PENGARUH LEVERAGE, FREE CASH FLOW, DAN BIAYA OPERASIONAL PENDAPATAN OPERASIONAL TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN SEKTOR INDUSTRIALS YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024

Abstract

Companies in this sector are required to maintain firm value amid dynamic economic conditions, intense competition, and fluctuations in production and financing costs. Firm value serves as a crucial measure that reflects the level of investor confidence in a company’s performance and future prospects. Therefore, effective financial management—especially related to capital structure, cash flow, and operational efficiency—becomes a primary concern for management in industrial sector companies. The purpose of this study is to analyze and examine the role of financial performance in mediating the effect of leverage, free cash flow, and operating expenses to operating income on firm value. The population in this study consists of industrial sector companies, totaling 65 companies, with a sample of 14 companies. The sampling technique used is purposive sampling. Data analysis and hypothesis testing were conducted using Structural Equation Modeling – Partial Least Squares (PLS-SEM).

The results of hypothesis testing using the SmartPLS 3.0 application show that leverage has a negative and significant effect on financial performance, free cash flow has a positive and significant effect on financial performance, and operating expenses to operating income has a negative and significant effect on financial performance. Furthermore, leverage has a positive but not significant effect on firm value, free cash flow has a negative but not significant effect on firm value, operating expenses to operating income has a negative but not significant effect on firm value, and financial performance has a positive but not significant effect on firm value. In addition, leverage has a negative but not significant effect on firm value through financial performance, free cash flow has a positive but not significant effect on firm value through financial performance, and operating expenses to operating income has a negative but not significant effect on firm value through financial performance.