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

Abstract

This research aimed to examine the effect of financial performance on firm value with KM as the moderating variable. The financial performance used profitability ratio (ROA and ROE), firm value (Tobin’s Q), and Managerial Ownership. The research was quantitative with annual report published by the company’s official website, IDX, and Investment Gallery of Indonesia Stock Exchange Indonesia STIESIA Surabaya. Furthermore, the data collection technique used purposive sampling with determined criteria and obtained 46 data from 12 Properties and Real Estate during 2018-2021. The result showed that ROA did not affect firm value. It meant the company’s ability which gained profit through asset management did not affect firm value. However, ROE affected firm value. This meant, the higher the profit was, the better in dividend shared. In contrast, KM did not affect the firm value. In other words, the company would continue to try to increase the firm value regardless of KM. On the contrary, KM was unable to moderate the effect of ROA and ROE on firm value, which meant that KM had an insignificant effect on the firm value based on the assets ownership and dividend shared.