Pengaruh Working Capital Turnover, Likuiditas, dan Ukuran Perusahaan terhadap Nilai Perusahaan melalui Profitabilitas sebagai Variabel Mediasi pada Sektor Property dan Real Estate yang Terdaftar di BEI Tahun 2022–2024

Penelitian ini bertujuan untuk menganalisis pengaruh working capital turnover, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan melalui profitabilitas sebagai variabel mediasi pada sektor property dan real estate yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2022–2024. Working capital turnover dalam penelitian ini diukur menggunakan indikator Working Capital Turnover (WCTO), likuiditas diukur menggunakan Current Ratio (CR), sedangkan ukuran perusahaan diukur dengan indikator Ln Total Aset. Variabel mediasi profitabilitas diukur menggunakan indikator Return on Assets (ROA), sementara nilai perusahaan diproksikan Price Book Value (PBV). Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan tahunan perusahaan. Teknik pengambilan sampel menggunakan purposive sampling sehingga diperoleh 156 sampel penelitian. Analisis data dilakukan menggunakan regresi linear berganda dan uji Sobel dengan bantuan program IBM SPSS 25. Hasil penelitian menunjukkan bahwa working capital turnover, likuiditas, ukuran perusahaan dan, profitabilitas tidak berpengaruh signifikan terhadap nilai perusahaan. Sedangkan hasil uji working capital turnover, likuiditas dan ukuran perusahaan berpengaruh signifikan terhadap profitabilitas. Hasil uji mediasi menunjukkan bahwa profitabilitas tidak mampu memediasi pengaruh working capital turnover, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan.

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This study aimed to analyze the effect of working capital turnover, liquidity, and firm size on firm value through profitability as a mediating variable in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. Working capital turnover was measured using the Working Capital Turnover (WCTO) indicator, liquidity was measured using the Current Ratio (CR), and firm size was measured using the natural logarithm of total assets (Ln Total Assets). The mediating variable, profitability, was measured using Return on Assets (ROA), while firm value was proxied by Price-to-Book Value (PBV). This study employed a quantitative approach using secondary data obtained from the companies’ annual reports. The samples were selected using purposive sampling, resulting in 156 research samples. Data were analyzed using multiple linear regression analysis and the Sobel test with the assistance of IBM SPSS Statistics 25. The results showed that working capital turnover, liquidity, firm size, and profitability did not have a significant effect on firm value. However, the tests also showed that working capital turnover, liquidity, and firm size had a significant effect on profitability. The mediation analysis indicated that profitability was unable to mediate the effects of working capital turnover, liquidity, and firm size on firm value.