PERAN MODERASI NILAI TUKAR DALAM HUBUNGAN KEPUTUSAN INVESTASI DAN KEPUTUSAN PENDANAAN TERHADAP NILAI PERUSAHAAN PADA SEKTOR PERBANKAN INDONESIA
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh keputusan investasi dan keputusan pendanaan terhadap nilai perusahaan, serta menguji peran nilai tukar sebagai variabel moderasi pada perusahaan sub-sektor perbankan yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Research gap penelitian ini terletak pada masih terbatasnya studi yang menempatkan nilai tukar sebagai faktor kontinjensi dalam hubungan keputusan keuangan dan nilai perusahaan, khususnya pada sektor perbankan dalam periode pandemi, pemulihan ekonomi, dan ketidakpastian makroekonomi. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan tahunan. Sampel terdiri dari 27 perusahaan perbankan yang dipilih menggunakan teknik purposive sampling, sehingga diperoleh 162 observasi. Teknik analisis yang digunakan adalah uji asumsi klasik, regresi linier berganda, dan Moderated Regression Analysis. Hasil penelitian menunjukkan bahwa keputusan investasi berpengaruh positif dan signifikan terhadap nilai perusahaan dengan koefisien 0,578 dan signifikansi 0,000. Keputusan pendanaan juga berpengaruh positif dan signifikan dengan koefisien 0,381 dan signifikansi 0,001. Nilai koefisien determinasi sebesar 0,445 menunjukkan bahwa model menjelaskan 44,5% variasi nilai perusahaan. Namun, nilai tukar tidak mampu memoderasi pengaruh keputusan investasi terhadap nilai perusahaan dengan signifikansi interaksi 0,531, serta tidak mampu memoderasi pengaruh keputusan pendanaan terhadap nilai perusahaan dengan signifikansi interaksi 0,117. Temuan ini menunjukkan bahwa nilai perusahaan perbankan lebih dipengaruhi oleh kualitas keputusan keuangan internal dibandingkan fluktuasi nilai tukar. Kontribusi penelitian ini adalah memperluas literatur manajemen keuangan dengan menunjukkan bahwa nilai tukar belum menjadi faktor kontinjensi utama dalam hubungan keputusan keuangan dan nilai perusahaan pada sektor perbankan Indonesia.
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