The Influence of Profitability and Institutional Ownership on Company Value with Debt Policy as an Intervening Variable in Non-Cyclical Consumer Sector Manufacturing Companies Listed on the Indonesian Stock Exchange in 2019-2023

Pengaruh Profitabilitas dan Kepemilikan Institusional terhadap Nilai Perusahaan dengan Kebijakan Utang sebagai Variabel Intervening pada Perusahaan Manufaktur Sektor Konsumen Non-Siklik yang Terdaftar di Bursa Efek Indonesia pada Tahun 2019-2023

Abstract

This research aims to prove the influence of profitability and institutional ownership on company value with debt policy as an intervening variable. The data used in the research is secondary data obtained from Non-Cyclicals Consumer Sector Manufacturing companies listed on the Indonesia Stock Exchange during the 2019-2023 period. The method for determining this sample uses a purposive sampling method so that from a population of 129 a sample of 33 companies was obtained over a 5 year research period. This research uses multiple linear regression analysis. The analytical tool used is SPSS 26. Based on the results of the hypothesis test, this research shows that profitability has a significant effect on debt policy and company value. Meanwhile, Institutional Ownership has no significant effect on Debt Policy and Company Value. And Debt Policy has no significant effect on Company Value. Meanwhile, the results of the path analysis show that Profitability has no significant effect on Company Value through Debt Policy as an intervening variable. Meanwhile, Institutional Ownership has a significant effect on Company Value through Debt Policy as an intervening variable.