Pengaruh Likuiditas Dan Leverage Terhadap Nilai Perusahaan Melalui Profitabilitas Sebagai Variabel Moderasi

Abstract

The rapid development of the food and beverage industry in Indonesia has encouraged companies to continuously enhance firm value in order to attract investors and maintain business sustainability. Firm value is an important indicator that reflects investors’ confidence in a company’s performance. In an effort to increase firm value, several factors are considered influential, including liquidity and leverage, with profitability acting as a moderating variable. This study aims to analyze the effect of liquidity and leverage on firm value with profitability as a moderating variable in food and beverage companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research employs a quantitative method with an associative approach. The data used are secondary data in the form of annual financial statements obtained from the official website of the Indonesia Stock Exchange and the respective companies’ official websites. The sampling technique used purposive sampling, resulting in 25 companies with a total of 125 observation data over five years. The data analysis techniques include descriptive analysis, classical assumption tests, multiple linear regression analysis, and Moderated Regression Analysis (MRA). The results indicate that liquidity does not have a significant effect on firm value, while leverage has a positive and significant effect on firm value. Furthermore, profitability is unable to moderate the effect of liquidity on firm value, but profitability is able to moderate the effect of leverage on firm value. This study contributes theoretically to the development of literature regarding factors affecting firm value, particularly in the food and beverage sector. Practically, this research is expected to serve as a consideration for company management and investors in making decisions related to corporate financial management.