PERAN PROFITABILITAS DALAM MEMODERASI PENGARUH INTELLECTUAL CAPITAL, LEVERAGE, DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN

Abstract

This research examines the role of profitability in moderating the effect of intellectual capital, leverage, and liquidity on the firm value at the Food and Beverage sector company listed on the Indonesia Stock Exchange (IDX) during 2019-2023. This study is motivated by the importance of company value as a key indicator in investment decision-making by investors. Furthermore, the data collection technique used was purposive sampling based on specific criteria. In line with that, 26 companies with 130 observation sample data were taken as samples. Moreover, Multiple linear regression analysis was used to process the data and test the proposed hypotheses. The result shows that intellectual capital does not affect the firm value at the Food and Beverage sector company listed on IDX. However, leverage has a positive effect on the firm value at the Food and Beverage sector company listed on IDX. Meanwhile, liquidity does not affect the firm value at the Food and Beverage sector company listed on IDX. Additionally, profitability does not moderate the effect of intellectual capital on the firm value at the Food and Beverage sector company listed on IDX. In addition, profitability does not positively moderate the effect of firm value at the Food and Beverage sector company listed on IDX. In contrast, profitability has moderated positively the effect of leverage on the firm value. Likewise, profitability has positively moderated the effect of liquidity on the firm value. These findings imply that companies should consider profitability as a key factor that can enhance the effect of leverage and liquidity on firm value.