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Eduvest – Journal of Universal Studies Volume 3 Number 9, September, 2023 p- ISSN 2775-3735-
e-ISSN 2775-3727 |
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THE EFFECT OF THE COMPANY'S LIFE CYCLE,
AND RELATED PARTY TRANSACTIONS ON PROFITS QUALITY AND THEIR IMPACT ON FIRM VALUE |
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Andre Susanto,
Apollo Daito Universitas
Mercu Buana, Indonesia Email: 55520120049@student.mercubuana.ac.id,
apollo@mercubuana.ac.id |
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ABSTRACT |
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This study aims to determine
the effect of company's life cycle and related party transactions on earnings
quality and its impact on firm value. This type of research is quantitative
research. This study uses secondary data obtained from the Indonesian Stock
Exchange (IDX) website. The sample for this research was 18 companies that
carried out IPOs for the 2018-2021 period. This study used a purposive
sampling technique as a sample selection. The analytical method of this study
uses multiple linear regression analysis with Eviews 11 as an analytical
tool. The results of study show company's life cycle affects earnings
quality, while related party transactions do not affect earnings quality. The
company's life cycle and related party transactions affect the firm’s value. Earnings quality has a significant effect on firm value.
Earnings quality is capable of mediating between the company's life cycle and
related party transactions with firm value. |
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KEYWORDS |
Company Life Cycle; Related
Party Transactions; Profit
Quality; Firm Value |
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This work is
licensed under a Creative Commons Attribution-ShareAlike 4.0 International |
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INTRODUCTION
Firm value is reflected in the stock price in the stock
market, where investors' decisions in investing are based on company data/
information to reduce the impact of investment losses due to information
manipulation. The life cycle of company becomes
one of the factors that affect profits quality (Moshtagh et al., 2014). Life cycle stage is divided into the company's growth stage and the
company's mature stage (Pujianto, 2016). Life cycle theory assumes corporations are just like
living things that are born, grow, and die. Based on agency theory, management
as an agent must face the life cycle of a company with good performance.
Companies that are in the mature and decline phases have a strict
control system or they are less free to do discretionary accrual. Hastuti (2017) explained
company's life cycle negatively affects the profits quality. Sari (2016) and
Mohammed (2018) explained
company's life cycle has a positive effect on profits quality. While Hastuti (2017) explained
company's life cycle does not affect profits quality.
Purnamasari (2019) and Andreas (2018) explained that related party transactions affect profit quality. The
adverse impact of transactions with these special parties, especially
managerial and institutional investors, is the emergence of motives and
opportunities for how to take advantage of it. Sulaeman (2019), Chen (2016), Hasnan (2016), and Mardani (2020) explained that profit quality negatively affects firm value. The role of
the company's life cycle affects the firm value because the company's life
cycle affects the capital structure which will then increase the firm’s value
by the tax rate multiplied of debt amount. Likewise, related party transactions
can affect firm value which tends to be negative, this is because the company
is allegedly more encouraged to use RPT for expropriation of minority
shareholders. RPT can create conflicts of interest between controlling
shareholders and minority shareholders and have negative implications for firm
value.
Bona-Sanchez et al. (2017), Purnamasari (2019), and Supriyono (2018) explained firm value becomes lower when there is RPT because RPT can be
detrimental. After all, it can be used to channel assets and profits from
controlled companies to external companies for the benefit of controlling
shareholders. Septi (2016), and Nagar (2017) explained the life cycle of companies is only companies that are start-ups
that have a positive and significant effect on the capital structure that
affects firm value.
The Effect of Company's Life Cycle
on Profit Quality
Based on agency theory, management as an agent must face
the life cycle of a company with good performance. Eric and Carmel (2017) research each stage has different characteristics and is related to
differences in the composition of firm value components. Investors assess that the
profitability generated by thecompany is a measure in assessing howg ood or bad
the company’s performance is (Harnovinsah & Alamsyah, 2017). The firm value consists of two
components, namely assets in place and growth opportunities. The proportion of
the two differs between stages of the life cycle so that companies at different
stages can be assessed differently depending on the relative proportions of the
two components and will have an impact on the difference in the influence and
relevance of the value of financial statements at each stage. The results of
his research show the influence of the company's life cycle on a company's
profit/financial information.
H1: The Company's Life Cycle Has a Significant Effect on Profit Quality
The Effect of Related Party
Transactions on Profit Quality
Irwan and Hermiyeti (2018), the results of related party transactions have a significant influence on
profit quality. Transactions with parties who have a special relationship are
normal transactions that occur in the business world. However, disclosure of
these transactions is crucial to report because transactions with privileged
parties can affect the entity's profit and loss and financial position.
H2: Related Party Transactions Have a Significant Effect on Profit Quality
The Effect of Profit Quality on Firm
Value
The purpose of the company is to achieve maximum profit,
prosper the owners of the company or the owners of shares and maximize firm
value reflected in its share price. Jonathan and Nera (2018) have the results of research on related party transactions that have a
significant effect on firm value. The profit statement presented in the
company's financial statements affects firm value. Research by the Earnings
statement will be used by investors in making decisions to make investments.
Good profit quality can provide good profit information that will make
investors interested in investing so that it can increase market reaction and
return rates.
H3: The Company's Life Cycle Has a Significant Effect on Firm Value
The Effect of Company's Life Cycle
on Firm Value
Every company can experience five stages of the life
cycle namely the stages of establishment, expansion, high growth, maturity, and
decline. At each stage of this life cycle, the need for the amount of capital
will be different. So bad capital, in other words, companies that use more debt
will make the company's value will fall. Septi (2016) shows the life cycle of a company
through capital structure negatively affects firm value.
H4: Related Party Transactions Have a Significant Effect on Firm Value
The Effect of Related Party
Transactions on Firm Value
Related party transactions that allegedly contain
expropriation tend to cause a decrease in the firm value that are less
diversified than companies operating in a single segment. This is because
related party transactions can be used by controlling shareholders to
expropriate and harm shareholders. Based on the results of research conducted
by Mone et al.,
(2021), related party transactions have a
significant negative impact on firm value. Liew et al. (2018) found that RPT can have a positive impact on firm value when the term of
office of an independent commissioner is long enough because it is considered
to have a positive reputation that can help supervise and reduce the
expropriation of minority shareholders. RPT can be detrimental because it can
be used to channel assets and profits from controlled companies to external
companies for the benefit of controlling shareholders.
H5: Profit Quality Has a Significant Effect on Firm Value
Mediating Profit Quality in Corporate
Life Cycle and Transactions Parties Related to Firm Value
Anggala and Basana (2020), examining the effect of related party transactions on profit quality. By
doing a profitable efficient RPT, the company will be able to increase profits,
because the transaction is considered economically rational with low
transaction costs borne by the company. With these low transaction costs, it is
profitable for the company and will increase profit revenue. Increasing profit
revenue generated from related party transactions will reduce actions that will
damage company profits. With a decrease in the potential for biased profits, it
can benefit investors because they can make decisions with real conditions.
Research by Tambunan et al.
(2017) also said that transactions of special
parties and firm value in business groups on the Indonesia Stock Exchange
provide results that sales and purchase transactions to special parties have a
significant positive effect on firm value, on the contrary, debt and
receivables transactions to special parties have a significant negative effect
on firm value
H6: Profit Quality Mediates between Company Life Cycle and Related Party
Transactions with Firm Value
RESEARCH
METHOD
This research applies quantitative
research. Data collection techniques in this study were carried out with stud
literature and archival data. The data used are secondary data obtained from
the financial statements and annual reports of Mining Sector companies in the 2018-2021 period published on
the official website of each company or through the official website of the
Indonesia Stock Exchange (www.idx.co.id) or (www.sahamok.com). This descriptive research aims to
test hypotheses through theory validation or testing the application of theory
and explaining the characteristics of the variables studied.
Profit
Quality
In this study to measure the quality of
profit which concludes the lower the ratio value, the higher the quality of
profit, namely with the following formula:
Profit Quality =
Operating Cash Flow / Net Income
Enterprise
Life Cycle
Systematically the proxies of the
enterprise life cycle can be formulated as follows:
Information:
SGt = sales growth
SALESt = net sales in year t
SALESt−1 = net sales in year t-1
Related
Party Transactions
The calculation of related party
transactions in this study is measured as follows:
Firm Value
Systematically price to book value (PBV)
can be calculated by the following formula:
The population used in this study is the entire mining
sector listed on the Indonesia Stock Exchange for the 2018-2021 period. The
sample in this study was carried out using the purposive sampling method where
sampling was based on the consideration of the research subject, the sample was
selected based on the suitability of characteristics with the specified sample
criteria to obtain a representative sample.
Statistical Test Results Description
Descriptive
statistics explain the characteristics of each variable in the study, during
the period 2018-2021 consisting of minimum, maximum, mean, and standard
deviation values. Descriptive statistical test results using eviews 11. Based
on table 1, number of samples (N) is 72, the variables studied are the life
cycle of the company, related party transactions, profit quality and firm value. The following are
the results of a descriptive statistical test of this study.
Table 1. Descriptive Statistical Test
|
|
KL |
LC |
NP |
TPB |
|
Mean |
4.958901 |
0.596003 |
0.481709 |
0.385908 |
|
Median |
2.630271 |
0.185074 |
0.426532 |
0.378962 |
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Maximum |
47.56119 |
8.964283 |
0.994878 |
0.935124 |
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Minimum |
1.063485 |
0.001084 |
0.111926 |
0.011554 |
|
Std. Dev. |
7.087011 |
1.386587 |
0.243265 |
0.279405 |
Source: processed from Output
E-Views 11
Based on Table 1 it can be seen
that the amount of data used in the study is 72 and shows the descriptive
statistics of each variable presented below:
The variable of Profit Quality
The results of profit quality calculation sampled
in the study show the
smallest (minimum) value of 1.0634 in the SQMI stock code in 2018 occurred
because at that time there was a weakening of coal prices and a maximum value
of 47,561 to the PTBA stock code in 2019, this shows that the strategic steps
taken by the company are running effectively, the increase in net profit is
supported by an increase in sales volume of ferronickel and nickel ore
commodities. Then the standard deviation value of 7.087 is greater than the
average value of 4.958. This shows that mining companies in the sample studied
on average have a profit quality value of 4.95 operating cash flow compared to
the total net profit and the number of outstanding shares for the period 2018
to 2021. Companies use more and maintain operating cash flow for survival in
operational activities. The average value that is smaller than the standard
deviation shows that over the last 4 years the composition of profit quality in
18 companies is not good.
The Company Life Cycle variable
The results of life cycle calculation of companies sampled in the study show the smallest (minimum) value of
0.001 is owned by the CTBN stock code in 2021, which means that companies are
at the lowest point categorized as young companies, early-stage company cycles
and companies with low sales growth ratios tend to be in the growth stage and
depend on external capital, Meanwhile,
the higher the sales growth ratio tends to be more mature with high profit
accumulation. The maximum value of 8.964 is owned by the ANTM stock code in
2018 which is a company in the best mature condition where accumulated profits
are higher, then the standard deviation value of 1.386 is greater than the
average value of 0.596. This shows that mining sector companies in the sample
studied have an average SHP value of 5.96 from sales and costs compared to the
amount of equity and the number of shares outstanding for the period 2018 to
2021. Sales growth causes that sales that always increase every year will
follow the profits obtained in the company's life cycle. An average value
smaller than the standard deviation shows that over the last 4 years the
composition of the company's life cycle in 18 companies is not good.
Related Party Transaction Variable
The results of related party transactions calculation
sampled in the study show the smallest (minimum) value of 0.011 in the TBMS
stock code in 2018 which showed the low related party transactions carried out
by the company and the maximum value of 0.935 in the BUMI stock code in 2019
occurred due to the many corporate actions carried out to support the company's
progress, then the standard deviation value of 0.279 was smaller than the
average value of 0.385. This shows that mining sector companies in the sample
studied on average have a TPB value of 3.85 in related party transactions.
Related party transactions help in the need to maintain within the group
company for control in terms of balance sheets in order to achieve company
life. The average value greater than the standard deviation shows that over the
last 4 years the composition of related party transactions in 18 companies is
good.
Firm Value Variable
The results of firm
value calculation sampled in the study show the smallest (minimum) value of
0.111 in the SQMI stock code in 2020 occurred because at that time the company
was adapting to industrial conditions that continued to experience price
declines and the maximum value of 0.994878 in the BTON stock code in 2019 this
shows that the company's business diversification and transformation efforts
have succeeded in increasing the company's value, then the standard deviation value of 0.243 is
smaller than the average value of 0.481, this shows that mining sector
companies in the sample studied have an average PBV value of 4.81 from the
market price per share compared to the amount of equity and the number of
shares outstanding for the period 2018 to 2021. Well-managed companies
generally have a price-to-book value ratio above one. Price to Book Value (PBV)
describes how much the market appreciates the book value of a company's stock.
The higher this ratio, it means that the market is confident in the prospects
of the company. PBV also shows how far a company is able to create corporate
value relative to the amount of capital invested. A high stock price makes the
company's value high. The average value
greater than the standard deviation shows that over the last 4 years the composition
of firm values in 18 companies has not been good.
Table 2. Hypothesis – Common Effect Model with a Lab
Quality Variable
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
LC |
0.266680 |
0.104076 |
2.562363 |
0.0126 |
|
TPB |
0.172565 |
0.109281 |
1.579102 |
0.1190 |
|
NP |
-0.267747 |
0.069123 |
-3.873505 |
0.0002 |
|
C |
0.327946 |
0.063377 |
5.174566 |
0.0000 |
|
R-squared |
0.218608 |
Mean dependent var |
0.389252 |
|
|
Adjusted R-squared |
0.184135 |
S.D. dependent var |
0.139075 |
|
|
S.E. of regression |
0.125620 |
Akaike info
criterion |
-1.257158 |
|
|
Sum squared resid |
1.073066 |
Schwarz criterion |
-1.130677 |
|
|
Log-likelihood |
49.25769 |
Hannan-Quinn
criter. |
-1.206805 |
|
|
F-statistic |
6.341384 |
Durbin-Watson stat |
1.843713 |
|
Source: processed from Output
E-Views 11
Table 3.
Hypothesis – Random Effect Model with Firm Value Variables
|
Variable |
Coefficient |
Std. Error |
t-Statistic |
Prob. |
|
LC |
0.366003 |
0.167271 |
2.188088 |
0.0321 |
|
TPB |
0.692066 |
0.155477 |
4.451233 |
0.0000 |
|
KL |
-0.675125 |
0.174293 |
-3.873505 |
0.0002 |
|
C |
0.275842 |
0.114004 |
2.419586 |
0.0182 |
|
R-squared |
0.356025 |
Mean dependent var |
0.481709 |
|
|
Adjusted R-squared |
0.327615 |
S.D. dependent var |
0.243265 |
|
|
S.E. of regression |
0.199475 |
Akaike info
criterion |
-0.332304 |
|
|
Sum squared resid |
2.705735 |
Schwarz criterion |
-0.205823 |
|
|
Log-likelihood |
15.96296 |
Hannan-Quinn
criter. |
-0.281952 |
|
|
F-statistic |
12.53140 |
Durbin-Watson stat |
1.781533 |
|
Source: processed from Output
E-Views 11
The results of the regression of the Common Effect Model panel data
dependent variable profit quality Prob (F-statistic) value 0.000743 < 0.05,
can be interpreted as the suitability of the
Common Effect Model regression model used to jointly affect the LC, TPB,
and NP variables on KL. The results of regression panel data Common Effect Model dependent variable firm value
significance value Prob (F-statistic) 0.00001 < 0.05, can be interpreted as
the suitability of the Common Effect Mode
regression model used to affect LC and TPB variables on NP.
Regression
results of Common Effect Model panel
data with dependent variables of profit quality, the hypothetical results are
obtained as follows:
1) The value of the Company Life Cycle Prob (LC) is 0.0126 < 0.05, this
shows that the Company's Life Cycle affects Profit Quality.
2) The Prob value of Related Party Transactions (TPB) is 0.1190 > 0.05,
this shows that Related Party Transactions do not affect Profit Quality.
Regression
results of Common Effect Model panel data
with dependent variables of firm value, the hypothetical results are obtained
as follows:
1) The value of Company Life Cycle Prob (LC) is 0.0321 < 0.05, this shows
the Company Life Cycle affects firm
value.
2) The value of Related Party Transaction Prob (TPB) is 0.0000 < 0.05, this
shows the Related Party Transaction affects the company's value.
3) The value of Profit Quality Prob (KL) is 0.0002 < 0.05 This shows the
Quality of Profit affects firm
value
Table 4. Sobel Test Results
|
Path |
Independent Variable |
Direct effect |
Total |
Conclusion |
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Direct effect |
Mediation Variable |
Indirect effect |
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Beta |
SE |
Beta |
SE |
Beta |
SE |
t |
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TPB > ML > NI |
0.173 |
0.109 |
0.328 |
0.063 |
0.057 |
0.007 |
0.231 |
Accepted |
|
LC > ML > NI |
0.263 |
1.104 |
0.328 |
0.063 |
0.087 |
0.007 |
0.334 |
Accepted |
Source
: Data processed with IBM SPSS Statistics 22
Based on the results of the t test (partial test), it can be seen that
dependent variable effect (firm value) on the independent variable partially using the sobel test is
as follows:
4) From the table of regression results, it shows the value of the profit
quality regression coefficient to a positive firm value of 0.328 with a
standard error of 0.063.
Based on the results of the
calculation of the Z value Sobel test of 0.566 > 1.99 with a significant
level of 5%, it proves that the quality of profit can mediate the relationship
between the company's life cycle and party transactions related to firm value.
1)
For the dependent
variable Profit Quality (KL) with Common
Effect Model (CEM) the regression equation is:
KL = 0.3279 +
0.2666LC + 0.1725TPB - 0.2677NP
2)
For the dependent
variable of firm value with
the Common Effect Model (CEM) the
regression equation is:
NP = 0.2758 + 0.3660LC +
0.6920TPB - 0.6751KL
DISCUSSION
The Effect of
Company's Life Cycle on Profit Quality
Based on study’s results using t test, the probability
value was obtained is 0.0126 < 0.05 with a positive regression coefficient
of 0.2666. Then it can be concluded that life cycle of company has a positive
effect on profits quality.
The company's life cycle starts from the initial stage,
namely the introduction and growth stages to the final stage, namely mature and
decline, of course, cannot be separated from the presence of agency problems
that cause problems in profits. Although companies tend to move forward through
each stage linearly from the start-up or introduction stage to the decline
stage, for some companies it may also not run in the same order throughout the
stages of the company's life cycle. Some companies are sometimes at the stage
of the company life cycle without a definite time limit (Setiawan & Hariyati, 2018).
The results of this study are not in line with the research of Moshtagh (2014)
which shows the quality of profit is not influenced by the life cycle of the
company, while the research conducted by Nagar (2017)
examined the effect of the life cycle of the company on the quality of profit.
The Effect of Related Party Transactions on Profit
Quality
Based on study’s results using t test, the probability
value was obtained is 0.1190 > 0.05 with a positive regression coefficient
of 0.1725. Then it can be concluded that related party transactions do not have
a positive effect on profit quality.
Regulations regarding disclosure of related
party transactions are included in mandatory disclosures that must be made by
companies because they are bound by the governing PSAK, namely PSAK No. 7,
which requires companies to disclose related parties. This does not provide an
opportunity for management to take advantage of transactions with privileged
parties to manipulate company performance so that it seems as if management
does not achieve the specified targets. This leads to an increase in the
company's opportunities to provide quality financial statements, especially
unfavorable profits. This result is not in line with the research of Prayasa and Hermiyeti (2018) which shows that related party transactions negatively affect profit
quality, while this study is in line with the research
of Lawal and Nafisa (2018)
which provides results of the influence of related party transactions with
profit quality is considered inconclusive.
The Effect of Corporate Life Cycle
on Firm Value
Based on study’s results using t
test, the probability
value was obtained is 0.0321 < 0.05 with a positive regression coefficient
of 0.3660. Then it can be concluded that company's life cycle has a positive
effect on firm value.
According to the agency theory proposed by Jensen and Meckling (1976)
agency relationships that occur show a separation of functions, the principal
when handing over his authority to the agent to manage it. Each phase of
business has different conditions, so it demands different capital needs
(sources and amounts). This research implies that entrepreneurs need to adjust
their funding decisions according to changing phases of the company's life.
This shows that when the company is in a high position, it will not affect the
company's value ratio. Companies tend to better protect and maintain the
survival of the company by maintaining profits. The better and tighter the company's control and management system causes
managers to be more careful and lower the discretionary accrual that the
company does. Companies that are in the mature to stagnant phase (in this case
indicated by a declining sales growth rate) have a strict control system so
that management is less free to do discretionary accrual. It is difficult to
separate discretionary accrual from a valid accounting policy in a company. This result is not in line with research conducted by Maria (2022)
but in line with research conducted by Septi (2016).
The Effect of Related Party
Transactions on Firm Value
Based on study’s results using t
test, the probability
value was obtained is 0.0000 < 0.05 with a positive regression coefficient
of 0.6920. Then it can be concluded that related party transactions have a
positive effect on firm value.
In agency theory, it is explained that the problem between the principal
and agent arises because of the absence of asymmetric information (information
asymmetry). The assumption that individuals act to maximize themselves, causes
the agent to take advantage of the information asymmetry he has to hide some information
known to the principal. Firm value is described from the company's performance,
the greater firm value, the greater the firm value that is valued by the
market. Various efforts are made by management to increase firm value,
including streamlining the costs incurred by the company to increase firm value,
such as company operational costs. This result is in line with the research of Tambunan et al.,
(2017)
which shows that related party transactions affect firm value, while this
research is in line with Suryani (2019) which provides the results of the influence of
related party transactions with firm value.
The Effect of Profit Quality on Firm
Value
Based on study’s results using t
test, the probability
value was obtained is 0.0002 < 0.05 with a negative regression coefficient
of 0.6751. Then it can be concluded that ptofit quality do not have a positive effect on firm
value.
In positive accounting theory, managers have the power or flexibility to
choose accounting procedures that are under the procedures of their choice.
This allows managers to choose procedures that can increase profits or decrease
profits to modify financial statements, or to achieve a certain goal. The
profit statement presented in the company's financial statements must be
presented properly because the profit statement affects firm value. The profit
statement will be used by investors in making decisions to make investments.
Because increasing information about profits in a company will attract the
attention of investors to buy shares in the company. This result is in line with Jonathan and Machdar (2018) which shows that profit quality affects firm value, while this study is not in line with Purnamasari et al. (2019) research which provides results that there is no effect of profit
quality on firm value.
Mediating profit quality between
company's life cycle and party transactions related to firm value
Based on on study’s results of Z value sobel test of 0.566 > 1.99 with a significant level of 5%,
it proves that profit quality is able to mediate the relationship between the
company's life cycle and party transactions related to firm value.
Based on the results of the path analysis, it can be concluded profit
quality is proven as an intervening variable between the company's life cycle
and related party transactions to the company's value. Regarding the time in
each stage of the life cycle, it is stated that each stage can take place in a
very fast sequence or can be very slow in the development of each stage.
Companies that have related-party transactions must disclose all types and
amounts of related-party transactions in the financial statements separately.
Then firm value is the investor's perception of the stock price which describes
the company's performance in managing company assets. Investors tend to assume that the
profit reported in the financial statements does not show the overall
performance of the company, so there are other factors that investors consider in assessing the company
such as prospects regarding the company's industry, assets, or sources
of capital, innovations made by the company, and
so on that can ensure the sustainability of the company. This result is not in line with Izzatun (2018) and this study is in line with Purwantini and
Supriyono (2018).
CONCLUSION
The
results of the study show that;
(1) the company's life cycle affects the quality of profits, (2) related party
transactions do not have a significant effect on the quality of profits, (3)
the company's life cycle affects firm value, (4) related party transactions have a
significant effect on firm value,
(5) the quality of profits has a significant effect on the firm value, and (6) the
quality of profits can mediate between the life cycle of the company and
transactions of related parties with the firm value.
Further research advice for investors is expected to
use information about related party transactions in considering their
investment decisions by looking at firm value shares or disclosure of related party
transactions in the company's financial statements.
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