PENGARUH LIKUIDITAS DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL MODERATING PADA PERUSAHAAN

Abstract

This research aims to examine the influence of liquidity and profitability on company value with capital structure as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange for the 2017-2021 period. This research uses a causal associative methodology related to quantitative data. The purposive sampling method was used to select the research sample, and 28 companies were selected during 5 years of observation so that the total sample in this study was 140 observations. The research results show that liquidity has no significant effect on company value (sig > 0.05). On the other hand, profitability is proven to have a significant positive influence on company value (sig < 0.05), indicating that increasing company profitability tends to increase company value. In addition, the moderation results show that capital structure does not moderate the relationship between liquidity and firm value (sig > 0.05). However, capital structure significantly moderates the relationship between profitability and firm value (sig < 0.05). This shows that capital structure can strengthen the influence of profitability on company value. Thus it can be concluded that liquidity does not have a significant influence on company value, either directly or when moderated by capital structure. On the other hand, profitability shows a significant positive influence on firm value, and this influence becomes stronger when moderated by capital structure.

Keywords: Liquidity, Company Value, Profitability, Capital Structure.