Analisis pengaruh ukuran perusahaan, pertumbuhan aset, profitabilitas terhadap nilai perusahaan dengan variabel mediasi struktur modal

Mardianto Mardianto

Abstract


Peningkatan nilai perusahaan berarti peningkatan kekayaan pemegang saham yang sering menjadi fokus penelitian sebelumnya. Penelitian ini bertujuan untuk menganalisis pengaruh ukuran perusahaan, pertumbuhan aset dan profitabilitas yang diwakili rasio ROA dan ROE terhadap nilai perusahaan. Penelitian ini juga memasukkan struktur modal untuk mengukur efek mediasi pengaruhnya terhadap nilai perusahaan. Sampel observasi yang digunakan berupa data laporan keuangan dari perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2017-2021. Metode analisis data adalah analisis regresi berganda dengan pengolahan data yang dilakukan menggunakan aplikasi SPSS. Penelitian ini menggunakan uji sobel untuk mengukur efek mediasi struktur modal. Hasil penelitian menyimpulkan bahwa ukuran perusahaan dan pertumbuhan aset tidak berpengaruh signifikan terhadap nilai perusahaan. Profitabilitas yang diproksikan dengan ROE terbukti berpengaruh signifikan negatif terhadap nilai perusahaan. Profitabilitas yang diukur dengan ROA dan struktur modal berpengaruh signifikan positif terhadap nilai perusahaan. Hasil penelitian juga menunjukkan struktur modal terbukti mampu memediasi pengaruh ukuran perusahaan dan ROE terhadap nilai perusahaan, tetapi tidak ditemukan pengaruh mediasi pertumbuhan aset dan ROA terhadap nilai perusahaan.

Keywords


Nilai perusahaan; karakteristik perusahaan; struktur modal

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DOI: https://doi.org/10.30872/jfor.v24i4.11533

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