Restructuring The Company’s Financial Performance Through Corporate Actions of Construction Sector BUMN Companies In 2017-2023
DOI:
https://doi.org/10.56910/gemilang.v5i3.2557Keywords:
Firm Value, Restructuring, Financial Performance, CorporationAbstract
This study aims to analyse the effect of financial performance of BUMN Construction on firm value before and after merging. This study uses moderating variables, namely mergers as a restructuring step with the aim of knowing whether mergers have an impact on strengthening or weakening the effect of financial performance on firm value. This research uses quantitative methods with a sample of 7 BUMN companies in the construction sector. Data analysis techniques using Eviews12 with panel data regression and MRA testing. The results show that financial performance 1) ROA has a positive but insignificant effect on firm value, 2) CR has a positive and significant effect on firm value, 3) DER has a negative and insignificant effect on firm value, 4) TATO has a positive and significant effect on firm value, 5) Company Size has a positive and significant effect on firm value, 6) Merger is able to moderate the effect of ROA on firm value, 7) Merger is able to moderate the effect of CR on firm value, 8) Merger is not able to moderate the effect of DER on firm value, 9) Merger is able to moderate the effect of TATO on firm value, 10) Merger is able to moderate the effect of Company Size on firm value. The conclusion in this study is that the overall impact of the Merger is able to strengthen financial performance on firm value.
References
Aprianti, F., & Dermawan, E. S. (2024). The Effect of Profitability, Leverage, Company Size, and Liquidity on Firm Value. Journal of Accounting Paradigms,6 (2), 1035-1045. https://doi.org/10.24912/jpa.v6i2.29894
Asti, R., Ariani, D., & Raditiya, A. (2023). The Effect of Corporate Social Responsibility and Company Size on Company Value. Assets: Scientific Journal of Accounting, Finance and Tax Sciences,7 (1), 35-44. https://doi.org/10.30741/assets.v7i1.930
Aziz, M. S. N. H., & Widati, L. W. (2023). The Effect of Leverage, Profitability, Company Growth and Company Size on Company Value Manufacturing Consumer Goods Industry. Journal of Information System, Applied, Management, Accounting and Research,7 (1), 171-184. https://doi.org/10.52362/jisamar.v7i1.1031
Badollah, Y. A. I. (2024). The effect of financial performance on firm value in the telecommunications infrastructure industry. Journal of Economics, Management And Accounting,2 (2), 249-262. https://penerbitgoodwood.com/index.php/gaar/article/view/1454
Bringham, E., & Houston, F. (2011). Fundamentals of Financial Management (Y. Akbar (ed.); 11th ed.). Fourth edition.
Bringham, E., & Houston, J. (2010). Fundamentals of Financial Management (yulianto akbar (ed.); 10th ed.). Fourth edition.
Chynthiawati, L., & Jonnardi, J. (2022). The Effect of Profitability, Leverage, Company Growth, and Liquidity on Firm Value. Journal of Accounting Paradigm,4 (4), 1589-1599. https://doi.org/10.24912/jpa.v4i4.21390
Hidayat, I., & Tasliyah, M. (2022). The Effect of Company Size, Leverage and Profitability on Firm Value. Actual Journal of Applied Business Finance Accounting (AKUNBISNIS),5 (1), 94. https://doi.org/10.32497/akunbisnis.v5i1.3618
Khasanah, A., & Susilo, D. (2024). The Effect of Roa, Dar, Cr, and Tattoo on Firm Value. Jorunal of Accounting and Management's Student,1 , 1-10. www.jurnal.unikal.ac.id/index.php/jebi
Latif, A., & jasman, jumawan. (2022). The Effect of Financial Performance and Company Size on Company Value. Ar-Ribhu Journal,5 (2), 392-401. https://doi.org/10.46781/ar-ribhu.v5i2.739
Priana, E., Tantra, A. R., & Ani, D. A. (2023). The Effect of Disclosure of Sustainability Reporting, Profitability, and Liquidity on Company Value (Empirical Study of Companies Listed on the Indonesia Stock .... The Virtual International ...,2 (1), 236-245. https://callforpaper.unw.ac.id/index.php/ICOELH/article/view/639%0Ahttps://callforpaper.unw.ac.id/index.php/ICOELH/article/download/639/284
Rashid, F. (2022). Qualitative and Quantitative Research Methodology Theory, Method, and Practice (Aura Latifa (ed.); 1st ed.). IAIN Kediri Press.
Ratnasari, V. A. (2021). The Effect of Financial Performance on Firm Value with Dividend Policy as a Moderating Variable: Case of Mining Companies in Indonesia. Islamic University of Indonesia Repository, 179. https://dspace.uii.ac.id/handle/123456789/31079
Raudah, Tia Yusrizal, M. (2023). The Effect of Financial Performance on Company Value (Study of Infrastructure, Utilities, and Transportation Sector Companies Listed on the Indonesia Stock Exchange for the 2016-2018 Period). Indonesian College of Economics, 2, 8.
Rossa, P. A. E., Susandya, A. A. P. G. B. A., & Suryandari, N. N. A. (2023). The Effect of Liquidity, Profitability, Company Growth, Company Size and Capital Structure on Firm Value of Banking Companies on the IDX 2019-2021. Collection of Accounting Student Research Results (KHARISMA), 5(1), 88–99.
Sari, W. (2021). financial performance (N. Ufrida (ed.); 1st ed.).
Sugeng Hariadi. (2023). The Effect of Cr, Tattoo, Npm, and Eps on Firm Value in the Bani Era. Pearl Journal of Accounting Science,1 (1), 120-138. https://doi.org/10.55606/jumia.v1i1.1126
Sugiyono. (2017). Quantitative research methods and R & D. In quantitative research methods and R & D (p. 6). Alfabeta.
Tantra, A. R., Jayanti, F. D., Ani, D. A., & Indarto, B. A. (2022). The Effect of ROA, ROE and EPS on Company Value (On construction and Building Sector Companies). The 1st Virtual International Conference on Economics, Law and Humanities, 1(1), 88–98.
Ulfah, M., & Abbas, D. S. (2020). The Effect of Current Ratio (Cr), Total Asset Turnover (Tato), Company Growth, Dividend Policy, and Company Size on Firm Value. J-Mabisya,1 (1), 87-110. https://jurnal.stain-madina.ac.id/index.php/j-mabisya/article/view/362
Widasari, E., & Furwanti, M. (2020). The Effect of Financial Performance and Company Size on Company Value in Lq45 Companies Listed on the Indonesia Stock Exchange. Journal of Studia Accounting And Business (The Indonesian Journal of Management & Accounting),8 (2), 133. https://doi.org/10.55171/jsab.v8i2.592
Yuni, L. W. (2022). The effect of profitability on firm value with dividend policy as mediation. Journal of Financial Scholarship,1 (1), 1. https://doi.org/10.32503/jck.v1i1.2192
Yunita, I. G. P. A. O., & Sri Artini, L. G. (2019). The Role of Capital Structure as a Mediator Between Company Growth and Company Value. E-Journal of Management, Udayana University,8 (12), 7013. https://doi.org/10.24843/ejmunud.2019.v08.i12.p06.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 GEMILANG: Jurnal Manajemen dan Akuntansi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
