Uncovering the Determinants of Firm Value: The Moderating Role of Business Risk on Growth, Leverage, and Profitability
DOI:
https://doi.org/10.36555/jasa.v10i2.3058Keywords:
Business Risk, Firm Value, Growth, Leverage, ProfitabilityAbstract
This research seeks to analyse the influence of company growth, leverage and profitability affect company value, using business risk as a moderating variable, in industrial sector companies listed on the Indonesia Stock Exchange from 2020 and 2024. The research employed a quantitative method untilizing an associative approach and a purposive sampling technique to obtain 85 data observations. The research data are secondary data analysed using panel data regression with a Random Effect Model and Moderated Regression Analysis approach via the EViews 12 application. The study also used log transformation to address issues with the classical assumptions. The novelty of this study lies in the use of business risk as a moderating variable and the application of panel data regression to companies in the industrial sector. The results of the study show that company growth and profitability have a positive but insignificant effect on company value, while leverage has a negative but insignificant effect on company value. Business risk was unable to moderate the influence of company growth on company value, but was able to strengthen the influence of leverage and weaken the influence of profitability on company value. Further research is recommended to add variables, extend the observation period, and use different company sectors to achieve better results.
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