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Journal

The Effect of Financial and Non-Financial Factors on Firm Value

Accounting Analysis Journal · Vol. 9 No. 2 (2020) · pp. 131–137

DOI
10.15294/aaj.v9i2.37518
ISSN
2502-6216, 2252-6765
Published
2020-09-27
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

This study aims to explain the impact of financial and non-financial factors, namely firm size, profitability, leverage, liquidity, activity ratio, CSR disclosures and environmental performance on firm value. This research is quantitative study with causality research design. Company Performance Rating Program in Environmental Management (PROPER) participating companies whose shares are listed on the IDX during 2015-2019 were the population of this study. The purposive sampling technique was chosen to obtain the sample of 35 companies with 140 units of analysis. This research applied a multiple linear regression test on panel data collected from secondary data. The results show the firm value can be explained by firm size, profitability, and activity ratio in a positive direction. Meanwhile, the negative influence is shown by leverage and liquidity and CSR disclosure & environmental performance cannot influence the firm value significantly. Managers are expected can optimize their asset management, because firm size, profitability, and activity ratio have a positive and significant effect on firm value and be careful of using debt, because liquidity and leverage are proven to have negative effect on firm value.

Collaboration network of the authors

40 authors · 85 co-authorship links · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • State University of Semarang
  • Institut Teknologi Sepuluh Nopember
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Zaenuri ZaenuriState University of Semarang3
Fathur RokhmanState University of Semarang3
Gunawan TjokroAffiliation unknown3
Abdul RajagukgukAffiliation unknown3
Rusdarti RusdartiAffiliation unknown3
Dorojatun PrihandonoAffiliation unknown3
Kardoyo KardoyoAffiliation unknown2
Nina OktarinaAffiliation unknown2
Widiyanto WidiyantoAffiliation unknown2
Murwatiningsih MurwatiningsihAffiliation unknown2
Fahrur RoziInstitut Teknologi Sepuluh Nopember2
Nanik WijayatiState University of Semarang1
Muhammad Asnawi SabilAffiliation unknown1
Suwito Eko PramonoAffiliation unknown1
Eva Nurul VitriyaniAffiliation unknown1
Tiyas MarhaeniAffiliation unknown1
Ilham MasrurunAffiliation unknown1
Faidlol IlahAffiliation unknown1
Prita EsitaAffiliation unknown1
Mustaghfiroh MustaghfirohAffiliation unknown1
Sri Wiwik AnggiyaniAffiliation unknown1
Dita YuliartiAffiliation unknown1
Nurul HasanahAffiliation unknown1
Amilia Widya PangestiAffiliation unknown1
Shanty OktaviliaAffiliation unknown1
Souad EzzeroualiAffiliation unknown1
Fiki PorniadiAffiliation unknown1
Agus WahyudinAffiliation unknown1
Dony IrawanAffiliation unknown1
Joko SutartoAffiliation unknown1
Supriyati SupriyatiAffiliation unknown1
Amin YusufAffiliation unknown1
Erlina Dewi PuspitaningrumAffiliation unknown1
Alfi Setyo WatiAffiliation unknown1
Eko NurcahyonoAffiliation unknown1
Arina Tri AstutiAffiliation unknown1
Arvany Dhin AzhariAffiliation unknown1
Eka Aisyatul UlyaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/aaj/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">The Effect of Financial and Non-Financial Factors on Firm Value</dc:title>
	<dc:creator>Kristi, Nuke Monika</dc:creator>
	<dc:creator>Yanto, Heri</dc:creator>
	<dc:description xml:lang="en-US">This study aims to explain the impact of financial and non-financial factors, namely firm size, profitability, leverage, liquidity, activity ratio, CSR disclosures and environmental performance on firm value. This research is quantitative study with causality research design. Company Performance Rating Program in Environmental Management (PROPER) participating companies whose shares are listed on the IDX during 2015-2019 were the population of this study. The purposive sampling technique was chosen to obtain the sample of 35 companies with 140 units of analysis. This research applied a multiple linear regression test on panel data collected from secondary data. The results show the firm value can be explained by firm size, profitability, and activity ratio in a positive direction. Meanwhile, the negative influence is shown by leverage and liquidity and CSR disclosure &amp;amp; environmental performance cannot influence the firm value significantly. Managers are expected can optimize their asset management, because firm size, profitability, and activity ratio have a positive and significant effect on firm value and be careful of using debt, because liquidity and leverage are proven to have negative effect on firm value.</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2020-09-27</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/aaj/article/view/37518</dc:identifier>
	<dc:identifier>10.15294/aaj.v9i2.37518</dc:identifier>
	<dc:source xml:lang="en-US">Accounting Analysis Journal; Vol 9 No 2 (2020): July; 131-137</dc:source>
	<dc:source>2502-6216</dc:source>
	<dc:source>2252-6765</dc:source>
	<dc:source>10.15294/aaj.v9i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/aaj/article/view/37518/16978</dc:relation>
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