Pengaruh Pertumbuhan Penjualan Dan Intensitas Modal Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Kontrol

Abstract

This study aims to analyze the effect of sales growth and capital intensity on firm value, with profitability as a control variable, in mineral and metal sector companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The sample was determined using purposive sampling, resulting in 32 observations. The analytical technique employed was multiple linear regression, with the Cochrane Orcutt transformation applied to address autocorrelation. The results indicate that sales growth and capital intensity do not have a significant effect on firm value. Profitability, as a control variable, also does not significantly affect firm value. The Adjusted R² value of 2.3% suggests that the model has low explanatory power in explaining variations in firm value. These findings imply that firm value is more influenced by external factors, such as global commodity price fluctuations and regulatory policies, particularly during the economic recovery period.