PENGARUH FAKTOR MAKROEKONOMI DAN STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR MAKANAN DAN MINUMAN DI BEI

Abstrak

This study examines the impact of ownership structure and basic macroeconomic factors on corporate value in the manufacturing sector, concentrating on companies in the Food & Beverage (F&B) subsector listed on the Indonesia Stock Exchange between 2020 and 2024. Corporate value is measured by price-to-book value (PBV); financial performance is measured by return on assets (ROA); ownership structure is measured by institutional and managerial ownership proportions; and basic macroeconomic factors are measured by inflation, interest rates, and exchange rates. This is accomplished by employing a quantitative causal approach with secondary data from annual financial reports and macroeconomic literature. The data is examined using PLS-SEM (Partial Least Squares Structural Equation Modeling). The findings show that while basic macroeconomic factors have a beneficial influence on business value, they have minimal effect on financial performance. However, a company's worth and financial performance are not directly impacted by its ownership structure. However, financial performance does not mediate the effect of macroeconomic fundamentals on company value, even while it does mediate the link between ownership structure and corporate value. These results suggest that macroeconomic conditions are reflected in corporate value more through the capital markets than through the firm's financial performance.