PENGARUH PERTUMBUHAN PERUSAHAAN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN HUTANG SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to examine company growth and profitability on the firm value with the debt policy as the moderated variable. This research type used the quantitative method. This research sample used a purposive sampling method, namely the sample selection, with the researcher's specific criteria. The purposive sampling method obtained 85 samples from 17 manufacturing companies in the food and beverages sectors listed on Indonesia Stock Exchange during the 2015-2019 periods. Meanwhile, this research's data analysis technique used multiple linear regression with Moderated Regression Analysis (MRA). This research analysis concluded that the company' s growth had a positive effect on the firm value. Profitability had a positive effect on the firm value. In contrast, debt policy had a positive effect on the firm value. Moreover, debt policy was able to moderate the company's growth on the firm value. Therefore, in line with the signal theory, it stated that the company's growth and profitability would increase, it gave a positive signal on the market that the company could survive in good condition during the rapid economic competition.
Keywords: company's growth, profitability, debt policy, firm value