Pengaruh Profitabilitas, Leverage, dan Free Cash Flow Terhadap Nilai Perusahaan Manufaktur Sektor Barang dan Konsumsi Yang Terdaftar di Bursa Efek Indonesia Periode 2021-2023
DOI:
https://doi.org/10.35870/jemsi.v11i6.5114Keywords:
Profitability, Leverage, Free Cash Flow, Firm ValueAbstract
This study aims to examine the effect of profitability, leverage, and free cash flow on firm value in manufacturing companies within the consumer goods sector listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2023. Firm value is used as an important benchmark that reflects the extent to which a company can create added value for its shareholders. In this study, firm value, as the dependent variable, is measured using the Price to Book Value (PBV). The independent variables consist of profitability, measured by Return on Assets (ROA); leverage, measured by the Debt to Equity Ratio (DER); and free cash flow (FCF), which is calculated as the difference between operating cash flow and capital expenditure. This research employs a quantitative approach. The sample was selected using purposive sampling, resulting in 173 firm-year observations over the 3-year period. The data analysis technique used is multiple linear regression, along with classical assumption testing, and statistical tests including the t- test and F-test. The results show that profitability has a positive and significant effect on firm value. Leverage also has a significant effect, but in a positive direction, contrary to the initial hypothesis. On the other hand, free cash flow does not have a significant effect on firm value. Collectively, the three independent variables significantly affect firm value, with an adjusted R² value of 0.547. These findings suggest that company management should pay close attention to internal financial performance, particularly in terms of profitability and capital structure management, to enhance firm value in the eyes of investors.
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