Analisis Determinan Nilai Perusahaan pada Sektor Makanan dan Minuman di Indonesia
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Abstract
Penelitian ini dilatarbelakangi oleh penurunan tren nilai perusahaan pada perusahaan sektor makanan dan minuman serta ketidakkonsistenan temuan sebelumnya mengenai pengaruh profitabilitas, struktur modal, dan pertumbuhan penjualan terhadap nilai perusahaan. Penelitian ini bertujuan menganalisis pengaruh profitabilitas, struktur modal, dan pertumbuhan penjualan terhadap nilai perusahaan pada perusahaan makanan dan minuman yang terdaftar di BEI tahun 2022-2024. Nilai perusahaan diproksikan dengan Tobin’s Q, sedangkan variabel independen diukur menggunakan ROA, DER, dan Sales Growth. Penelitian dilakukan dengan pendekatan kuantitatif melalui regresi data panel menggunakan EViews 12, dengan 56 perusahaan sebagai sampel dan total 168 observasi. Hasil penelitian menunjukkan bahwa profitabilitas memiliki pengaruh positif dan signifikan terhadap nilai perusahaan, sementara struktur modal dan pertumbuhan penjualan berpengaruh negatif namun tidak signifikan. Temuan ini menegaskan bahwa profitabilitas merupakan faktor utama yang mampu meningkatkan nilai perusahaan, sedangkan struktur modal dan pertumbuhan penjualan belum menunjukkan kontribusi yang kuat. Secara simultan, ketiga variabel terbukti memengaruhi nilai perusahaan pada sektor makanan dan minuman.
This study is motivated by the declining trend in firm value among companies in the food and beverage sector and the inconsistency of previous findings regarding the effects of profitability, capital structure, and sales growth on firm value. It aims to examine the impact of profitability, capital structure, and sales growth on firm value in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Firm value is proxied by Tobin’s Q, while the independent variables are measured using return on assets (ROA), debt-to-equity ratio (DER), and sales growth. The study adopts a quantitative approach using panel data regression analysis with EViews 12, involving 56 companies and a total of 168 observations. The results indicate that profitability has a positive and significant effect on firm value, whereas capital structure and sales growth have negative but insignificant effects, suggesting that profitability is the primary factor in enhancing firm value, while capital structure and sales growth have not shown a strong contribution; however, simultaneously, the three variables are found to influence firm value in the food and beverage sector.
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