KEPUTUSAN KEUANGAN, EFISIENSI OPERASIONAL, DAN INOVASI TERHADAP PENINGKATAN KINERJA KEUANGAN DAN NILAI PERUSAHAAN PADA PERUSAHAAN FARMASI DI BURSA EFEK INDONESIA

Abstract

Penelitian ini bertujuan menguji dan menganalisis pengaruh keputusan keuangan, efisiensi operasional dan inovasi terhadap kinerja keuangan dan nilai perusahaan di perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2011 hingga 2017. Populasi penelitian sebanyak sepuluh perusahaan. Sementara sampel penelitian sebanyak tujuh perusahaan yang memenuhi kriteria. Penentuan sampel menggunakan teknik penyampelan purposif. Data diperoleh melalui Bursa Efek Indonesia dan situs web perusahaan. Data dianalisis menggunakan Structural Equation Modeling (SEM) dengan pendekatan Partial Least Square (PLS). Hasil penelitian menunjukkan bahwa (1) keputusan investasi memengaruhi kinerja keuangan secara positif dan tidak signifikan, (2) keputusan pendanaan memengaruhi kinerja keuangan secara negatif dan signifikan, (3) efisiensi operasional mempengaruhi kinerja keuangan secara positif dan signifikan, (4) inovasi memengaruhi kinerja keuangan secara negatif dan signifikan, (5) keputusan investasi memengaruhi nilai perusahaan secara positif dan signifikan, (6) keputusan pendanaan memengaruhi nilai perusahaan secara positif dan signifikan, (7) efisiensi operasional memengaruhi nilai perusahaan secara negatif dan tidak signifikan, (8) inovasi memengaruhi nilai perusahaan secara positif dan tidak signifikan, (9) kinerja keuangan memengaruhi nilai perusahaan secara negatif dan signfikan.

Kata Kunci: Keputusan investasi, keputusan pendanaan, efisiensi operasional, inovasi, kinerja keuangan, dan nilai perusahaan.

The research aimed at examining and analysing the effect of the financial decision, operational efficiency and innovation on the financial performance and company value in pharmaceutical companies registered in Indonesian Stock Exchange of period from 2011 to 2017. The research population was 10 companies. The research samples were seven companies which fulfilled the criteria. The samples were taken using the purposive sampling technique. Data were obtained through the Indonesian Stock Exchange website and companies’ website. The data were analyzed using Structural Equation Modeling (SEM) with Partial Least Square (PLS). The research result indicates that (1) the investment decision positively and insignificantly affects the financial performance, (2) the financing decision negatively and significantly influences the financial performance, (3) the operational efficiency positively and significantly affects the financial performance, (4) the innovation negatively and significantly influences the financial performance, (5) the investment decision positively and significantly affects the company value, (6) the financing decision positively and significantly influences the company value, (7) the operational efficiency negatively and insignificantly affects the company value (8) the innovation positively and insignificantly influences the company value (9) the financial performance negatively and significantly affects the company value.

Keywords: Investment decision, financing decision, operational efficiency, innovation, financial performance, and company value.