Abstract
Corporate value is the main goal of every company. This study examines the relationship of liquidity, profitability, and capital structure to firm value and uses Corporate Social Responsibility as a moderating variable. Liquidity was measured using the Current Ratio, profitability was measured using Return On Assets, capital structure was measured using the Debt to Equity Ratio, firm value was measured using Tobin’s Q and CSR using the G4 version of the CSR Global Reporting Initiative indicator. The observation data in this study were 240 data from non-primary consumer companies listed on the Indonesia Stock Exchange in 2010-2019. This study uses secondary data from S&P Capital IQ and company financial statements. The results of this study indicate that liquidity has a positive direction but has no significant effect on firm value, profitability has a positive direction and has a significant effect on firm value, capital structure has a negative direction but has a significant effect on firm value, CSR as a moderating variable weakens the negative relationship between liquidity and firm value. firm value, CSR as a moderating variable weakens the positive relationship between profitability and firm value, and CSR as a moderating variable strengthens the positive relationship between capital structure and firm value
Highlights
This study examines the relationship of liquidity, profitability, and capital structure to firm value and uses Corporate Social Responsibility as a moderating variable
The results of this study indicate that liquidity has a positive direction but has no significant effect on firm value, profitability has a positive direction and has a significant effect on firm value, capital structure has a negative direction but has a significant effect on firm value, Corporate Social Responsibility (CSR) as a moderating variable weakens the negative relationship between liquidity and firm value. firm value, CSR as a moderating variable weakens the positive relationship between profitability and firm value, and CSR as a moderating variable strengthens the positive relationship between capital structure and firm value
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Summary
Pertumbuhan ekonomi Indonesia dapat dilihat melalui Gross Domestic Product (GDP). Berdasarkan data world bank (2021) menunjukkan pertumbuhan GDP Indonesia dari tahun 2010-2019 menunjukkan bahwa Indonesia memiliki tingkat pertumbuhan dengan trend menurun membuat perusahaan harus memiliki daya saing lebih di era kompetitif saat ini. Berdasarkan teori Pecking Order, perusahaan cenderung memilih pengambilan pendanaan dari internal dibandingkan eksternal karena dapat memperoleh keuntungan yang lebih tinggi dengan tingkat utang yang kecil. Berdasarkan implementasi Corporate Social Responsibility (CSR) dapat diketahui perusahaan yang memiliki keseimbangan antara ekonomi, lingkungan dan sosial sejalan dengan pemenuhan harapan dari pemegang saham (Jihadi et al, 2021). Hasil penelitian Jihadi (2021) menjelaskan bahwa CSR memiliki kemampuan dalam memoderasi pengaruh likuiditas, leverage, dan profitabilitas terhadap nilai perusahaan. Penelitian tersebut juga di dukung oleh penelitian Siregar et al (2018) dan Mufidah dan Purnamasari (2018) yang menunjukan bahwa CSR dapat memoderasi hubungan antara nilai perusahaan dengan faktor-faktor yang mempengaruhinya sehingga CSR dapat digunakan sebagai variabel moderasi. Tetapi hasil penelitian Siregar et al (2018) menunjukan CSR tidak dapat memoderasi profitabilitas yang di proksikan dengan menggunakan Return on Asset terhadap nilai perusahaan. Peneliti juga menggunakan sampel yang berbeda yaitu perusahaan industri konsumen non primer yang terdaftar di Bursa Efek Indonesia dan periode penelitian tahun 2010-2019 dalam penelitian ini
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