Pengaruh ukuran perusahaan dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi

Abstract

This study aims to examine and explain the effect of company size and leverage on firm value with profitability as a moderating variable in Real Estate and Property companies listed on the Indonesia Stock Exchange in the period 2016-2018. This type of research is explanatory research, testing classical assumptions, and analyzed using a moderated regression analysis, and using the t test. The number of samples is 32 companies, and the sampling method used is purposive sampling. This research variable consists of company size and leverage as an independent variable, company value as the dependent variable, and profitability as a moderating variable. The analysis showed that partially company size and leverage had no significant effect on firm value, profitability had a negative effect on firm value and profitability weakened the effect of company size on firm value and profitability strengthened the effect of leverage on firm value. In this study, it can provide implications for a company to consider factors of company size, leverage, and profitability, and can also be used as a reference by other companies in business strategy, understand aspects of the industry they are involved in, and pay more attention to the development of the environment that can affect the company's business so that it can increase the value of the company.

Effect of Green Accounting, Leverage, Firm Size on Firm Value With Profitability as Intervening Variable

“…The worry is that profits might only cover loan interest payments, limiting the company's ability to grow and distribute dividends to shareholders. It is important to note that researches by (Firda & Efriadi, 2020;Henryanto Wijaya, 2020;Khotimah et al, 2021) found that profitability to be a mediator in the relationship between leverage and firm value. This findings support our result.…”

“…The existing literature has examined the relationship between leverage and company value, with profitability serving as an intervening variable. Several studies (Firda & Efriadi, 2020;Henryanto Wijaya, 2020;Khotimah et al, 2021), have suggested that profitability can act as a mediating variable in this relationship. In contrast, several research findings suggest that profitability does not serve as a mediator in the relationship between leverage and business value (Niresh & Velnampy, 2014;Prabowo & Widoatmodjo, 2023).…”

Pengaruh Agresivitas Pajak dan Growth Opportunity terhadap Nilai Perusahaan dengan Leverage Sebagai Pemoderasi

“…Sejalan dengan penelitian (Soerzawa et al, 2018) Leverage berpengaruh positif terhadap nilai perusahaan, Leverage yang memoderasi penghindaran pajak tidak berpengaruh terhadap nilai perusahaan. penelitian lain yang dilakukan oleh (Wiksuana, 2021) yang menemukan bahwa leverage memiliki pengaruh positif yang signifikan terhadap nilai perusahaan, Semakin tinggi perusahaan menggunakan pendanaan yang berasal dari hutang maka semakin tinggi pula nilai perusahaan yang dimiliki perusahaan tersebut.…”

“…Sari & Priyadi, 2016) menjelaskan bahwa leverage memiliki pengaruh negatif yang signifikan terhadap nilai perusahaan. Namun, terdapat penelitian lain yang dilakukan oleh (Wiksuana, 2021) yang menemukan bahwa leverage memiliki pengaruh positif yang signifikan terhadap nilai perusahaan.…”

Agresivitas Pajak Terhadap Nilai Perusahaan Dengan Leverage Pada Perusahaan Pertambangan

“…Penelitian mengenai pengaruh agresivitas pajak terhadap leverage, belum banyak diteliti, namun berdasarkan Penelitian dari (Qurrotulaini & Anwar, 2021) menyimpulkan bahwa agresivitas pajak berpengaruh negatif terhadap kebijakan hutang, sedangkan (Riswandari, 2017) menemukan bahwa agresivitas pajak berpengaruh positif terhadap kebijakan hutang, namun tidak signifikan. Beberapa hasil penelitian lainya tentang pengaruh leverage terhadap nilai perusahaan yang dilakukan (Cheng & Tzeng, 2011), (Ramadan, 2015), (suwardika dan mustanda, 2017), (Kouki & Said Hatem Ben, 2011) dan (Khotimah et al, 2021) menyimpulkan bahwa leverage mempunyai pengaruh yang positif signifikan terhadap nilai perusahaan. Hasil yang berlawanan didapatkan oleh (Mahendra, 2011), dan (Ogolmagai, 2013) yang mengungkapkan bahwa leverage mempunyai pengaruh yang signifikan namun negatif terhadap nilai perusahaan, tetapi penelitian yang dilakukan oleh (Prastika, 2012)mendapatkan hasil bahwa leverage secara tidak berpengaruh terhadap nilai perusahaan.…”