ANALYSIS OF EFFECT OF PROBABILITY AND FIRM SIZE ON INTRINSIC VALUE WITH FINANCIAL DISTRESS AS AN INTERVENING VARIABLE IN OIL AND GAS COMPANIES ON THE INDONESIAN STOCK EXCHANGE

Jahoras Victor Naibaho; Khaira Amalia Fachrudin; Iskandar Muda

Authors

Jahoras Victor Naibaho Master in Property Management and Valuation, Universitas Sumatera Utara, Indonesia
Khaira Amalia Fachrudin Master in Property Management and Valuation, Universitas Sumatera Utara, Indonesia
Iskandar Muda Master in Property Management and Valuation, Universitas Sumatera Utara, Indonesia

Keywords:

Financial Distress Probability, Firm Size, Profitability, Intrinsic Value

Abstract

The aim of this research is to determine and analyze effect of probability and firm size on intrinsic value with financial distress as an intervening variable in Oil and Gas Companies on the Indonesian Stock Exchange. This research uses a quantitative type of research that is causal. Population in this study are 33 companies operating in Oil and Gas Sector which are listed on the Indonesia Stock Exchange which regularly report their financial reports to the Indonesia Stock Exchange from 2019 to 2021. Samples used in the research were 27 Oil and Gas Sector Companies on the Indonesian Stock Exchange. This research uses path analysis in structural equation modeling. The research results show that profitability has a positive and insignificant effect on intrinsic value in Oil and Gas Companies on the Indonesian Stock Exchange. Firm size has a positive and significant effect on intrinsic value in Oil and Gas Companies on the Indonesian Stock Exchange. Profitability has a negative and significant effect on financial distress in Oil and Gas Companies on the Indonesian Stock Exchange. Firm size has a positive and significant effect on financial distress in Oil and Gas Companies on the Indonesian Stock Exchange. Financial distress has a positive and insignificant effect on intrinsic value in Oil and Gas Companies on the Indonesian Stock Exchange. Profitability does not has an indirect effect on intrinsic value through financial distress in Oil and Gas Companies on the Indonesian Stock Exchange. Firm Size has an indirect effect on intrinsic value through financial distress in Oil and Gas Companies on the Indonesian Stock Exchange.

References

Alimuddin, Mariani, Sandra, Jana, Awom, Sarce Babra, Pandiangan, Saut Maruli Tua, Solehudin, Ahmad, Susanti, Evi, Fitriani, Itsna Rahma, Budiantoro, Risanda Alirastra, & Chasanah, Amalia Nur. (2023). Pengantar Ekonomika. ISBN: 978-623-8382-45-3. Batam: Penerbit Cendikia Mulia Mandiri.

Brigham, E. F., & Houston, J. F. (2010). Essentials of Financial Management. Engage Learning Asia.

Dominick, S. (2005). Ekonomi Manajerial dalam Perekonomian Global. Jakarta: Salemba Empat.

Kurdhi, Nughthoh Arfawi, Sunarta, Desy Arum, Oktavianty, Nur, Nikmatullah, Jenita, Hatta, Heliza Rahmania, Ali, Helmi, Pandiangan, Saut Maruli Tua, Asrahmaulyana, & Rahman, Abdul. (2023). Statistika Ekonomi. ISBN: 978-623-8157-48-8. Batam: Penerbit Cendikia Mulia Mandiri.

McKinsey & Company. (2020). Valuation Measuring and Managing The Value of Companies. New Jersey: John Wiley & Sons, Inc.

Pandiangan, Saut Maruli Tua. (2023). Effect of Packaging Design and E-Satisfaction on Repurchase Intention with Quality of Service as an Intervening Variable to the Politeknik Unggulan Cipta Mandiri Students Using E-Commerce Applications. Journal of Production, Operations Management and Economics (JPOME), 3(4), 51-58. http://journal.hmjournals.com/index.php/JPOME/article/view/2350.

Pandiangan, Saut Maruli Tua. (2024). Effect of Income and Expenditure on Foreign Visitors at Indonesian Commercial Tourist Attractions. Journal of Social Responsibility, Tourism, and Hospitality (JSRTH), 4(2), 1-7. https://journal.hmjournals.com/index.php/JSRTH/article/view/3611.

Pandiangan, Saut Maruli Tua, Wahdiniawati, Siti Annisa, Pratiwi, Ratih, Budiarto, Balla Wahyu, Arief, Ilham. (2023). Business Strategy Assistance and Training for Micro, Small, and Medium Enterprises. Jurnal Pengabdian Mandiri, 2(10), 2129-2134. https://bajangjournal.com/index.php/JPM/article/view/6671.

Pandiangan, Saut Maruli Tua, Gultom, Josua Alexander, Ariani, Dian, Dharmawan, Donny, & Butar-Butar, Ribka Sari. (2023). Effect of Problem-Based Learning Model on Learning Outcomes in Microeconomic Course. Edumaspul: Jurnal Pendidikan, 7(2), 5572-5575. https://ummaspul.e-journal.id/maspuljr/article/view/7283.

Pandiangan, Saut Maruli Tua, Pattiasina, Victor, Mawadah, Badriatul, Dharmawan, Donny, & Suratminingsih. (2023). Effectiveness of Problem-Based Learning Model on Critical Thinking Ability in Financial Management Course. Edumaspul: Jurnal Pendidikan, 7(2), 5576-5580. https://ummaspul.e-journal.id/maspuljr/article/view/7284.

Pandiangan, Saut Maruli Tua, Tambunan, Hotbona Novandi, Gultom, Josua Alexander, & Hutahaean, Thomas Firdaus. (2024). Analysis of Asset Management Ratio and Solvency Management Ratio. Journal of Corporate Finance Management and Banking System (JCFMBS), 4(2), 25-36. https://journal.hmjournals.com/index.php/JCFMBS/article/view/3622.

Ratnawita, Pandiangan, Saut Maruli Tua, Pratomo, Arief Budi, Saputra, Eka Kurnia, & Nuryanto, Uli Wildan. (2023). Analysis of the Experience of Teachers on Student Achievement in Economics at Private High School. Edumaspul: Jurnal Pendidikan, 7(1), 522-526. https://ummaspul.e-journal.id/maspuljr/article/view/5555.

Riyanto, Bambang. (2013). Dasar-dasar Pembelajaran Perusahaan. Edisi Keempat. Yogyakarta: BPFE-Yogyakarta.

Shapiro, Alan C. (1991). Modern Corporate Finance. New York: Macmillan Publishing Company, Maxwell Macmilan International.

Sijabat, Anthony Hardinal. (2018). Analisis Pengaruh Financial Distress dan Firm Size Terhadap Nilai Perusahaan Melalui Profitabilitas pada Perusahaan Properti dan Real Estate. Medan: Universitas Sumatera Utara.

Tambunan, Hotbona Novandi, Pandiangan, Saut Maruli Tua, Candra, Siagian, Mei Veronika Sri Endang, & Hendarti, Ricca. (2024). Upaya Peningkatan Perekonomian dengan Memanfaatkan Potensi Ibu Rumah Tangga di Era Digital pada Kelurahan Durian, Kecamatan Medan Timur. E-Amal: Jurnal Pengabdian kepada Masyarakat, 4(1), 1-6. https://stp-mataram.e-journal.id/Amal/article/view/3084.

Yoppy, Irene, Hartono, Ivany Artamevia, Hutahaean, Thomas Firdaus, & Pandiangan, Saut Maruli Tua. (2023). Influence Profitability, Policy Debt, Policy Dividend, Investment Decision, and Firm Size to Company Value Manufacture Sub Sector Food and Drink Registered in the Indonesian Stock Exchange. International Journal of Economics Social and Technology, 2(3), 162-170. https://jurnal.risetilmiah.ac.id/index.php/ijest/article/view/336.