PENGARUH LEVERAGE, LIKUIDITAS, DAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI

Lutfi Kurniasari; Kesi Widjajanti; Rohmini Indah Lestari

doi:10.31539/51jctf89

Authors

Lutfi Kurniasari Universitas Semarang
Kesi Widjajanti Universitas Semarang
Rohmini Indah Lestari Universitas Semarang

DOI:

https://doi.org/10.31539/51jctf89

Keywords:

Leverage, Liquidity, Corporate Social Responsibility, Profitability, Firm Value.

Abstract

Nilai perusahaan mencerminkan persepsi investor terhadap kinerja dan prospek perusahaan yang tercermin dalam harga saham. Nilai perusahaan yang tinggi menunjukkan kepercayaan pasar yang kuat serta peluang peningkatan kesejahteraan pemegang saham. Penelitian ini bertujuan untuk menganalisis pengaruh leverage, likuiditas, dan Corporate Social Responsibility terhadap nilai perusahaan, baik secara langsung maupun tidak langsung melalui profitabilitas sebagai variabel mediasi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan dan laporan tahunan perusahaan yang tergabung dalam IDX-Infovesta Multi-Factor 28 di Bursa Efek Indonesia periode 2021–2024. Sampel ditentukan menggunakan metode purposive sampling dan menghasilkan 104 data observasi. Teknik analisis data menggunakan regresi linear data panel dan uji Sobel. Hasil penelitian menunjukkan bahwa leverage berpengaruh negatif dan signifikan terhadap profitabilitas, sedangkan Corporate Social Responsibility berpengaruh positif dan signifikan terhadap profitabilitas. Likuiditas tidak berpengaruh signifikan terhadap profitabilitas. Selanjutnya, leverage berpengaruh negatif dan signifikan terhadap nilai perusahaan, sedangkan Corporate Social Responsibility dan profitabilitas berpengaruh positif dan signifikan terhadap nilai perusahaan. Likuiditas tidak berpengaruh signifikan terhadap nilai perusahaan. Hasil uji mediasi menunjukkan bahwa profitabilitas mampu memediasi pengaruh leverage dan Corporate Social Responsibility terhadap nilai perusahaan, tetapi tidak mampu memediasi pengaruh likuiditas terhadap nilai perusahaan.

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