Randy Heriyanto
Politeknik Negeri Padang

Fitra Oliyan
Politeknik Negeri Padang

Teuku Mohd. Alamsyah Almera
Politeknik Negeri Padang

Keywords : investment decisions, financing decisions, profit policy, price-to-book value, energy companies, regression analysis, Total Asset Growth, Debt to Equity Ratio, Earnings Per Share, firm value, strategic decision-making, earnings management.

Abstract

This study aims to investigate the impact of investment decisions, financing decisions, and profit policy on the price-to-book value of energy companies listed on the stock exchange between 2018 and 2022. The research focuses on the energy sector, considering its significant role in the global economy. Quantitative methods are employed, and regression analysis is conducted to examine the relationships between the independent variables (investment decisions, financing decisions, and profit policy) and the dependent variable (price-to-book value). Data for this study are collected from financial statements and annual reports of selected energy companies. The multiple regression analysis revealed that Total Asset Growth, as a measure of investment decisions, had a positive but insignificant effect on firm value. Debt to Equity Ratio, representing financing decisions, showed a negative and insignificant influence on firm value. However, Earnings Per Share, as an indicator of earnings policies, had a significant positive impact on firm value. The overall findings suggest that investment decisions and earnings policies play a significant role in determining firm value, while financing decisionsseem to have less impact. These results provide valuable insights for managers in the energy sector, highlighting the importance of strategic decisionmaking and the need for effective earnings management. 

Daftar Pustaka

Brigham, E. F., & Ehrhardt, M. C. (2016). Financial Management: Theory and Practice.

Cengage Learning.

Fernando, J. (2022, December 20). Price-to-Book (PB) Ratio: Meaning, Formula, and Example.

Retrieved from Investopedia: www.investopedia.com/terms/p/price-to-bookratio.asp.

Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics. McGraw-Hill.

Healy, P. M., & Wahlen, J. M. (1999). A Review of the Earnings Management Literature and

Its Implications for Standard Setting. Accounting Horizons, 365-383.

Heriyanto, R., & Fitra, O. (2022). Heriyanto, R., & Oliyan, F. (2022). ANALISIS DAMPAK

PANDEMI COVID-19 TERHADAP KINERJA KEUANGAN PADA PERUSAHAAN

TEMBAKAU YANG TERDAFTAR DI BURSA EFEK INDONESIA. Simposium

Nasional Akuntansi Vokasi (SNAV), 67-71.

Heriyanto, R., & Oliyan, F. (2021). The Effect of Covid-19 In The Year 2 on Financial Ratio

Analysis: Evidence from Companies Listed on Indonesia Stock Exchange. Review of

Accounting, Finance and Governance, 12-15.

Jones, C., Smith, B., & Brown, A. (2020). Fluktuasi Pasar dan Perubahan Regulasi: Implikasi

bagi Industri Pertambangan. Jurnal Pertambangan, 78-94.

Oliyan, F., & Heriyanto, R. (2020). Analisis Dampak Surat Edaran Reformasi Birokrasi Nomor

34 Tahun 2020 Terhadap Kinerja Keuangan Perusahaan Sektor Telekomunikasi yang

Terdaftar di Bursa Efek Indonesia. Akuntansi dan Manajemen, 50-55.

Ross, S. A. (2013). Corporate Finance Tenth Edition. McGraw-Hill Education.

Ross, S. A., Westerfield, R. W., & Jordan. (2016). Fundamental of Corporate Finance.

McGraw-Hill Education.

Sidik, S. (2021, January 5). Resmi, Mulai Hari ini BEI Kelompokkan Emiten di 12 Sektor.

Retrieved from CNBC Indonesia:

https://www.cnbcindonesia.com/market/20210125150721-17-218547/resmi-mulai-hariini-bei-kelompokkan-emiten-di-12-sektor

Smith, B. B., & Jones, C. (2019). Peran Perusahaan di bidang pertambangan dalam

pertumbuhan Ekonomi dan Pasar Keuangan. Jurnal Internasional Ekonomi

Pertambangan.

Smith, B., Brown, A., & Jones, C. (2018). Pengaruh Keputusan Investasi, Keputusan

Pendanaan, dan Kebijakan Laba terhadap Nilai Perusahaan di bidang Pertambangan.

Jurnal Ekonomi Pertambangan, 152-168.

Suhardjanto. (2017). Investment Decisions and Frim Value. Jurnal Manajemen Dan Bisnis, 71-

80.

---

UNDUH PDF

---

Published
2023-10-18

---

Published
Vol. 11No. 1 (2023): Simposium Nasional Akuntansi Vokasi (SNAV)