PERAN PROFITABILITAS MEMEDIASI PENGARUH LEVERAGE DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN
Abstract
Nilai perusahaan dapat dipengaruhi oleh faktor eksternal dan faktor internal. Faktor internal yang dapat memengaruhi yaitu leverage, pertumbuhan perusahaan dan profitabilitas. Tujuan dari penelitian ini untuk mengetahui pengaruh leverage dan pertumbuhan perusahaan terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi. Penelitian ini merupakan penelitian asosiatif, dengan memilih perusahaan sektor industri barang konsumen primer di Bursa Efek Indonesia sebagai ruang lingkup penelitian. Jenis data dalam penelitian adalah data sekunder diperoleh dari www.idx.com. Metode penentuan sampel yang digunakan dalam penelitian menggunakan metode simple random sampling dengan rumus slovin dan didapatkan 70 perusahaan sektor industri barang konsumen primer periode 2020-2022. Teknik analisis yang digunakan dalam penelitian adalah analisis deskriptif dan analisis jalur. Berdasarkan hasil analisis ditemukan bahwa leverage berpengaruh positif dan signifikan terhadap nilai perusahaan. Pertumbuhan perusahaan berpengaruh negatif dan tidak signifikan terhadap nilai perusahaan. Leverage berpengaruh positif dan signifikan terhadap profitabilitas. Pertumbuhan perusahaan berpengaruh negatif dan signifikan terhadap profitabilitas. Profitabilitas mampu memediasi pengaruh leverage terhadap nilai perusahaan dan pengaruh pertumbuhan perusahaan terhadap nilai perusahaan
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References
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Kusuma, S. D., Restuningdiah, N., & Handayati, P. (2021). Effect of Firm Size on Sales Growth with Capital Structure as An Intervening Variable. Journal of International Conference Proceedings, 4(1), 93–103. https://doi.org/10.32535/jicp.v4i1.1131
Larianti, D. N. N. (2019). The Role of Profitability Mediates the Effect of Macro Economic Factors , Capital Structure and Company Growth on Firm ’ s Value. International Journal of Sciences: Basic and Applied Research (IJSBAR), 4531, 142–156.
Lukman, I., & Albar, S. G. (2022). Pengaruh Keputusan Investasi, Kebijakan Dividen, Struktur Modal, Pertumbuhan Perusahaan, Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Impresi Indonesia, 1(3), 298–307. https://doi.org/10.36418/jii.v1i3.26
Melinia, V. (2021). Pengaruh Kebijakan Hutang Dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening. Repository.Unej.Ac.Id, 10(10), 1–23. https://repository.unej.ac.id/handle/123456789/85930
Novelasari, R. (2021). Pengaruh Modal Kerja, Ukuran Perusahaan Dan Pertumbuhan Perusahaan Terhadap Profitabilitas Pada Perusahaan Pertambangan Dan Perkebunan. 15(2), 1–23.
Nugroho, M., & Halik, A. (2021). The Effect of Growth and Systematic Risk on the Firm’s Value: Profitability as a Mediating Variable. Journal of Economics, Business, & Accountancy Ventura, 23(3), 466–476. https://doi.org/10.14414/jebav.v23i3.2468
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Pratama, A., Mukhzarudfa, H., & Yudi. (2021). Effect Of Ownership Structure, Growth Company On Firm Value With Profitability As An Intervening Variable (Study Banking Companies Listed On The Indonesia Stock Exchange In The Periode 2014-2018) (Vol. 6, Issue 3). https://online-journal.unja.ac.id/jaku
Putri, I. G. A. P. T. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences. https://doi.org/10.21744/irjmis.v7n1.833
Radja, F. L., & Artini, L. G. S. (2020). The Effect Of Firm Size, Profitability and Leverage on Firm Value (Study on Manufacturing Companies Sector Consumer Goods Industry Listed in Indonesian Stock Exchange Period 2017-2019). International Journal of Economics and Management Studies, 7(11), 18–24. https://doi.org/10.14445/23939125/ijems-v7i11p103
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Sugosha, M. J. (2020). The role of profitability in mediating company ownership structure and size of firm value in the pharmaceutical industry on the Indonesia stock exchange. International Research Journal of Management, IT and Social Sciences, 7(2), 80–91. https://doi.org/10.21744/irjmis.v7n1.827
Suhendry, W. (2021). Effect of Debt to Equity Ratio and Current Ratio on Company Value with Return on Assets as Intervening Variable in Consumer Goods Industrial Companies Listed on the Indonesia Stock Exchange for the 2015–2018 Period. Journal of Economics, Finance And Management Studies, 04(08), 1444–1449. https://doi.org/10.47191/jefms/v4-i8-22
Syahrial, M. S., Yuliansyah, Y., & Sudrajat, S. (2020). The Effect of Company Growth on Firm Value with Debt Policy as Moderation in Service Sector Industries. International Journal for Innovation Education and Research, 8(8), 445–453. https://doi.org/10.31686/ijier.vol8.iss8.2538
Tandelilin, E. (2017). Pasar Modal: Manajemen Portofolio dan Investasi. Kanisius.
Utama, M. S. (2016). Buku Ajar Aplikasi Analisis Kuantitatif (Vol. 11). CV. Sastra Utama.
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Udayana University Press.
Yulimtinan, Z., & Atiningsih, S. (2021). Leverage Ukuran Perusahaan Pertumbuhan Penjualan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. Balance : Jurnal Akuntansi Dan Bisnis, 6(1), 69. https://doi.org/10.32502/jab.v6i1.3422
Adria, C., & Susanto, L. (2020). Pengaruh Leverage, Likuiditas, Ukuran Perusahaan, Dan Perputaran Total Aset Terhadap Profitabilitas. In Jurnal Multiparadigma Akuntansi Tarumanagara (Vol. 2, Issue 1).
Antoro, W., Sanusi, A., & Asih, P. (2020). The Effect of Profitability, Company Size, Company Growth on Firm Value Through Capital Structure in Food and Beverage Companies on the Indonesia Stock Exchange 2014-2018 Period. International Journal of Advances in Scientific Research and Engineering, 06(09), 36–43. https://doi.org/10.31695/ijasre.2020.33876
Brigham, E. F. , & H. J. F. (2019). Dasar-Dasar Manajemen Keuangan (Vol. 11) (Vol. 11).
Dewi, K. Y., & Rahyuda, H. (2020). Pengaruh Profitabilitas, Likuiditas Dan Kebijakan Dividen Terhadap Nilai Perusahaan Sektor Industri Barang Konsumsi Di Bei. E-Jurnal Manajemen Universitas Udayana, 9(4), 1252. https://doi.org/10.24843/ejmunud.2020.v09.i04.p02
Eka Putri, D., Nur Ilham, R., Syahputri, A., Tinggi Ilmu Ekonomi Sultan Agung, S., & Tinggi Ilmu Ekonomi Bina Karya, S. (2021). Efek Mediasi Profitabilitas Pada Pengaruh Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Vol. 05, Issue 02).
Fahmi, Irham. (2015). Analisa Laporan Keuangan (2nd ed.). Alfabeta.
Furniawan. (2022). Leverage dan Ukuran Perusahaan terhadap Nilai Perusahaan. 9(2), 111–122.
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
Hutabarat, D. L., Purnasari, N., Panjaitan, S., & Simbolon, W. (2021). Pengaruh Struktur Modal, Pertumbuhan Perusahaan, Rasio Likuiditas dan Pertumbuhan Penjualan Terhadap Rasio Profitabilitas Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2017-2019. JIMEA | Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(2), 516–527. http://journal.stiemb.ac.id/index.php/mea/article/view/1095
Hutomo, A., Marditama, T., Limakrisna, N., Sentosa, I., Lee, J., & Yew, K. (2020). Green Human Resource Management, Customer Environmental Collaboration and the Enablers of Green Employee Empowerment: Enhanching an Environmental Performance. 1(2), 358–372. https://doi.org/10.38035/DIJEFA
Jamal, M., & Nasir, A. (2020). Pengaruh Leverage, Pertumbuhan Penjualan, Dan Ukuran Perusahaan Terhadap Profitabilitas (Issue 2).
Jesica, & Rasyid, R. (2021). Pengaruh Rasio Aktivitas, Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Sektor Barang Konsumen Primer. 3(1), 366–375.
Kartika Dewi, N. P. I., & Abundanti, N. (2019). Pengaruh Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. E-Jurnal Manajemen Universitas Udayana, 8(5), 3028. https://doi.org/10.24843/ejmunud.2019.v08.i05.p16
Kasmir. (2017). Analisis Laporan Keuangan. PT Rajagrafindo Persada .
Kurniawati, Y., Hermanto, S. B., & Suryono, B. (2021). The Influence of Social Responsibility and Leverage on Company Value with Profitability as Mediator. Dudapest International Research and Crities Institute -Ournal (BIRCI-Journal), 4(3), 4753–4765.
Kusuma, S. D., Restuningdiah, N., & Handayati, P. (2021). Effect of Firm Size on Sales Growth with Capital Structure as An Intervening Variable. Journal of International Conference Proceedings, 4(1), 93–103. https://doi.org/10.32535/jicp.v4i1.1131
Larianti, D. N. N. (2019). The Role of Profitability Mediates the Effect of Macro Economic Factors , Capital Structure and Company Growth on Firm ’ s Value. International Journal of Sciences: Basic and Applied Research (IJSBAR), 4531, 142–156.
Lukman, I., & Albar, S. G. (2022). Pengaruh Keputusan Investasi, Kebijakan Dividen, Struktur Modal, Pertumbuhan Perusahaan, Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Impresi Indonesia, 1(3), 298–307. https://doi.org/10.36418/jii.v1i3.26
Melinia, V. (2021). Pengaruh Kebijakan Hutang Dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening. Repository.Unej.Ac.Id, 10(10), 1–23. https://repository.unej.ac.id/handle/123456789/85930
Novelasari, R. (2021). Pengaruh Modal Kerja, Ukuran Perusahaan Dan Pertumbuhan Perusahaan Terhadap Profitabilitas Pada Perusahaan Pertambangan Dan Perkebunan. 15(2), 1–23.
Nugroho, M., & Halik, A. (2021). The Effect of Growth and Systematic Risk on the Firm’s Value: Profitability as a Mediating Variable. Journal of Economics, Business, & Accountancy Ventura, 23(3), 466–476. https://doi.org/10.14414/jebav.v23i3.2468
Paramitha, P. D. P. (2020). The Role of Profitability in Mediating the Effect of Capital Structure and Liquidity on Firm Value in Food and Beverage Sub-Sector in Indonesian Stock Exchange. Jurnal Ekonomi & Bisnis JAGADITHA, 7(2), 80–91. https://doi.org/10.22225/jj.7.2.2154.80-91
Prakoso, S. T., Diana, P. W., Amalina, N., Erikawati, C., & Utomo, C. W. (2022). the Role of Profitability in Mediating Capital Structure, and Firm Size on Firm Value Mediated By Profitability. International Journal of Social Science, 1(5), 809–816. https://doi.org/10.53625/ijss.v1i5.1326
Pratama, A., Mukhzarudfa, H., & Yudi. (2021). Effect Of Ownership Structure, Growth Company On Firm Value With Profitability As An Intervening Variable (Study Banking Companies Listed On The Indonesia Stock Exchange In The Periode 2014-2018) (Vol. 6, Issue 3). https://online-journal.unja.ac.id/jaku
Putri, I. G. A. P. T. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences. https://doi.org/10.21744/irjmis.v7n1.833
Radja, F. L., & Artini, L. G. S. (2020). The Effect Of Firm Size, Profitability and Leverage on Firm Value (Study on Manufacturing Companies Sector Consumer Goods Industry Listed in Indonesian Stock Exchange Period 2017-2019). International Journal of Economics and Management Studies, 7(11), 18–24. https://doi.org/10.14445/23939125/ijems-v7i11p103
Riduwan & Kuncoro. (2007). Cara Menggunakan dan Memakai Analisis Jalur (Path Analysis). Alfabeta.
Salsa, S. S., & Nugraha, D. S. (2022). Pengaruh Umur Perusahaan, Pertumbuhan Perusahaan, Profitabilitas, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi pada Perusahaan Sektor Properti dan Real Estat yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020). Indonesian Accounting Literacy Journal, 02(03), 692–703.
Sari, I. A. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127. https://doi.org/10.21744/irjmis.v7n1.828
Sawitri, K. D., Gede, L., Artini, S., Ekonomi, F., & Bisnis, D. (n.d.). Pengaruh Rasio Aktivitas, Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Sektor Barang Konsumen Primer. https://ojs.unud.ac.id/index.php/bse/index
Sihombing, L., Astuty, W., & Irfan. (2021). Effect of Capital Structure, Firm Size and Leverage on Firm Value with Profitability as an Intervening Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange. Budapest International Research and Critics Institute-Journal, 4(3), 6585–6591. https://bircu-journal.com/index.php/birci/article/view/2472
Sugosha, M. J. (2020). The role of profitability in mediating company ownership structure and size of firm value in the pharmaceutical industry on the Indonesia stock exchange. International Research Journal of Management, IT and Social Sciences, 7(2), 80–91. https://doi.org/10.21744/irjmis.v7n1.827
Suhendry, W. (2021). Effect of Debt to Equity Ratio and Current Ratio on Company Value with Return on Assets as Intervening Variable in Consumer Goods Industrial Companies Listed on the Indonesia Stock Exchange for the 2015–2018 Period. Journal of Economics, Finance And Management Studies, 04(08), 1444–1449. https://doi.org/10.47191/jefms/v4-i8-22
Syahrial, M. S., Yuliansyah, Y., & Sudrajat, S. (2020). The Effect of Company Growth on Firm Value with Debt Policy as Moderation in Service Sector Industries. International Journal for Innovation Education and Research, 8(8), 445–453. https://doi.org/10.31686/ijier.vol8.iss8.2538
Tandelilin, E. (2017). Pasar Modal: Manajemen Portofolio dan Investasi. Kanisius.
Utama, M. S. (2016). Buku Ajar Aplikasi Analisis Kuantitatif (Vol. 11). CV. Sastra Utama.
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Udayana University Press.
Yulimtinan, Z., & Atiningsih, S. (2021). Leverage Ukuran Perusahaan Pertumbuhan Penjualan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. Balance : Jurnal Akuntansi Dan Bisnis, 6(1), 69. https://doi.org/10.32502/jab.v6i1.3422
Published
2024-06-18
How to Cite
PUTRI, Putu Astriwira; SUARJAYA, Anak Agung Gede.
PERAN PROFITABILITAS MEMEDIASI PENGARUH LEVERAGE DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN.
E-Jurnal Manajemen, [S.l.], v. 13, n. 6, p. 1026 - 1047, june 2024.
ISSN 2302-8912. Available at: <https://ojs.unud.ac.id/index.php/manajemen/article/view/105138>. Date accessed: 19 nov. 2024.
doi: https://doi.org/10.24843/EJMUNUD.2024.v13.i06.p07.
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