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Journal : Indo-MathEdu Intellectuals Journal

Pengaruh Solvabilitas, Profitabilitas dan Aktivitas Terhadap Nilai Perusahaan dengan Ukuran Perusahaan Sebagai Variabel Moderasi pada Perusahaan Sektor Energi di BEI Periode 2020-2024 Prasetyo, Edo Bagus; Elfiswandi, Elfiswandi; Pratiwi, Hanna
Indo-MathEdu Intellectuals Journal Vol. 7 No. 2 (2026): Indo-MathEdu Intellectuals Journal (In-Press)
Publisher : Lembaga Intelektual Muda (LIM) Maluku

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54373/imeij.v7i2.5208

Abstract

This study aims to analyse the effect of solvency, profitability, and activity on company value with company size as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during the period 2020–2024. This study uses a quantitative approach with an explanatory research method. The sample was determined using purposive sampling, resulting in 26 companies with a total of 130 observation units. The research data was analysed using panel data regression analysis with a moderated regression analysis (MRA) approach. The results showed that solvency did not have a significant effect on company value, while profitability and activity had a significant effect on company value. Furthermore, company size was found to moderate the effect of solvency and profitability on company value, but did not moderate the effect of activity on company value. These findings indicate that financial performance, particularly profitability and the effectiveness of company activities, plays an important role in increasing company value, with company size serving as a factor that strengthens certain relationships.
Pengaruh Profitabilitas, Stuktur Modal dan Ukuran Perusahaan Terhadap Nilai Perusahaan Melalui Kebijakan Dividen Sebagai Variabel Intervening pada Perusahaan Food & Beverage yang Terdaftar di BEI Periode 2020-2024 Anzari, Aulia Rahman; Elfiswandi, Elfiswandi; Pratiwi, Hanna
Indo-MathEdu Intellectuals Journal Vol. 7 No. 2 (2026): Indo-MathEdu Intellectuals Journal (In-Press)
Publisher : Lembaga Intelektual Muda (LIM) Maluku

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54373/imeij.v7i2.5233

Abstract

This study aims to analyse the effect of profitability, capital structure, and company size on company value with dividend policy as an intervening variable in companies in the Food and Beverage sub-sector listed on the Indonesia Stock Exchange for the period 2020–2024. The study uses a quantitative causal approach with a sample of 18 companies selected through purposive sampling. The data, in the form of annual financial reports, were analysed using multiple linear regression and path analysis to test the direct and indirect effects between variables. Profitability was proxied by Return on Assets, capital structure by Debt to Equity Ratio, company size by the natural logarithm of total assets, dividend policy by Dividend Payout Ratio, and company value by Price to Book Value. The results show that profitability has a significant effect on company value, while capital structure and company size show varying effects. Dividend policy is proven to act as an intervening variable that strengthens the relationship between financial performance and company value. These findings emphasise the importance of financial performance management and dividend policy in increasing company value and investor confidence.