Efektivitas Struktur Aset, Likuiditas, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan Sektor Energi yang terdaftar di Bursa Efek Indonesia

Abstrak

This study examines the determinants of company value in the energy industry listed on the Indonesia Stock Exchange during 2022–2024, particularly in the context of the shift toward sustainable energy. The analysis was conducted on 174 observational data using a Fixed Effects Model approach. Empirical findings reveal that all independent variables collectively have a significant impact on company value. In individual testing, profitability demonstrates a meaningful positive contribution, in line with the principles of Signaling Theory. On the other hand, the level of liquidity and company scale actually have a significant negative impact, suggesting problems with excess unproductive funds and inefficiencies due to excessive scale growth (diseconomies of scale) as explained in the Agency Theory framework. Meanwhile, asset composition was not shown to have a significant impact. Based on these findings, it can be concluded that efforts to increase company value should focus on optimizing operational performance and achieving profitability, rather than solely pursuing asset portfolio expansion or maintaining excessive liquidity reserves.

Keyword: Firm Value, Energy Sector, Profitability, Fixed Effect Model, Agency Theory