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Journal : JEBD

Pengaruh Pertumbuhan Perusahaan Dan Likuiditas Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Subsektor Makanan Dan Minuman Yang Terdaftar Di BEI Tahun 2020-2024 Anisa Yolanda Putri; Berta Agus Petra; Nila Pratiw
Jurnal Ekonomi dan Bisnis Digital Vol. 3 No. 3 (2026): Januari - Maret
Publisher : CV. ITTC INDONESIA

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Abstract

This study aims to analyze the effect of company growth and liquidity on company value with profitability as an intervening variable in food and beverage subsector companies listed on the Indonesia Stock Exchange for the period 2020-2024. The research method uses a quantitative approach with purposive sampling technique which resulted in 30 sample companies with a total of 150 observations. The data analysis technique uses multiple linear regression analysis and path analysis with SPSS version 26. The results show that: (1) company growth has a positive and significant effect on profitability (sig. 0.006 < 0.05); (2) liquidity has a positive and significant effect on profitability (sig. 0.000 < 0.05); (3) company growth has no significant effect on company value (sig. 0.529 > 0.05); (4) liquidity has a negative and significant effect on company value (sig. 0.020 < 0.05); (5) profitability has a positive and significant effect on company value (sig. 0.000 < 0.05); (6) profitability is able to mediate the effect of company growth on company value with indirect effect (0.137) greater than direct effect (-0.048); (7) profitability is able to mediate the effect of liquidity on company value with indirect effect (0.346) greater than direct effect (-0.203). The coefficient of determination (R²) shows that profitability is influenced by company growth and liquidity by 30.7%, while company value is influenced by company growth, liquidity, and profitability by 32.3%. This study confirms the importance of profitability as a mechanism linking company growth and liquidity to company value, and provides managerial implications that companies need to optimize asset and liquidity management to increase profitability which ultimately impacts on increasing company value.
Pengaruh Kebijakan Hutang, Ukuran Perusahaan, Dan Profitabilitas, Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Sub Sektor Consumer Non Cyclicals Di BEI Tahun 2020-2024 Rahmi Dayulia Putri; Berta Agus Petra; Yosi Puspita Sari
Jurnal Ekonomi dan Bisnis Digital Vol. 3 No. 3 (2026): Januari - Maret
Publisher : CV. ITTC INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study aims to analyze the effect of debt policy, firm size, and profitability on firm value with dividend policy as a moderating variable in consumer non-cyclical subsector companies listed on the Indonesia Stock Exchange during 2020–2024. Firm value is proxied by Price to Book Value (PBV), debt policy by leverage ratio, firm size by the natural logarithm of total assets, profitability by profit ratio, and dividend policy by Dividend Payout Ratio (DPR). The study uses secondary data from annual financial reports obtained from the official Indonesia Stock Exchange website and applies panel data regression with Moderated Regression Analysis (MRA) using EViews 12. Partial test results show that debt policy has a significant effect on firm value (t = −4.884942; p = 0.0000), profitability has a significant effect (t = 2.925401; p = 0.0042), while firm size is not significant (p = 0.4876). In the moderating model, the interaction between debt policy and dividend policy is significant (t = −3.323214; p = 0.0012), the interaction between firm size and dividend policy is marginally significant (t = 1.918709; p = 0.0578), and the interaction between profitability and dividend policy is not significant (t = −0.278780; p = 0.7810). The simultaneous test indicates the model is significant with an F-statistic of 14.87329. The Adjusted R² value of 0.682 indicates that 68.2% of firm value variation is explained by the variables in the model. These findings confirm that financing structure and profitability serve as important market signals, while dividend policy plays a selective moderating role.