Nilai Perusahaan pada Perusahaan Sektor Properti dan Real Estate: Dampak Moderasi Produk Domestik Bruto

Abstract

This research aims to test and analyze the moderating effect of gross domestic product on company value with the independent variables operating cash flow, leverage, and fixed asset turnover, in property and real estate sector companies listed on the Indonesian stock exchange. This research uses a quantitative approach, and secondary data is obtained from financial reports of property & real estate companies published on the Indonesia Stock Exchange website. The sampling method used purposive sampling, a sample of 37 property & real estate sector companies was obtained in 2018 - 2020. The analysis method used was Moderated Regression Analysis (MRA), and the data obtained was processed using Eviews 9. The results of the study showed that operating cash flow partially does not affect company value, while leverage affects company value and fixed asset turnover does not affect company value. The moderating variable GDP can moderate the relationship between operating cash flow and firm value, but GDP is not able to moderate the relationship between leverage and fixed asset turnover on firm value. This research implies that companies must be able to manage debt well to increase company value. Apart from that, GDP growth will improve the company's financial performance so that the company value will also increase. This research provides evidence that company value can be increased with good financial performance management, one of which is debt management. Apart from that, the economic condition of a country will affect the value of the company, the GDP indicator shows that a good level of GDP will have an impact on the relationship between the company's financial performance and the value of the company, especially in property. and real estate sector companies.