Peran Kinerja Keuangan dalam Memediasi Hubungan Efisiensi Biaya dan Struktur Modal terhadap Nilai Perusahaan Farmasi di Indonesia 2020-2024
DOI:
https://doi.org/10.55606/jupsim.v5i3.7763Keywords:
Company Performance, Cost Efficiency, Firm Value, Capital Structure, MediationAbstract
Using companyiperformance as an intervening variable, this study examines the impact of capital structure and cost efficiency on firm value in pharmaceutical enterprises between 2020 and 2024. The Operating Expenses to Operating Income ratio (BOPO) was used to measure cost efficiency; the Debt to Asset Ratio (DAR) was used to measure capital structure; Return on Assets (ROA) was used as a proxy for corporate performance; and the Price to Book worth (PBV) ratio was used to determine firm worth. Panel data regression analysis was used in a quantitative study design. The Random Effect Model (REM) was chosen for substructure 2, while the Common Effect Model (CEM) was determined to be the best model for substructure 1 based on the model selection process. The Sobel test was used to further assess the mediating influence of business performance. The empirical results show that BOPO and DAR together significantly affect ROA. On the other hand, BOPO, DAR, and ROA were not observed to have a significant impact on PBV in substructure 2. Additionally, the Sobel test shows that the relationship between BOPO, DAR, and firm value is not mediated by ROA.
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