PENGARUH DEBT TO ASSET RATIO, INSTITUTIONAL OWNERSHIP, FIRM SIZE, DAN CASH RATIO TERHADAP FIRM VALUE DENGAN FEMALE BOARD OF COMMISSIONERS SEBAGAI VARIABEL MODERASI (Studi pada Industri Keuangan Non-Bank yang Terdaftar di BEI Tahun 2019–2024)
DOI:
https://doi.org/10.35794/3afp8n37Abstract
The non-bank financial industry plays an important role in supporting Indonesia's economic growth and capital market development. Firm Value is one of the key indicators reflecting a company's performance and future prospects from investors' perspective. This study aims to examine the effect of Debt to Asset Ratio (DAR), Institutional Ownership, Firm Size, and Cash Ratio on Firm Value, with the Female Board of Commissioners serving as the moderating variable and Return on Assets (ROA) as the control variable in non-bank financial companies listed on the Indonesia Stock Exchange during the 2019–2024 period. This study employed a quantitative approach using secondary data obtained from companies' Annual Reports and financial statements. The sample was selected using a purposive sampling technique, resulting in 38 companies with a total of 228 observations. The data were analyzed using panel data regression with the Random Effect Model (REM) through Stata software. The results indicate that, simultaneously, the independent variables have a significant effect on Firm Value. Partially, Institutional Ownership has a significant negative effect on Firm Value, while Firm Size, Cash Ratio, and Return on Assets have no significant effect on Firm Value. Debt to Asset Ratio exhibits a negative relationship with Firm Value; however, its effect is not consistent across the estimated models. Furthermore, the Female Board of Commissioners is not found to moderate the relationship between Debt to Asset Ratio and Firm Value.
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