PENGARUH PERTUMBUHAN PENJUALAN, STRUKTUR MODAL DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BEI PADA TAHUN 2022-2024

Abstract

Food and beverage companies listed on the Indonesia Stock Exchange (IDX) represent one of the fastest-growing sectors and contribute significantly to the national economy. This study aims to examine the effects of Sales growth, Capital structure, and Liquidity on Firm value, both directly and indirectly, with Profitability as an intervening variable. The study focuses on food and beverage companies listed on the IDX during the 2022–2024 period. This research employs a quantitative method with a descriptive approach. The sample was selected using purposive sampling, resulting in twelve companies. The data were obtained from annual financial reports published on the official IDX website. Data analysis was conducted using Structural Equation Modeling (SEM) with Smart PLS software. The results of the direct hypothesis testing indicate that Sales growth, Capital structure, and Liquidity have positive but statistically insignificant effects on Profitability. Furthermore, Sales growth has a negative but insignificant effect on Firm value. In contrast, Capital structure and Liquidity have negative and significant effects on Firm value, while Profitability has a positive and significant effect on Firm value. The results of the indirect hypothesis testing indicate that the effects of Sales growth, Capital structure, and Liquidity on Firm value through Profitability are positive but not statistically significant.