ESTD PERPUSTAKAAN UNTAD
ESTD PERPUSTAKAAN UNTAD
| JudulPEMGARUH PROFITABIITAS, LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PERTUMBUHAN ASET SEBAGAI PEMODERASI |
| Nama: SINTA VERONIKA TUMIWA |
| Tahun: 2026 |
| Abstrak This study investigates the influence of profitability, leverage, and firm size on firm value, with asset growth positioned as a moderating variable. While prior studies have extensively examined the determinants of firm value, empirical findings remain inconsistent, particularly regarding the moderating role of asset growth and its interaction with financial performance indicators. Moreover, limited research has specifically focused on the pharmaceutical sub-sector in Indonesia, despite its strategic importance and structural changes following the post pandemic recovery period. This study addresses these gaps by examining whether asset growth strengthens or weakens the relationship between financial characteristics and firm value within this industry context. Using a quantitative positivist approach, the study employs Moderated Regression Analysis (MRA) on panel data derived from the financial statements and annual reports of pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Through purposive sampling, 11 firms were selected as the research sample. The results indicate that profitability and firm size have a positive and significant effect on firm value, while leverage shows no significant direct effect. Asset growth does not moderate the relationship between profitability and firm value, but it strengthens the effect of leverage and weakens the influence of firm size on firm value. Theoretically, these findings enrich signaling and capital structure perspectives by demonstrating the conditional role of asset growth in shaping firm value within a growth-sensitive industry. |