja keuangan of Banking Sector in Jordan. Journal of Intellectual Capital, 19(3), 590-611.
Athey, S. (2018). The Economics of Digital Markets. Journal of Economic Perspectives, 32(2), 3-22.
Atrill, P., & McLaney, E. (2018). Accounting and Finance for Non-Specialists (10th ed.). Pearson.
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Barua, A., & Kumar, R. (2019). The Effect of Capital Structure on Firm Value: Evidence from South Asian Countries. International Journal of Managerial Finance, 15(4), 505-527.
Bernanke, B., Kiley, M. T., & Roberts, J. M. (2019). Monetary Policy in the 21st Century: A Reassessment. Brookings Papers on Economic Activity, Spring 2019(1), 1-67.
Bessen, J. (2019). The Economics of Artificial Intelligence: Implications for the Future of Work. Journal of Economic Perspectives, 33(2), 31-50.
Blanchard, O., & Johnson, D. R. (2022). Macroeconomics (8th ed.). Pearson.
Brealey, R. A., Myers, S. C., & Allen, F. (2020). Principles of Corporate Finance (13th ed.). McGraw-Hill Education.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management (15th ed.). Cengage Learning.
Chabachib, M., et al. (2020). The effect of investment opportunity set and company growth on firm value: Capital structure as an intervening variable. International Journal of Innovation, Creativity and Change, 12(11), 139-156.
Clinton, E., McAdam, M., & Gamble, J. R. (2018). Transgenerational entrepreneurial family firms: An examination of the business model construct. Journal of Business Research, 90, 269-285.
Conroy, R. M. (2021). Capital Structure and Firm Value. SSRN Electronic Journal.
Damodaran, A. (2020). The Little Book of Valuation: How to Value a Company, Pick a Stock, and Profit. Wiley.
Dang, T. D., & Do, T. V. T. (2021). Does capital structure affect firm value in Vietnam? Investment Management and Financial Innovations, 18(1), 33-41.
Dermarkar, S., & Hazgui, M. (2022). How auditors legitimize commercialism: A micro-discursive analysis. Critical Perspectives on Accounting, 83.
Dinh, H. T., & Pham, C. D. (2020). The Effect of Capital Structure on Kinerja keuangan of Vietnamese Listing Pharmaceutical Enterprises. Journal of Asian Finance, Economics and Business, 7(9), 329-340.
Evans, D. (2018). The Economics of Platform Markets. Journal of Economic Perspectives, 32(3), 3-28.
Fama, E. F., & French, K. R. (2018). Dividend Yields and Expected Stock Returns. Journal of Financial Economics, 22(2), 3-25.
Febrianty, N. N. A., & Mertha, I. M. (2021). Effect of Profitability, Investment opportunity set and Good Corporate Governance on Company Value. American Journal of Humanities and Social, 5(2), 238-246.
Feldstein, M. (2018). Underestimating the Real Growth of GDP, Personal Income, and Productivity. Journal of Economic Perspectives, 32(2), 31-50.
Figge, F., & Hahn, T. (2019). Not measuring sustainable value at all: A response to Kuosmanen and Kuosmanen. Ecological Economics, 244-249.
Gale, W., & Orszag, P. (2021). Fiscal Policy and the Macroeconomy. Journal of Economic Perspectives, 35(3), 3-26.
Hery. (2016). Analisis Laporan Keuangan: Pendekatan Rasio Keuangan untuk Menilai Kinerja Perusahaan. PT Grasindo.
Hiep, T. D., Nha, T. D., & Anh, N. V. (2020). The Role of Financial Leverage in the Relationship between Intellectual Capital and Firm Value: Evidence from Vietnam. Journal of Risk and Financial Management, 13(2), 35.
Hillier, D., Grinblatt, M., & Titman, S. (2020). Financial Markets and Corporate Strategy (3rd ed.). McGraw-Hill Education.
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174-191.
Hoque, A., Mohiuddin, M., & Siddiqui, J. (2020). The Value of Relevance of Corporate Social Responsibility in Emerging Markets. Sustainability, 12(18), 7387.
Hung, D. Van, Nhung, L. T., & Hung, N. T. (2021). The Impact of Capital Structure on Firm Value In Vietnam. Advances and Applications in Statistics, 69(2), 115-132.
Husnan, S. (2020). Dasar-Dasar Teori Portofolio dan Analisis Sekuritas (6th ed.). UPP AMP YKPN.
Hwihanus, H., Ratnawati, T., & Yuhertiana, I. (2019). Analisis Pengaruh Fundamental Makro dan Fundamental Mikro Terhadap Struktur Kepemilikan, Kinerja Keuangan, dan Nilai Perusahaan pada Badan Usaha Milik Negara yang Terdaftar di Bursa Efek Indonesia. Business and Finance Journal, 4(1), 65-72.
Ina, R., Amboningtyas, D., & Gagah, E. (2020). Influence of Capital Structure, Company Size, And Investment Opportunities Set For Company Value With Profit Quality As Intervening Variables. Journal of Management, (Idx), 2-18.
International Monetary Fund. (2021). World Economic Outlook: Recovery During a Pandemic. https://www.imf.org.
Khoeriyah, A. (2020). Pengaruh Ukuran Perusahaan, Leverage, Sales Growth Dan Investment opportunity set Terhadap Nilai Perusahaan. Jurnal Profita, 13(1), 96.
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.
Krugman, P., Obstfeld, M., & Melitz, M. (2018). International Economics: Theory and Policy (11th ed.). Pearson.
Laopodis, T. N. (2022). Global risk factors of NYSE- and NASDAQ-listed shipping companies' stock returns. Maritime Business Review, 7(2), 90-108.
Lee, J. W. (2019). A Study on Corporate Governance, Risk, and Diversification as Determinants of Firm Value under Restriction of Macroeconomic Variables. The Korean Data Analysis Society, 21(1), 21-33.
Maneerattanarungrot, C., & Donkwa, K. (2018). Capital structure affecting firm value in Thailand. ABAC Journal, 38(2), 133-146.
Mankiw, N. G. (2020). Principles of Economics (9th ed.). Cengage Learning.
Mishkin, F. S. (2019). The Economics of Money, Banking, and Financial Markets (12th ed.). Pearson.
Mitchell, R., Boyle, B., & Nicholas, S. (2021). The interactive influence of human and social capital on capability development: the role of managerial diversity and ties in adaptive capability. Personnel Review, 50(3), 865-879.
Musa, A. B., Matemilola, B. T., & Bany-Ariffin, A. N. (2021). Impact of Non-Financial Firms Capital Structure on Firm-Value Performance in Developing Africa. International Journal of Management (IJM), 12(1), 1483-1491.
Myers, S. C. (2020). Capital Structure: Some Legal and Policy Issues. Journal of Economic Perspectives, 24(4), 119-144.
Nurazi, R., Zoraya, I., & Wiardi, A. H. (2020). The Influence of Good Corporate Governance and Capital Structure on Firm Value: The Mediation Role of Kinerja keuangan. Media Ekonomi dan Manajemen, 35(2), 230.
Oktaria, M., & Alexandro, R. (2020). Analysis of the Influence of Capital Structure, Investment opportunity set and Profitability to Value Companies in Manufacturing Companies Before and During Pandemic COVID-19. Atlantis Press.
Penman, S. H. (2020). Financial Statement Analysis and Security Valuation (6th ed.). McGraw-Hill Education.
Permata, I. S., & Alkaf, F. T. (2020). Analysis of Market Capitalization and Fundamental Factors on Firm Value. Journal of Accounting and Finance Management, 1(2).
Putra, S. A., Suhadak, & Topowijono. (2018). Pengaruh Makro Ekonomi Dan Faktor Fundamental Terhadap Firm ValuE (Studi pada Perusahaan Sektor Aneka Industri yang Terdaftar di Bursa Efek Indonesia Periode 2017-2020). Jurnal Administrasi Bisnis (JAB), 13(2), 107-121.
Quang, D. D., Tuan, H. A., & Cuong, P. T. K. (2021). Dynamic Capital Structure Decisions under Strategic Interaction and Market Timing: Evidence from Mergers and Acquisitions. Journal of Risk and Financial Management, 14(2), 81.
Riyanto, B. (2020). Dasar-Dasar Pembelanjaan Perusahaan (6th ed.). BPFE.
Ross, S. A., Westerfield, R. W., & Jaffe, J. (2019). Corporate Finance (12th ed.). McGraw-Hill Education.
Sappar, B. (2015). Analisis Pengaruh Faktor-Faktor Fundamental Dan Teknikal Terhadap Nilai Perusahaan (Studi pada Perusahaan Consumer Goods Industry di Bursa Efek Indonesia Periode 2021-2013). Jurnal Administrasi Bisnis S1 Universitas Brawijaya, 24(1), 86044.
Sari, R. P., Romli, H., & Marnisah, L. (2020). Pengaruh Faktor Fundamental Makro Dan Mikro Perusahaan Terhadap Nilai Perusahaan. JURNAL Ecoment Global, 5(1), 51-62.
Suhono, Nugraha, Disman, & Sari, M. (2022). The Influence of Fundamental and Macroeconomic Factors on Firm Value with Capital Structure as a Moderating Variable. Budapest International Research and Critics Institute- Journal (BIRCI-Journal), 5(1), 3289-3303.
Sunstein, C. R. (2018). Behavioral Economics and Public Policy: A Pragmatic Perspective. American Economic Review, 108(6), 1265-1297.
Tu, T. T. T., & Linh, T. T. T. (2019). Determinants of Capital Structure in Emerging Markets: Evidence from Asia. Journal of Risk and Financial Management, 12(4), 164.
Uzliawati, L., et al. (2018). Optimisation of capital structure and firm value. European Research Studies Journal, 21(2), 705-713.
Wahyudi, S. M. (2020). The Effect of Corporate Social Responsibility, Investment opportunity set, Leverage, And Size of Companies on Corporate Value. European Journal of Business and Management Research, 5(4).
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Published
2025-12-15
How to Cite
Bahtiar, N., Candraningrat, I. R., & Patrio, S. P. S. (2025). VALUASI ENTITAS BISNIS SEKTOR KONSTRUKSI : SEBUAH ANALISIS JALUR PENGARUH FAKTOR FUNDAMENTAL DAN STRUKTUR MODAL DENGAN PERFORMA FINANSIAL SEBAGAI MEDIATOR. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(3), 2409-2418. https://doi.org/10.31955/mea.v9i3.6586
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Articles
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