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All Journal MIMBAR INTEGRITAS Jurnal Mahasiswa Entrepreneur
Febri Ariyantiningsih
Fakultas Ekonomi Dan Bisnis, Universitas Abdurachman Saleh Situbondo
Agriculture, Biological Sciences & Forestry Economics, Econometrics & Finance Education Electrical & Electronics Engineering Law, Crime, Criminology & Criminal Justice Social Sciences

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PENGARUH LEVERAGE, FREE CASH FLOW, DAN BIAYA OPERASIONAL PENDAPATAN OPERASIONAL TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN SEKTOR INDUSTRIALS YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024 Sholehatun Nisa’; Febri Ariyantiningsih; Ida Subaida
Jurnal Mahasiswa Entrepreneurship (JME) Vol 5 No 5 (2026): MEI 2026
Publisher : Fakultas Ekonomi dan Bisnis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36841/jme.v5i5.8827

Abstract

Companies in this sector are required to maintain firm value amid dynamic economic conditions, intense competition, and fluctuations in production and financing costs. Firm value serves as a crucial measure that reflects the level of investor confidence in a company’s performance and future prospects. Therefore, effective financial management—especially related to capital structure, cash flow, and operational efficiency—becomes a primary concern for management in industrial sector companies. The purpose of this study is to analyze and examine the role of financial performance in mediating the effect of leverage, free cash flow, and operating expenses to operating income on firm value. The population in this study consists of industrial sector companies, totaling 65 companies, with a sample of 14 companies. The sampling technique used is purposive sampling. Data analysis and hypothesis testing were conducted using Structural Equation Modeling – Partial Least Squares (PLS-SEM). The results of hypothesis testing using the SmartPLS 3.0 application show that leverage has a negative and significant effect on financial performance, free cash flow has a positive and significant effect on financial performance, and operating expenses to operating income has a negative and significant effect on financial performance. Furthermore, leverage has a positive but not significant effect on firm value, free cash flow has a negative but not significant effect on firm value, operating expenses to operating income has a negative but not significant effect on firm value, and financial performance has a positive but not significant effect on firm value. In addition, leverage has a negative but not significant effect on firm value through financial performance, free cash flow has a positive but not significant effect on firm value through financial performance, and operating expenses to operating income has a negative but not significant effect on firm value through financial performance.
Co-Authors Adelia Agustin Ari Ndururu Ayu Dita Bintang Arya Wirahman Bintang Jaya Aknis Danilmatin Abdalllah Dila Wulandari Dwi Perwitasari Wiryaningtyas Eliza Khairotun Nisak Fatimatuz Zehro Firdaus Kamil Indatun Nikmah Firdauzy Amalia Hairul Fadil Anam Herlina Herlina Hidayat Hidayat Himayyah Himayyah Ika Wahyuni Jeni Fatimatus Sholeha Jeny Dwi Anwar Lita Permata Sari Mariyatul Qibtiyah Meiliana Dian Lestari Milyin Niam Sawmy minullah minullah Moh Heri Irwansyah Mohammad Fais Fadilatul Rifki Mohammad Ubaydillah Muh. Bayu Darmawan Muhammad Rahmadani Nur Afifa Putri Bintang Aprilia Lestari Rafiyan Nurus Solihin Randika Fandiyanto Ratna Lia Wati Rika Maulidah Riska Ayu Pramesthi Riski Maulana Rizkiyah Imri Maulida Rodhatul Jannah Sholehatun Nisa’ Sildalina Tri Octavia Siti Nur Aisyah Siti Soeliha Sri Wahyuni Susan Melia Thoriqul Aman Virgiawan Ramadhana Yonisaputra Yan Parta Wijaya Yuaidarni Hati Laia Yunita Maqqiyatul