Faktor-Faktor yang Berpengaruh terhadap Nilai Perusahaan dengan Return on Asset (ROA) sebagai Variabel Moderating (Studi Empiris pada Perusahaan Manufaktur Sektor Barang Konsumsi yang Terdaftar di BEI Periode 2020-2024)

Reinka Ayu Imania Al Fatihah; Achmad Badjuri

doi:10.35870/jemsi.v11i5.4668

Published: 2025-10-01

Faktor-Faktor yang Berpengaruh terhadap Nilai Perusahaan dengan Return on Asset (ROA) sebagai Variabel Moderating (Studi Empiris pada Perusahaan Manufaktur Sektor Barang Konsumsi yang Terdaftar di BEI Periode 2020-2024)

DOI: 10.35870/jemsi.v11i5.4668

Reinka Ayu Imania Al Fatihah, Achmad Badjuri

Affiliation Details

Reinka Ayu Imania Al Fatihah: Universitas Stikubank (UNISBANK)
Achmad Badjuri: Universitas Stikubank (UNISBANK)

Abstract

Firm value reflects investors’ perception of a company’s performance and future prospects, serving as a positive signal of operational success. This study aims to examine the influence of dividend policy, leverage, and sales growth on firm value, with Return on Assets (ROA) acting as a moderating variable. The research focuses on consumer goods manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. A total of 100 observations were selected using purposive sampling. Data were analyzed using panel regression with SPSS. The findings indicate that: (1) dividend policy has a positive and significant effect on firm value; (2) leverage has a negative and significant effect; (3) sales growth has a negative but insignificant impact; (4) ROA strengthens the effect of dividend policy; (5) ROA weakens the effect of leverage; and (6) ROA also strengthens the influence of sales growth on firm value.

Keywords

Firm Value ; Dividend Policy ; Leverage ; Sales Growth ; Return on Assets (ROA)

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Al Fatihah, R. A. I., & Badjuri, A. (2025). Faktor-Faktor yang Berpengaruh terhadap Nilai Perusahaan dengan Return on Asset (ROA) sebagai Variabel Moderating (Studi Empiris pada Perusahaan Manufaktur Sektor Barang Konsumsi yang Terdaftar di BEI Periode 2020-2024). JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(5), 3362-3374. https://doi.org/10.35870/jemsi.v11i5.4668

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This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

Issue: Vol. 11 No. 5 (2025)
Section: Articles
Published: October 1, 2025

License: CC BY 4.0
Copyright: © 2025 Authors
DOI: 10.35870/jemsi.v11i5.4668

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Author Biographies

Reinka Ayu Imania Al Fatihah

Program Studi Akuntansi, Universitas Stikubank (UNISBANK), Jalan Tri Lomba Juang No.1, Kota Semarang, Indonesia.

Achmad Badjuri

Program Studi Akuntansi, Universitas Stikubank (UNISBANK), Jalan Tri Lomba Juang No.1, Kota Semarang, Indonesia.

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Published: 2025-10-01

Faktor-Faktor yang Berpengaruh terhadap Nilai Perusahaan dengan Return on Asset (ROA) sebagai Variabel Moderating (Studi Empiris pada Perusahaan Manufaktur Sektor Barang Konsumsi yang Terdaftar di BEI Periode 2020-2024)