Estimasi Peluang Nilai Perusahaan Multifinance

Abstract

Firm value is a reflection of the company’s condition. Firm value is good when company has a result of more than 1 (one) whereas overvalued company has succeeded in managing its assets, so that the welfare of shareholders is guaranteed, and vice versa. When the company value is less than 1 (one), the company has failed in managing it’s assets and it is not a good thing for shareholders. The implementation of the multifinance company's business activities must be based on the regulations set by the OJK. Companies that do not comply with regulations will be subject to sanctions. Sanctions for revoking Multifinance company licenses in the 2019-2022 period continue to increase. Many Multifinance companies had their business licenses revoked because they did not comply with one of the regulations issued by the OJK. It is important for Multifinance companies to pay attention and monitor company performance so that there is no decline in firm value. This research aims to analyze corporate governance, risk profile, profitability and capital in estimating the probability for low firm value. Firm value is proxied by Tobin's Q. Multifinance company performance is measured by corporate governance, risk profile (NPF), profitability (ROA), and capital ratio. This research approach was carried out quantitatively on multifinance companies for the 2019-2022 period using the logistic regression analysis method. The research results state that corporate governance and profitability can estimate the probability for low firm value. Risk profile and capital cannot estimate the probability for low firm value, so it can be concluded that the variables used to calculate the chances of a company experiencing a low firm value or a Tobin's Q of less than 1 (One) are the corporate governance and profitability variables.