The Effect of Working Capital Management, Integrated Reporting and Growth Opportunity on Company Value
(Study on Sub-Sector Companies Food and Beverage Companies Listed on the Indonesia Stock Exchange in 2018-2022). 2018-2022)
Abstract
The value of the company as a perception from investors of the company's performance. With a high company value,
it can increase investors' confidence in the company's achievements and company projections. In line with the
phenomenon discussed, namely the average company value and share price of companies in the food and beverage
sub-sector listed on the Indonesia Stock Exchange in 2018-2022. The study was carried out to understand the impact
of working capital management, integrated reporting and growth opportunities on company value simultaneously and
partially on the object of the study, namely food and beverage sub-sector companies listed on the Indonesia Stock
Exchange in 2018-2022. This study uses a quantitative method with the sampling technique used, namely purposive
sampling, with a sample of 16 companies in the food and beverage sub-sector that have IPOs for five years.
Simultaneously it shows that working capital management, integrated reporting and growth opportunities show a
significance to the value of companies in the food and beverage sub-sector by 94%. Partially, the growth opportunity
is significant positively to the company's value. In contrast, working capital management and integrated reporting are
not significant to the company's value.
Keywords-working capital management; integrated reporting; growth opportunity; company value
References
Abogazia, A. H., Hashim, H. A., Salleh, Z., & Ettish, A. A. (2022). The moderating effect of external financing on the
relationship between integrated reporting and firm value in Egypt. Journal of Financial Reporting and
Accounting. https://doi.org/10.1108/JFRA-05-2022-0195
Alisa, D. N., & Aryani, D. N. (2022). Profitability, Growth Opportunity, and Capital Structure on Firm Value at NonGo Public Banks. East Asian Journal of Multidisciplinary Research (EAJMR), 1(7), 1395–1404.
https://journal.formosapublisher.org/index.php/eajmr/index
Brigham, E. F., & Houston, J. F. (2021). Fundamentals of Financial Management: Concise (11th ed.). Cengage
Learning.
Dewi, M., Agustia, D., & Ardianto, A. (2020). Integrated Reporting dan Keputusan Investasi: Prinsip Konektivitas
dan Time Horizon Investasi. EKUITAS (Jurnal Ekonomi Dan Keuangan), 3(2), 244–259.
https://doi.org/10.24034/j25485024.y2019.v3.i2.4157
Dwijayanto, A. (2018, May 20). Mayora Indah membidik pasar ekspor baru di Afrika. Industri.Kontan.Co.Id.
https://industri.kontan.co.id/news/mayora-indah-membidik-pasar-ekspor-baru-di-afrika
Dzahabiyya, J., Jhoansyah, D., & Deni Muhammad Danial, R. (2020). Analisis Nilai Perusahaan Dengan Model Rasio
Tobin’s Q. In Jurnal Riset Akuntansi dan Keuangan Dewantara (Vol. 4, Issue 1).
http://ejournal.stiedewantara.ac.id/index.php/JAD/issue/view/49
Fadillah, M. G. (2021, April 6). Naik 3,52%, Laba Bersih Mayora Tembus Rp 2,06 Triliun. Investor.Id.
https://investor.id/market-and-corporate/243715/naik-352-laba-bersih-mayora-tembus-rp-206-triliun
Firdaus, A. N., Krisnanto, E., & Kharlina, S. (2021). Pengaruh Growth Opportunity, Kebijakan Dividen dan Firm Size
Terhadap Nilai Perusahaan (Vol. 01, Issue 2). http://www.openjournal.unpam.ac.id/index.php/SNH
Goel, S. (2020). Corporate Governance: Principles and Practices (1st ed., Vol. 1). McGraw Hill Education.
Hapsari, D. W., & Khairunnisa, K. A. (2023). Integrated Reporting Implementation in the Health Sector Industry.
AABFJ, 17(4), 149–162. https://doi.org/http://dx.doi.org/10.14453/aabfj.v17i4.09
Hardiana, A. T., Langgeng Wijaya, A., & Amah, N. (2019). Pengaruh Perputaran Modal Kerja Terhadap Nilai
Perusahaan dengan Profitabilitas Sebagai Variabel Moderasi.
IIRC. (2021). International Integrated Reporting Framework. www.integratedreporting.org
Ilham, R. N., Irawati, H., Nurhasanah, N., Inuzula, L., Sinta, I., & Saputra, J. (2022). Relationship of Working Capital
Management and Leverage on Firm Value: An Evidence from Indonesia Stock Exchange. Journal of Madani
Society, 1(2), 64–71. https://doi.org/10.56225/ijassh.v1i2.129
Indrajaya, D., Wardoyo, D. U., Santoso, T. I., & Iskamto, D. (2023). Do Foreign Direct Investment and Innovation
Influence ICT Goods Imports in ASEAN 6? 2023 International Conference on Digital Business and Technology
Management (ICONDBTM), 1–6. https://doi.org/10.1109/ICONDBTM59210.2023.10327231
Kevin, & Petronila, T. A. (2021). Pengaruh Kebijakan Dividen dan Growth Opportunity terhadap Nilai Perusahaan
dengan Kepemilikan Institusional sebagai Pemoderasi. Balance: Jurnal Akuntansi, Auditing Dan Keuangan,
(2), 110–133.
Lutwihajib, C., Arifati, R., & Raharjo, K. (2016). Pengaruh Profitability, Ukuran Perusahaan, Hutang, dan Growth
Opportunity terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2009-2014.
Journal Of Accounting, 2(2), 1–6.
Muliati, N. K., Sunarwijaya, I. K., & Adiyandnya, M. S. P. (2021). Faktor-Faktor Yang Mempengaruhi Nilai
Perusahaan. Jurnal Kharisma, 3(1), 413–424.
Nafisah, D., Nirawati, L., Samsudin, A., Rijali, F. A., Wijaya, A. C., Fitria, D. A., Hadir, O. A., & Syachruddin, A. I.
(2022). Pengaruh Modal Kerja Terhadap Profitabilitas dan Nilai Perusahaan. SINOMIKA Journal: Publikasi
Ilmiah Bidang Ekonomi Dan Akuntansi, 1(2), 167–174. https://doi.org/10.54443/sinomika.v1i2.173
Novelia, H., Sumiati, A., & Fauzi, A. (2020). Pengaruh Profitabilitas dan Ukuran Perusahaan Terhadap Nilai
Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2018. Jurnal Bisnis,
Manajemen, Dan Keuangan, 1(2), 396–406.
Nurkumalasari, I. S., Restuningdiah, N., & Sidharta, E. A. (2019). Integrated Reporting Disclosure And Its Impact On
Firm Value: Evidence In Asia. International Journal of Business, Economics and Law, 18(5), 99–108.
Permana, R., & Ugut, G. S. (2021). Pengaruh Siklus Konversi Kas dan Kondisi Makroekonomi Terhadap Profitabilitas
dan Nilai Perusahaan pada Industri Jasa Konstruksi yang Terdaftar di Bursa Efek Indonesia Periode 2015-2020.
Jurnal Ilmiah Manajemen Bisnis Dan Inovasi , 8(3), 613–624.
Permatasari, I., & Narsa, I. M. (2022). Sustainability Reporting or Integrated Reporting: Which One Is Valuable for
Investors? Journal of Accounting and Organizational Change, 18(5), 666–684. https://doi.org/10.1108/JAOC12-2020-0204
Pratomo, D., & Sudibyo, D. A. (2023). Do Earnings Management and Audit Committee Have an Effect on The Firm
Value? AKRUAL: Jurnal Akuntansi, 14(2), 2085–9643. https://doi.org/10.26740/jaj.v14n2.p234-247
Puspitasari, I. (2021, November 29). Harga saham MYOR terus menurun sejak awal tahun, saatnya jual atau beli?
Investasi.Kontan.Co.Id. https://investasi.kontan.co.id/news/harga-saham-myor-terus-menurun-sejak-awaltahun-saatnya-jual-atau-beli
Putriadita, D. (2021, September 21). Harga saham INDF turun terus, apakah sekarang sudah waktunya untuk dibeli?
Kontan.Co.Id. https://investasi.kontan.co.id/news/harga-saham-indf-turun-terus-apakah-sekarang-sudahwaktunya-untuk-dibeli
Sudiyatno, B., & Puspitasari, E. (2010). Tobin’s Q dan Altman Z-Score Sebagai Indikator Pengukuran Kinerja
Perusahaan. Kajian Akuntansi, 2(1), 9–21.
Suryati, & Murwaningsari, E. (2022). Pengaruh Green Competitive Advantage Dan Pelaporan Terintegrasi Terhadap
Nilai Perusahaan. In Jurnal Studi Akuntansi dan Keuangan (Vol. 5, Issue 2).
Suzan, L., & Ramadhani, N. I. (2023). Firm Value Factors: The Effect Of Intellectual Capital, Managerial Ownership,
And Profitability. Jurnal Akuntansi, 27(3), 401–420. https://doi.org/10.24912/ja.v27i3.1487
Suzan, L., & Supriyadiputri, M. U. (2023). Pengaruh Intelectual Capital, Growth Opportunity, Dan Cash Holding
Terhadap Nilai Perusahaan. Jurnal Akademi Akuntansi, 6(3), 370–384.
https://doi.org/https://ejournal.umm.ac.id/index.php/jaa/article/view/27406
Tarigan, V. B., & Hadiprajitno, P. T. B. (2022). Pengaruh Modal Intelektual dan Modal Kerja Terhadap Nilai
Perusahaan dengan Kinerja Perusahaan Sebagai Variabel Intervening. Jurnal Ilmu Manajemen Dan Akuntansi
Terapan (JIMAT), 13(2).
Wardoyo, D. U., Islahuddin, M. L., Wira, A. S., Safitri, R. G., & Putri, S. N. (2022). Pengaruh Sustainability Report
Terhadap Nilai Perusahaan (Studi Perusahaan Non Keuangan dari tahun 2018-2020) Proxy : PBV (Price to Book
Value). JUPEA, 2(2).
Wardoyo, D. U., Rahmanissa, L. A., & Putri, Y. R. (2022). Pengaruh Pertumbuhan Perusahaan, Leverage, Dan Earning
Power Terhadap Manajemen Laba. Jurnal Ilmiah Multidisiplin, 1(2), 69–78.
Yaswat, L., Kamaliah, & Silfi, A. (2021). Pengaruh Likuiditas dan Siklus Konversi Kas Terhadap Nilai Perusahaan
dengan Ukuran Perusahaan Sebagai Pemoderasi pada Sektor Consumer Goods Industry yang terdaftar di BEI
Periode 2016-2019. Jurnal Daya Saing, 7(3), 260–270.
Yuningsih, N. N., & Novitasari, N. L. G. (2020). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional,
Kebijakan Dividen dan Investment Opportunity Set terhadap Nilai Perusahaan pada Perusahaan Manufaktur
yang Terdaftar di BEI Tahun 2016-2018. Journal of Applied Management and Accounting Science, 1(2), 76–91.
