PENGARUH LIKUIDITAS, LEVERAGE DAN PERTUMBUHAN PENJUALAN TERHADAP NILAI PERUSAHAAN MELALUI PROFITABILTAS - Muhamad Nur Afif; Hari Gursida; Yohanes Indrayono (Jurnal Visionida, 2026)
ABSTRACT This study examines the effect of liquidity, leverage, and sales growth on firm value with profitability as a mediating variable in consumer non-cyclical companies listed on the Indonesia Stock Exchange. A quantitative approach was employed using balanced panel data from 31 companies during the 2018–2024 period, resulting in 217 firm-year observations. Panel data regression analysis and the Sobel test were used to examine both direct and indirect relationships among the variables. The results show that liquidity has a negative and significant effect on profitability, whereas leverage and sales growth have no significant effect on profitability. Furthermore, leverage and profitability have a positive and significant effect on firm value, while liquidity and sales growth do not significantly affect firm value. The Sobel test indicates that profitability mediates the relationship between leverage and firm value but does not mediate the relationships of liquidity and sales growth with firm value. These findings suggest that profitability is a key mechanism in enhancing firm value through optimal leverage management, whereas liquidity and sales growth alone are insufficient to increase firm value unless they generate sustainable profitability.   ABSTRAK Penelitian ini bertujuan menganalisis pengaruh likuiditas, leverage, dan sales growth terhadap nilai perusahaan melalui profitabilitas sebagai variabel mediasi. Penelitian menggunakan pendekatan kuantitatif dengan data panel pada 31 perusahaan sektor consumer non-cyclical yang terdaftar di Bursa Efek Indonesia periode 2018–2024 sehingga diperoleh 217 observasi. Analisis dilakukan menggunakan regresi data panel dan uji Sobel. Hasil pengujian model pertama menunjukkan bahwa likuiditas berpengaruh negatif terhadap profitabilitas, sedangkan leverage dan sales growth tidak berpengaruh signifikan terhadap profitabilitas. Pada model kedua, leverage dan profitabilitas berpengaruh positif terhadap nilai perusahaan, sedangkan likuiditas dan sales growth tidak berpengaruh signifikan terhadap nilai perusahaan. Hasil uji Sobel menunjukkan bahwa profitabilitas mampu memediasi pengaruh leverage terhadap nilai perusahaan, tetapi tidak memediasi pengaruh likuiditas maupun sales growth. Temuan ini menunjukkan bahwa profitabilitas merupakan mekanisme penting dalam menjelaskan hubungan antara leverage dan nilai perusahaan pada perusahaan sektor consumer non-cyclical