PENGARUH KEBIJAKAN ASET DAN PENGELOLAAN UTANG MELALUI PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR HEALTHCARE YANG TERDAFTAR DI BURSA EFEK INDONESIA 2019-2023

SUCI TRI RAHMAYANI, 2100861201217 (2025) PENGARUH KEBIJAKAN ASET DAN PENGELOLAAN UTANG MELALUI PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR HEALTHCARE YANG TERDAFTAR DI BURSA EFEK INDONESIA 2019-2023. skripsi thesis, Universitas Batanghari Jambi.

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Abstract

This study aims to examine how asset policy and debt management influence firm value, with net profit serving as a mediating variable, in healthcare sector companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. The research uses a quantitative approach, analyzing secondary data gathered from annual reports of selected healthcare companies. From a population of 34 companies, 10 were selected using a purposive sampling method. The data were analyzed using path analysis, with normality tested through the Kolmogorov-Smirnov test. To test the hypotheses, the study applied the F-test for simultaneous effects, the t-test for partial effects, and the coefficient of determination (R²) to measure the contribution of independent variables to the dependent variable. The results show that total assets (X1) and total debt (X2) have a significant simultaneous effect on net profit (Y) and firm value (Z), as indicated by the F-test. The t-test results reveal that total assets have a positive and significant effect on net profit and firm value, while total debt has a negative and significant effect on both. Additionally, net profit has a positive and significant influence on firm value (measured by PBV). However, the indirect effect of total assets and total debt on firm value through net profit was found to be not significant, suggesting that net profit does not strongly mediate this relationship. This research highlights the importance of managing assets and debts effectively, as they directly influence both profitability and firm value. While increasing profitability is crucial, it may not always lead to higher firm value unless supported by strong asset and debt strategies. In the healthcare sector—where financial stability is vital—companies must pay close attention to their capital structure and asset utilization to maintain investor confidence and long-term value. The findings also suggest that other external or internal factors may play a significant role in shaping firm value, beyond asset policy, debt, and profitability. Future research could explore additional mediating or moderating variables such as company size, market conditions, or operational efficiency to gain a more comprehensive understanding.

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