Pengaruh Struktur Modal dan Arus Kas Operasi terhadap Nilai Perusahaan pada Perusahaan Manufaktur Swasta Terdaftar di BEI Periode 2020–2024

Bima Pratama; Rendra Arief Hidayat

doi:10.61132/moneter.v4i4.2724

Authors

Bima Pratama Universitas Negeri Surabaya
Rendra Arief Hidayat Universitas Negeri Surabaya

DOI:

https://doi.org/10.61132/moneter.v4i4.2724

Keywords:

Capital Structure, Firm Value, Operating Cash Flow, Panel Data, Tobin's Q

Abstract

This study examines the effect of capital structure and operating cash flow on firm value in private manufacturing companies listed on the Indonesia Stock Exchange during 2020–2024. Secondary panel data from annual financial statements were analyzed for a final sample of 79 firms (395 observations), selected purposively and screened for influential observations. Firm value was measured by Tobin's Q and transformed into its reciprocal form to normalize the residuals. Panel regression with the Fixed Effect Model and cross-section SUR standard errors was estimated in two specifications: a main model and an extended model with profitability, firm size, and liquidity as controls. The results show that capital structure does not affect firm value because the direction of its coefficient reverses between the two models. Operating cash flow appears to have a positive effect in the main model, but the effect does not persist after the control variables are included. Profitability has a positive effect, whereas firm size has a negative effect. These findings imply that managers should prioritize profitability rather than rely on financing or cash flow policies alone, and that investors should not use capital structure and operating cash flow as standalone indicators.

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References

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