Pengaruh Likuiditas terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening dan Kepemilikan Manajerial sebagai Variabel Moderasi: (Studi Empiris pada Perusahaan Sektor Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2014 – 2023)

Nurul Yasmin Fauziah; Fauji Sanusi; Ana Susi Mulyani

doi:10.55606/jaemb.v5i3.7512

Authors

Nurul Yasmin Fauziah Universitas Sultan Ageng Tirtayasa
Fauji Sanusi Universitas Sultan Ageng Tirtayasa
Ana Susi Mulyani Universitas Sultan Ageng Tirtayasa

DOI:

https://doi.org/10.55606/jaemb.v5i3.7512

Keywords:

Liquidity, Firm Value, Profitability, Managerial Ownership

Abstract

This study analyzes how profitability and managerial ownership moderate the effect of liquidity on firm value. Property and real estate companies listed on the Indonesia Stock Exchange (IDX) were studied from 2014 to 2023. Non-probability and purposive sampling were used for quantitative analysis. Seven out of 48 companies were selected based on criteria. The analysis was conducted with Eviews 12. This study found that (1) liquidity has a negative and significant effect on firm value, (2) liquidity has no and insignificant effect on profitability, (3) profitability has a positive and significant effect on firm value, (4) profitability cannot mediate the relationship, and (5) managerial ownership moderates the relationship.

References

[1] F. Akbar and I. Fahmi, “Pengaruh ukuran perusahaan, profitabilitas dan likuiditas terhadap kebijakan dividen dan nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia,” J. Ilm. Mhs. Ekon. Manaj., vol. 5, no. 1, pp. 62–81, 2020. [Online]. Available: http://jim.unsyiah.ac.id/ekm

[2] F. Ali, H. Hasan, and M. Machmud, “Pengaruh rasio likuiditas, solvabilitas, dan aktivitas terhadap profitabilitas pada PDAM,” Amsir Manag. J., vol. 3, no. 1, pp. 60–77, 2022, doi: 10.56341/amj.v3i1.190.

[3] Aliyah and A. Fitria, “Pengaruh profitabilitas, firm size, leverage, dan kebijakan dividen terhadap nilai perusahaan,” J. Ilmu Dan Ris. Akuntansi, vol. 11, no. 11, pp. 1–18, 2022.

[4] K. T. Anggita and Andayani, “Pengaruh profitabilitas, likuiditas, dan leverage terhadap nilai perusahaan,” J. Econ. Bus. UBS, vol. 12, no. 4, pp. 2087–2099, 2023, doi: 10.52644/joeb.v12i4.292.

[5] I. Aprilia, A. Widiasmara, and M. Ubaidillah, “Pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan dengan pertumbuhan perusahaan sebagai variabel moderasi,” SIMBA, 2024.

[6] A. Arifin, S. Fauziah, and A. E. Suwarno, “Effect of profitability, business size, and institutional ownership on business value with capital structure as a moderating variable (Empirical study on food and beverage companies listed on the Indonesia Stock Exchange for the 2017–2020 period),” Riset Akunt. Dan Keuang. Indones., vol. 7, no. 2, pp. 262–268, 2023, doi: 10.23917/reaksi.v7i2.20408.

[7] M. Arsal, Wa Dewisari, and M. Muchram, “Determinants of firm value in Indonesian pharmacies,” Int. J. Sci. Res. Manag., vol. 12, no. 6, pp. 6672–6681, 2024, doi: 10.18535/ijsrm/v12i06.em11.

[8] R. Bintara, “The effect of working capital, liquidity and leverage on profitability,” Saudi J. Econ. Finance, vol. 4, no. 1, pp. 28–35, 2020, doi: 10.36348/sjef.2020.v04i01.005.

[9] M. Chabachib, H. Hersugondo, E. Ardiana, and I. D. Pamungkas, “Analysis of company characteristics of firm values: Profitability as intervening variables,” Int. J. Financ. Res., vol. 11, no. 1, p. 60, 2019, doi: 10.5430/ijfr.v11n1p60.

[10] R. Damayanti and A. Sucipto, “The effect of profitability, liquidity, and leverage on firm value with dividend policy as intervening variable (Case study on finance sector in Indonesian Stock Exchange 2016–2020 period),” Int. J. Econ. Bus. Account. Res., vol. 6, no. 2, p. 863, 2022, doi: 10.29040/ijebar.v6i2.5363.

[11] S. N. Fadillah and I. Noormansyah, “The influence of sustainability report, intellectual capital, liquidity, and firm size on firm value,” Res. Financ. Bank., vol. 1, no. 1, pp. 22–33, 2023, doi: 10.58777/rfb.v1i1.33.

[12] S. Farhangdoust, M. Salehi, and H. Molavi, “Management stock ownership and corporate debt: evidence from an emerging market,” Manag. Res. Rev., vol. 43, no. 10, 2020, doi: 10.1108/MRR-12-2018-0475.

[13] F. Ferdila, I. Mustika, and S. Martina, “Pengaruh firm size, likuiditas, leverage dan profitabilitas terhadap nilai perusahaan pada perusahaan manufaktur sub sektor barang konsumsi yang terdaftar di Bursa Efek Indonesia,” Owner, vol. 7, no. 4, pp. 3274–3284, 2023, doi: 10.33395/owner.v7i4.1883.

[14] F. Fitria, A. Putri, A. Dwi, and B. Bawono, “Carbon emission disclosure as a moderating variable and the impact of liquidity, profitability, and company age on firm value,” Int. J. Latest Res. Humanit. Soc. Sci., vol. 6, no. 3, pp. 266–275, 2023. [Online]. Available: www.ijlrhss.com

[15] M. Harnida, S. Mardah, and N. Nurhayati, “Efek moderasi kepemilikan manajerial terhadap hubungan likuiditas, profitabilitas dan leverage dengan nilai perusahaan,” Al-KALAM: J. Komun. Bisn. Dan Manaj., vol. 10, no. 2, p. 220, 2023, doi: 10.31602/al-kalam.v10i2.11623.

[16] R. Husna and Y. Rahayu, “Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya,” J. Ilmu Dan Ris. Akuntansi, vol. 9, no. 1, pp. 1–16, 2020.

[17] A. Idris and A. Idris, “Pengaruh profitabilitas, likuiditas, dan solvabilitas terhadap nilai perusahaan dengan mediasi harga saham pada perusahaan makanan dan minuman di Indonesia,” vol. 20, no. 1, pp. 27–41, 2021, doi: 10.32639/fokusbisnis.v19i2.742.

[18] I. Imronudin, J. Waskito, I. B. Cantika, and G. Sofiardhani, “The effect of liquidity and capital structure to increase firm value through increasing financial performance,” Riset Akunt. Dan Keuang. Indones., vol. 7, no. 3, pp. 345–354, 2023, doi: 10.23917/reaksi.v7i3.22174.

[19] L. Indriaty, P. Reiman, and G. N. Thomas, “Analisis terhadap pengaruh profitabilitas, leverage, dan ukuran perusahaan terhadap nilai perusahaan publik sub sektor makanan dan minuman,” Ikraith-Ekonomika, vol. 7, no. 1, pp. 220–232, 2024, doi: 10.37817/ikraith-ekonomika.v7i1.3307.

[20] N. Kadek, S. Indrawati, L. N. Sri, P. Sri, and P. Pradnyani, “The effect of profitability, liquidity, and company size on company value in the banking subsector,” vol. 1, no. 1, pp. 32–40, 2023.

[21] D. Kristianti and J. E. H. J. Foeh, “The impact of liquidity and profitability on firm value with dividend policy as an intervening variable,” J. Bisnis Dan Kewirausahaan, vol. 16, no. 1, pp. 65–78, 2020, doi: 10.31940/jbk.v16i1.1829.

[22] R. A. Kusuma and H. Rahyuda, “Pengaruh modal intelektual dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi,” E-Jurnal Manaj. Univ. Udayana, vol. 11, no. 7, p. 1397, 2022, doi: 10.24843/ejmunud.2022.v11.i07.p07.

[23] C. A. L. Susanto, “Pengaruh leverage, likuiditas, ukuran perusahaan, dan perputaran total aset terhadap profitabilitas,” J. Paradigma Akuntansi, vol. 2, no. 1, p. 393, 2020, doi: 10.24912/jpa.v2i1.7168.

[24] H. Mukhtaro, G. Apriyanto, and H. Respati, “The effect of profitability and liquidity on the value of companies with capital structure as an intervening variable,” Enrichment: J. Multidiscip. Res. Dev., vol. 1, no. 10, pp. 678–688, 2024.

[25] M. Nuur, F. Thoha, L. Hairunnisa, F. Ekonomi, U. Budi, and L. Jakarta, “Likuiditas dan aktivitas terhadap nilai perusahaan pada perusahaan manufaktur sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2020,” vol. 4, no. 4, pp. 94–104, 2022.

[26] P. D. P. Paramitha, “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,” J. Ekonomi & Bisnis JAGADITHA, vol. 7, no. 2, pp. 80–91, 2020, doi: 10.22225/jj.7.2.2154.80-91.

[27] A. H. Pingkan and T. K. Pertiwi, “The effect of profitability on firm value with firm size as a moderating variable pada perusahaan property dan real estate 2018–,” vol. 3, Oct., pp. 3534–3540, 2022.

[28] R. Prabowo and A. Sutanto, “Analisis pengaruh struktur modal, dan likuiditas terhadap profitabilitas pada perusahaan sektor otomotif di Indonesia,” J. Samudra Ekon. Dan Bisnis, vol. 10, no. 1, pp. 1–11, 2019, doi: 10.33059/jseb.v10i1.1120.

[29] A. Pratiwi and A. M. Muthohar, “Pengaruh growth opportunity, likuiditas, dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening,” J. Account. Digit. Finance, vol. 1, no. 3, pp. 163–180, 2021, doi: 10.53088/jadfi.v1i3.175.

[30] D. C. Putro and A. Risman, “The effect of capital structure and liquidity on firm value mediated by profitability,” The EUrASEANs: J. Glob. Socio-Econ. Dyn., vol. 2, no. 2(27), pp. 26–34, 2021, doi: 10.35678/2539-5645.2(27).2021.26-34.

[31] R. Reschiwati, A. Syahdina, and S. Handayani, “Effect of liquidity, profitability, and size of companies on firm value,” Utopia y Praxis Latinoam., vol. 25, Extra 6, pp. 325–332, 2020, doi: 10.5281/zenodo.3987632.

[32] A. Santoso, “The role of management ownership in moderating the effect of liquidity on firm value,” Inovbiz: J. Inovasi Bisnis, vol. 2, no. 2, p. 181, 2022, doi: 10.35314/inovbizmik.v2i2.2820.

[33] S. B. Santoso, D. R. Melania, S. Sutaryo, D. T. Rinjani, and K. Saine, “The effect of firm size, liquidity, and total asset turnover on firm value through profitability as intervening variables,” 2024, doi: 10.4108/eai.2-8-2023.2341714.

[34] K. Sari and W. Ichwanudin, “Leverage and liquidity to firm value moderated by firm size: A signaling theory approach,” Enrichment: J. Manag., vol. 13, no. 3, 2023.

[35] L. W. Setiawati and M. Lim, “Analisis pengaruh profitabilitas, ukuran perusahaan, leverage, dan pengungkapan sosial terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2011-2015,” J. Akuntansi, vol. 12, no. 1, pp. 30–35, 2020.

[36] B. Sudiyatno, E. Puspitasari, T. Suwarti, and M. M. Asyif, “Determinants of firm value and profitability: Evidence from Indonesia,” J. Asian Finance Econ. Bus., vol. 7, no. 11, pp. 769–778, 2020, doi: 10.13106/jafeb.2020.vol7.no11.769.

[37] T. P. Susilo, “The effect of liquidity on firm value with profitability as moderating variable,” J. Econ. Finance Manag. Stud., vol. 5, no. 12, pp. 1–12, 2022, doi: 10.47191/jefms/v5-i12-38.

[38] Y. R. Tarigan and L. S. Sudjiman, “Pengaruh likuiditas dan solvabilitas terhadap profitabilitas pada perusahaan manufaktur subsektor keramik porselen dan kaca yang terdaftar di BEI tahun 2015–2019,” J. Ekonomis, vol. 14, no. 1a, pp. 74–88, 2021.

[39] A. G. Triyana Madhani and S. Sutrisno, “Financial performance and firm value with managerial ownership as moderating variables,” Int. J. Soc. Sci. Human Res., vol. 6, no. 5, pp. 2551–2557, 2023, doi: 10.47191/ijsshr/v6-i5-04.

[40] R. Uli, W. Ichwanudin, and E. Suryani, “Pengaruh likuiditas terhadap nilai perusahaan melalui struktur modal dan profitabilitas,” Tirtayasa Ekonomika, vol. 15, no. 2, p. 321, 2020, doi: 10.35448/jte.v15i2.6795.

[41] A. D. Wijayanty and L. Santioso, “The effect of liquidity, solvability, firm growth, and firm size on profitability,” Int. J. Appl. Econ. Bus., vol. 1, no. 4, pp. 1951–1960, 2023, doi: 10.24912/ijaeb.v1i4.1951-1960.

[42] C. D. Wulandari and T. Damayanti, “Pengaruh struktur modal, ukuran perusahaan dan likuiditas terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening,” J. Akuntansi Dan Manaj. Bisnis, vol. 2, no. 1, pp. 01–18, 2022, doi: 10.56127/jaman.v2i1.68.

[43] Z. Yulimtinan and S. Atiningsih, “Leverage ukuran perusahaan pertumbuhan penjualan terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi,” Balance: J. Akuntansi Dan Bisnis, vol. 6, no. 1, p. 69, 2021, doi: 10.32502/jab.v6i1.3422.

[44] I. Zoraya, C. Afandy, R. Nurazi, and N. Herlina, “Likuiditas dan leverage terhadap nilai perusahaan dimediasi profitabilitas: Jurnal Ilmiah Manajemen dan Bisnis,” J. Ilmiah Manaj. Dan Bisnis, vol. 24, no. 1, pp. 1–25, 2023. [Online]. Available: https://jurnal.umsu.ac.id/index.php/mbisnis