Shofi Putri Julian, Gustaf Naufan Febrianto

Analisis Profitabilitas, Makro Ekonomi dan Struktur Modal Terhadap Nilai Perusahaan pada Perusahaan Tekstil dan Garmen yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2019-2023.

Introduction

Analisis profitabilitas, makro ekonomi dan struktur modal terhadap nilai perusahaan pada perusahaan tekstil dan garmen yang terdaftar di bursa efek indonesia (bei) tahun 2019-2023.. Analisis dampak profitabilitas, makroekonomi, dan struktur modal terhadap nilai perusahaan tekstil & garmen di BEI (2019-2023). Studi kuantitatif dengan SPSS.

Abstract

This study aims to test partially and simultaneously the effect of profitability, macroeconomics and capital structure on the value of textile and garment companies listed on the Indonesia Stock Exchange for the period 2019-2023. This study has a population of 22 textile and apparel companies and 10 companies were selected using the purposive sampling method. The type of research used is quantitative and the location of the research and sources can be seen at www.idx.co.id and www.bi.go.id. The analysis technique used is multiple linear regression analysis whose calculations are supported by SPSS statistical software, with a significance level of 0.05 or 5%. Based on the analysis using multiple linear regression which also answers the hypothesis by concluding that the results of the T-test (partial) of the profitability and macroeconomic variables have an effect but are not significant on the value of the company, while the capital structure of the company is significant to the value of the company. The F test (simultaneous) shows that the three variables together have a positive and significant effect on the value of the company.

Review

The study titled "Analisis Profitabilitas, Makro Ekonomi dan Struktur Modal Terhadap Nilai Perusahaan pada Perusahaan Tekstil dan Garmen yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2019-2023" addresses a pertinent topic within corporate finance, investigating the determinants of firm value in the Indonesian textile and garment sector. The research aims to explore the partial and simultaneous effects of profitability, macroeconomic factors, and capital structure on the value of these companies listed on the Indonesia Stock Exchange over a recent five-year period (2019-2023). Employing a quantitative approach, the study utilizes multiple linear regression analysis to test its hypotheses, drawing a sample of 10 companies from a population of 22. Methodologically, the study adopts a well-established quantitative framework, leveraging multiple linear regression analysis supported by SPSS, which is appropriate for examining causal relationships between variables. The focus on the textile and garment sector is commendable, given its economic significance, and the chosen timeframe provides insights into recent market dynamics, including potential post-pandemic recovery effects. However, some aspects warrant further consideration. The abstract indicates a relatively small sample size of 10 companies from a population of 22, which, despite purposive sampling, might limit the generalizability of the findings. Additionally, while "macroeconomic" variables are identified as a key area of investigation, the abstract does not specify which particular macroeconomic indicators (e.g., GDP growth, inflation, exchange rates) were incorporated, making a comprehensive assessment of this variable's role challenging. Clarity on the precise operationalization of variables would enhance the study's methodological transparency. The findings present an interesting juxtaposition. While capital structure is found to have a significant partial effect on firm value, both profitability and the unspecified macroeconomic variables are reported to have an effect that is "not significant" individually. This suggests that for these companies, capital allocation decisions hold more immediate and measurable influence on firm value than individual profitability metrics or broader economic conditions. Crucially, the simultaneous test reveals that all three variables collectively exert a positive and significant effect on firm value, underscoring the interconnectedness of these financial and economic drivers. This highlights that while individual factors might not always show independent significance, their combined impact is vital for understanding corporate valuation. Future research could benefit from a larger sample size, a more detailed breakdown and analysis of specific macroeconomic indicators, and potentially exploring mediating or moderating effects to further unravel the complex relationships identified in this valuable contribution to the literature.

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