Pengaruh kinerja keuangan terhadap enterprise value dengan pendekatan PBV dan Tobin’s Q pada subsektor food and beverage di BEI
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This research examines the influence of Profitability, Liquidity, Firm Size, Leverage, and Firm Growth on enterprise value among food and beverage companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. Enterprise value was measured using Price to Book Value (PBV) and Tobin’s Q, with a total of 270 firm-year observations. Panel data regression with the Fixed Effect Model (FEM), along with White’s cross-section robust adjustment, was applied to address heteroskedasticity. The empirical findings reveal that Profitability significantly increases enterprise value when measured using PBV, although it shows a positive yet insignificant effect when measured using Tobin’s Q. Liquidity consistently has a negative influence, significant on PBV but insignificant on Tobin’s Q. Firm Size shows contrasting effects positive but insignificant on PBV, yet negative and significant on Tobin’s Q. Leverage positively and significantly affects PBV, while demonstrating a negative and insignificant impact on Tobin’s Q. Firm Growth exhibits a negative and insignificant effect across both PBV and Tobin’s Q.
Penelitian ini menganalisis pengaruh profitabilitas, likuiditas, ukuran perusahaan, Leverage, dan pertumbuhan perusahaan terhadap enterprise value pada emiten sub-sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2024. Enterprise value diukur menggunakan Price to Book Value (PBV) dan Tobin’s Q dengan total 270 observasi. Analisis dilakukan menggunakan regresi data panel dengan pendekatan Fixed Effect Model (FEM) serta penyesuaian White cross-section (robust) untuk mengatasi heteroskedastisitas. Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh positif dan signifikan terhadap enterprise value ketika diukur menggunakan PBV, namun tidak signifikan saat menggunakan Tobin’s Q meskipun arah pengaruhnya tetap positif. Likuiditas memiliki pengaruh negatif, signifikan terhadap PBV namun tidak signifikan terhadap Tobin’s Q. Ukuran perusahaan berpengaruh positif namun tidak signifikan pada PBV, sementara pada Tobin’s Q berpengaruh negatif dan signifikan. Leverage berpengaruh positif dan signifikan terhadap PBV, tetapi negatif dan tidak signifikan terhadap Tobin’s Q. Pertumbuhan perusahaan menunjukkan pengaruh negatif dan tidak signifikan pada kedua indikator enterprise value.
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