PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to examine the effect of financial performance on firm value with managerial ownership as moderating variable. The financial performance was referred to as profitability, which was measured by Return On Asset (ROA) and Return On Equity (ROE) on firm value (Tobin’s Q); with managerial performance as moderating variable at Food and Beverage manufacturing companies that were listed on Indonesia Stock Exchange (IDX). The research was quantitative. Furthermore, the data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, there were 18 samples from 33 members of the population. The data analysis technique used multiple linear regression and interaction tests, i.e.Moderated Regression Analysis (MRA). with SPSS (Statistical Product and Service Solution) 26. The research result concluded that Return On Asset (ROA) had a positive effect on firm value. However, Return On Equity (ROE) did not affect firm value. Meanwhile, managerial ownership had a positive effect on firm value. Moreover, managerial ownership was not able to moderate the positive effect ROA on firm value. In contrast, managerial ownership moderated the negative effect of ROE on firm value.