PERAN PROFITABILITAS DALAM MEMODERASI PENGARUH KEPEMILIKAN MANAJERIAL DAN LEVERAGE TERHADAP NILAI PERUSAHAAN PADA SEKTOR BARANG KONSUMEN PRIMER DI INDONESIA
DOI:
https://doi.org/10.24843/EJMUNUD.2026.v15.i8.p02Kata Kunci:
kepemilikan manajerial; leverage; nilai perusahaan; profitabilitasAbstrak
Nilai perusahaan merupakan persepsi pasar terhadap kinerja dan prospek masa depan emiten yang tecermin melalui harga pasar saham. Penelitian ini dilatarbelakangi oleh kondisi pergerakan nilai perusahaan yang diproksikan dengan rasio Tobin’s Q pada sektor barang konsumen primer di Bursa Efek Indonesia periode 2021–2024 menunjukkan adanya fluktuasi dan penurunan nilai pasar yang cukup signifikan pada periode pengamatan tersebut. Teknik pengambilan sampel menggunakan metode purposive sampling berdasarkan kriteria tertentu sehingga diperoleh 19 perusahaan sebagai sampel penelitian. Metode analisis data yang digunakan adalah pendekatan Moderated Regression Analysis (MRA) guna menguji kekuatan hubungan antar variabel independen terhadap variabel dependen melalui variabel moderasi. Hasil penelitian secara empiris menunjukkan bahwa kepemilikan manajerial dan leverage berpengaruh positif dan signifikan terhadap nilai perusahaan. Uji interaksi mengungkapkan bahwa profitabilitas tidak mampu memoderasi pengaruh kepemilikan manajerial terhadap nilai perusahaan. Namun, profitabilitas terbukti mampu memoderasi dan memperkuat pengaruh leverage terhadap nilai perusahaan secara signifikan. Temuan ini mengindikasikan bahwa tingkat keuntungan perusahaan menjadi pertimbangan penting bagi investor dalam menilai kebijakan pendanaan utang. Implikasi penelitian menyarankan manajemen untuk mengoptimalkan profitabilitas dan struktur modal guna meningkatkan kepercayaan investor serta memaksimalkan nilai perusahaan secara berkelanjutan.
Firm value represents market perception of a company's performance and future prospects as reflected in its stock market price. This research is driven by the movement of firm value, proxied by the Tobin’s Q ratio, within the primary consumer goods sector on the Indonesia Stock Exchange during the 2021–2024 period, which showed significant fluctuations and declines in market value throughout the period. The sampling technique employed was purposive sampling using specific criteria, yielding 19 companies as the research sample. The data analysis method used was the Moderated Regression Analysis (MRA) approach to test the relationship between the independent and dependent variables through a moderating variable. Empirical results demonstrate that managerial ownership and leverage have a positive and significant effect on firm value. Interaction testing reveals that profitability is unable to moderate the effect of managerial ownership on firm value. However, profitability significantly moderates and strengthens the effect of leverage on firm value, suggesting that management should optimize profitability and capital structure to enhance investor confidence and maximize sustainable firm value, as profit levels are a crucial consideration for investors when evaluating debt financing policies.
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