PENGARUH PROFITABILITAS, LIKUIDITAS, DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to test the effect of profitability, liquidity and leverage on the firm value and test the corporate social responsibility in moderating the effect of profitability, liquidity, and leverage on the firm value. Profitability, liquidity, leverage and also disclosure of corporate social responsibility were factors of consideration for the investors invested in a company. The firm value showed the prosperity of the stakeholders.The research population used mining companies listed on Indonesia Stock Exchange during the 2018-2020 periods with 47 companies. Furthermore, the sample collection technique of this research used the purposive sampling technique and obtained 38 companies with 99 samples of observation data. Moreover, the data analysis method used a particular application with multiple linear regressions i.e., Moderated Regressions Analysis (MRA). The research data analysis and hypothesis test concluded that the variable of profitability (ROA) had a positive effect on the firm value (Tobin’s Q), Corporate Social Responsibility (CSR) was able to strengthen the effect of liquidity (CR) on the firm value (Tobin’s Q), Corporate Social Responsibility (CSR) was weaken the effect of leverage (DAR) on the firm value (Tobin’s Q). Meanwhile, the other variables i.e., liquidity (CR), leverage (DAR), also profitability moderated by Corporate Social Responsibility (CSR) did not affect the firm value (Tobin’s Q).
Keywords: profitability, liquidity, leverage, firm value, corporate social responsibility