VALUE AND MODERATED BY CORPORATE PHILANTROPY
2. Signaling Theory
This theory involves two parties, namely an insider such as management who acts as the party giving the signal and an outsider such as an investor who acts as the same party who receives the signal. The basis for signaling theory is that managers and shareholders do not have the same corporate information accent or there is information asymmetry. There is certain information that only managers know, while shareholders do not know this information. Signal theory explains how managers provide signals to investors to reduce information asymmetry through financial reports. Signal theory has an important influence on optimal capital structure, so that two perspectives of managers appear, namely the company's prospects will be profitable or unfavorable. (Irawan et al 2016).
Company Size
Company size is a scale that can be calculated by the level of total assets and sales which can indicate the condition of the company where a larger company will have an advantage in the source of funds obtained to finance its investment in obtaining profits. Company size can be used to represent the company's financial characteristics. Large companies that are well established (high position) will find it easier to obtain capital in the capital market compared to small companies. Because that ease of access means larger companies have greater flexibility. (Indriyani, 2017)
The value of the company
Firm value is an investor's perception of a company, which is often associated with stock prices. Firm value is an important indicator of how the market assesses the company as a whole, high stock prices will make the company value also high. Investors who assess the company has good prospects in the future will tend to buy the company's shares. As a result of the high demand for shares, the stock price increases. So that increased stock prices indicate that investors provide high value to the company. A good company that has good performance and prospects, investors are definitely willing to pay more to buy their shares (Mufidha and Suryono, 2017: 1814).
The value of the company can show the state of the market for the company, the greater the value of the company, it can be shown to the public in assessing the market price of the company's stock above its book value. So that when the company's value increases, it means that the public assesses the company's performance and performance has good prospects. And the company's main goals can be achieved through increasing the prosperity of the owner or shareholders (Mufidha and Suryono, 2017: 1817).
The Relationship between Capital Structure and Firm Value
Making decisions on funding related to the capital structure must really be considered by the company. Because the determination of the capital structure will greatly affect the value of the company. It can be seen from the policy of using debt in the capital structure that it gives a signal to investors that the funding policy by the company affects the value of the company in increasing the value of a company (Abdul and Noerriawan, 2012).
Where a high firm value will lead to increased investment, by increasing investment it means that the capital structure will also increase. High capital structure and firm value can cause the use of debt in the capital structure to increase and will further affect the value of the company.
The Relationship between Firm Size and Firm Value
Firm size is closely related to firm value, which can be seen from the size of the firm. Large company values will have ease in entering the capital market because investors catch positive signals about the company, this positive response can reflect an increase in the value of a company. Increased company value can be marked by the size of the company's income and the stability of the company's debt amount. Based on the description above, the framework of this research is as follows:
H 1
H 2
H
RESEARCH METHODS Research design
Research design or research design is the plan and structure of the investigation that is arranged in such a way that the researcher can obtain answers to his research questions. The plan is an overall schematic covering the research program. This research design uses a quantitative approach. This research is in the form of associative, namely to determine the relationship between two or more variables.
Time Horizon
The time horizon in this study uses a cross-sectional study with the 2019- 2020 period. A cross-sectional study is a study that collects data in only one period, be it daily, weekly, monthly or yearly data. Data collected only once in the period referred to are the financial reports of manufacturing companies listed on the Indonesia Stock Exchange.
Population and Research Sample
Population is a generalized area consisting of objects/subjects that have certain qualities and characteristics set by researchers to study and then draw conclusions (Sugiyono, 2016: 80). The number of sample companies that meet the criteria in this study can be seen in the table below
Population Determination
No Population criteria 2019 2020
1. Manufacturing companies in the food and beverage sub- sector listed on the Indonesia Stock Exchange during the year of observation
24 24
2. Manufacturing companies in the food and beverage sub- sector that did not publish their financial reports continuously during 2019-2020
(10) (10)
Total Population 1 8 18
Total Population 36
Source: (Indonesia Stock Exchange, 2022) Struktur Modal (X1)
Nilai Perusahaan (Y) Ukuran perusahaan (X2)
The year of observation used in this study is 2 consecutive years from 2019-2020. Based on Table 3.1 above, the companies taken were 36 companies.
All data in this study was used as a population, so this study used the census method, namely research that took one population group as the overall sample to see the effect on the dependent variable.
Variable Definition and Operationalization
1. Independent variables (independent variables), namely variables that affect or will cause the emergence of the dependent variable which is the independent variable in this study are:
1. Capital structure
The capital structure is a combination of debt and capital used for the company's operations. The capital structure formula are as follows :
π·πΈπ =πππ‘ππ π»π’π‘πππ πππ‘ππ πΈππ’ππ‘ππ 2. Company size
Company size is a measure that can be seen from the total value of equity, sales value, and asset value. The formula for company size is as follows:
Company size = Ln (Total Assets)
2. The dependent variable (dependent variable), namely the variable that is affected or becomes a result of the independent variable . Which is the dependent variable in this study is the value of the company. The formula for corporate value is as follows:
ππ΅π = π»ππππ πππππππππ ππβππ πππππ π΅π’ππ’ πππππππππ ππβππ Data analysis method
The data analysis method used in this study is multiple linear analysis and a hypothesis testing design using SPSS software ( statistics product and service solutions ) version 22.0.
RESULTS AND DISCUSSION Descriptive Statistical Analysis
The analysis was carried out according to the hypothesis that has been formulated. The data tested, namely the capital structure and company size can be seen in table 4.1 below:
Table 4.1 Descriptive Statistical Analysis Test Results Descriptive Statistics
N Minimum Maximum Means
std.
Deviation Firm value (Y) 36 -1.112123 -1.112123 2.6447 2.29274 Capital Structure
(X1) 36 -
2.127341206
1.99538980
7 2.359175 6.283430
Company Size (X2)
36 14.44089589 30.6155660
7 2.6447 2.29274
Valid N (listwise) 36
Source: Data Processed by Researchers, 2023
Multiple Linear Analysis
Multiple linear regression analysis aims to find the effect of two or more independent variables/independent variables (X) on the dependent variable/dependent variable (Y). The results of multiple linear regression calculations with the SPSS program in this study are as follows:
Table 4.2 Multiple linear regression test results Coefficients a
Model
Unstandardized Coefficients
Standardized Coefficients
B std. Error Betas
1 (Constant) -87,735 174,784
Capital structure ( X1) .239 .511 .078
Company Size (X2 .139 072 .320
Source: Results of Processed Data SPSS V22, 2023
CONCLUSION
Based on the results of the tests that have been carried out on the problems that have been formulated into research hypotheses using multiple linear equations and hypothesis testing, the conclusions in this study are as follows:
1. Capital structure and company size simultaneously have a positive effect on company value in food and beverage companies listed on the Indonesia Stock Exchange in 2019-2020 respectively in the amount of .23.9% and .13.9%.
2. The capital structure has partially affected company value in food and beverage companies listed on the Indonesia Stock Exchange in 2019-2020 of .23.9%.
3. Company size has partially affected company value in food and beverage companies listed on the Indonesia Stock Exchange in 2019-2020 of .13.9%.
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