PENGARUH BELANJA MODAL, UKURAN PERUSAHAAN, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA SEKTOR ENERGI YANG TERDAFTAR DI BEI

HAKIM NUR RAHMAN, . (2026) PENGARUH BELANJA MODAL, UKURAN PERUSAHAAN, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA SEKTOR ENERGI YANG TERDAFTAR DI BEI. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Penelitian ini menguji pengaruh belanja modal (CAPEX), ukuran perusahaan, dan profitabilitas terhadap nilai perusahaan pada sektor energi di Bursa Efek Indonesia periode 2021–2024. Menggunakan data panel dengan 184 observasi, variabel dependen diukur melalui Tobin’s Q (dalam transformasi logaritma natural) serta uji robustness menggunakan Price to Book Value (PBV) yang diolah melalui teknik winsorize. Berdasarkan uji Chow, Hausman, dan Lagrange Multiplier, penelitian ini menerapkan Random Effect Model dengan clustered robust standard errors. Hasil penelitian menunjukkan bahwa ukuran perusahaan dan profitabilitas secara konsisten berpengaruh negatif dan positif secara signifikan terhadap nilai perusahaan. Sebaliknya, CAPEX tidak menunjukkan pengaruh signifikan pada model utama. Nilai R-squared overall sebesar 0,2307 mengindikasikan bahwa model memiliki kemampuan yang lebih kuat dalam menjelaskan variasi nilai antar-perusahaan dibandingkan variasi waktu. Secara keseluruhan, hasil penelitian mengindikasikan bahwa determinan nilai perusahaan bersifat seragam, di mana CAPEX, ukuran perusahaan dan profitabilitas menunjukkan pengaruh yang konsisten. ***** This study examines the effects of capital expenditure (CAPEX), firm size, and profitability on firm value within the energy sector listed on the Indonesia Stock Exchange for the period 2021–2024. Utilizing panel data with 184 observations, the dependent variable is measured using Tobin’s Q (in natural logarithm transformation), alongside a robustness check using Price to Book Value (PBV) processed through the winsorization technique. Based on the Chow, Hausman, and Lagrange Multiplier tests, this study applies the Random Effect Model with clustered robust standard errors. The empirical results demonstrate that firm size and profitability consistently exert significant negative and positive effects on firm value, respectively. Conversely, CAPEX does not show a significant effect in the primary model. The overall R-squared value of 0.2307 indicates that the model possesses a stronger capability to explain the variation in value between firms rather than over time. Overall, the findings indicate that the determinants of firm value are uniform, with CAPEX, firm size, and profitability demonstrating consistent effects.

Item Type:	Thesis (Sarjana)
Additional Information:	1). Puji Yuniarti, S.E., M.M. ; 2). Destria Kurnianti, S.E., M.Sc.
Subjects:	Manajemen > Manajemen , Business
Divisions:	FE > S1 Manajemen
Depositing User:	Users 35254 not found.
Date Deposited:	10 Aug 2026 04:48
Last Modified:	10 Aug 2026 04:48
URI:	http://repository.unj.ac.id/id/eprint/68578

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