Leverage dan Profitabilitas, Manakah yang paling meningkatkan Nilai Perusahaan?

Abstract

 This study aims to provide empirical evidence on the influence of firm size, leverage, earnings per share, sales growth, firm age, managerial ownership, dividend policy, and profitability on firm value. The object of this research is all manufacturing companies listed on the Indonesia Stock Exchange, for the period 2021 to 2023. The sample selection method is purposive sampling with a total of 46 companies or 138 data used as samples in this study. The analysis was conducted using multiple linear regression. The findings indicate that leverage, sales growth, firm age, and profitability have an effect on firm value. This study uses the age of the company as one of the determinants of the firm's value. High leverage indicates that the company has strong ability to repay debt and utilize it to optimize operations, thereby attracting investors and enhancing the company's value. The longer the firm age, the more it can increase investor confidence in its stability, thereby raising the company's value. Higher profitability serves as a positive signal to investors, indicating promising prospects for the company, which ultimately enhances firm value. In addition, firm size, earnings per share, managerial ownership, and dividend policy do not affect the company's value.