Analisis Kinerja Keuangan Terhadap Nilai perusahaan, Struktur Modal Sebagai Variabel Intervening (Studi Kasus Pada Perusahaan Startup yang listing di Bursa Efek Indonesia Tahun 2021-2024)
DOI:
https://doi.org/10.51903/e-bisnis.v18i2.3067Keywords:
Financial performance; Profitability; Liquidity; Capital structure; Firm value; Tobin’s Q;Abstract
This study aims to analyze the effect of financial performance, proxied by profitability (ROA) and liquidity (CR), on firm value measured by Tobin’s Q, with capital structure (DER) as a mediating variable. The research sample consists of 18 startup companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. The method employed is panel data regression analysis, with the best model selected through the Chow Test, Hausman Test, and Lagrange Multiplier Test. The findings indicate that profitability and liquidity have a significant effect on capital structure. However, profitability, liquidity, and capital structure are not proven to have a direct effect on firm value. Furthermore, capital structure does not serve as a mediating variable. These results suggest that traditional financial metrics are not the main factors in assessing startup valuation in the Indonesian capital market. Other aspects, such as growth prospects and innovation, appear to play a more dominant role in determining firm value.
References
Astuti, I. P., & Wardhani, T. (2022). Pengaruh Rasio Likuiditas dan Solvabilitas terhadap Kinerja Keuangan Perusahaan.Jurnal Akuntansi dan Keuangan, 24(2), 135–148.
Bielialov, T. (2022). Risk Management of Startups of Innovative Products. Journal of Risk and Financial Management, 15(5), 1–20.
Brigham, E. F., & Houston, J. F. (2018). Fundamentals of Financial Management (15th ed.). Cengage Learning.
Fitriani, D., & Maulana, R. (2020). Analisis mediasi struktur modal dalam pengaruh profitabilitas terhadap nilai perusahaan pada sektor properti. Jurnal Ekonomi & Bisnis, 7(2).
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kasmir. (2019). Analisis Laporan Keuangan (Edisi Revisi). Jakarta: RajaGrafindo Persada.
Lestari, D. A., & Sapari, M. (2021). Pengaruh Likuiditas terhadap Profitabilitas pada Perusahaan Manufaktur di BEI. Jurnal Akuntansi Indonesia, 10(2), 155–166.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Prasetyo, R. H., Putri, F. A., & Yuliana, T. (2024). Pengaruh Struktur Modal dan Nilai Perusahaan pada Perusahaan Teknologi. Jurnal Manajemen Indonesia, 24(1), 45–59.
Puri, E. T., & Lisiantara, G. A. (2023). Pengaruh Profitabilitas dan Likuiditas terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 6(1), 41–54.
Rizqina, A., & Yulianto, A. (2020). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Ekonomi dan Manajemen, 21(2), 89–97.
Saidah, R., & Hwihanus, D. (2023). Analisis Struktur Modal terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Riset Ekonomi dan Bisnis, 21(2), 112–125.
Sugiyono. (2019). Statistika untuk Penelitian Alfabeta.
Yanto, T. O., & Wati, R. N. (2020). Struktur Modal dan Kinerja Keuangan. Jurnal Ilmu Manajemen, 8(1), 102–117.
Creswell, J. W., & Creswell, J. D. (2021). Research design: Qualitative, quantitative, and mixed methods approaches (5th ed.). Thousand Oaks, CA: SAGE Publications.
Riyanto, S., & Mardiyah, N. (2021). Struktur Modal dan Pengaruhnya terhadap Tobin’s Q pada Perusahaan Manufaktur. Jurnal Akuntansi dan Keuangan, 23(1), 56–70.
