Governors

Volume: 01 | Number 03 | Desember 2022 |

E-ISSN: 2962-5505 | DOI: doi.org/10.47709/governors.v1i3.1854

Company Value: Interest Rate, Financial Distress, And

Reputation of KAP
Nathasya Yemima Saputri1*, Dian Widiyati2
1,2
Universitas Pamulang, Indonesia
nathasyayemimasapt@gmail.com
*Corresponding Author

ABSTRACT
The value of the company is important, the higher the investment rate, the better the value received
by the Bank. For example, in banking companies, interest rates can influence people to save funds.
Thus, the selected bank will be trusted by customers and investors to increase. Financial distress at
the Bank will affect the value of the company, judging by the ability to pay its obligations smoothly.
The current phase of financial distress is triggered by the Covid-19 Pandemic. The financial sector,
particularly banking, is in the public's spotlight in mitigating the possibility of the worst happening.
Banking assessments can also be accepted from KAP assessments based on the banking financial
statements themselves. The research that will be used is the quantitative associative approach,
which is to describe systematically, the accuracy of facts, and characteristics regarding the effect of
interest rates, financial distress and KAP reputation on firm value. The data in this study were
obtained from the official website of the Indonesia Stock Exchange, namely www.idx.com as well
as several official banking websites from 2018 to 2021. The conclusion of the study based on
EViews 9 with sample data of 20 banking companies concluded that empirically the interest rate
has an insignificant effect on firm value. Empirical research on financial distress and KAP
reputation has a significant influence on the company. Simultaneously, it is proven empirically that
interest rates, financial distress, and KAP reputation have a significant effect on firm value.

Keywords: Financial Distress, Interest Rate, Reputation of KAP

INTRODUCTION
The big goal of the company is to make the value of the company optimally. The bigger and
higher the value of a company, the more the welfare of its owners and workers will be. According
to Wahyudi's research (2018), the value of shares contained in the company will reflect the value of
the company as well. Increasing the value of the company can be achieved through the
implementation of the company's financial management function itself, with a decision to be taken
that can affect other financial decisions and have an impact on the value of the company (Wijaya,
2017). A high interest rate can also increase the cost of capital borne by the company and cause the
returns that investors signal from an investment to increase (Wismantara, 2017). Falling interest
rates can have a positive influence on stock prices in the market and net profit, so that it can push
stock prices up or increase (Pratiwi and Wirakusuma, 2018). Investment is the attitude of
sacrificing currently owned assets that are exchanged for buying assets for larger future estimates.
It is likely that a company will withdraw bonds or issue shares, which is where the interest rate is
lower than the level of income strength outside of additional capital (Martan, 2017). The value of a
company at an enterprise can be influenced by internal factors as well as external factors. Internal
factors are supported by the company's financial performance, with the measurement of financial
ratios based on the Current Ratio (CR) stating that the ratio in the current period measures the
company's ability to meet short-term debt using current assets (Hanafi and Halim 2017), Debt to
Equity Ratio (DER) is used to measure the company's debt financing (Syamsudin, 2017), Return on
Equity (ROE) to measure the company's ability to generate profits based on share capital. (Hanafi
and Halim, 2017) and Earnings per Share (EPS) is a comparison between net profit after tax in the
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Governors
Volume: 01 | Number 03 | Desember 2022 |
E-ISSN: 2962-5505 | DOI: doi.org/10.47709/governors.v1i3.1854

financial year period and the number of shares issued (Widiatmojo, 2018). External factors
affecting the value of the enterprise can be seen from macroeconomic conditions. The interest rate
is used for a measure of income earned by capital owners which can be referred to as deposit
interest or investment interest (Noerirawan, 2017). With an increase in interest rates in the banking
industry, it can influence people to set aside their savings funds at banks, and tend not to invest in
the real sector.
Financial distress also affects the value of the company. In the stage of decline in the
company's finances, financial distress occur before bankruptcy and even liquidation (Platt and Platt,
2022). If the company's situation increases in financial distress, it will greatly affect the decline in
the value of the company and on the contrary (Brahmana, 2017). Financial distress start from the
inability of obligations, especially short-term liabilities including liquidity obligations and solvency
obligations (Paul, 2019). The real financial distress in today's conditions are illustrated in the series
of times of the Covid-19 Pandemic. At the beginning of 2020, the whole world was shocked by the
Covid-19 disease. According to the Ministry of Manpower (2020), 88% of companies in Indonesia
experienced losses. The impact of Covid-19 on the economic sector, especially on the banking
sector, is a challenge for the government in restoring the demand for credit mentioned by the
Minister of Finance, Sri Mulyani Indrawati. The impact of financial distress has resulted in more
difficulty in obtaining financing and bumping transaction settlements. The realization of
uncertainty about the end of the Covid-19 outbreak has further created a great opportunity for a
series of crises to occur. The Covid-19 pandemic has brought the capital market in a lower
direction due to low sentiment investor to the market (Nasution et al, 2020.
The stage of bankruptcy prediction according to Sugiyono (2018) can be caused by many
factors. Although in the forecast it is not certain to be experienced by the company but the majority
of companies that have experienced bankruptcy face the Latency stage at this stage Return of
Assets (ROA) will regress, Shortage of Cash at this stage will experience a shortage of cash but can
still have a strong level of profitability, According to previous research, Widiyati (2020),
profitability has a significant effect on the value of the company. Financial Distress at this stage
will experience a financial emergency regarding the start of bankruptcy, and Bankruptcy, where the
company will experience high financial distress and experience bankruptcy (Kordestani et al.,
2017). The cause of financial distress in the company can be referred to as the Trinity of Causes of
Financial Distress (Fachrudin, 2018), i.e., the Neoclassical Model is a financial difficulty that
occurs under conditions where the allocation of resources in the company is not appropriate, for
example in the source of the company's assets used for the company's operational activities. The
Financial Model is where the company can survive its sustainability in the long term, but the
company has gone bankrupt in the short term. Corporate Governance Model, where the bankruptcy
position has a mix of assets and an appropriate financial structure, but the management is very poor.
The consequences that must be borne from management governance errors are caused by poor
levels of corporate efficiency. Companies are encouraged to do so to be Out of The Market.
According to previous research Effriyanti, et. al. (2020), Good Corporate Governance shows a
positive and significant influence on company values.
The company's assessment is also helped by the reputation of the Tax Accounting Firm
(KAP) which checks the continuity of the annual report. Financial statements made with
appropriate accounting figures are expected to reduce internal friction that has an interest (Paramita,
2018). Investors can also see the picture, situation, and condition of the company fundamentally as
the basis for the termination of investment decisions. The auditor must comply with the client's
request, even if the level of flexibility provided for the purpose of kap performance is maintained
and the client feels that it is in accordance with the trustworthy performance in the future. The
auditor's reputation will be said to be good if it comes from a large auditor. Large auditors are
auditors who have a cooperative relationship with auditors from outside the country (foreign
country).
An auditor according to Wahyuningsih (2017) is an auditor who is included in The Big Four
Public Accountant. The KAP which can be referred to as The Big Four undergoes a ranking
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Governors
Volume: 01 | Number 03 | Desember 2022 |
E-ISSN: 2962-5505 | DOI: doi.org/10.47709/governors.v1i3.1854

process by measuring the number of employees and the final income received at the time of
payment of the client's audit results. Large KAP has a greater incentive (pay) compared to small
KAP (Verdiana and Utama, 2017). In line with the bona fide received, the risk of criticism and
damage to the reputation of large KAP is more risky than that of small KAP. The company's image
or reputation can be supported by the assessment results of the KAP.

LITERATURE STUDY
Agency Theory
Agency Theory is a relationship between owner and management. According to Putri
(2017), agency theory has disproportionate consequences between managers and owners, so
corporate governance is needed to run a healthier company. In the application of corporate
governance based on agency theory, it can be explained in the relationship between management
(agents) which as executors to run operations for profit and in return agents will receive
compensation or rewards. Agency theory is explained in Nugroho (2017), occurs if there is an
agency relationship, where the principal uses other parties (agents) to carry out operational
activities in providing extension of orders or delegation of authority in decision making. Agency
theory, agents are management and principals are shareholders (investors). Agency theory explains
the working relationship between two interrelated parties between the principal and the agent, or
the party who receives the authority and who gives the authority (Supomo and Amanah, 2019). The
function of the principal referred to as the owner will provide an explanation to the other party, the
agent as the party who processes data or information. The results of data or information processing
can be used as a step for decision making for the principal. However, the real event is that there is a
lot of misresemblance of information on both sides which results in data or information inequality.
Hereby, in terms of inspections carried out by management as an independent party to guarantee
the interests of the Owner (Ratnasari, 2018).

Company Values
Company value is a certain condition that has been achieved by a company to illustrate the
public's trust in the company after going through a process of activities for several years, from the
company's inception to the present (Hery, 2017). The high value of a company is seen from the
price of shares owned and the company can maximize the value of the company itself. The value of
the company can be reflected in the share price formed from the demand and supply of the capital
market to the performance of the company itself (Harmono, 2018). The high value of a company
can make a positive statement for investors, so that a lot of capital goes to the company, especially
in the banking sector. Some internal factors that affect the value of the company are the inflation
rate, exchange rate, and interest rate. In the discussion Silvia Indriani (2019), explained that
calculations can be made using valuation ratios or market ratios. The ratio used to calculate the
overall value of the company is one of them, Price to Book Value (PBV). PBV is a comparison
between a company's share price and the company's book value. PBV is a description of the
performance of a company that can provide market effects to shareholders or investors on the value
of the company itself (Astohar, et. al., 2021).

Interest Rate
The interest rate is the price of using loanable funds. One of the indicators chooses whether
to make an investment or save (Boediono, 2017). The higher the interest rate, the smaller the desire
to make an investment on the grounds that entrepreneurs will add costs to their investments if the
expected profit is greater than the interest rate given and paid to fund the investment (cost of capital)
(Nopirin, 2017). The government, in terms of deciding interest rates, receives input from banks
under their auspices, especially those registered with the Deposit Insurance Corporation (LPS). The
level of interest rate equilibrium is determined by bringing together supply and demand in the
securities market simultaneously. Interest rate is the cost of the loan or the price paid for the loan
fund (usually expressed as a percentage per year (Mishkin, 2018).
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Volume: 01 | Number 03 | Desember 2022 |
E-ISSN: 2962-5505 | DOI: doi.org/10.47709/governors.v1i3.1854

The effect of high interest rates can increase the cost of capital and will increase returns in
the future by investors on their investments (Wismantara, 2017). One of the indicators that make a
company have value is the stock price of the company itself. According to Reginastiti (2019), the
higher the stock price, it means that the higher the value of the company. Determination of the
calculation of company value by means of PBV (Price to Book Value), because the PBV ratio has
the result of calculating how much the market determines the stock price against the book value of
shares, which is seen whether the value of shares is above or below the company's book value
(Tambuk, 2020).
Factors affecting the value of the company can be seen from internal factors and external
factors. Internal factors, namely interest rates, inflation, and exchange rates. According to Purnomo
and Widyawati (2019), interest rate is a fee or price that is for the payment of the loan given and is
basically in the form of a percentage. According to Arsawam (2017) external factors have a
negative influence on the value of the company, while the value of the company has a positive
influence on the stock price. High interest rates can give a sign of the rise and fall of stock prices
(Tendelilin, 2017). Research conducted by previous researchers, Noerirawan (2018) gave results
that interest rates have a negative result on company value. In addition, Handayana's research (2019)
quoted from several previous studies stating that it has an insignificant positive effect on company
value.
H1: It is suspected that the interest rate affects the value of the company.

Financial Distress
Financial distress is a situation where many companies are experiencing distress in the
liquidation process of their assets as indicated by the decreasing ability of a company to pay
liability to the creditors concerned. Financial difficulty is a condition that indicates the stage of
decline in the company's financial condition before liquidation (Platt and Platt, 2017). Financial
distress can also be described as the inability of a company to pay financial obligations that have
matured or matured (bankruptcy) (Beaver et. aI., 2018). According to previous research, (Indriyani
and Nazar, 2020), it shows that the BI Rate and exchange rate variables in Macroeconomics have
no effect on the prediction of Financial Distress. The definition of liquidation (bankruptcy) is the
process of selling non-cash assets from the partnership because the partnership is no longer able to
carry out its operational activities. The condition of financial distress that occur can increase audit
risks on the part of independent auditors, especially control risks and detection risks. The
increasing level of risk, the auditor must conduct a risk check before conducting an overall
examination (risk assessment). In doing this action will use and take a long time.
The condition of bankruptcy, cannot be anticipated empirically (Sinaga et al., 2019).
Company value is a minimum level of success of the company itself in regulating and processing
resources related to stock value and price (Ftriyani, 2017). Financial distress are also referred to as
bankruptcy, or being in the position of an economic crisis and losses that have not been able to
meet obligations (Sari, 2017). According to Kurniawan (2017), companies that experience an
economic crisis or financial crisis will experience company failure, which requires the company's
financial condition to be monitored by its shareholders. In financial distress, the Altman Z-Score
method created by Altman, was created to detect how financial distress occur (Kurniawati, 2019).
H2: It is suspected that financial distress affect the value of the company.

KAP Reputation
Reputable auditors are associated with professional and qualified auditors (Widarjo et al.,
2017). Information obtained by auditors' reports that have a professional level will provide a higher
level of authenticity and fairness to the financial statements to be published by the company. The
reputation of the auditor determines the credibility of the financial statements significantly. The
independence and quality of auditors will have an impact on audited financial statements
(Widyaningdyah, 2017). The actual quality of audits cannot be checked in depth, so auditors strive
to provide quality information by increasing reputation and branding (Ali and Hartono, 2018). The
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Volume: 01 | Number 03 | Desember 2022 |
E-ISSN: 2962-5505 | DOI: doi.org/10.47709/governors.v1i3.1854

auditor's reputation is not statistically proven to affect changes in the value of the company after the
initial public offering, but overall the auditor's reputation has statistically proven to have a positive
effect on the value of the company after the initial public offering (Widarjo et al., 2017).
According to Putrid (2020), the auditor's reputation is the formation of an image derived
from the public trust used for the kap big name. A larger KAP can be interpreted to mean that the
quality possessed is better than a smaller KAP (Verdiana, 2017). According to Whayuningsih in
Nofiyanti and Subarjo (2020), auditors who have quality are auditors who are included in the KAP
which is included in The Big Four. Public Accountants are classified in the Big Four through a
process measured by the number of employees and income earned by the audit results. The results
of research by Nofiyanti and Subarjo (2020), show that the reputation of the KAP or the reputation
of the Auditor has a positive and significant influence on the value of the company. The results of
the study are influenced by the value of the company because the reputation of the auditor affects
the credibility of the financial statements of a company, because the independence and quality of
the auditor affect the audited report.
H3: It is suspected that the reputation of the KAP affects the value of the company.

METHOD
The type of research that will be used with the method of associative quantitative approach,
namely to describe systematically, the accuracy of facts and characteristics regarding the influence
of interest rates, financial distress and the reputation of the KAP on the value of the company.
Arikunto (2019) quantitative research is a way of research that demands the use of numbers starting
with data collection, data interpretation results and as well as the display of results. In conducting a
study, it is necessary to have population and sample research to be able to determine the number
and acquisition of research data. Population is a generalized area consisting of: objects / subjects
that have certain quantities and characteristics that are determined by the researcher to be studied
and then drawn conclusions (Sugiyono, 2017). The population in this study is all banking sector
companies listed on the Indonesia Stock Exchange in 2018-2021. Sampling in this study was
purposive sampling. Based on the criteria that have been set, a sample of 24 banking companies
was obtained based on a four-year research period with a total observation of 96 banking
companies. Data collection in this study used quantitative techniques and the data used were
secondary data. To determine the panel data regression estimation model, what was used in this
study was a combination of time series and cross section data. Estimation is done by combining the
two data called data pooling or data panels with data processing using EViews software version 9
to explain the relationship between independent variables and dependent variables.

RESULTS AND DISCUSSION

Results
Descriptive Statistical Analysis
The results of descriptive statistical analysis in this study can be seen as follows:
Tabel 1. Descriptive Analysis Results
Y X1 X2 X3
Mean 1.501375 0.047000 0.427375 0.662500
Median 1.130000 0.045000 0.325000 1.000000
Maximum 6.070000 0.060000 2.420000 1.000000
Minimum 0.160000 0.038000 -0.110000 0.000000
Std. Dev. 1.064768 0.008830 0.432975 0.475840
Skewness 1.723888 0.426242 3.283583 -0.687311
Kurtosis 6.759015 1.585596 14.11620 1.472397

Jarque-Bera 86.72451 9.090892 555.6582 14.07720

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E-ISSN: 2962-5505 | DOI: doi.org/10.47709/governors.v1i3.1854

Probability 0.000000 0.010615 0.000000 0.000877

Sum 120.1100 3.760000 34.19000 53.00000

Sum Sq. Dev. 89.56475 0.006160 14.80995 17.88750

Observations 80 80 80 80
Source: Data processed, 2022.

Multiple Linear Regression Test

In multiple linear regression research using analytical techniques to determine the influence
of independent variables on dependent variables. The results of the processing of multiple linear
regression analysis using EViews 9, as follows:
Table 2. Multiple Linear Regression test results
Variable Coefficient Std. Error t-Statistic Prob.
C 1.009245 0.374409 2.695570 0.0086
IR 0.897971 6.639978 0.135237 0.8928
FD 1.698574 0.330822 5.134402 0.0000
KAPR -0.416608 0.247586 -1.682676 0.0965
Source: Data processed, 2022.
Based on the Sig. value of the interest rate of 0.8928 > 0.05 with a Regression Coefficient
value of 0.897971. Then the interest rate does not have a positive significant influence on the value
of the company and the hypothesis is not accepted. Based on the Sig. value of financial distress of
0.0000 < 0.05 with a Regression Coefficient value of 1.698574. Then financial distress have a
positive significant influence on the value of the company and the hypothesis is accepted. Based on
the Sig. value of the KAP reputation of 0.0965 > 0.05 with a Regression Coefficient value of -
0.416608. Then the reputation of the KAP does not have a negative significant influence on the
value of the company and the hypothesis is not accepted.

Discussion
Effect of Interest Rate on Company Value
Based on the results of the Hypothesis Test, it is proven that there is an insignificant thing
between the variable effect of interest rates on the value of the company and the value of Sig.
0.8928 > 0.05 and the Coefficient regression value of 0.897971. In conclusion from the description
above, the interest rate (X1) has no signification of the value of the company (Y). Because the
coefficient value shows a positive value, the higher the value of the interest rate applied, the higher
the value of the resulting company. Thus, that the interest rate has an insignificant positive
influence on the value of the company, then H1, the interest rate on the value of the company is not
accepted. The interest rate has no effect on the value of the company, but the relationship is of
positive value. In this study, the effect of interest rates did not significantly affect the value of the
company.

The Effect of Financial Distress on Company Value

Based on the results of the Hypothesis Test, it is proven that there is a significant thing
between the variable effect of financial distress on the value of the company with the value of Sig.
0.0000 < 0.05 and the Coefficient regression value of 1.698574. The conclusion of the description
above, the results of the hypothesis test research explain that financial distress (X2) have
significance to the value of the company (Y). Because the coefficient value shows a positive value,
the higher the financial distress applied, the higher the value of the resulting company. Thus, that
financial distress have a significant positive influence on the value of the company, then H2,
financial distress on the value of the company are accepted.

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E-ISSN: 2962-5505 | DOI: doi.org/10.47709/governors.v1i3.1854

The Effect of KAP Reputation on Company Value

Based on the results of the Hypothesis Test in Table 4.21, it shows that there is a
significant thing between the variable influence of KAP reputation on company value and the value
of Sig. 0.0965 > 0.05 and the Coefficient regression value of -0.416608. A negative sign indicates
that there is an opposite between the variables of KAP's reputation and the value of the company.
Because the coefficient value produces negative data, it means that the higher the reputation value
of the KAP, the lower the value of the company. The conclusion of the description above, the
results of the hypothesis test research that explains the reputation variable KAP (X3) has no
significance to the value of the company (Y). Thus, the reputation of the KAP does not have a
significant negative influence on the value of the company, then H3, the reputation of the KAP
against the value of the company is not accepted.
Research by Andriani and Nursiam (2017), stated that not being a benchmark for Public
Accounting Firms (KAP) that have a small scale or do not have an affiliation with the Big Four
Public Accountants cannot produce high audit performance. According to Ayem and Yuliana
(2019), big kap has a better reputation and experience than small kap. With the reputation that the
KAP already has and a good reputation, it can provide manager information in the audit process.
According to Noviyanti's research (2020) concluded that the reputation of public accountants has a
positive influence on company value. Reputable auditors will be associated with experienced and
qualified auditors. According to research by Zaini et. al. (2019), the reputation of public
accountants has an influence on company value. Public Accounting Firm (KAP) is a form of
organization that has a license in accordance with laws and regulations that is involved in
professional services in public accounting practices.

CONCLUSION
Based on the results of the research discussion entitled The Effect of Interest Rates,
Financial Distress, and Public Accountant Reputation on Company Value (Empirical Study on
Banking Companies Listed on the Indonesia Stock Exchange in 2018-2021), resulted in the
following conclusions; The results of testing the first hypothesis can be concluded, that it is
empirically proven that interest rates have an insignificant influence on the value of the company.
The results of testing the second hypothesis can be concluded, that it is empirically proven that
financial distress have a significant influence on the value of the company. The results of testing
the third hypothesis can be concluded, that it is empirically proven that the reputation of the KAP
has an insignificant influence on the value of the company.

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