Pengaruh Leverage, Profitability, dan Sales Growth terhadap Firm Value dengan Institutional Ownership sebagai Moderasi
- Septianto Septianto Universitas Widya Dharma Pontianak, Pontianak, Indonesia
-
Ridiana Ridiana
*
Universitas Widya Dharma Pontianak, Pontianak,
Indonesia
(*) Corresponding Author
Abstract
The defensive characteristics of the consumer non-cyclicals sector are often considered to make it resilient to market volatility. However, in the first half of 2025, the sector index declined by 4.04% while the IHSG increased by 6.41%. This phenomenon, along with inconsistent previous findings regarding leverage and sales growth and the unstable role of institutional ownership as a moderator, motivated this study. This study aims to analyze the effects of leverage, profitability, and sales growth on firm value and examine institutional ownership as a moderating variable in 44 consumer non-cyclicals companies listed on the Indonesia Stock Exchange during 2021–2025 (159 observations after outlier elimination). The analysis employed multiple linear regression and Moderated Regression Analysis (MRA) using Python 3.14.7. The results show that leverage (β = 0.2811; p = 0.003) and profitability (β = 0.8735; p = 0.000) have positive and significant effects on firm value, while sales growth has no significant effect (β = 0.4903; p = 0.357). The main model has an Adjusted R-squared of 38.53%. The MRA results indicate that institutional ownership does not moderate the effects of leverage (p = 0.463), profitability (p = 0.246), or sales growth (p = 0.059) on firm value. These findings indicate that profitability and leverage are more relevant in explaining firm value than sales growth, while institutional ownership has not been proven to strengthen these relationships. This study contributes empirical evidence on the three determinants of firm value and the effectiveness of institutional ownership as a moderator simultaneously in the consumer non-cyclicals sector.
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