PENGARUH PERPUTARAN MODAL KERJA, PROFITABILITAS, DAN RISIKO BISNIS TERHADAP NILAI PERUSAHAAN

Abstract

This quantitative study is motivated by a 1.05% decline in the average Price-to-Book Value (PBV) ratio within the food and beverage industry on the Indonesia Stock Exchange (IDX) for the 2017–2022 period, as well as inconsistent findings in prior research (research gap). This study aims to analyze the partial and simultaneous effects of working capital turnover, profitability, and business risk on firm value. Using a purposive sampling method, a sample of 18 listed companies was selected, yielding 108 observation units after removing data outliers. Secondary data from annual financial reports were processed using multiple linear regression analysis via SPSS software after meeting all classical assumption tests. The partial analysis results indicate that working capital turnover has no significant effect on firm value (Sig = 0.135), as safety stock strategies during the pandemic were viewed as reasonable by the market. Conversely, profitability (ROA) has a positive and significant effect (Sig < 0.001), supporting signal theory. Meanwhile, business risk (DOL) has a negative and significant effect (Sig = 0.027), indicating that high fixed operating costs increase earnings risk.