Pengaruh Integrated Reporting Quality, Profitability, dan Capital Structure terhadap Firm Value dengan Financial Transparency sebagai Variabel Mediasi dan Institutional Ownership sebagai Variabel Moderasi

Maria Yovita R Pandin; Kurniawan Dwi  Julianto; Moch Afan Akbar

doi:10.71456/sur.v5i1.2193

Authors

Maria Yovita R Pandin* Universitas 17 Agustus 1945 Surabaya
Kurniawan Dwi Julianto Universitas 17 Agustus 1945 Surabaya
Moch Afan Akbar Universitas 17 Agustus 1945 Surabaya

DOI:

https://doi.org/10.71456/sur.v5i1.2193

Keywords:

Integrated Reporting Quality, Profitability, Capital Structure, Financial Transparency, Institutional Ownership, Firm Value.

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Integrated Reporting Quality, Profitability, dan Capital Structure terhadap Firm Value dengan Financial Transparency sebagai variabel mediasi serta Institutional Ownership sebagai variabel moderasi pada perusahaan BUMN sektor infrastruktur yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Penelitian menggunakan pendekatan kuantitatif dengan metode eksplanatori. Sampel penelitian ditentukan menggunakan teknik purposive sampling, sehingga diperoleh 8 perusahaan dengan total 40 observasi. Data penelitian merupakan data sekunder yang diperoleh dari annual report, sustainability report, dan laporan keuangan perusahaan. Analisis data dilakukan menggunakan Partial Least Squares-Structural Equation Modeling (PLS-SEM) melalui aplikasi SmartPLS 4. Hasil penelitian menunjukkan bahwa Integrated Reporting Quality, Profitability, dan Capital Structure tidak berpengaruh signifikan terhadap Financial Transparency maupun Firm Value. Selain itu, Financial Transparency tidak berpengaruh signifikan terhadap Firm Value, serta tidak mampu memediasi hubungan antara Integrated Reporting Quality, Profitability, dan Capital Structure terhadap Firm Value. Hasil penelitian juga menunjukkan bahwa Institutional Ownership tidak mampu memoderasi pengaruh Financial Transparency terhadap Firm Value. Temuan ini mengindikasikan bahwa nilai perusahaan pada BUMN sektor infrastruktur selama periode penelitian kemungkinan lebih dipengaruhi oleh faktor-faktor lain di luar model penelitian, seperti karakteristik industri, kebijakan pemerintah, dan kondisi ekonomi makro.

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