PENGARUH PROFITABILITAS, LIKUIDITAS DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

Abstract

This study is motivated by the phenomenon of declining firm value in the Consumer Non-Cyclical sector, reflecting financial performance instability and raising concerns regarding managerial effectiveness and investor confidence. Firm value serves as a strategic benchmark in evaluating a company's long-term prospects and market performance. This study aims to analyze the effect of profitability, liquidity, and leverage on firm value, as well as to examine the role of firm size as a moderating variable in these relationships. The focus of this research is on Consumer Non-Cyclical sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. A quantitative approach with a causal research design was employed. Data were obtained from published annual financial statements, and a purposive sampling technique was used, yielding a sample of 33 companies. Data analysis was conducted using panel data regression. The results indicate that profitability has a negative effect on firm value, while liquidity has no effect on firm value. Leverage has a positive effect on firm value. Furthermore, firm size is proven to strengthen the effect of profitability on firm value, weaken the effect of liquidity on firm value, and weaken the effect of leverage on firm value.