Pengaruh Current Ratio, Debt To Equity Ratio, Ukuran Perusahaan, dan Corporate Social Responsibility Terhadap Nilai Perusahaan dengan Kepemilikan Institusional Sebagai Variabel Moderating pada Perusahaan Consumer Goods di Bursa Efek Indonesia

Abstract

The purpose of this study was to examine and analyze the influence of the current ratio, debt to equity ratio, company size, and corporate social responsibility on company values both simultaneously and partially and to find out and analyze whether institutional ownership variables as moderating variables can strengthen or weaken the relationship between current ratio, debt to equity ratio, and company size to firm value in consumer goods companies on the Indonesia Stock Exchange. The population in this study were 39 consumer goods companies listed on the Indonesia Stock Exchange in 2015-2017. The sample was selected using 36 stratified random sampling methods, so that the study sample was collected as many as 108 observations. Testing the research hypothesis using multiple linear regression analysis and testing the moderating variable using the absolute difference test. The results showed that simultaneously the current ratio, debt to equity ratio, company size, and corporate social responsibility had a significant effect on firm value. Partially the size of the company influences the value of the company while the current ratio, debt to equity ratio, and corporate social responsibility have no significant effect on firm value. The moderating variable of institutional ownership is not able to moderate the current ratio relationship, debt to equity ratio, company size, and corporate social responsibility on firm value.

Tujuan penelitian ini adalah untuk menguji dan menganalisis pengaruh current ratio, debt to equity ratio, ukuran perusahaan, dan corporate social responsibility terhadap nilai perusahaan baik secara simultan maupun parsial serta untuk mengetahui dan menganalisis apakah variabel kepemilikan institutional sebagai variabel moderating dapat memperkuat atau memperlemah hubungan antara current ratio, debt to equity ratio, dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan consumer goods di Bursa Efek Indonesia. Populasi dalam penelitian ini adalah 39 perusahaan consumer goods yang terdaftar di Bursa Efek Indonesia tahun 2015-2017. Sampel dipilih dengan menggunakan metode stratified random sampling berjumlah 36 perusahaan, sehingga terkumpul sampel penelitian sebanyak 108 observasi. Pengujian hipotesis penelitian menggunakan analisis regresi linear berganda dan pengujian variabel moderating menggunakan uji selisih mutlak. Hasil penelitian menunjukkan bahwa secara simultan current ratio, debt to equity ratio, ukuran perusahaan, dan corporate social responsibility berpengaruh signifikan terhadap nilai perusahaan. Secara parsial ukuran perusahaan berpengaruh signifikan terhadap nilai perusahaan sedangkan current ratio, debt to equity ratio, dan corporate social responsibility tidak berpengaruh signifikan terhadap nilai perusahaan. Variabel moderating kepemilikan institusional tidak mampu memoderasi hubungan current ratio, debt to equity ratio, ukuran perusahaan, dan corporate social responsibility terhadap nilai perusahaan.