The Effect Of Environmental Uncertainty, Company Size, Strategic Changes On Financial Performance And Company Value With Good Corporate Governance As A Moderation Variable In Manufacturing Companies Listed On The Indonesia Stock Exchange
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Abstract
This study aims to analyze the influence of environmental uncertainty, company size, and strategic changes on financial performance and company value in manufacturing companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) for the 2020-2022 period. With a quantitative approach using SEM-PLS, this study analyzed 111 data from 37 companies based on financial statements and annual reports. The results show that environmental uncertainty does not have a significant influence on financial performance or company value, either directly or through financial performance mediation. In contrast, the size of the company has a significant influence on the company's financial performance and value, reflecting the stability and attractiveness of large companies in the eyes of investors. However, strategic changes do not have a significant effect on financial performance or company value, either directly or through financial performance as a mediator. In addition, the implementation of Good Corporate Governance (GCG) also does not mediate the relationship between financial performance and company value significantly. These findings underscore the importance of company size and financial performance as key determinants of company value in the stock market, while environmental uncertainty and strategic changes require further study to understand their impact.
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References
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Birana, Yerlin, and Ferdinandus Sampe. 2022. "The Effect of Business Environment Uncertainty on Organizational Performance-Total Quality Management as a Moderator." Journal of Business Economics and Accounting 2(1):115–24.
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La Ode Sumail, Ikhwan, Syamsul Ridjal,. 2021. "Financial Performance and Corporate Value: The Role of Conventional Banking Company Size in the IDX." Journal of Economics 26(2):311. doi: 10.24912/je.v26i2.753.
Onoyi, Nona Jane, and Diana Titik Windayati. 2021. "The Influence of Company Size, Good Corporate Governance and Operational Efficiency on Financial Performance." Financial Zone 11(1):15–28.
Pasla, Hendra. 2011. "The Effect of Environmental Uncertainty, Willingness to Accept Risk and Locus of Control on the Use of Accounting Information in Information Decision Making." Padang: Thesis FE UNP.
Setiawati, Luh Pande Eka, Ni Putu Ayu Mirah Mariati, and Kadek Indah Kusuma Dewi. 2023. "The Effect of Financial Performance and Size on Company Value." Remik 7(1):222–28. doi: 10.33395/remik.v7i1.12024.
Sinarasri, Andwiani. 2011. "Analysis of the Relationship Between Changes in Strategy and Company Performance with the Use of Budget as a Moderating Variable." National Seminar on Applied Economics, Faculty of Economics, UNIMUS 2011 (1987): 24–35.
Wairisal, Richard Jannuar Ade Irawan, and Hariyati Hariyati. 2021. "The Effect of Profit Quality on Company Value with Corporate Governance Moderation Variables." Journal of Accounting Education (JPAK) 9(1):71–78. doi: 10.26740/jpak.v9n1.p71-78.
Agung Widhi Kurniawan, Zarah Puspitaningtyas. 2016. Quantitative Research Methods. Yogyakarta: Pandiva Buku.
Birana, Yerlin, and Ferdinandus Sampe. 2022. "The Effect of Business Environment Uncertainty on Organizational Performance-Total Quality Management as a Moderator." Journal of Business Economics and Accounting 2(1):115–24.
Daromes, Francis E., and Robert Jao. 2020. "The Mediation Role of Financial Performance on the Effect of Board of Directors on Investor Reactions." Journal of Accounting 10(1):77–92.
Farid Wajdi et al. 2024. Quantitative Research Methods. edited by Evi Damayanti. Bandung: Widina Media Utama.
Gusti, I., Putu Darya, and Stie Madani. 2012. "The Effect of Environmental Uncertainty and Entrepreneurial Characteristics on Business Competence and Performance of Micro and Small Enterprises in Balikpapan City." January 1(1):65–78.
Harjito, Agus, and Martono. 2020. Financial Management. Second Edition. Yogyakarta: ECONICIA.
Liswatin, Liswatin, and Reksi Pramadan Sumarata. 2022. "The Effect of Capital Structure, Financial Performance and Company Size on Company Value." SINOMIKA Journal: Scientific Publications in Economics and Accounting 1(2):79–88. doi: 10.54443/sinomika.v1i2.149.
Milala, Nuraisyah Djafar. 2024. "ANALYSIS OF THE RELATIONSHIP BETWEEN ENVIRONMENTAL UNCERTAINTY AND MANAGERIAL PERFORMANCE THROUGH A MANAGEMENT ACCOUNTING SYSTEM." Thesis, University of Muhammadiyah Makassar.
La Ode Sumail, Ikhwan, Syamsul Ridjal,. 2021. "Financial Performance and Corporate Value: The Role of Conventional Banking Company Size in the IDX." Journal of Economics 26(2):311. doi: 10.24912/je.v26i2.753.
Onoyi, Nona Jane, and Diana Titik Windayati. 2021. "The Influence of Company Size, Good Corporate Governance and Operational Efficiency on Financial Performance." Financial Zone 11(1):15–28.
Pasla, Hendra. 2011. "The Effect of Environmental Uncertainty, Willingness to Accept Risk and Locus of Control on the Use of Accounting Information in Information Decision Making." Padang: Thesis FE UNP.
Setiawati, Luh Pande Eka, Ni Putu Ayu Mirah Mariati, and Kadek Indah Kusuma Dewi. 2023. "The Effect of Financial Performance and Size on Company Value." Remik 7(1):222–28. doi: 10.33395/remik.v7i1.12024.
Sinarasri, Andwiani. 2011. "Analysis of the Relationship Between Changes in Strategy and Company Performance with the Use of Budget as a Moderating Variable." National Seminar on Applied Economics, Faculty of Economics, UNIMUS 2011 (1987): 24–35.
Wairisal, Richard Jannuar Ade Irawan, and Hariyati Hariyati. 2021. "The Effect of Profit Quality on Company Value with Corporate Governance Moderation Variables." Journal of Accounting Education (JPAK) 9(1):71–78. doi: 10.26740/jpak.v9n1.p71-78.