Likuiditas dan Leverage terhadap Nilai Perusahaan Dimediasi Profitabilitas: Eksplorasi Peran Financial Technology sebagai variabel Moderasi

Intan Zoraya; Chairil Afandy; Ridwan Nurazi; Nia Herlina

doi:10.30596/jimb.v24i1.12419

Likuiditas dan Leverage terhadap Nilai Perusahaan Dimediasi Profitabilitas: Eksplorasi Peran Financial Technology sebagai variabel Moderasi

Intan Zoraya, Chairil Afandy, Ridwan Nurazi, Nia Herlina

Abstract

Purpose – This study aims to analyze the impact of liquidity and leverage on firm value mediated by profitability and explore the role of financial technology as a moderating variable on the effect of liquidity and leverage on profitability.

Methodology – The population of this study are banks listed on the Indonesia Stock Exchange. The sampling technique in this study was purposive sampling, which obtained a sample size of 24 banks. The data collection method uses annual data documentation techniques (annual report), obtaining 144 data. The data analysis method in this study is moderated-mediation regression analysis.

Findings – This study found that liquidity and leverage affect profitability. This study also reveals that liquidity affects firm value, while leverage has no effect on firm value. Furthermore, this study is able to explain that profitability mediates the effect of liquidity and leverage on firm value. An important result of this study is that financial technology is proven to moderate the effect of liquidity and leverage on profitability.

Originality/Novelty – The complexity of this research model enriches the empirical study of the role of financial technology as a moderating influence of liquidity and leverage on firm value mediated by profitability.

Implications – This research can practically provide guidance for banking companies to increase firm value by starting and/or increasing collaboration with fintech companies because it is an opportunity for companies to increase profitability. In addition, banks can also collaborate through investing in fintech companies or creating their own fintech services.

Keywords

Financial technology, liquidity, leverage, profitabilit, firm value

Full Text:

PDF

References

Abubakar, I., & Nasr, M. E. A. (2021). Liquidity and firm performance: evidence from Nigerian listed firms. Journal of Applied Accounting Research, 22(2), 280-296.

Al-Tamimi, H. A., & Al-Sheikh, F. N. (2015). The impact of liquidity on profitability: empirical evidence from Saudi banking sector. Journal of Applied Accounting Research, 16(2), 241-253.

Andrian, J. (2012). Pengaruh Struktur Modal, Pertumbuhan Perusahaan dan Capital Expenditure dan Insentif Manajer Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Bisnis Strategi, 21(12): 18-49.

Anggraeni, L., & Kadir, A. (2018). Liquidity, profitability, and firm value: Empirical evidence from Indonesia. Academy of Accounting and Financial Studies Journal, 22(SI), 1-7.

Ardiyanto, M., & Salim, U. (2017). The influence of leverage, firm size, and profitability on firm value of manufacturing firms listed in Indonesia stock exchange. International Journal of Economic Research, 14(15), 183-193.

Ardiyanto, M. I., & Siregar, H. (2021). The impact of liquidity on firm value in manufacturing companies listed on the Indonesia Stock Exchange. International Journal of Business and Society, 22(1), 171-184.

Astuti, T. E., & Susilo, H. (2018). Mediating role of profitability on the effect of liquidity on firm value. Review of Integrative Business and Economics Research, 7, 231-242.

Baklaci, H. F., & Haciomeroglu, G. (2018). The effect of liquidity on profitability: Evidence from Turkish retail companies. International Journal of Business and Management, 13(5), 155-164.

Banjarnahor, D. (2020). Tingkatkan Inklusi Keuangan, BRI Kolaborasi dengan Fintech,(online),(https://www.cnbcindonesia.com/market/20201120121939-17-203331/tingkatkan-inklusi-keuangan-bri-kolaborasi-dengan-fintech, diakses 26 Agustus 2022).

Baron, R. M & Kenny, D. A. (1986). The Moderator-Mediator Variabel Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations. Journal Of Personality and Social Psychology, 51(6).

Boamah, N. A., & Danso, A. (2020). Leverage and firm value: Evidence from selected African countries. Journal of Economic Studies, 47(3), 682-700.

Bonfini, F., Florio, C., & Giordano, L. (2021). Liquidity and corporate value: A non-parametric mediation analysis. Economic Modelling.

Brealey, R. A., Myers S. C & Marcus A. J. (2006). Dasar-Dasar Manajemen Keuangan Perusahaan. Jakarta: Erlangga.

Brigham, E. F & Houston J. F. (2010). Dasar-Dasar Manajemen Keuangan Buku 1. Jakarta: Salemba Empat.

Çelik, S., & Denizel, M. (2017). The impact of profitability on firm value: Evidence from Turkish listed firms. Journal of Accounting in Emerging Economies, 7(2), 145-162.

Chabachib, M., Hersugondo, H., Ardiana, E & Pamungkas, I. D. (2020). Analysis of Company Characteristics of Firm Values : Profitability as Intervening Variables. International Journal Of Financial Research, 11(1): 60–70.

Chasanah, A. N. (2019). Pengaruh Rasio Likuiditas, Profitabilitas, Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bei Tahun 2015-2017. Jurnal Penelitan Ekonomi Dan Bisnis, 3(1): 39–47.

Chien, N. H., & Hung, N. T. (2020). The relationship between liquidity and profitability: evidence from Vietnamese listed companies. Journal of Economics, Finance and Administrative Science, 25(49), 79-91.

Chugh, A., & Arora, R. (2017). Impact of leverage on firm value: Evidence from Indian listed manufacturing firms. Global Business Review, 18(1), 35-52.

Ciupac-Ulici, R., & Cosmina, I. (2018). The effect of leverage on firm value: Evidence from the European Union countries. Journal of Accounting and Management Information Systems, 17(4), 583-605.

Cummins, J. D., Phillips, R. D., & Smith, S. D. (2014). Liquidity and firm value: Evidence from US life insurance companies. Journal of Risk and Insurance, 81(3), 519-546.

Devi, A & Devi, S. (2014). Determinants of Firms Profitability in Pakistan. Research Journal of Finance and Accounting, 5(19); 87-91.

Dewi, N. P. I. K & Abundanti, N. (2019). Pengaruh Leverage dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Mediasi. E-Jurnal Manajemen, 8(5).

Fatimah, A., & Fakhrunnas, F. (2019). The effect of liquidity and solvency on firm value with profitability as the intervening variable in manufacturing companies listed on the Indonesian Stock Exchange. Journal of Accounting and Investment, 20(1), 1-12.

Febrianti, M. (2012). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Industri Pertambangan Di Bursa Efek Indonesia. Jurnal Bisnis Dan Akuntansi, 14(2): 141–156.

Feng, G., Zhang, X., & Su, W. (2019). The mediating role of profitability on the liquidity–firm value relation. International Review of Economics & Finance, 61, 92-107.

Fitriani, N., & Utomo, S. (2020). The Effect of Liquidity, Solvency, and Profitability on Firm Value: Evidence from Manufacturing Firms in Indonesia. International Journal of Economics, Business and Accounting Research, 4(1), 1-8.

Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi. Semarang: Badan Penerbit Universitas Diponegoro.

Habib, M., Akbar, M. M., & Li, J. (2020). Does financial technology moderate the relationship between liquidity and firm profitability? Evidence from the UK. International Journal of Finance and Economics, 25(4), 506-520.

Hameed, A., Amjad, S., & Anwar, F. (2015). Impact of leverage, liquidity, and size on profitability: Evidence from Pakistani firms. Journal of Management Sciences, 2(1), 123-133.

Han, X., & Wei, J. (2019). Does leverage benefit corporate profitability? A panel data analysis based on non-financial enterprises in China. Journal of Applied Research in Finance and Economics, 2(2), 71-84.

Handayani, R. D., & Wulandari, S. H. (2019). The effect of leverage, firm size, and growth opportunities on firm value: Evidence from manufacturing firms in Indonesia. Academy of Strategic Management Journal, 18(4), 1-8.

Horne, J. C. V & Machowicz, J. M. (2012). Fundamental of Financial Management (Prinsip-Prinsip Manajemen Keuangan) Edisi 12. Jakarta: Salemba Empat.

Hrabalova, E., Frait, J., & Seidlerova, I. (2018). The negative effect of liquidity on firm value: Evidence from the Czech Republic. Prague Economic Papers, 27(5), 541-556.

Irawati, N., & Krisnawati, H. (2019). The mediating effect of profitability in the relationship between liquidity and firm value. International Journal of Innovation, Creativity and Change, 6(4), 56-68.

Jariah, A. (2016). Likuiditas, Leverage, Profitabilitas Pengaruhnya terhadap Nilai Perusahaan Manufaktur di Indonesia Melalui Kebijakan Deviden. Riset Akuntansi Dan Keuangan Indonesia, 1(2): 108–118.

Jia, L., Huang, J., & Yao, W. (2021). Profitability and firm value: Evidence from China's listed high-tech firms. Asia-Pacific Journal of Accounting & Economics, 28(2), 199-217.

Jiang, F., Kim, Y., & Choi, Y. (2020). Leverage and firm value: Evidence from the Asia-Pacific region. Asia Pacific Journal of Management, 37(4).

Kajola, S. O. (2018). Firm-specific determinants of financial performance: Evidence from quoted insurance companies in Nigeria. Journal of Economics and Business, 1(1), 45-63.

Kalugina, E., Jia, Y., & Wang, D. (2020). Leverage and firm value: Evidence from the hospitality industry. International Journal of Hospitality Management, 90.

Kang, J., & Huh, J. S. (2020). The impact of debt structure on firm profitability: Evidence from Korean listed firms. Asia-Pacific Journal of Financial Studies, 49(6), 889-908.

Karim, K. E., Mollah, S., & van der Meer-Kooistra, J. (2018). The impact of liquidity on the value of mergers and acquisitions. International Review of Financial Analysis, 58, 247-259.

Karim, A., & Harymawan, I. (2019). The impact of liquidity and profitability on the capital structure of manufacturing companies listed in Indonesia Stock Exchange. International Journal of Engineering & Technology, 8(1.9), 145-148.

Kartikasari, D & Merianti, M. (2016). The Effect of Leverage and Firm Size to Profitability of Public Manufacturing Companies in Indonesia. International Journal of Economics and Financial Issues, 6(2): 409-413.

Kasmir. (2008). Analisis Laporan Keuangan. Jakarta: PT Raja Grafindo Persada.

Ky, S., Rugemintwari, C & Sauviat, A. (2019). Is Fintech Good for Bank Performance? The Case of Company Competitiveness and Financial Performances. The Case of Mobile Money in the East African Community, 6(5): 55-77.

Lee, M. J., & Park, K. S. (2021). Liquidity risk and the value of corporate cash holdings: Evidence from the US. Journal of Risk Finance, 22(4), 372-387.

Lee, C., Li, X., Yu, C & Zhao, J. (2021). Does Fintech Innovation Improve Bank Effi ciency ? Evidence from China ’ s Banking Industry. International Review of Economics and Finance, 74(2): 468–483.

Li, D., Liang, Q., & Wang, W. (2019). The impact of liquidity on firm value: Evidence from Canadian firms. International Review of Finance, 19(2), 243-256.

Lin, R. J., Chiu, C. H., & Kuo, N. T. (2020). The Impact of Liquidity on Profitability for Biotechnology Companies. International Journal of Environmental Research and Public Health, 17(23).

Liu, Y., Saleem, S., Shabbir, R., Irshad, A & Khan, S. (2021). The Relationship Between Corporate Social Responsibility and Financial Performance: a Moderate Role of Fintech Technology. Enviromental Science and Pollution Research, 28(1).

Lu, J., & Liu, W. (2018). The negative relationship between leverage and firm value: Evidence from Chinese listed companies. Sustainability, 10(8).

Muhammad, H & Sari, N. P. (2020). Pengaruh Financial Technology Terhadap Perbankan Syariah: Pendekatan ANP-BOCR (The Influence of Financial Technology on Islamic Banking: ANP-BOCR Approach). Perisai : Islamic Banking and Finance Journal, 4(2): 113–125.

Murniati, A., Zulhanif, & Lutfi, A. (2018). The Influence of Liquidity, Profitability, and Solvency on Firm Value of Property and Real Estate Companies in Indonesia. KnE Social Sciences, 3(12), 300-310.

Nguyen, H. T., & Nguyen, N. (2018). Does liquidity affect firm value? Evidence from the United Kingdom. Accounting and Finance, 58(2), 583-607.

Nopianti, R., & Afriyanto, D. (2021). Mediating effect of liquidity and firm size on firm value with profitability as mediating variable: Study on manufacturing companies in Indonesia. Management Science Letters, 11(3), 771-778.

Novianto, Y., Lestari, E., & Suyanto, M. (2021). The Effect of Capital Structure, Company Size and Profitability on Firm Value with Intellectual Capital Disclosure as Moderating Variable. International Journal of Innovation, Creativity and Change, 15(7).

Nugraha, A., & Wirawan, R. (2021). The impact of working capital management on firm profitability: Empirical evidence from Indonesian manufacturing companies. International Journal of Business and Society, 22(S2), 110-122.

Oğuz, A., & Topuz, E. (2019). The impact of leverage on profitability of non-financial firms in Turkey. Journal of Accounting and Finance in Emerging Economies, 5(3), 253-268.

Oktaviani, R., & Utami, W. (2021). The Effect of Leverage, Profitability, and Firm Size on Firm Value: Evidence from Indonesia. Journal of Accounting and Investment, 22(2), 297-309.

Paramitha, P. D. P. (2020). The Role of Profitability in Mediating the Effect of Capital Structure and Liquidity on Firm Value in Food and Beverage Sub-Sector in Indonesian Stock Exchange. Jurnal Ekonomi & Bisnis JAGADITHA, 7(2): 80–91.

Phan, D., Narayan, P. K., Rahman, R.E & Hutabarat, A. R. (2018). Do Financial Technology Firm Influence Bank Performance. Pacific-Basin Finance Journal, 62(9): 1-44.

Pramono, S., & Tarigan, J. (2020). Effect of profitability, liquidity, and firm size on firm value: Evidence from manufacturing companies in Indonesia. Journal of Economics, Business, and Accountancy Ventura, 23(3), 396-405.

Pranata, I. G. A., & Yasa, N. N. (2019). The impact of leverage, liquidity, and profitability on firm value: Evidence from Indonesian listed manufacturing companies. Academy of Accounting and Financial Studies Journal, 23(4), 1-8.

Pujirahayu, I. A., & Haryono, S. (2020). The impact of liquidity on firm value: Evidence from Indonesia Stock Exchange. Journal of Economics and Business, 3(2), 145-151.

Puspawangi, D & Hendratno, H. (2020). Pengaruh Financial Technology Terhadap Profitabilitas dan Efisiensi Operasi pada Perbankan Badan Usaha Milik Negara (BUMN). E-Proceeding of Management, 7(2).

Rhee, S. G., & Kim, S. H. (2019). The impact of liquidity on profitability of financial firms: The case of Korean firms. Journal of Asian Finance, Economics and Business, 6(3), 159-167.

Saputro, F. B. (2019). Pengaruh Working Capital, Struktur Modal dan Current Ratio Terhadap Profitabilitas. Journal of Applied Business and Economic, 5(3): 177-191.

Sari, I. P., & Tandelilin, E. (2018). Leverage and firm value in Indonesian manufacturing companies. International Journal of Business and Society, 19(S1), 92-107.

Sekaran, U & Bougie, R. (2013). Research Methods for Business. In A Skill Building Approach. Chichester: Wiley.

Setiawan, D., & Sari, D. W. (2018). The effect of leverage, profitability, and liquidity on financial distress: Empirical evidence from Indonesia. International Journal of Economic Perspectives, 12(4).

Setyowati, R., & Rofiqoh, A. (2020). The effect of liquidity, leverage, and fintech adoption on profitability and firm value in Indonesia. International Journal of Innovation, Creativity and Change, 13(4).

Setiyowati, S. W., Naser, J. A & Astuti, R. (2020). Leverage dan growth opportunity mempengaruhi nilai perusahaan melalui profitabilitas. Jurnal Ekonomi Modernisasi, 16(1): 31–40.

Sial, M. S., Azam, S., & Shafi, H. (2020). Does profitability affect firm value? Evidence from the Pakistani textile sector. International Journal of Finance & Economics, 25(2).

Simorangkir, R. T. M. C. (2019). Factors Influence Firm Value. European Journal of Business and Management, 11(6): 68-76.

Singapurwoko, A & El-Wahid, M. S. M (2011). The Impact of Financial Leverage to Profitability Study Of Non-Financial Companies Listed in Indonesia Stock Exchange. European Journal of Economics. Finance and Administrative Sciences, 32: 136-148.

Sucuahi, W., & Cambarihan, J. M. (2016). Influence of profitability to the firm value of diversified companies in the Philippines. Accounting and Finance Research, 5(2): 149-153.

Susanto, A. B., & Trinugroho, I. (2019). Effect of financial performance, firm size, and institutional ownership on firm value: Evidence from Indonesian manufacturing companies. International Journal of Economics, Commerce and Management, 7(5), 52-61.

Tjandrawati, M. D., & Kusumawati, R. (2021). Liquidity management and firm value: Evidence from Indonesian manufacturing firms. Investment Management and Financial Innovations, 18(1), 105-113.

Uchida, H., Izumida, S., & Tsutsui, Y. (2014). Liquidity and firm value: Evidence from Japanese firms. Pacific-Basin Finance Journal, 29, 1-18.

Utama, S. G., & Rokhim, R. (2021). The effect of capital structure, liquidity, and firm size on profitability of manufacturing firms in Indonesia. Test Engineering & Management.

Uwuigbe, U., Uadiale, O. M., & Ajayi, M. A. (2015). The impact of profitability on firm value: A study of listed firms in Nigeria. European Scientific Journal, 11(9), 54-68.

Vildani, N., & Indriantoro, N. (2019). The effect of capital structure, liquidity, and profitability on firm value with company size as moderating variable: Empirical evidence from Indonesia. Academy of Accounting and Financial Studies Journal, 23(1), 1-10.

Wang, W., Lu, Y., & Zhang, L. (2021). The moderating role of financial technology on the relationship between liquidity and corporate profitability: Evidence from China. International Journal of Financial Research, 12(1), 152-163.

Wang, Y., Xiuping, S., & Zhang, Q. (2021). Can fintech improve the efficiency of commercial banks?—An analysis based on big data. Research in international business and finance.

Wibowo, A & Wartini, S. (2012). Efisiensi Modal Kerja, Likuiditas dan Leverage Terhadap Profitabilitas pada Perusahaan Manufaktur di BEI. Jurnal Dinamika Manajemen, 3(1): 49-58.

Wulandari, A., & Priyarsono, D. S. (2020). The effect of liquidity, leverage and firm size on profitability: Evidence from manufacturing companies listed in Indonesia Stock Exchange. Journal of Applied Accounting Research, 21(1), 2-19.

Yu, M., Liu, F., & Sun, L. (2018). Does profitability matter for firm value? Evidence from China. Journal of Business Research, 92, 416-427.

Yuanita, L., & Sari, E. S. (2020). Liquidity, firm size, and leverage on profitability in manufacturing companies listed in Indonesia Stock Exchange. Journal of Applied Accounting Research, 21(3), 327-340.

Yuliani, H. T., & Prasetyo, E. A. (2019). The effect of profitability and corporate governance on firm value with capital structure as a moderating variable in Indonesia. Journal of Applied Accounting Research, 20(1), 54-75.

Yulianti, Y., & Rasyidin, R. (2021). Does Fintech Moderate the Effect of Leverage on Profitability of Banking Companies in Indonesia? Test on Regional Banks. Journal of Economics, Business, and Accountancy Ventura, 24(2), 175-183.

Yusuf, S., Yuliani, E., & Indrawati, N. K. (2019). The Influence of Liquidity, Solvency and Profitability on Firm Value: Empirical Study in Indonesia Stock Exchange. Academy of Accounting and Financial Studies Journal, 23(6), 1-8.

Zhang, X., Wang, L., & Li, X. (2018). The positive relationship between leverage and firm value: Evidence from Chinese listed companies. Emerging Markets Finance and Trade, 54(3), 692-703.

Zhang, X., Chen, D., & Jia, F. (2019). The impact of leverage on firm profitability: Evidence from Chinese listed companies. Journal of Business Research, 100, 97-106.

Zhao, X., Lynch Jr, J. G., & Chen, Q. (2010). Reconsidering Baron and Kenny: Myths and truths about mediation analysis. Journal of consumer research, 37(2), 197-206.

https://www.idx.co.id

DOI: https://doi.org/10.30596/jimb.v24i1.12419

Refbacks

There are currently no refbacks.

Jurnal Ilmiah Manajemen Dan Bisnis is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

ISSN 1693-7619 (print) | ISSN 2580-4170 (online)

View My Stats