Apakah Profitabilitas Benar-Benar Penting? Mengungkap Jalur Perantara Antara Kinerja Pasar Dan Nilai Perusahaan

Abstract: This study analyzes the role of profitability in mediating the effects of stock price,
liquidity, and asset growth on firm value in the healthcare subsector of the Indonesia Stock
Exchange for the period 2021-2024. The sample was selected using purposive sampling,
resulting in 67 annual reports from 17 companies. Data analysis included descriptive statistic,
classical assumption test, and path analysis using SPSS 25. The results indicate that stock price
has a significant effect on profitability but does not directly affect firm value. Liquidity has a
significant effect on both profitability and firm value. Conversely, asset growth does not affect
either profitability or firm value. Profitability mediates the effects of stock price and liquidity
on firm value but does not mediate the relationship between asset growth and firm value. these
findings indicate that profitability acts as an important mediating variable in the relationship
between stock price and liquidity. This study is expected to serve as a reference for companies
and investors in making more accurate and strategic decisions, particularly in optimizing
financial performance to enhance firm value.
Keywords: Assets Growth, Firm Value, Liquidity, Profitability, Stock Price