PENGARUH KEMAMPUAN MANAJERIAL TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL MEDIASI: STUDI PERBANDINGAN PADA PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE DI INDONESIA DAN MALAYSIA

Ulfa Annisa; Raudhatul  Hidayah

doi:10.31539/rbm56a96

Authors

Ulfa Annisa Universitas Andalas
Raudhatul Hidayah Universitas Andalas

DOI:

https://doi.org/10.31539/rbm56a96

Keywords:

Kemampuan Manajerial, Nilai Perusahaan, Struktur Modal, Properti Dan Real Estate, Indonesia, Malaysia

Abstract

Nilai perusahaan sektor properti dan real estate di Indonesia dan Malaysia menunjukkan dinamika yang berbeda, yang mencerminkan variasi dalam kemampuan manajerial dan kebijakan struktur modal perusahaan. Kondisi ini menunjukkan pentingnya pengujian kemampuan manajerial terhadap nilai perusahaan dengan mempertimbangkan struktur modal sebagai mekanisme mediasi dalam konteks lintas negara. Penelitian ini bertujuan untuk menguji pengaruh kemampuan manajerial terhadap nilai perusahaan dan struktur modal, pengaruh struktur modal terhadap nilai perusahaan, serta peran struktur modal sebagai variabel mediasi pada perusahaan sektor properti dan real estate di Indonesia dan Malaysia. Penelitian ini menggunakan data sekunder laporan keuangan tahunan perusahaan sektor properti dan real estate di Indonesia dan Malaysia selama periode 2021 sampai 2024. Sampel penelitian terdiri dari 65 perusahaan di Indonesia dan 91 perusahaan di Malaysia dengan total 624 observasi firm year. Kemampuan manajerial diukur menggunakan Data Envelopment Analysis, nilai perusahaan diukur menggunakan Tobin’s Q, Return on Assets, dan Market Capitalization, sedangkan struktur modal diukur menggunakan Debt to Equity Ratio dan Long Term Debt to Total Assets. Pengujian hipotesis dilakukan menggunakan Structural Equation Modeling Partial Least Squares. Kemampuan manajerial berpengaruh positif namun tidak signifikan terhadap nilai perusahaan di Indonesia, sedangkan di Malaysia berpengaruh positif dan signifikan. Kemampuan manajerial berpengaruh positif dan signifikan terhadap struktur modal di kedua negara. Struktur modal berpengaruh positif dan signifikan terhadap nilai perusahaan serta memediasi hubungan kemampuan manajerial dan nilai perusahaan, dengan mediasi penuh di Indonesia dan mediasi parsial yang lebih kuat di Malaysia. Penelitian ini menunjukkan bahwa kemampuan manajerial memberikan kontribusi terhadap peningkatan nilai perusahaan melalui kebijakan struktur modal yang tepat dan dipengaruhi oleh konteks pasar masing masing negara.

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