PENGARUH PERTUMBUHAN PERUSAHAAN DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING

Abstract

This research aimed to examine the effect of company growth and investment decision on firm value, with
profitability as the intervening variable. While, the population was property and real estate companies which
were listed on Indonesia Stock Exchange (IDX) during 2014-2018. The research was quantitative. Moreover, the
data collection technique used purposive sampling with 2 criteria given. In line with, there were 42 property and
real estate companies as sample with overall 210 firms’ years. Furthermore, the data analysis technique used
path analysis with SPSS 23. The research result concluded company’s growth as well as profitability did not
affect profitability. In contrast, investment decision had positive and significant effect on profitability. On the
other hand, the direct effect of firm growth had negative and significant effect and the investment decision had
positive and significant effect on firm value. In contrast, the indirect effect of company growth and investment
decision affected the firm value with profitability as the intervening variable. In brief, the result of intervening
test concluded profitability was not able to mediate the effect of the company’s growth and investment desicion
on the firm value.
Keyword: company’s growth, investment decision, profitability, firm value.