Analysis of the Effect of Company Micro Fundamental Factors on Company Value in Companies Listed in LQ 45 Index

This study shows the effect of the company micro fundamental factors on the company value registered in the LQ 45 Index (2012-2016). Company value is paid by prospective investors when a company is sold. The company is projected using the Tobin’s Q ratio. The company micro fundamental factors in this study are current ratio (CR), Debt to equity ratio (DER), return on assets (ROA), and earning per share (EPS). CR is used to measure the ability of a company to fulfill its short-term obligate ions. DER is used to assess the debt with equity that reflects the ability of a company to fulfill its obligations. ROAs is used to measure the ability of company to generate profits with assets used. Earnings per share is used to measure the achievement of the management in Achieving profits for shareholders. The design of this study is panel data regression using EViews 9 program. The analysis of the data in this study is the F Test for simultaneous and correlation tests (Adjusted R-Square). In this study, DER and ROAs have positive and significant effect on the company’s value (Tobin’s Q). EPS has a negative and significant effect on company value (Tobin’s Q). CR has no significant negative effect on company value (Tobin’s Q). Simultaneously, CR, DER, ROAs, and EPS has significant impact on company value (Tobin’s Q) with adjusted R-Square 0.972082. T means Tobin’s Q 97.2082% can be explained from the combination of the four independent variables.


INTRODUCTION
In addition to generating profits, the main goal to be achieved by the company is to impose company value (van Binsbergen et al., 2011). Company value is the price that the prospective buyer is willing to pay if the company is sold where the development or value trend of a company that shows the development from year to year automatically states that there is an increase in the shareholders' benefits (Pouraghajan et al., 2012). Maximizing the value of the company means maximizing the present value of all profits that will be received by investors in the future or long-term oriented (Onat et al., 2014). Because the value of the company is long-term oriented, every decision making on the policies made by the company must consider the value of the company.
Analysis fundamental analysis to calculate the intrinsic value of stocks using financial data firm Fundamental analysis is an analytical tool to determine the value of a company to process data sourced from internal sources, especially financial statements issued officially by the company, then processed according to the needs analysis to find out the company's financial ratios, so that the value of the financial ratio will be known about the value of a company (Marti, 2004).
Some of the micro fundamental factor variables used in this study are measures of current ratio (CR), debt to equity ratio (DER), return on assets (ROA), earning per share (EPS). The LQ-45 stock index is a leading stock index on the Indonesia stock exchange. Shares that enter the LQ-45 Index are selected based on the level of liquidity, market capitalization and performance of the issuing This Journal is licensed under a Creative Commons Attribution 4.0 International License company. Changes in the composition of shares in the LQ-45 category are conducted every six months (February and August). Of course, stocks that are consistently in the LQ-45 index are companies that are stable in terms of LQ-45 criteria compared to other companies.
In this study the Company Values be measured with Tobin's Q Tobin's Q indicators to measure the performance of companies, especially on the value of the company, which shows a proforma management in managing the assets of the company. If the value of Tobin's Q of the company is more than one, then the market value of the company is greater than the listed company assets (Dietrich, 2007).
From Table 1, even though the average value of the company has a value of more than 1, in 5 years (2012-2016) the value of the company fluctuates and tends to decrease. Decreasing company value will certainly affect market perceptions of companies that will have an impact on the company's shareholders.

The Value of the Company
Companies use values N is a condition that has been achieved by a company as an overview of public confidence in the company after going through a process of several years, namely since the company was founded until now (Dietrich, 2007). Tobin's Q is calculated by comparing the ratio of market value of company shares to the book value of the company's equity (Morgan and Rego, 2009

CR
CR is a measure of liquidity ability, namely the ability to pay debts that must be fulfilled immediately by current assets (Graham and Harvey, 2002).

Current asset Current ratio=
Current debt

DER
DER is a ratio that describes the ratio of debt and equity in corporate funding and shows the ability of the company's own capital to fulfill all its obligations (Pouraghajan et al., 2012).

Current asset Debt to equityrRatio=
Current debt

ROA
ROA is a ratio that describes the ability of a company's management in managing assets it controls to generate profits (Fama and French, 2004).
Earning after tax Return on asset= Total asset

EPS
EPS is a form of profit given to shareholders from each share held (Ovtchinnikov, 2010).
Net profit Earning per share = Number of shares

Framework
From Figure 1, can be formulated of hypothesis: H 1 :CR has an influence on the value of the company (Tobin's Q) simultaneously. H 2 : DER has an influence on firm value (Tobin's Q).

METHODOLOGY
The population used in this study is a company that is listed on the LQ 45 Index. Where there are 45 companies which every 6 months are updated according to the LQ 45 Index criteria. While the sampling technique used is purposive sampling, namely sampling techniques with certain considerations. Based on the sample criteria there are 18 companies that meet the criteria to be sampled in this study.  The model used in this study is a panel data regression model. In panel data regression there are three kinds of approaches which consist of the pooled least square approach, fixed effect approach and random effect approach (Lu-Andrews and Yu-Thompson, 2015).  (Dietrich, 2007;Gupta et al., 2011).

Effect of Leverage Ratio (DER) on the Profitability of Corporate Values (Tobin's Q) Partially
The

Effect of the ROA Ratio on Profitability of Corporate Value (Tobin's Q) Partially
The

Effect of Growth Ratio (EPS) on Profitability of Corporate Value (Tobin's Q) Partially
The results of the regression test partially show the effect of the Earning PerShare (EPS) ratio on Corporate Value (Tobin's Q) indexed companies LQ 45 for the period 2012-2016 shows a negative and significant effect seen from the results of the t test obtained by the value of t −2.364986 with probability is 0.0209 <0.05, from the results of the regression equation research above it can be seen that the regression coefficient for the Ratio of EPS ratio is negative at -0.000972, meaning that EPS partially has a positive and significant effect on Corporate Value (Tobin's Q) -LQ 45 indexed companies that go public on the Indonesian stock exchange for the period 2012-2016, implement it can be said that profitable companies will be able to increase EPS (Al-Najjar & Taylor, 2008;Docherty et al., 2010;Pouraghajan et al., 2012).

Individual Company Influence
Individually  There is the influence of the liquidity ratio (CR), leverage ratio (DER), ROA ratio, and the Ratio of earnings per share (EPS) together with respect to corporate value (Tobin's Q). Individually the company is affected by changes in corporate value (Tobin's Q) where the company with the highest sensitivity to changes in the company value ratio (Tobin's Q) is the company PT. Telekomunikasi Indonesia Tbk (TLKM), while the company which has the least sensitivity to changes in the Corporate Value Ratio (Tobin's Q) is the Unilever Tbk (UNVR) company.
To maintain the stability of the operational activities of the companies indexed LQ 45 listed on the Stock Exchange are advised to keep the balance of short-term liquidity and long term, increase the Solvency Ratio Profitability control, so that the company's ability to structure financing which is the ratio between debt with manageable Asset with investment needs because micro-fundamental factors can affect the value of the company.
For the next researcher, if you want to do similar research to add independent variables, such as Operating Profit Margin, Net Fixed Asset Turn Over, Sales Growth, Dividend Policy, and variables relevant to the research objectives, extend research time so that information can be obtained continuous.