Articles
PENGARUH PELUANG INVESTASI, ARUS KAS OPERASI, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN PERTAMBANGAN BATU BARA DI BEI PERIODE 2020 -2025
Published 2026-07-25
Keywords
- Investment Opportunity Set,
- Operating Cash Flow,
- Capital Structure,
- Firm value,
- Coal Mining
How to Cite
PENGARUH PELUANG INVESTASI, ARUS KAS OPERASI, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN PERTAMBANGAN BATU BARA DI BEI PERIODE 2020 -2025. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(8). https://doi.org/10.2238/hfvzms94
Abstract
Penelitian ini menganalisis pengaruh investment opportunity set (CAPBVA), operating cash flow (CFOA), dan capital structure (DER) terhadap firm value (Tobin's Q), dengan ukuran perusahaan sebagai variabel kontrol, pada 28 perusahaan sub sektor pertambangan batu bara di BEI (168 observasi, 2020–2025) menggunakan regresi data panel (REM, Ln Tobin's Q, robust standard error). Operating cash flow berpengaruh positif, signifikan, dan robust terhadap firm value; investment opportunity set tidak signifikan; capital structure tidak signifikan terhadap Tobin's Q namun positif signifikan terhadap PBV, menunjukkan hasil yang sensitif terhadap proksi.References
- [1] Pribadi, A. (2022). HBA Desember Turun Jadi USD281,48 Per Ton. Kementerian Energi dan Sumber Daya Mineral.
- [2] Angela, A., & Oktavianti. (2025). Determinants of Firm value in Indonesia: The Role of Financial Performance as Moderation. Jurnal Reviu Akuntansi Dan Keuangan, 15(4). https://doi.org/10.22219/jrak.v15i4.41576
- [3] Brigham, E. F., & Daves, P. R. (2007). Intermediate financial management. Thomson/South-Western.
- [4] Chabachib, M., Hersugondo, H., Septiviardi, D., & Pamungkas, I.D., (2020). The Effect of Investment Opportunity Set and Company Growth on Firm value: Capital Structure as an Intervening Variable. In International Journal of Innovation, Creativity and Change. www.ijicc.net 12 (11). www.ijicc.net
- [5] Gujarati,D. N. & Porter, D. C., (2009). Basic Econometrics (5th ed.). McGraw-Hill Irwin.
- [6] Dewi, V., & Savitri, D. A. M. (2025). Determinants Of Company Value In Mining Firms: An Empirical Analysis. Bima Journal: Business, Management and Accounting Journal, 6(1), 219–230. https://doi.org/10.37638/bima
- [7] Itan, I., & Riana, W. (2021). The Impact of Cash Flow Statement on Firm value in Indonesia. FORUM EKONOMI , 23(3), 442 –453. http://journal.feb.unmul.ac.id/index.php/FORUMEKONOMI
- [8] Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review 76 (2).
- [9] Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3. Q North-Holland Publishing Company.
- [10] Gitman, L. J., & Zutter, C. J., (2012). Principles of Managerial Finance (13th ed.). Pearson.
- [11] Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics 87 (3).
- [12] Modigliani, F., & Miller, M. H. (1958). American Economic Association. The American Economic Review 48 (3).
- [13] Myers, S. C. (1977). Determinants of Corporate Borrowing Financial Economics 5. North-Holland Publishing Company.
- [14] Alamsyah, A. R., Subroto, B., Aisjah, S., & Djazuli, A. (2020). The Effect of Ownership Structure, Capital Structure, and Investment Opportunity Set on Firm values Mediated by a Dividend Policy. International Journal of Innovation, Creativity and Change. www.ijicc.net 12 (6). www.ijicc.net
- [15] Vemas, V., Afifah, N., Syahputri, A., Malini, H., & Azazi, A. (2024). The Impact of Investment Performance as a Moderator on Institutional Ownership, CSR, Investment Opportunity Set, and Firm value. Ilomata International Journal of Management, 6(2), 600–612. https://doi.org/10.61194/ijjm.v6i2.1540