Pengaruh Profitabilitas dan Leverage terhadap Nilai Perusahaan pada Perusahaan Manufaktur Sektor Consumer Non-Cyclical yang Terdaftar di Bursa Efek Indonesia Periode 2021–2024

Agis Nuraeini; Hania Setiana; Hilda Aini Lutfiah; Regita Cahyani

doi:10.61132/aeppg.v3i3.2430

Authors

Agis Nuraeini Universitas Djuanda
Hania Setiana Universitas Djuanda
Hilda Aini Lutfiah Universitas Djuanda
Regita Cahyani Universitas Djuanda

DOI:

https://doi.org/10.61132/aeppg.v3i3.2430

Keywords:

Debt-To-Equity Ratio (DER), Profitability, Leverage, Firm Value, Random Effects Model (REM)

Abstract

The purpose of this study is to examine the impact of profitability and Leverage on the firm value of manufacturing companies operating in the Non-Cyclical consumer goods sector and listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employs a quantitative methodology using secondary data extracted from the annual financial reports published by these companies. The research sample consists of 32 companies with a total of 128 observations selected using purposive sampling. Data analysis was conducted using panel data regression with the Random Effects Model (REM). The findings indicate that profitability, as measured by ROA, has a positive and statistically significant effect on firm value (PBV), while Leverage (DER) does not show a significant impact. Furthermore, when analyzed together, profitability and Leverage do not produce a significant effect on firm value. These results indicate that investors prioritize a firm’s ability to generate profits over its debt level when assessing firm value.

Downloads

Download data is not yet available.

References

Anggriyani, Priskila Septyan, Andhika Ryan Priyatama, Dian Prawitasari, Vicky Oktavia, and Suhita Setyahuni Whini. 2026. “Nilai Perusahaan Pada Industri Consumer Non-Cyclicals: Peran Profitabilitas, Leverage, Dan Ukuran Perusahaan Periode 2021-2024.”

Dianova, Agustina, and R. Paulus Widyalasmono Ws. 2024. “Pengaruh Leverage Dan Profitabilitas Terhadap Nilai Perusahaan.” 4(1):2645–53. doi:https://doi.org/10.56799/jceki.v4i1.6916.

Imanullah, Wahyu Rachmaditya, and Muhamad Syaichu. 2023. “ANALISIS FAKTOR-FAKTOR YANG MEMENGARUHI NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR DI BEI PERIODE 2015-2019.” 12:1–14.

Jensen, Michael C., and William H. Meckling. 1976. “THEORY OF THE FIRM: MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE.” Journal of Financial Economics 3:305–60. doi:http://dx.doi.org/10.1016/0304-405X(76)90026-X.

Kusumaningrum, Diyah Putri, and Ulfah Setia Iswara. 2022. “PENGARUH PROFITABILITAS, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN.” 295–312. doi:10.24034/jiaku.v1i3.5509.

Magdalena, Juliana, and Ignatius Roni Setyawan. 2023. “PENGARUH PROFITABILITAS DAN LEVERAGE TERHADAP NILAI PERUSAHAAN MANUFAKTUR DI BEI PERIODE 2018-2021.” 05(02):402–10.

Meirisa, Faradila. 2024. “EFEK MEDIASI KINERJA PERUSAHAAN TERHADAP HUBUNGAN STRUKTUR MODAL DENGAN NILAI PERUSAHAAN PADA PERUSAHAAN CONSUMER NON CYCLICAL.”

Miranda, Basilio Franca Pereira, Aftoni Sutanto, and Salamatun Asakdiyah. 2026. “Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan.” 5(1):3218–24.

Pratama, M. Yudha, and Fitra Dharma. 2023. “Pengaruh Leverage , Profitabilitas Dan Likuiditas Terhadap Nilai Perusahaan.” 1(5).

Precia, Yolenta, and gnatius Roni Setyawan. 2023. “PENGARUH KEBERADAAN DIREKSI WANITA, LEVERAGE, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN.” 05(03):814–22.

Putra, Rafi Dima, and Rilla Gantino. 2021. “Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan.” 11(1):81–96.

Rismaya, Ramdan, and Kasir. 2024. “Pengaruh Return on Asset, Current Ratio, Dan Debt to Asset Ratio Terhadap Nilai Perusahaan.”

Spence, Michael. 1973. “Job Market Signaling.” Quarterly Journal of Economics 355–74.

Stepani, Putri Nadia, and Lucky Nugroho. 2023. “Pengaruh Profitabilitas , Likuiditas , Leverage , Dan Ukuran Perusahaan Terhadap Financial Distress Pada Perusahaan Consumer Non-Cyclicals Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2021.” 3(3):194–205. doi:10.47065/jtear.v3i3.551.

Zakiah, Wisnu Mawardi, and Foza Hadyu Hasanatina. 2023. “PENGARUH PROFITABILITAS, LEVERAGE, LIKUIDITAS, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Periode 2016-2021).” 12(1995):1–13.