ANALISIS NILAI PERUSAHAAN BERDASARKAN TIGA SEKTOR: TINJAUAN KOMPARATIF FAKTOR PROFITABILITAS, LEVERAGE, LIKUIDITAS, DAN UKURAN PERUSAHAAN

Abstract

ABSTRAK

Penelitian ini bertujuan mengkaji dan membandingkan faktor-faktor penentu nilai perusahaan pada tiga segmen pasar modal Indonesia: sektor Barang Modal (Capital Goods), sektor Consumer Non-Cyclicals, dan perusahaan dalam Indeks LQ-45, selama periode 2019–2023. Melalui pendekatan analisis deskriptif-komparatif terhadap tiga jurnal ilmiah terakreditasi SINTA, penelitian ini mengidentifikasi perbedaan respons pasar terhadap sinyal keuangan fundamental yang mencakup profitabilitas (ROA), leverage (DER), likuiditas (CR), dan ukuran perusahaan (Size). Hasil kajian menunjukkan bahwa profitabilitas merupakan pendorong utama nilai perusahaan di sektor Barang Modal, sementara kombinasi profitabilitas dan leverage terbukti signifikan secara simultan di sektor Consumer Non-Cyclicals. Pada perusahaan LQ-45, leverage menjadi satu-satunya variabel berpengaruh signifikan, mengindikasikan bahwa investor blue-chip lebih mengutamakan sinyal strategis dari struktur modal. Penelitian ini menyimpulkan bahwa Consumer Non-Cyclicals memiliki kualitas pendorong nilai perusahaan paling komprehensif, serta mengonfirmasi bahwa efisiensi operasional dan kebijakan pendanaan yang strategis merupakan kunci peningkatan nilai perusahaan di masa pemulihan ekonomi pascapandemi.

Kata Kunci: Nilai Perusahaan, Profitabilitas, Leverage, Likuiditas, Analisis Komparatif Tiga Sektor

ABSTRACT

This study aims to examine and compare the determinants of firm value across three segments of the Indonesian capital market: the Capital Goods sector, the Consumer Non-Cyclicals sector, and companies listed in the LQ-45 Index, over the period 2019–2023. Using a descriptive-comparative analysis approach on three SINTA-accredited academic journals, this study identifies differences in market responses to fundamental financial signals, including profitability (ROA), leverage (DER), liquidity (CR), and firm size. The findings indicate that profitability is the primary driver of firm value in the Capital Goods sector, while a combination of profitability and leverage proves simultaneously significant in the Consumer Non-Cyclicals sector. For LQ-45 companies, leverage emerges as the only significant variable, suggesting that blue-chip investors prioritize strategic signals from capital structure. This study concludes that the Consumer Non-Cyclicals sector exhibits the most comprehensive quality of firm value drivers, and confirms that operational efficiency and strategic financing policies are key to enhancing firm value during the post-pandemic economic recovery.

Keywords: Firm Value, Profitability, Leverage, Liquidity, Three-Sector Comparative Analysis