The Influence of Liquidity and Profitability on Firm Value in the Basic Materials Sector with Corporate Social Responsibility (CSR) as a Moderating Variable
DOI:
https://doi.org/10.38035/dijefa.v6i3.4674Keywords:
Liquidity, Profitability, Firm Value, Basic Materials Sector, Corporate Social Responsibility (CSR)Abstract
This study aims to examine the influence of liquidity and profitability on firm value with Corporate Social Responsibility (CSR) as a moderating variable in the basic materials sub-sector. The research employs a quantitative approach using panel data, which combines cross-sectional and time series data. The data used in this study were obtained from companies in the basic materials sector listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research population includes all companies in the basic materials sector listed on the IDX, with a purposive sampling technique applied, resulting in 46 companies that met the criteria, totaling 138 samples over the research period. Data were collected through the official IDX website and the financial reports published by the companies. The analysis was conducted using multiple regression with the Moderated Regression Analysis (MRA) method, following the classical assumption tests, such as the Normality Test, Multicollinearity Test, and Heteroscedasticity Test, processed using SPSS software. The results show that liquidity has no significant effect on firm value, while profitability has a positive effect on firm value. Furthermore, CSR is proven to moderate the influence of both liquidity and profitability on firm value with significant effects. This study provides insight into the important role of CSR in moderating the relationship between financial variables and firm value in the basic materials sector.
References
Andriani, G. A. N., & Dewi, N. W. Y. (2024). Leverage, liquidity, profitabili Pengaruh Likuiditas, Leverage, Dan Ukuran Perusahaan Terhadap Profitabilitas Pada Perusahaan Sub Sektor Transportasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2022. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 15(02), 292–304.
Ardian, V., & Wahyudi, I. (2023). Pengaruh Profitabilitas, Likuiditas, Leverage, dan Aktivitas terhadap Nilai Perusahaan yang Dimoderasi Corporate Social Responsibility. Jurnal Mahasiswa: Jurnal Ilmiah Penalaran Dan Penelitian Mahasiswa, 5(1), 212–236.
Brigham, E. F., & Houston, J. F. (2018). Fundamentals of Financial Management. Cengage Learning.
Damayanti, R., & Sucipto, A. (2022). The effect of profitability, liquidity, and leverage on firm value with dividend policy as intervening variable (case study on finance sector In Indonesian Stock Exchange 2016-2020 period). International Journal of Economics, Business and Accounting Research (IJEBAR), 6(2), 1214–1223.
Darmawan, I. G. A. S., & Susila, G. P. A. J. (2022). Pengaruh Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Sub Sektor Farmasi Di Bursa Efek Indonesia Pada Masa Pandemi Covid-19. Bisma: Jurnal Manajemen, 8(3), 510–518.
Dewi, N. P. S., & Suarmanayasa, I. N. (2022). Pengaruh Good Corporate Governance dan Corporate Social Responsibility terhadap Kinerja Keuangan pada Lembaga Perkreditan Desa di Kecamatan Kintamani. Bisma: Jurnal Manajemen, 8(3), 538–545.
Ghozali. (2018). Aplikasi Statistik Analisis Multivariate (Edisi 9). Badan penerbit Universitas Diponegoro.
Hastuti, R. T., & Tertia, J. C. (2023). Profitability and Leverage Effect on Firm Value with Corporate Social Responsibility as Moderating Variable in Manufacturing Company. International Journal of Application on Economics and Business, 1(1), 88–97.
Hemayani, N. M. I., & Dewi, L. G. K. (2021). Pengaruh good corporate governance, corporate social responsibility, Dan Corporate Financial Performance Terhadap Nilai Perusahan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 12(3), 781–793.
Kasmir, D. (2019). Analisis Laporan Keuangan. Rajagrafindo Persada.
Kustodian Sentral Efek Indonesia (KSEI). (2024). Statistik Pasar Modal Indonesia.
Maulinda, W. & Hermi. (2022). Pengaruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Nilai Perusahaan Dengan Corprate Social Responsibility Sebagai Variabel Pemoderasi. Jurnal Ekonomi Trisakti, 2(2), 1923–1932. https://doi.org/10.25105/jet.v2i2.14885
Mutia, K. F., & Wahyuni, M. A. (2018). Pengaruh sensitivitas industri, kepemilikan saham publik, ukuran dewan komisaris, dan leverage terhadap pengungkapan kinerja ekonomi, sosial dan lingkungan pada perusahaan yang terdaftar pada Indeks Sri Kehati periode 2013-2017. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 9(3). https://ejournal.undiksha.ac.id/index.php/S1ak/article/view/20415
Ningrum, E. P. (2022). Nilai Perusahaan: Konsep dan Aplikasi. Penerbit Adab.
Novietta, L., Nurmadi, R., Suryani, Y., Ika, D., & Rambe, R. F. (2022). Analisis Pengaruh Profitabilitas, Likuiditas dan Leverage terhadap Nilai Perusahaan dengan Moderasi Corporate Social Responsibility. Journal of Trends Economics and Accounting Research, 3(2), 75–83.
Oktaviani, N. K. R., & Sinarwati, N. K. (2024). Analisis Pengaruh Intellectual Capital, Mekanisme Good Corporate Governance, dan Kinerja Lingkungan Terhadap Nilai Perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 15(04), 913–931.
Pertiwi, S., & Chusnah, F. N. (2020). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan dengan Corporate Social Responsibility sebagai Variabel Moderasi (Studi Pada Perusahaan Industri Barang Konsumsi Yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2018). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Variabel Moderasi (Studi Pada Perusahaan Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2015-2018). http://repository.stei.ac.id/id/eprint/968
Pratama, I. G. A. J., Burhanudin, B., & Sri Oktaryani, G. A. (2022). Pengaruh Good Corporate Governance Dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Perbankan. Bisma: Jurnal Manajemen, 8(1), 72–80. https://doi.org/10.23887/bjm.v8i1.40055
Rachman, M. R., & Priyadi, M. P. (2022). Pengaruh profitabilitas, likuiditas, dan leverage terhadap nilai perusahaan dengan corporate social responsibility sebagai variabel pemoderasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 11(1). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/4450
Rahma, A. N., & Munfaqiroh, S. (2021a). Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility (CSR) Sebagai Variabel Moderasi. Jurnal Manajemen Dirgantara, 14(2), 196–203.
Rahma, A. N., & Munfaqiroh, S. (2021b). Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility (CSR) Sebagai Variabel Moderasi. Jurnal Manajemen Dirgantara, 14(2), 196–203.
Ramadhani, F. (2022). Pengaruh profitabilitas dan ukuran perusahaan terhadap nilai perusahaan dengan csr sebagai variabel moderasi. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(12), 5483–5488.
Rebin, S. & Suharyono. (2020). Dasar-Dasar Manajemen Keuangan. Lembaga Penerbitas UNAS. http://repository.unas.ac.id/3748/
Seth, R., & Mahenthiran, S. (2022). Impact of dividend payouts and corporate social responsibility on firm value–Evidence from India. Journal of Business Research, 146, 571–581.
Suci, N. M. (2022). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan dengan Risiko Bisnis Sebagai Variabel Moderasi. Bisma: Jurnal Manajemen, 8(3), 555–564.
Tania, D. R., & Wijaya, H. (2021). Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Pemoderasi. Jurnal Paradigma Akuntansi, 3(3), 1131–1140.
Wijaya, D. K., & Yasa, I. N. P. (2022). Pengaruh Corporate Social Responsibility, Ukuran Perusahaan, dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2020. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 13(04), 1186–1196.
Wulandari, C., & Efendi, D. (2022). Pengaruh profitabilitas terhadap nilai perusahaan dengan corporate social responsibility sebagai variabel moderasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 11(6). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/download/4649/4647
Yosafat, A. N., Sumiati, A., & Fauzi, A. (2023). Pengaruh Likuiditas Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Prosiding Konferensi Ilmiah Akuntansi, 10. https://jurnal.umj.ac.id/index.php/KIA/article/view/18196
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Kadek Ary Asta Pramita Sari, Ni Made Suci, Fridayana Yudiatmaja
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA).
