PROFITABILITAS SEBAGAI PEMODERASI HUBUNGAN ANTARA INVESTMENT OPPORTUNITY SET DAN FIRM SIZE TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR KEMARITIMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015-2018

Abstract

This study aims to determine the effect of investment opportunity set and firm size on firm value with profitability as a moderating variable in maritime sector companies listed on the Indonesia Stock Exchange in the period 2015-2018. The independent variable in this study is the investment opportunity set and firm size while the dependent variable is the value of the company with the moderating variable, namely profitability. The data used in this study are secondary data in the form of financial statements. The population in this study were maritime sector companies listed on the Indonesia Stock Exchange in the 2015-2018 period as many as 33 companies. The sampling technique was using purposive sampling method of 14 companies with the observation period of 2015-2018 so that as many as 56 objects were selected. This study uses the documentation method obtained from financial statements published on the official website of the Indonesia Stock Exchange, www.idx.co.id. The analysis technique used is a moderation regression analysis with the help of the SPSS 26 program. The results of this study indicate that partially the investment opportunity set measured by MBVA affects the firm's value, firm size measured by Ln affects the firm's value, profitability which is measured using ROA (Return On Assets) which is the ratio of net income after tax to total assets have no effect on company value. Also shows that profitability as a moderating variable weakens the relationship between investment opportunity set against firm value and firm size to firm value. There are 93.4% which can be explained by the investment opportunity set, firm size and profitability of firm value. And simultaneously all variables together affect the value of the company.