Peran Tingkat Pertumbuhan Berkelanjutan Dalam Memoderasi Pengaruh Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Non-Keuangan Indeks Kompas100
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Penelitian ini bertujuan untuk menganalisis pengaruh leverage, profitabilitas, dan ukuran perusahaan terhadap nilai perusahaan, serta menguji peran Tingkat Pertumbuhan Berkelanjutan (Sustainable Growth Rate/SGR) sebagai variabel moderasi pada perusahaan non-keuangan yang tergabung dalam Indeks KOMPAS100 periode 2020–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data panel yang dianalisis menggunakan metode System Generalized Method of Moments (System GMM). Sampel penelitian ditentukan melalui teknik purposive sampling sehingga diperoleh 71 perusahaan dengan 355 observasi. Hasil penelitian menunjukkan bahwa dari enam hipotesis yang diajukan, dua hipotesis diterima dan empat hipotesis lainnya ditolak. Leverage terbukti berpengaruh negatif terhadap nilai perusahaan, yang mengindikasikan bahwa penggunaan utang yang melampaui titik optimal meningkatkan risiko keuangan dan menurunkan kepercayaan investor. Ukuran perusahaan juga terbukti berpengaruh negatif terhadap nilai perusahaan, yang menunjukkan bahwa perusahaan berskala besar cenderung menghadapi inefisiensi operasional dan biaya keagenan yang lebih tinggi. Sebaliknya, profitabilitas tidak terbukti berpengaruh signifikan terhadap nilai perusahaan. Selanjutnya, SGR tidak terbukti memiliki pengaruh langsung yang signifikan terhadap nilai perusahaan, serta tidak mampu memoderasi pengaruh leverage, profitabilitas, maupun ukuran perusahaan terhadap nilai perusahaan, sehingga seluruh hipotesis moderasi ditolak dan SGR dikategorikan sebagai homologizer moderator. Temuan ini mengindikasikan bahwa dinamika nilai perusahaan pada perusahaan non-keuangan Indeks KOMPAS100 lebih dipengaruhi oleh faktor risiko keuangan dan inefisiensi organisasional yang bersifat langsung, tanpa dimoderasi oleh kapasitas pertumbuhan berkelanjutan perusahaan.
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