Analisis Pengaruh Ukuran Perusahaan, Likuiditas dan Profitabilitas terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Moderating pada Perusahaan Consumer Goods

Abstract

This study aims to determine and analyze the effect of company size, liquidity, and profitability on firm value with capital structure as a moderating variable in consumer goods companies listed on the Indonesia Stock Exchange. This type of research is a causal associative research. The data used in this study is secondary data in the form of financial reports from the Indonesia Stock Exchange website. The population in this study are all consumer goods companies listed on the Indonesia Stock Exchange in 2009-2019. The total population is 25 companies. The entire population was selected to be the sample using the census method. Because the years of observation in the study were from 2009 to 2019, the number of observations in this study was 275 observations. This study uses Eviews 10 software. The data analysis method uses multiple linear regression analysis with panel data models and Moderated Regression Analysis (MRA) for testing the moderating variables. The results of this study indicate that based on the results of statistical tests simultaneously obtained results, namely company size, liquidity, profitability simultaneously, do not have a significant effect on the firm value variable. Based on the results of partial statistical tests, the results show that company size, liquidity and profitability have a negative effect on firm value, but not significantly. The moderating test shows that the capital structure is not significant as a moderator of the relationship between company size and profitability on firm value, while capital structure is significant as a moderating relationship between liquidity and firm value in consumer goods companies listed on the Indonesia Stock Exchange.