Pengaruh Political Connection dan Military Connection terhadap Firm Value dengan Political Uncertainty sebagai Variabel Moderasi pada Perusahaan Infrastruktur yang Terdaftar dalam Indeks SMInfra18 Periode 2015–2024: The Influence of Political Connection and Military Connection on Firm Value with Political Uncertainty as a Moderating Variable in Infrastructure Companies Listed in the SMInfra18 Index during the 2015–2024 Period - Bimo Nurcahyo; Hendro Lukman (Universitas Muhammadiyah Palu, 2026)
Penelitian ini bertujuan untuk menganalisis pengaruh political connection dan military connection terhadap firm value dengan political uncertainty sebagai variabel moderasi pada perusahaan infrastruktur yang terdaftar dalam indeks SMInfra18 periode 2015–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder berupa data panel dari 15 perusahaan selama sepuluh tahun (150 observasi) yang dipilih melalui purposive sampling. Firm value diproksikan dengan Tobin's Q, sedangkan analisis dilakukan menggunakan regresi data panel dengan Random Effect Model melalui aplikasi STATA 17.0. Hasil penelitian menunjukkan bahwa political connection berpengaruh positif dan signifikan terhadap firm value, dan military connection juga berpengaruh positif dan signifikan terhadap firm value. Political uncertainty terbukti memperkuat pengaruh political connection terhadap firm value, tetapi tidak terbukti memoderasi pengaruh military connection terhadap firm value. Temuan ini mengindikasikan bahwa hubungan eksternal dengan aktor politik dan militer merupakan sumber daya strategis bagi perusahaan infrastruktur, dengan peran moderasi ketidakpastian politik yang lebih relevan pada koneksi politik. This study aims to analyze the effect of political connection and military connection on firm value with political uncertainty as a moderating variable in infrastructure companies listed in the SMInfra18 index for the 2015–2024 period. This study uses a quantitative approach with secondary panel data from 15 companies over ten years (150 observations) selected through purposive sampling. Firm value is proxied by Tobin's Q, while the analysis uses panel data regression with the Random Effect Model in STATA 17.0. The results show that political connection has a positive and significant effect on firm value, and military connection also has a positive and significant effect on firm value. Political uncertainty is proven to strengthen the effect of political connection on firm value, but is not proven to moderate the effect of military connection on firm value. These findings indicate that external relationships with political and military actors are strategic resources for infrastructure companies, with the moderating role of political uncertainty being more relevant to political connections.