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All Journal Agregat: Jurnal Ekonomi dan Bisnis Martabe : Jurnal Pengabdian Kepada Masyarakat Owner : Riset dan Jurnal Akuntansi Performance Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi (JEBMA) Jurnal Pengabdian Masyarakat Nusantara Jurnal Hasil Pengabdian Masyarakat (JURIBMAS) PERMANA : Jurnal Perpajakan, Manajemen, dan Akuntansi Jurnal Keuangan dan Bisnis Countable (Contemporary Business and Sustainability Science) Jurnal Bisnis dan Kewirausahaan
Yuni Utami
Universitas Pancasakti Tegal
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Social Sciences Other

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Profitabilitas sebagai Katalisator: Keputusan Keuangan dan Valuasi Pasar Emiten Energi dan Barang Baku di BEI pada Era Pasca-Pandemi Nurul Zakiyah Zakiyah; Yuni Utami; Mohammad Arridho Nur Amin
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 4 (2026): Artikel riset Oktober 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i4.3587

Abstract

Market valuation of energy and basic materials firms is shaped not only by financial policy choices, but by the profitability fundamentals that validate those choices. This study examines the role of investment decisions, capital structure, and dividend policy on firm value while repositioning profitability from a static determinant to an active quasi moderator. Using balanced panel data from 56 companies listed on the Indonesia Stock Exchange (IDX) over the post-pandemic recovery period 2021–2024 (224 firm-years), and estimated through a Fixed Effect Model (FEM) with entity-clustered Robust Standard Errors, the findings reveal that capital structure exerts a significant positive effect on firm value, whereas investment decisions and dividend policy yield no significant direct impact. Moderated Regression Analysis (MRA) with mean-centering confirms that profitability significantly moderates both asset expansion and leverage utilization on firm value. Notably, profitability attenuates the effect of asset expansion on firm value consistent with the overinvestment hypothesis, whereby aggressive capital expenditure by high-profitability firms raises market concerns about value-destroying empire building. Conversely, profitability amplifies the positive effect of capital structure, confirming that high earnings effectively neutralize financial distress risk. These findings underscore that financial policy outcomes are profitability-contingent, offering investors a more reliable valuation lens for energy and basic materials issuers in volatile emerging markets.
PERAN KUALITAS AUDIT DALAM MEMPERKUAT HUBUNGAN ANTARA SINYAL KEUANGAN DAN NILAI PERUSAHAAN (STUDI PADA SEKTOR FOOD AND BEVERAGE) Anggita Listiana; Niken Wahyu Cahyaningtyas; Yuni Utami
Jurnal Keuangan dan Bisnis Vol. 24 No. 1 (2026): Jurnal Keuangan Dan Bisnis Volume 24, Number 1, Maret 2026
Publisher : Catholic University Musi Charitas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32524/jkb.v24i1.1591

Abstract

Purpose: This study aims to examine the role of audit quality as a governance mechanism in strengthening the relationship between financial signals represented by profitability, leverage, and liquidity and firm value in the food and beverage sector. The analysis focuses on assessing whether audit quality enhances the credibility of financial information in shaping market perceptions of firm value. Design Methodology Approach: A quantitative approach is employed using purposive sampling of food and beverage companies listed on the Indonesia Stock Exchange over the observation period, resulting in panel data observations. Secondary data are obtained from published annual financial reports. The analysis is conducted using multiple linear regression to examine the direct effects of financial signals on firm value, while Moderated Regression Analysis  is applied to evaluate the moderating role of audit quality. Findings: The results indicate that profitability and liquidity have a positive and significant effect on firm value, whereas leverage has a negative and significant effect. Audit quality is found to strengthen the relationship between leverage and firm value, suggesting that high-quality audits reduce the perceived risk associated with debt structures. However, audit quality does not significantly moderate the relationship between profitability or liquidity and firm value, indicating that the credibility of these financial signals is less dependent on audit assurance. Practical Implications: Audit quality should be positioned as a critical governance mechanism that enhances the reliability of financial reporting, particularly in mitigating risks associated with leverage. Strengthening audit quality is expected to improve investor confidence in corporate financing decisions and overall firm valuation. Originality Value: This study provides empirical evidence on the selective moderating role of audit quality within the financial signaling framework affecting firm value. It contributes to the literature by clarifying inconsistencies in prior findings and highlighting that the effectiveness of audit quality is contingent upon the type of financial signal, particularly in the context of an emerging market and a sector sensitive to financial structure.
Co-Authors Adila Permananingrum Agus Prasetyono Amara Amalia Amirah Amirah Anggita Listiana Ardyan Ramadhan Baihaqi Fanani Budi Susetyo Dewi Indriasih Dika Wulandari Eftika Riya Ningrum Elza Aldilla Anastasia Faiz Irsyad Prasetyo Gunistiyo Gunistiyo Gunistiyo Ira Maya Hapsari Ismani Ibnatun Jaka Waskito Juli Riyanto Tri Wijaya Mohammad Arridho Nur Amin Muchamad Sukron Muhammad Siddik Erdi Wicaksana Nida Aufa Al 'Asya Niken Wahyu Cahyaningtyas Nur Awallia Oktaviani Nurul Zakiyah Zakiyah Permananingrum, Adilah Ratna Hayuningsih Retno Wulandari Riffa'I Al Hakim Rizky Meisyah Putra Salsabila Listia Andela Sari Wiyanti Septiana Galuh Rahmawati Sri Murdiati Yanti Puji Astutie Yuniarti Herwinarni Yustia Hapsari