COAL PRICES AND FINANCIAL PERFORMANCE TOWARD COAL MINING COMPANY VALUE
DOI:
https://doi.org/10.61841/rn8p6a06Keywords:
financial performance, firm value,, coal prices.Abstract
Firm value is a very important thing because it will affect the investor's decision to invest in the company. One of the factors that can influence company value is the company's financial performance. Based on this, we are interested in making an impact of coal prices on financial performance toward coal mining company value. To simplify the purpose of the study and data analysis, we use the SEM-PLS model. The objects assessed are coal mining companies incorporated in IDX with a stable financial value in 2015-2019. The results showed that the financial performance of the value of coal mining companies proxied by profitability had a positive and significant effect and also solvency had a negative and significant effect. Meanwhile, the impact of coal prices can only strengthen and moderate the effect of financial performance as measured by profitability on the value of coal mining companies.
Downloads
References
1. Azis, M., Nadir, M., & Purnamasari, I. (2017). Optimazed Mutual Funds Investment Portfolio Through Good Corporate Governance And Financial Banking Performance. International Journal of Economics and Financial Issues, 7(5), 189-197.
2. Batrancea, I., Batrancea, L., Nichita, A., Gaban, L., Masca, E., Morar, I., Fatacean, G., & Moscviciov, A. (2019). An econometric approach on production, costs and profit in Romanian coal mining enterprises. Economic Research-Ekonomska Istraživanja, 32(1), 1019-1036.
https://doi.org/10.1080/1331677X.2019.1595080
3. Brigham, E. F., & Houston, J. F. (2004). Fundamental of Financial Management, 10th Edition. Ohio: Thomson South-Western.
4. Damanik, V. A., Sadalia, I., & Silalahi, A. S. (2019). Analysis on Stock Return in Coal Mining Companies Listed in BEI (Indonesia Stock Exchange). International Journal of Research & Review, 6(7), 77-90.
5. Hanafi, H. (2004). Manajemen Keuangan. Yogyakart: BPFE.
6. Hermawan, S., & Maf’ulah, A. N. (2014). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Variabel Pemoderasi. Jurnal Dinamika Akuntansi, 6(2), 103–118. https://doi.org/10.15294/jda.v6i2.3250
7. Horne, J. C., & Machowicz, J. M. (2005). Prinsip-prinsip Manajemen Keuangan (Fundamental of Financial Management). In: Fitriasari, D (Ed.). Jakarta: Salemba Empat.
8. Ja’far, A. (2018). Analisis Pengaruh Harga Batubara Acuan dan Kinerja Fundamental terhadap Harga Saham Sektor Pertambangan. Thesis. Bogor: Institut Pertanian Bogor.
9. Karaca, S. S., & Savsar, A. (2012). The Effect of Financial Ratios on The Firm Value: Evidence From Turkey. Journal of Applied Economic Sciences, 7(1), 56-63.
10. Koerner, R., Rutledge, I., & Wright, P. (1995). The impact of oil company investment on the world coal industry: Overcapacity and price destabilization 1973–1992. Energy Policy, 23(8), 659-667. https://doi.org/10.1016/0301-4215(95)00064-P
11. Lee, W. H. (2018). Study the Future Value of the Australian Coal Industry by the Cross Analysis of Centennial Coal’s Financial Performance in between 2002 and 2003. International Journal of Business and Commerce, 6(9), 1-23.
12. Marsha, N., & Murtaqi, I. (2017). The Effect of Financial Ratios on Firm Value in The Food and Beverage Sector of The IDX. Journal of Business and Management, 6(2), 214–226.
13. Manurung, E. B., Siregar, H., & Saptono, I. T. (2016). Factors Affecting Tobin's Q Coal Mining Company Registered in Indonesia Stock Exchange. Indonesian Journal of Business and Entrepreneurship, 2(2), 130-
138. https://doi.org/10.17358/ijbe.2.2.130
14. Nicholson, W. (1999). Teori Mikro Ekonomi. Jakarta: Binarupa Aksara.
15. Riyanto, B. (2001). Dasar-dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.
16. Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2008). Fundamental of Corporate Finance, 8th Edition. New York: McGraw-Hill.
17. Salvatore, D. (2005). Managerial Economics, 5th Edition. In: Budi, I (Ed.). Jakarta: Salemba Empat.
18. Setini, M., & Darma, D. C. (2020). Towards Market Share: Segmentation, Target and Market Position. International Business Management 13(9), 405-414. https://doi.org/10.36478/ibm.2019.405.414
19. Sundari, C. (2015). Pengaruh Harga Batubara Acuan (HBA) Terhadap Return Saham dengan Profitabilitas Sebagai Variabel Intervening pada Perusahaan Tambang Batubara di BEI. Jurnal Transformasi, 11(2), 150–162.
20. Taufik, T. (2013). Manajemen Modal Kerja, Profitabilitas dan Nilai Perusahaan Sektor Manufaktur di PT Bursa Efek Indonesia. Jurnal Manajemen dan Bisnis Sriwijaya, 11(4), 320-342. https://doi.org/10.29259/jmbs.v11i4.3201
21. Tauke, P. Y., & Tulung, J. E. (2017). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan Real Estate and Property yang terdaftar di Bursa Efek Indonesia Tahun 2012-2015. Jurnal EMBA, 5(2), 919–927. https://doi.org/10.35794/emba.v5i2.16009
22. Widyawati, A., & Endri, E. (2018). Determinant The capital structure of the Coal Mining Company Listed on the Indonesia Stock Exchange. Scholars Journal of Economics, Business and Management, 5(8), 799- 807. https://doi.org/10.21276/sjebm.2018.5.8.12
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
