Assessing Market Value: A Deep Dive into Jakarta Islamic Index Constituents

Faizul Mubarok

doi:10.29313/jres.v4i1.3983

Authors

Faizul Mubarok Universitas Terbuka https://orcid.org/0000-0003-4123-6696

DOI:

https://doi.org/10.29313/jres.v4i1.3983

Keywords:

Company Size, Debt to Assets, Firm Value

Abstract

Abstrak. Secara keseluruhan, terdapat indikator perlambatan perekonomian global, dan beberapa negara mengalami kontraksi. Dampaknya adalah penurunan investasi, yang merupakan dampak lain yang tidak diinginkan. Tujuan dari penelitian ini untuk menganalisis pengaruh berbagai karakteristik perusahaan dalam Jakarta Islamic Index (JII) terhadap nilai perusahaan (TQ). Karakteristik tersebut antara lain ukuran perusahaan (SIZ), rasio utang terhadap aset (DAR), rasio lancar (CUR), dan rasio pengembalian atas aset (ROA). Penelitian ini menerapkan model efek acak data tahunan dari laporan keuangan sebelas perusahaan berbeda dari tahun 2011 hingga 2021. Temuan penelitian menunjukkan rasio utang terhadap aset dan rasio lancar merupakan indikator penting dari kesehatan dan nilai keuangan perusahaan secara keseluruhan. Kinerja perusahaan yang baik terangkum dalam nilai perusahaan, sehingga lebih mudah meyakinkan calon investor bahwa bisnis tersebut layak untuk dilakukan. Kekayaan pemegang saham perusahaan sebanding dengan nilai perusahaan.

Abstract. Overall, there have been indicators of a slowdown in the global economy, and several countries have actually seen contraction. Investment has dropped as a result, another unwelcome effect of the current crisis. The goal of this research is to determine the impact that various characteristics of the companies in the Jakarta Islamic Index (JII) have on their firm value (TQ). These characteristics include company size (SIZ), debt to assets ratio (DAR), current ratio (CUR), and return on assets ratio (ROA). Here, we apply a random effect model to the annual data from the financial statements of eleven distinct companies from 2011 to 2021. Findings suggest that the debt-to-asset ratio and the current ratio are important indicators of a company's overall financial health and value (TQ). Realizing the firm's full potential is crucial if it is to fulfill its major goals, which is why maximization of value is of such paramount importance. Good company performance is summarized in the firm value, making it simpler to convince potential investors that the business is worth their time. The wealth of the company's shareholders is proportional to the value of the company.

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