Electronic Theses and Dissertation

ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh likuiditas dan market timing
terhadap nilai perusahaan yang dimediasi oleh struktur modal pada perusahaan
manufaktur yang melakukan IPO di Bursa Efek Indonesia (BEI). Penelitian ini
menggunakan data cross section dengan 86 perusahaan manufaktur di Bursa Efek
Indonesia dari periode 2018-2022 dengan pemilihan sampel menggunakan
purposive sampling. Metode analisis data yang digunakan adalah analisis jalur.
Hasil penelitian menunjukkan bahwa secara parsial likuiditas (current ratio)
berpengaruh negatif dan signifikan terhadap struktur modal (debt to equity ratio),
market timing (market to book ratio) tidak berpengaruh signifikan terhadap struktur
modal, struktur modal berpengaruh negatif dan signifikan terhadap nilai perusahaan
(price to book value), likuiditas berpengaruh negatif dan signifikan terhadap nilai
perusahaan, market timing berpengaruh positif dan signifikan terhadap nilai
perusahaan, struktur modal tidak memediasi pengaruh likuiditas terhadap nilai
perusahaan, struktur modal tidak memediasi pengaruh market timing terhadap nilai
perusahaan. Secara simultan pada model I, likuiditas yang diproksikan dengan
current ratio dan market timing yang diproksikan dengan market-to-book ratio
berpengaruh signifikan terhadap struktur modal yang diukur menggunakan debt to
equity ratio, serta pada model II, likuiditas, market timing dan struktur modal
berpengaruh signifikan terhadap nilai perusahaan yang diproksikan melalui price
to book value.

Kata Kunci: Likuiditas, Market Timing, Struktur Modal, Nilai Perusahaan.

ABSTRACT This study aims to determine the effect of liquidity and market timing on firm value mediated by capital structure in manufacturing companies that conducted IPOs on the Indonesia Stock Exchange (IDX). This study uses cross-sectional data with 86 manufacturing companies on the Indonesia Stock Exchange from the 2018-2022 period, with sample selection using purposive sampling. The data analysis method used is path analysis. The results show that partially, liquidity (current ratio) has a negative and significant effect on capital structure (debt to equity ratio), market timing (market to book ratio) has no significant effect on capital structure, capital structure has a negative and significant effect on firm value (price to book value), liquidity has a negative and significant effect on firm value, market timing has a positive and significant effect on firm value, capital structure does not mediate the effect of liquidity on firm value, and capital structure does not mediate the effect of market timing on firm value. Simultaneously, in Model I, liquidity proxied by the current ratio and market timing proxied by the market-to-book ratio have a significant effect on capital structure measured using the debt to equity ratio, and in Model II, liquidity, market timing, and capital structure have a significant effect on firm value proxied by the price to book value. Keywords: Liquidity, Market Timing, Capital Structure, Firm Value.