MINI RESEARCH REPORT

THE INFLUENCE OF PROFITABILITY AND GOOD CORPORATE

GOVERNANCE ON FIRM’S VALUE IN PT. PRO MANUFACTURING INDONESIA

By

MUTIARA APRILIA SARI

International Class of Management and Accounting Program

FACULTY OF ECONOMIC AND BUSINESS

UNIVERSITAS KRISTEN SATYA WACANA

2018
 THE INFLUENCE OF PROFITABILITY AND GOOD CORPORATE
GOVERNANCE ON FIRM’S VALUE IN PT. PRO MANUFACTURING INDONESIA

ABSTRACS

This study aims to analyze the influence of profitability and good corporate governance on
firm’s value in PT. Pro Manufacturing Indonesia. In this study uses 3 (three) variables which
are profitability, managerial ownership, and institutional ownership as independent
variables and the firm’s value as dependent variable. This study population is PT. Pro
Manufacturing Indonesia, and the sample is the annual financial reporting for 2014-2017 in
PT. Pro Manufacturing Indonesia. The data analysis for this study is using Multiple Linier
Regression. The results expected that the profitability and good corporate governance have a
significant positive effect on firm’s value.

KEYWORDS: Profitability, Good Corporate Governance, Managerial Ownership,

Institutional Ownership, Firm’s Value.

I. INTRODUCTION
Firm’s value is one factor to support the sustainability of a firm. The value of
the firm becomes the goal of every firm to achieve the prosperity of shareholders and
also the internal parties in a firm itself. Maximizing firm wealth is the main goal of
increasing the firm’s value (Sujoko and U 2007). Firm’s value also one factor to
measure the performance of firms that can affect the perception of investors related to
stock prices. This is reflected in the high value of a firm's stock will be the higher the
firm’s value. In addition, improved firm performance will impact on market
confidence and future prospects.

According to (Kusumajaya 2011), the importance of firm’s value for the firm
because the firm’s value has an effect on the investor's view on the firm's
performance. The higher the firm's value is the more affluent the shareholder in the
firm will be. The financial ratios used in measuring values are Tobin's Q. This ratio
includes the sum of equity market values with total liabilities divided by total assets of
the firm (Lindenberg and Ross 1981). The potential for raising stock market prices
reflects good market conditions. The high value of Tobin's Q can be affected by the
market conditions (Sudiyatno and Puspitasari 2010)

One of the keys to improve the firm's economy is to consider the firm's value.
Some factors that can influence the value of the firm include profitability, managerial
ownership, and institutional ownership. Profitability is very important for the long-
term sustainability of the firm. Profitability is a benchmark of how a firm can make a
profit by using existing capital (Shapiro 1991). In addition, according to Husan (2001)
business to gain profits on assets, capital stock, and sales is referred to as profitability.
In this study, profitability can be measured using return on assets (ROA) and return
on equity (ROE).

According to (Jensen and W. Meckling 1976) stated that managerial

ownership has an important role in making firm policy. It also reduces agency costs
due to agency conflict between shareholders and managers. This happens because the
firm’s value is influenced by two factors namely the expenditure and use of external
capital. Previous studies have suggested managerial ownership to be one of the effects
of Tobin's Q with significant positive results (Susanto and Subekti 2013).The results
were also expressed by (Rizqia, Aisjah and Surniarti 2013). However, (Agustine
2014)stated ownership of managerial have a significant negative effect on Tobin's Q
in the research.

In addition, institutional ownership also affects the value of the firm. (Tarjo
2008) defined the institutional ownership as proportional ownership of shares by
insurance companies, foundations, banks and other institutions. Such ownership leads
managers to make decisions in overcoming agency conflict (Haryono, Fitriany and E.
Fatimah 2015). In relation to firm value calculated by Tobin's Q ratio, institutional
ownership has a significant positive effect on Tobin's Q. But other studies said that
there is no influence of institutional ownership of firm value by (Siek and Murhadi
2015), (Septianingrum 2014), and (Saputra 2010), (Susanto and Subekti 2013).

This study is still interesting to investigate because the influence of variables

used in determining firm's value varies in each of the previous studies. This may also
be due to sectoral differences in each study. The previous research uses banking
sector in measures and analyzes the firm’s value (Debby, et al. 2013). Further study
by (Purwohandoko 2017) used “agricultural companies listed on the Indonesia Stock
Exchange from 2011 to 2014” as the samples. The other research examine the firm’s
value “in context of Manufacturing Company listed at Indonesia Stock Exchange”
(Moeljadi 2014).

Several studies have been related to this topic. The previous study that has
been done by (Hermuningsih 2013) used 3 (three) variables. It shows that
“profitability, growth opportunity, and capital structure that positively and
significantly affect the company’s value”. The previous study by (Putu, et al.
2014)included several variables that related in affects the firm’s value. There are good
corporate governance, corporate social responsibility, profitability and firm’s size that
shows the positive effect on firm’s size. Furthermore, the study by (Debby, et al.
2013) found evidence that the managerial ownership has negative effect on firm’s
value. However, the firm’s size and profitability have positive effect on firm’s value.

This study aims to investigate the influencers of firm’s value, especially in PT.
Pro Manufacturing Indonesia. Explicitly, this study would like to analyze the
influence of profitability, managerial ownership, and institutional ownership on firm’s
value. This study is expected to contribute to a firm, especially PT. Pro Manufacturing
Indonesia in terms of increase the firm’s value. Moreover, this study can be an input
for other reseachers who conduct a similar research. This study is also expected to
help and assist managers in PT. Pro Manufacturing Indonesia in increasing the firm’s
value which might be one of the factor of investor’s interest and also to good
performance of the firm itself. The issues that will be address in this study: Do the
Profitability and Good Corporate Governance influence the Firm’s Value?
II. THEORETICAL FRAMEWORK

Agency Theory

Agency theory becomes the basis for understanding the value of a firm. The
agency theory explains the relationship between the company owner (principal) and a
manager (agent). This theory emphasizes that the goals between shareholders and
managers are different. This is demonstrated by the separation of ownership in
corporate governance, which can lead to agency conflicts. According to (Jensen and
W. Meckling 1976), managers tend to enrich themselves without prioritizing the value
of shareholders. Related to this theory, managers are parties who have access to know
about company information. This results in asymmetric information obtained by the
investor (external) by management. In order to reduce agency conflicts, it is necessary
to increase corporate responsibility in running the company's own governance in
accordance with the prevailing policies. In addition, the company must oversee
managers in order to protect the interests of shareholders to avoid loss in the company
(Sun, et al. 2010).

Firm’s Value

Increasing firm’s value is the main goal of every firm (Siallagan and
Machfoedz 2006). Firm’s value can be defined as the firm's success in gaining the
trust of the society and investors in running the firm's business. According to (Sujoko
and U 2007), the firm’s value is seen as the perception of investors, especially in
assessing the firm's stock price in generating good prospects for the firm itself. The
high value of the firm can be regarded as an achievement in increasing the prosperity
of the shareholders within the firm. Firm’s value can also reflect the performance of
management in managing firm assets. It can be seen through the firm's financial
performance.

Profitability

According to (Chen 2004), the profitability as the ability of a firm to achieve a

certain profit. The profit is measured through the operational efficiency of the firm
and the use of assets owned by the firm itself. Achievement of a firm's earnings can
be measured using the financial ratios of ROA and ROE. The higher the profit of a
firm is, the higher the investor interest in investing shares in the firm will be. In
addition, the high profits generated by the firm, the prospects of the firm itselfwill
also be better.The higher profitability of the firmwill impact on the high firm’s value.

Previous study by (Dhani and Utama 2017)proved that profitability has a

significant positive effect on firm value. The results of previous study also resulted
that profitability has a positive influence on firm value (Yuniarsih and Made Gede
Wirakusuma 2007). Here is the first hypothesis formulation:

H1 : Profitability has a significant positive effect on firm’s value

Managerial Ownership

Managerial ownership is ownership of shares by firm management. Such

ownership encourages managers to increase the market value of the firm and also
establish good relationships between managers and shareholders. The increasing
market value of the firm,the firm’s value will also increase (Ruan, Tian and Ma
2011). In addition, according to (Brealey, Myers and Marcus 2007) the interests of
managers and shareholders are aligned with managerial ownership.

(Animah and Ramadhani 2008) and (Susanti 2010) stated that managerial
ownership positively affects firm value. However, (Debby, et al. 2013) stated that
managerial ownership has a negative and insignificant influence on the firm’s value.
Sulistiono (2010) and (Rizqia, Aisjah and Surniarti 2013) in his research proved that
managerial ownership had a negative and significant effect on firm’s value. In
addition there are different results by (Chen and Ho 2000) who said that there is no
managerial effect on the firm’s value. This result is also obtained by (Sulong and Nor
2008). Based on the results of previous research, following the fifth hypothesis of this
study:

H2 : Managerial Ownership has a significant positive effect on firm’s value

Institutional Ownership

Institutional ownership is the ownership of shares owned by institutional

investors. Institutional investors play an important role in overseeing management
decisions, seems investors can anticipate the manipulation of corporate profits (Jensen
and W. Meckling 1976). Effective oversight of managers is also used to discipline
management performance in improving shareholder wealth (Haryono, Fitriany and E.
Fatimah 2015). It can also increase the value of the company. In addition, (Gillan,
Hartzell and Starks 2003) argued that institutional investors also play a role in
reducing agency issues between shareholders and managers.

The results of previous studies say that institutional ownership has no

significant effect on firm's value (Sofiamira and Asandimitra 2017). The following
hypothesis of this study:

H3 : Institutional Ownership has a significant positive effect on firm’s value

Framework

Independent Variables Dependent Variable

Profitability

Managerial Firm’s Value

Ownership

Institutional
Ownership
III. RESEARCH METHOD

Types and Sources of Data

The type of this research is explanatory research which explains the

relationship between Profitability and Good Corporate Governance on Firm’s Value
of PT. Pro Manufacturing Indonesia. This study uses quantitative data obtained from
the annual financial statements of the PT. Pro Manufacturing Indonesia. The data is
collected directly from the financial reporting of PT. Pro Manufacturing Indonesia for
2014-2017 that include information needed to analyze and measure the firm’s value.

Population and Sample

The population of this research is PT. Pro Manufacturing Indonesia. The data
used in this research is annual financial reporting. The sample of this research is the
annual report of PT. Pro Manufacturing Indonesia for 2014-2017. Sampling method
that used is the purposive sampling. Based on the purposive sampling, the criteria to
choose the sample is the annual financial reports have complete data relate to the
variables used in this study.

Variable Operational Definition

To give a clear picture of the variables utilized in this study, the variables in
this study are defined as follows:

The independent variables (X) are:

1. Profitability is defined by (L. Chen 2004), the ability of a firm to achieve a

certain profit and measure it through the operational efficiency of the firm and
the use of assets owned by the firm itself. Company achievement of earned
profits can be seen through ROA and ROE. These two ratios clarify that the
higher the ROA and the ROE, the higher the profits earned by the company. In
this case, profits can reflect good prospects for the company. So it can increase
the value of the company itself. The calculation of ROA and ROE as follows:
𝑁𝑒𝑡𝐼𝑛𝑐𝑜𝑚𝑒 𝑁𝑒𝑡𝑃𝑟𝑜𝑓𝑖𝑡
ROA = 𝑇𝑜𝑡𝑎𝑙𝐴𝑠𝑠𝑒𝑡𝑠 ROE =𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟 ′ 𝑠𝐸𝑞𝑢𝑖𝑡𝑦
 2. Managerial Ownership. Ownership becomes one of the important things in
making management decisions in a company. The process of decision making
by management affects the effectiveness and efficiency in the company's
operations. The existence of ownership of shares by management also fosters a
good relationship with shareholders and it can increase the value of a
company. Here is a formula for measuring managerial ownership (Rizqia,
Aisjah and Surniarti 2013):
𝛴𝑆ℎ𝑎𝑟𝑒𝑠𝑜𝑤𝑛𝑒𝑑𝑏𝑦𝑡ℎ𝑒𝑏𝑜𝑎𝑟𝑑𝑜𝑓𝑑𝑖𝑟𝑒𝑐𝑡𝑜𝑟𝑠𝑎𝑛𝑑𝑐𝑜𝑚𝑚𝑖𝑠𝑠𝑖𝑜𝑛𝑒𝑟𝑠
MOWN = × 100%
𝛴𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔𝑆ℎ𝑎𝑟𝑒𝑠

3. Institutional Ownership. Institutional investors have a higher position than the

minority shareholders. Institutional investors have a higher right to vote as
they work to oversee the performance of the firm (Bhojraj and Sengupta
2003). According to (Monks dan N.Minow 2001), institutional investors
safeguard their assets in where the assets are invested. The role of institutional
investors is to reduce agency issues in companies (Gillan, Hartzell and Starks
2003). If institutional ownership goes well, it will increase the value of the
company. The formula to calculate the institutional ownership as follows:
𝛴𝑆ℎ𝑎𝑟𝑒𝑠𝑜𝑤𝑛𝑒𝑑𝑏𝑦𝑡ℎ𝑒𝑓𝑜𝑟𝑒𝑖𝑔𝑛𝑖𝑛𝑣𝑒𝑠𝑡𝑜𝑟𝑠
IOWN = × 100%
𝛴𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔𝑆ℎ𝑎𝑟𝑒𝑠

The dependent variable (Y) is the Firm’s Value that is affected by profitability
and good corporate governance. The good implementation and high result of those
variables means that the firm has a high value. In addition to being a factor of
progress for the firm, the firm’s value can also improve relationships with investors
and trust from stakeholders. The proxy of this variable (firm's value) is Tobin's Q.
Tobin's Q is a ratio in which not only focuses on one element, but involves all assets,
debt, and capital owned by the firm. This is demonstrated by (Sukamulja 2004)as a
useful ratio in order for the firm to focus on the creditor as well as the investor.
Tobin's Q ratio is the best ratio in measuring firm's value because it provides complete
information. The formula for calculating this ratio is as follows:

(𝑀𝑉𝐸+𝐷𝐸𝐵𝑇)
Tobin’s Q = 𝑇𝑜𝑡𝑎𝑙𝐴𝑠𝑠𝑒𝑡𝑠
Where:

Tobin’s Q: The firm’s value

MVE: Market value of equity (MVE = Closing price x number of shares outstanding)

DEBT: Total debt of the firm

Data Collection Method

The data collection method that used in the research is the documentary method. This
research use data that will needed from the financial statements of PT. Pro Manufacturing
Indonesia for 2014-2017. This research also will explain the firm’s value that can be
influenced by the variables, such as profitability and good corporate governance.

Data Analysis Techniques

Classic Assumption Test is the test that should be done in the multiple
regression analysis. The research use the SPSS application to test the classic
assumption test.

1. Normality Test : the test is used in order to evaluate whether the residual value
of the data is normally distributed or not. The object of normality test is not
the variable of research, but the residual value itself. This research use the
Kolmogorov-Smirnov Test. If the result ≥ 0,05 then the data is normal and
vice versa.
2. Multicollinearity Test : the test used to evaluate whether there are any high
correlation on the variables included in multiple regression. The result of this
test should be there is no correlation between the variables, because it will
affect the independency of independent variable with the dependent variable.
3. Heteroscedasticity Test : the test is done to evaluate whether there is any
difference of variance from the residual value for the research. The research
use the scatter plot method. If the result in the scatter plot does not have any
specific pattern (it spread out) then there are no heteroscedasticity detected on
the data.
4. Autocorrelation Test : the test is done in order to evaluate whether there are
any correlation between one period to another. Specificly, the regression
 analaysis evaluate the effect of independent variable on the dependent
variables, so there should be no correlation between the data used for the
research and the data from previous data. The data that can be used in
autocorrelation test is the time series data. The research use the Durbin-
Watson Method.
Positive autocorrelation analysis Negative autocorrelation analaysis
If d < dL then there are positive If (4 – d) < dL then there are
autocorrelation negative autocorrelation
If d > dU then there are no positive If (4 – d) > dU then there are no
autocorrelation negative autocorrelation
If dL < d < dU then it is on the grey If dL < (4 – d) < dU then it is on the
area, which is can not be conclude grey area, which is can not be
conclude
Multiple Linear Regression Test is done when the research variable consist of 2 or
more variables, with the criteria that the independent variable should be more than and the
dependent variable should be only 1. The formula for the multiple regression is:

Y = a + b1.x1 + b2.x2 + b3.x3 + b4.x4+ b5.x5+ b6.x6 + b7.x7 +e

Y = dependent variable; a = constanta; b = regression coefficient; x = independent variable

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