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Ira Hapsari
Universitas Muhammadiyah Purwokerto
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Profitabilitas dalam Hubungan Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan pada Sub Sektor Food & Beverage Iis Ismatul Chotimah; Ira Hapsari; Hadi Pramono; Hardiyanto Wibowo
Jurnal Akuntansi dan Keuangan Kontemporer (JAKK) Vol 9, No 1 (2026): Maret 2026
Publisher : Jurnal Akuntansi dan Keuangan Kontemporer (JAKK)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30596/jakk.v9i1.28083

Abstract

Tujuan Penelitian: Penelitian ini bertujuan untuk menganalisis pengaruh ukuran perusahaan dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi pada subsektor food beverage di Indonesia periode 2021–2024.Metode Penelitian: Penelitian menggunakan panel data 326 observasi perusahaan yang dianalisis dengan Fixed Effect Model (FEM) dan robust standard error untuk mengatasi heteroskedastisitas dan autokorelasi.Originalitas/Novelty: Temuan ini menegaskan bahwa dalam subsektor food beverage pascapandemi, nilai perusahaan lebih dipengaruhi oleh efektivitas pengelolaan utang yang didukung profitabilitas dibandingkan oleh skala aset. Kontribusi penelitian ini terletak pada penyediaan bukti empiris yang menjelaskan ketidakkonsistenan hasil penelitian sebelumnya terkait peran ukuran perusahaan, serta menegaskan profitabilitas sebagai faktor kunci yang menentukan apakah leverage dipersepsikan sebagai sinyal positif atau risiko oleh pasar.Hasil Penelitian: Menunjukkan bahwa ukuran perusahaan tidak berpengaruh signifikan terhadap nilai perusahaan (β = −0,060; p = 0,720), sedangkan leverage berpengaruh positif dan signifikan (β = 0,468; p = 0,001). Analisis moderasi mengungkapkan bahwa profitabilitas tidak memoderasi hubungan ukuran perusahaan dan nilai perusahaan (β = −0,017; p = 0,101), namun secara signifikan memperkuat pengaruh leverage terhadap nilai perusahaan (β = 0,029; p = 0,006).Implikasi: Manajemen perusahaan subsektor food beverage perlu berhati-hati dalam mengandalkan skala aset, karena ukuran besar tidak otomatis meningkatkan nilai pasar. Leverage dapat menjadi pendorong nilai perusahaan apabila disertai profitabilitas tinggi. Bagi investor, kombinasi antara tingkat utang dan profitabilitas menjadi sinyal penting dalam menilai prospek perusahaan. Research Objectives: This study aims to analyze the effect of firm size and leverage on firm value with profitability as a moderation variable in the food beverage subsector in Indonesia for the 2021-2024 period.Research Method: The study used a data panel of 326 company observations analyzed with Fixed Effect Model (FEM) and robust standard error to overcome heteroscedasticity and autocorrelation.Originality/Novelty: These findings confirm that in the post-pandemic food beverage subsector, the value of companies is more influenced by the effectiveness of profitability-supported debt management than by the scale of assets. The contribution of this research lies in the provision of empirical evidence explaining the inconsistencies of previous research results regarding the role of firm size, as well as affirming profitability as a key factor in determining whether leverage is perceived as a positive signal or risk by the market.Research Results: It shows that the size of the company has no significant effect on the company's value (β = −0.060; p = 0.720), while leverage has a positive and significant effect (β = 0.468; p = 0.001). The moderation analysis revealed that profitability did not moderate the relationship between firm size and firm value (β = −0.017; p = 0.101), but significantly strengthened the influence of leverage on firm value (β = 0.029; p = 0.006).Implications: The management of companies in the food beverage subsector needs to be careful in relying on the scale of assets, because large size does not automatically increase market value. Leverage can be a driver of firm value if it is accompanied by high profitability. For investors, the combination of debt levels and profitability is an important signal in assessing a firm's prospects. 
Co-Authors Ani Kusbandiyah Anisa Ilma Hartikasari Annisa Ilma Hartikasari Bima Cinintya Pratama Depriska Lailatul Aroof Dhanti, Kurnia Ritma Dhea Vania Dominique Pijoh Eka Sulistyaningsih Erna Handayani Erny Rachmawati Faizah Diah Hayuningtyas Fatimah Nafisati Nugraheni Hadi Pramono Hardiyanto Wibowo Herlina Herlina Iis Ismatul Chotimah Ika Yustina Rahmawati Inayati, Nur Isna Irawan Randiprakarsa Iwan Fakhruddin Liana Mariam Ulfa M. Zaeni Lathif Mudjiyanti, Rina Mukhlis Prasetyo Aji Mukti Agung Wibowo Mukti Agung Wibowo Novi Dirgantari Nur Isna Inayanti Purnadi Purnadi Rifka Arofah Rizal Nurlail Akbar Silvia Mutiara Prihanta Siti Nur Azizah Suryo Budi Santoso Tiara Meilan Putri Tiara Pandansari Tukhfatul Aeny Via Nurul Izzah Vienka Ferenzha Salsabilla Wanda Nugroho Yanuarto Yeni Shofiyatun