PENGARUH CAR, NPL, DAN BOPO TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARABEL INTERVENING PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BEI PERIODE 2022-2024

Abstract

This study aims to analyze the influence of the Capital Adequacy Ratio (CAR), Non-Performing Loans (NPL), and the ratio of Operating Expenses to Operating Income (BOPO) on firm value, with profitability serving as an intervening variable, among banking sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. A quantitative approach was employed, utilizing secondary data—specifically annual financial reports—obtained from the official websites of the IDX and the respective banking companies. The study population Out of 47 banking companies in the population, 15 companies were identified as the sample by applying purposive sampling based on specific criteria. Data analysis was conducted using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with the SmartPLS 3.0 software. The analysis process included classical assumption testing, the coefficient of determination test, structural equation analysis (inner model), and hypothesis testing for both direct and indirect effects. The results indicate that the Capital Adequacy Ratio (CAR) does not significantly affect profitability, whereas Non-Performing Loans (NPL) have a significant positive effect on profitability. Furthermore, BOPO does not significantly affect profitability. The findings also reveal that CAR, NPL, and BOPO do not have a significant impact on firm value. Additionally, profitability does not significantly influence firm value and fails to mediate the effects of CAR, NPL, and BOPO on firm value. This study is expected to assist banking companies in improving credit risk management and maintaining financial performance, as well as to provide a reference for future researchers exploring the factors that influence profitability and firm value.