SARI, KURNIA INDAH (2025) DETERMINAN NILAI PERUSAHAAN DIMEDIASI OLEH PROFITABILITAS PADA PERUSAHAAN FARMASI TERDAFTAR DI BURSA EFEK INDONESIA. S2 thesis, Universitas Mercu Buana Jakarta.
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Abstract
This study aims to examine the determinants of firm value with profitability as a mediating variable in pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during the period from 2018 to 2023. Specifically, this research analyzes the impact of sustainability report disclosure, institutional ownership, and enterprise risk management on firm value, with return on assets (ROA) as the mediating variable. A quantitative approach is employed in this study using panel data regression and path analysis methods through EViews version 12 software. The research population consists of 13 pharmaceutical companies, with 6 companies selected as the sample based on specific criteria. The partial test results show that sustainability report, institutional ownership, enterprise risk management, and ROA have a positive and significant impact on firm value. The path analysis results indicate that the sustainability report is not significant, while institutional ownership and enterprise risk management influence firm value. Furthermore, corporate performance indirectly mediates the effect of institutional ownership and enterprise risk management on firm value. Simultaneously, all independent variables significantly affect firm value. This study provides a theoretical contribution by enriching the literature on the integration of sustainability practices, corporate governance, and financial performance in shaping firm value, particularly in the pharmaceutical sector. From a practical perspective, the findings of this study can serve as a strategic reference for management and investors in making decisions based on sustainability transparency and strengthening institutional oversight to improve corporate performance and market valuation. Keywords: sustainability report, institutional ownership, enterprise risk management, return on assets, price to book value Penelitian ini bertujuan untuk menguji determinan nilai perusahaan dengan profitabilitas sebagai variabel mediasi pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2018 hingga 2023. Secara khusus, penelitian ini menganalisis pengaruh pengungkapan sustainability report, kepemilikan institusional, dan enterprise risk management terhadap nilai perusahaan, dengan return on assets (ROA) sebagai variabel mediasi. Pendekatan kuantitatif digunakan dalam penelitian ini dengan metode regresi data panel dan analisis jalur (path analysis) melalui perangkat lunak EViews versi 12. Populasi penelitian mencakup 13 perusahaan farmasi, dengan 6 perusahaan yang dipilih sebagai sampel berdasarkan kriteria tertentu. Hasil uji parsial menunjukkan bahwa sustainability report, kepemilikan institusional, enterprise risk management, dan ROA berpengaruh positif dan signifikan terhadap nilai perusahaan. Hasil analisis jalur menunjukkan bahwa sustainability report tidak signifikan sedangkan kepemilikan institusional dan enterprise risk management berpengaruh terhadap nilai Perusahaan atau secara tidak langsung kinerja Perusahaan mampu memediasi kepemilikan institustional dan enterprise risk management terhadap nilai perusahaan. Secara simultan, seluruh variabel independen terbukti berpengaruh signifikan terhadap nilai perusahaan. Penelitian ini memberikan kontribusi teoretis dalam memperkaya literatur mengenai integrasi praktik keberlanjutan, tata kelola perusahaan, dan kinerja keuangan dalam membentuk nilai perusahaan, khususnya pada sektor farmasi. Dari sisi praktis, hasil penelitian ini dapat menjadi referensi strategis bagi manajemen dan investor dalam mengambil keputusan berbasis transparansi keberlanjutan dan penguatan pengawasan institusional untuk meningkatkan kinerja dan valuasi pasar perusahaan. Kata kunci: sustainability report, kepemilikan institusional, enterprise risk management, return on assets, price to book value
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