Pengaruh Profitabilitas (ROA dan ROE) terhadap Nilai Perusahaan (Tobins'Q) pada Sub Sektor Rokok yang Terdaftar di BEI Periode 2021-2024

Muhammad Razzan Arifin; Bustanul Ulum; Anisaul Hasanah

doi:10.31004/riggs.v5i2.10241

Authors

Muhammad Razzan Arifin Universitas Gresik
Bustanul Ulum Universitas Gresik
Anisaul Hasanah Universitas Gresik

DOI:

https://doi.org/10.31004/riggs.v5i2.10241

Keywords:

Nilai Perusahaan, Profitabilitas, Return on Assets, Return on Equity, Tobins’Q

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas yang diproksikan melalui Return on Assets (ROA) dan Return on Equity (ROE) terhadap nilai perusahaan yang diproksikan menggunakan Tobins’Q pada perusahaan sub sektor rokok yang terdaftar di Bursa Efek Indonesia periode 2021–2024. Penelitian dilakukan karena nilai perusahaan pada industri rokok dipengaruhi oleh kemampuan perusahaan dalam mempertahankan profitabilitas di tengah tekanan regulasi, kenaikan cukai, dan perubahan perilaku konsumen. Metode penelitian menggunakan pendekatan kuantitatif dengan teknik analisis regresi data panel. Data penelitian berupa laporan keuangan tahunan, laporan tahunan perusahaan, dan data harga saham yang diperoleh melalui Bursa Efek Indonesia serta situs resmi perusahaan. Sampel penelitian terdiri dari 5 perusahaan sub sektor rokok dengan total 20 observasi panel selama periode 2021–2024. Pengolahan data dilakukan menggunakan IBM SPSS Statistics dan EViews melalui analisis statistik deskriptif, uji asumsi klasik, uji Chow, uji Hausman, uji Lagrange Multiplier, regresi linear berganda, uji t, uji F, dan koefisien determinasi. Hasil penelitian menunjukkan bahwa ROA dan ROE berpengaruh positif dan signifikan terhadap Tobins’Q baik secara parsial maupun simultan. Kesimpulan penelitian menunjukkan bahwa kemampuan perusahaan dalam mengelola aset dan modal secara efektif mampu meningkatkan nilai perusahaan dan kepercayaan investor. Keterbatasan penelitian terletak pada jumlah sampel dan variabel penelitian yang masih terbatas pada profitabilitas. Penelitian ini berkontribusi pada pengembangan ilmu manajemen keuangan, pasar modal, serta menjadi referensi bagi investor dan manajemen perusahaan dalam pengambilan keputusan investasi dan strategi peningkatan nilai perusahaan.

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