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All Journal Jurnal Tirtayasa Ekonomika (Tirtayasa Economica Journal) Jurnal Manajerial Dan Kewirausahaan
Jansen Zanetti Kifli
Universitas Tarumanagara
Economics, Econometrics & Finance Social Sciences

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Faktor-Faktor Determinan Nilai Perusahaan Sub-Sektor Makanan dan Minuman: Profitabilitas sebagai Mediator Jansen Zanetti Kifli; Indra Widjaja
Jurnal Manajerial Dan Kewirausahaan Vol. 8 No. 2 (2026): Jurnal Manajerial dan Kewirausahaan
Publisher : Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jmk.v8i2.37722

Abstract

Penelitian ini mengkaji pengaruh capital expenditure dan current ratio terhadap nilai perusahaan dengan menggunakan profitabilitas sebagai variabel mediasi. Penelitian ini berfokus pada perusahaan di sub-sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia selama periode 2021-2024. Dengan menggunakan purposive sampling, diperoleh sampel sebanyak 26 perusahaan dengan total 104 observasi. Analisis dilakukan menggunakan regresi berganda dan uji mediasi. Temuan menunjukkan bahwa pengeluaran modal memiliki pengaruh signifikan terhadap nilai perusahaan dan profitabilitas. Profitabilitas juga menunjukkan pengaruh signifikan terhadap nilai perusahaan dan berhasil memediasi hubungan antara pengeluaran modal dan nilai perusahaan. Di sisi lain, rasio lancar tidak menunjukkan pengaruh signifikan terhadap nilai perusahaan maupun profitabilitas, dan hubungannya dengan nilai perusahaan tidak dimediasi oleh profitabilitas. Hasil ini menunjukkan pentingnya keputusan investasi dan kinerja profitabilitas dalam membentuk nilai perusahaan di sub-sektor makanan dan minuman, sementara likuiditas, yang diukur melalui current ratio, tidak memainkan peran signifikan selama periode yang diamati. This study investigates the influence of capital expenditure and current ratio on firm value by using profitability as a mediating variable. This research focuses on companies in the food and beverage sub-sector that listed on the Indonesia Stock Exchange during the period of 2021-2024. With using purposive sampling, resulitng in a sample of 26 companies with a total of 104 observations. The analysis was conducted using multiple regression and mediation testing. The findings reveal that capital expenditure has a significant effect on both firm value and profitability. Profitability also demonstrates a significant effect on firm value and successfully mediates the relationship between capital expenditure and firm value. In contrast, the current ratio shows no significant effect on either firm value or profitability, and it’s relationship with firm value is not mediated by profitability. These results highlight the importance of investment decisions and profitability performance in shaping firm value within the food and beverage sub-sector, while liquidity, as measured by the current ratio, does not play a significant role during the observed period.
Determinasi Valuasi Perusahaan melalui Likuiditas, Leverage, dan Profitabilitas pada Perusahaan Food and Beverage di Bursa Efek Indonesia Jansen Zanetti Kifli; Indra Widjaja
Tirtayasa Ekonomika Vol 1, No 1 (2026)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jte.v1i1.38488

Abstract

This study investigates the effect of liquidity, leverage, and profitability on firm valuation of food and beverage companies listed on the Indonesia Stock Exchange during 2021-2024. Firm valuation is measured using Price to Book Value, while liquidity, leverage, and profitability are proxied by Current Ratio, Debt to Equity Ratio, and Return on Equity respectively. Secondary data from 26 companies over four years were analyzed using panel data regression with Fixed Effect Model. The findings reveal that liquidity has a significant positive effect on firm valuation, leverage has a significant negative effect, and profitability has the strongest significant positive effect. These results indicate that companies with adequate liquidity, low leverage, and high profitability tend to receive premium valuation from investors. The practical implication is that management needs to maintain liquidity balance, manage capital structure prudently, and focus on enhancing profitability to maximize shareholder value. Keywords: Firm Valuation, Liquidity, Leverage, Profitability, Food and Beverage Industry ABSTRAK Penelitian ini menginvestigasi pengaruh likuiditas, leverage, dan profitabilitas terhadap valuasi perusahaan food and beverage yang tercatat di Bursa Efek Indonesia periode 2021-2024. Valuasi perusahaan diukur menggunakan Price to Book Value, sementara likuiditas, leverage, dan profitabilitas masing-masing diproksikan dengan Current Ratio, Debt to Equity Ratio, dan Return on Equity. Data sekunder dari 26 perusahaan selama empat tahun dianalisis menggunakan regresi data panel dengan Fixed Effect Model. Hasil penelitian menemukan bahwa likuiditas berpengaruh positif signifikan terhadap valuasi perusahaan, leverage berpengaruh negatif signifikan, dan profitabilitas berpengaruh positif signifikan dengan dampak terkuat. Temuan ini mengindikasikan bahwa perusahaan dengan likuiditas memadai, leverage rendah, dan profitabilitas tinggi cenderung mendapat valuasi premium dari investor. Implikasi praktis penelitian ini adalah manajemen perlu menjaga keseimbangan likuiditas, mengelola struktur modal secara prudent, dan fokus meningkatkan profitabilitas untuk memaksimalkan nilai pemegang saham. Kata kunci: Valuasi Perusahaan, Likuiditas, Leverage, Profitabilitas, food and beverage.
Co-Authors Indra Widjaja