Pengaruh Ukuran Perusahaan, Pertumbuhan Penjualan, dan Laba Bersih terhadap Nilai Perusahaan pada Perusahaan Subsektor Tembakau di BEI

Indra Erwanto; Haryono  Haryono; Ira Grania Mustika

doi:10.61132/menawan.v4i5.2566

Authors

Indra Erwanto Universitas Tanjungpura
Haryono Haryono Universitas Tanjungpura
Ira Grania Mustika Universitas Tanjungpura

DOI:

https://doi.org/10.61132/menawan.v4i5.2566

Keywords:

Cigarette Industry, Firm Size, Firm Value, Net Profit, Sales Growth

Abstract

This study aims to examine the effects of firm size, sales growth, and net profit on firm value in cigarette companies listed on the Indonesia Stock Exchange during 2020–2025. Firm value is an important indicator for investors in evaluating a company’s performance and future prospects. This study employs a quantitative approach with an associative research design. The population consists of all cigarette companies listed on the Indonesia Stock Exchange, namely PT Gudang Garam Tbk, PT Hanjaya Mandala Sampoerna Tbk, PT Wismilak Inti Makmur Tbk, and PT Indonesian Tobacco Tbk. Saturated sampling was used, involving all companies in the population as the research sample. The study uses secondary data from annual financial reports for 2020–2025. Data analysis includes descriptive statistics, classical assumption tests, multiple linear regression, coefficient of determination, t-tests, and F-tests using IBM SPSS Statistics. The results show that firm size, sales growth, and net profit simultaneously affect firm value. Partially, firm size has a significant negative effect on firm value, while sales growth has no significant effect. Meanwhile, net profit has a significant positive effect on firm value. These findings indicate that investors in the cigarette industry place greater emphasis on a company’s ability to generate profits than on its size or sales growth.

Downloads

Download data is not yet available.

References

Desisca, A., Yuliana, Y., & Oktaliza, M. (2025). Pengaruh ukuran perusahaan dan corporate social responsibility terhadap nilai perusahaan (study empiris pada perusahaan LQ45). Jurnal Akuntansi, Keuangan dan Teknologi Informasi Akuntansi, 6(1), 285–293. https://doi.org/10.36085/jakta.v6i1.7609

Fahlevi, A. R., Sedovandara, D. F., Daffa, M. A., Dzikri, M. A. A., & Faizi, M. F. N. (2023). Pengaruh ukuran perusahaan, sales growth, dan gender diversity terhadap nilai perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 49–58. https://doi.org/10.37641/jiakes.v11i1.1598

Fajriah, A. L., Idris, A., & Nadhiroh, U. (2022). Pengaruh pertumbuhan penjualan, pertumbuhan perusahaan, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Ilmiah Manajemen dan Bisnis, 7(1), 1–12. https://doi.org/10.38043/jimb.v7i1.3218

Handriani, E., & Robiyanto, R. (2018). Corporate finance and firm value in the Indonesian manufacturing companies. International Research Journal of Business Studies, 11(2), 113–127. https://doi.org/10.21632/irjbs.11.2.113-127

Heryanto, H., & Syukrial, S. (2022). Analisa nilai perusahaan industri rokok di Bursa Efek Indonesia. Jurnal Ekonomi Efektif, 5(1), 107–118. https://doi.org/10.32493/JEE.v5i1.23990

Isnawati, F. N., & Widjajanti, K. (2019). Pengaruh kepemilikan institusional, profitabilitas, ukuran perusahaan dan pertumbuhan penjualan terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening. Jurnal Riset Ekonomi dan Bisnis, 12(1), 71–84. https://doi.org/10.26623/jreb.v12i1.1528

Kusumaningrum, D. P., & Iswara, U. S. (2022). Pengaruh profitabilitas, leverage, dan ukuran perusahaan terhadap nilai perusahaan (Studi kasus pada perusahaan food and beverage yang terdaftar di Bursa Efek Indonesia). Jurnal Ilmiah Akuntansi dan Keuangan (JIAKu), 1(3), 295–312. https://doi.org/10.24034/jiaku.v1i3.5509

Laowo, Y., & Simangunsong, R. R. (2026). Pengaruh ukuran perusahaan, pertumbuhan penjualan dan profitabilitas terhadap nilai perusahaan (Studi empiris pada perusahaan manufaktur subsektor industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2020–2024). Jurnal Ilmiah Ekonomi, Manajemen, Bisnis dan Akuntansi, 3(2), 92–107.

Lesmono, B., & Siregar, S. (2021). Studi literatur tentang agency theory. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 3(2), 203–210. https://doi.org/10.47065/ekuitas.v3i2.1128

Lestari, S., & Sestri, F. (2026). Pengaruh struktur modal, keputusan investasi dan profitabilitas terhadap nilai perusahaan (Studi pada perusahaan industri rokok periode 2020–2024). Journal of Syntax Literate, 11(1). https://doi.org/10.36418/syntax-literate.v11i1.63044

Nasihin, I., Purwandari, D., Ardiansyah, H. N., Kartika, E., & Prawatiningsih, D. (2025). Faktor penentu nilai perusahaan: Peran ukuran perusahaan dan profitabilitas di Indonesia. Gorontalo Accounting Journal, 8(1), 152–164. https://doi.org/10.32662/gaj.v8i1.4007

Putri, I., Budiyanto, A., & Triyonowat, J. (2023). Financial performance and firm value: The role of signaling theory. International Journal of Scientific Research and Management, 11(4). https://doi.org/10.18535/ijsrm/v11i04.em01

Rahayu, V. S., Mustikowati, R. I., & Suroso, A. (2020). Pengaruh ukuran perusahaan, pertumbuhan penjualan dan profitabilitas terhadap nilai perusahaan. Jurnal Riset Mahasiswa Manajemen, 8(1).

Rahmah, Y. M. (2024). Pengaruh nilai perusahaan: Struktur modal, ukuran perusahaan dan investment opportunity set. Journal of Economic, Business and Accounting (COSTING), 7(5), 12–20. https://doi.org/10.31539/costing.v7i5.12225

Sadia, N. P. M. D. (2019). Ukuran perusahaan, kepemilikan institusional, struktur kapital dan nilai perusahaan publik di Indonesia. Jurnal Manajemen Bisnis, 16(1), 87–102. https://doi.org/10.38043/jmb.v16i1.2021

Saputra, M. R., Sumiati, A., & Zulaihati, S. (2022). Pengaruh profitabilitas, ukuran perusahaan, corporate social responsibility (CSR) terhadap nilai perusahaan. Jurnal Akuntansi, Perpajakan dan Auditing, 3(1), 181–192. https://doi.org/10.21009/japa.0301.11

Tandanu, A., & Suryadi, L. (2020). Pengaruh profitabilitas, likuiditas, ukuran perusahaan, terhadap nilai perusahaan. Jurnal Paradigma Akuntansi, 2(1), 108–117. https://doi.org/10.24912/jpa.v2i1.7138

von Deimling, C., Eßig, M., & Glas, A. H. (2022). Signalling theory. In Handbook of theories for purchasing, supply chain and management research (pp. 445–470). Edward Elgar Publishing.

Yani, M. A., Murni, Y., & Sudarmaji, E. (2024). Pengaruh profitabilitas, struktur modal, dan corporate social responsibility terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan sektor industri periode 2019–2022. Jurnal Ilmiah Akuntansi Pancasila (JIAP), 4(2), 74–94. https://doi.org/10.35814/jiap.v4i2.6438

Yoswandri, F. R., & Lestari, I. R. (2024). Pengaruh struktur modal, sales growth, likuiditas dan ukuran perusahaan terhadap nilai perusahaan. Journal of Development Economics and Digitalization, Tourism Economics, 1(2), 168–180. https://doi.org/10.59407/jdedte.v1i2.702

Yulistiani, S. P., & Manda, G. S. (2020). Faktor-faktor yang mempengaruhi laba bersih pada perusahaan industri rokok yang terdaftar di BEI. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 9, 1117–1126. https://doi.org/10.24843/EEB.2020.v09.i12.p01