Pengaruh kinerja keuangan dan risiko kebangkrutan terhadap nilai perusahaan dengan likuiditas sebagai variabel moderasi

Monintja, Fransisca Grace (2023) Pengaruh kinerja keuangan dan risiko kebangkrutan terhadap nilai perusahaan dengan likuiditas sebagai variabel moderasi. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian dilakukan dengan tujuan untuk meneliti pengaruh kinerja keuangan dan risiko kebangkrutan terhadap nilai perusahaan dengan likuiditas sebagai variabel moderasi. Kinerja keuangan dilihat dari profitabilitas yang diukur dengan Return on Assets (ROA) dan solvabilitas yang diukur dengan Debt-to-Asset Ratio (DAR). Risiko kebangkrutan menggunakan Altman’s Z-score sebagai proksi. Nilai perusahaan diproksikan dengan Tobin’s Q. Likuiditas diukur dengan Cash Conversion Cycle (CCC). Penelitian ini menerapkan analisis linier berganda pada data panel. Teknik pengambilan sampel dilakukan dengan metode purposive sampling. Total sampel penelitian adalah sebesar 785 sampel yang terdiri dari 157 perusahaan manufaktur yang dimana merupakan perusahaan publik pada sektor consumer staples yang terdaftar dalam S&P Capital IQ di negara ASEAN, yakni Indonesia, Malaysia, Singapura, Filipina, Thailand, dan Vietnam, pada periode 2018 hingga 2022. Hasil penelitian menunjukkan profitabilitas dan solvabilitas berpengaruh positif terhadap nilai perusahaan, sedangkan risiko kebangkrutan berpengaruh negatif terhadap nilai perusahaan. Hasil penelitian juga menghasilkan likuiditas tidak memoderasi pengaruh positif profitabilitas terhadap nilai perusahaan. Selain itu, didapatkan likuiditas memperlemah pengaruh positif solvabilitas dan memperkuat pengaruh negatif risiko kebangkrutan terhadap nilai perusahaan. Implikasi dari penelitian ini adalah penelitian ini diharapkan dapat memberikan pemahaman lebih dalam dan memperkaya pengetahuan terkait faktor-faktor yang mempengaruhi nilai perusahaan, secara khusus dengan likuiditas sebagai moderasi. / The research was conducted with the aim of examining the effect of financial performance and bankruptcy risk on firm value with liquidity as a moderating variable. Financial performance is seen from profitability that is measured by Return on Assets (ROA) and solvency as measured by Debt-to-Asset Ratio (DAR). Bankruptcy risk uses Altman's Z-score as a proxy. Firm value is measured by Tobin's Q. Liquidity is measured by the Cash Conversion Cycle (CCC). This research applies multiple linear analysis on panel data. The sampling technique was carried out using the purposive sampling method. The total research sample is 785 samples consisting of 157 manufacturing companies which are public companies in the consumer staples sector registered in S&P Capital IQ in ASEAN countries, namely Indonesia, Malaysia, Singapore, the Philippines, Thailand and Vietnam, from 2018 to 2022. The results show that profitability and solvency have a positive effect on firm value, while bankruptcy risk has a negative effect on firm value. The research results also show that liquidity does not moderate the positive effect of profitability on firm value. In addition, it was found that liquidity weakens the positive effect of solvency and strengthens the negative effect of bankruptcy risk on firm value. The implication of this research is that this research is expected to provide a deeper understanding and enrich knowledge regarding the factors that firm company value, specifically with liquidity as a moderation.

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