PEMGARUH PROFITABIITAS, LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PERTUMBUHAN ASET SEBAGAI PEMODERASI

This study investigates the influence of profitability, leverage, and firm size on firm
value, with asset growth positioned as a moderating variable. While prior studies
have extensively examined the determinants of firm value, empirical findings
remain inconsistent, particularly regarding the moderating role of asset growth
and its interaction with financial performance indicators. Moreover, limited
research has specifically focused on the pharmaceutical sub-sector in Indonesia,
despite its strategic importance and structural changes following the post
pandemic recovery period. This study addresses these gaps by examining whether
asset growth strengthens or weakens the relationship between financial
characteristics and firm value within this industry context. Using a quantitative
positivist approach, the study employs Moderated Regression Analysis (MRA) on
panel data derived from the financial statements and annual reports of
pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during
2021–2024. Through purposive sampling, 11 firms were selected as the research
sample. The results indicate that profitability and firm size have a positive and
significant effect on firm value, while leverage shows no significant direct effect.
Asset growth does not moderate the relationship between profitability and firm
value, but it strengthens the effect of leverage and weakens the influence of firm
size on firm value. Theoretically, these findings enrich signaling and capital
structure perspectives by demonstrating the conditional role of asset growth in
shaping firm value within a growth-sensitive industry.