Electronic Theses and Dissertation

ABSTRAK
Penelitian ini bertujuan untuk menganalisis pengaruh penghindaran kerugian dan kepercayaan diri yang berlebihan dikalangan investor terhadap nilai perusahaan, serta menguji peran kinerja keuangan sebagai mediasi pada perusahaan sektor industri manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019-2023. Dengan menggunakan pendekatan kuantitatif dan analisis regresi data panel diperoleh sampel 38 perusahaan sehingga memperoleh 190 observasi. Nilai perusahaan diukur melalui rasio Tobin’s Q, penghindaran kerugian diukur melalui volume transaksi, kepercayaan diri yang berlebihan diukur melalui jumlah saham per tahun setiap emiten, dan kinerja keuangan diukur melalui rasio ROA (return on asset). Hasil penelitian menunjukkan bahwa penghindaran kerugian berpengaruh positif signifikan terhadap nilai perusahaan dan kinerja keuangan. Kepercayaan diri yang berlebihan berpengaruh positif signifikan terhadap kinerja keuangan, sedangkan terhadap nilai perusahaan berpengaruh negatif signifikan. Kinerja keuangan berpengaruh positif signifikan terhadap nilai perusahaan. Selain itu, kinerja keuangan terbukti memediasi secara parsial pengaruh penghindaran kerugian terhadap nilai perusahaan dan juga kinerja keuangan terbukti memediasi secara parsial pengaruh kepercayaan diri yang berlebihan terhadap nilai perusahaan.

Kata kunci: penghindaran kerugian, kepercayaan diri yang berlebihan, kinerja keuangan, nilai perusahaan.

ABSTRACT This study aims to analyze the effect of loss aversion and excessive confidence among investors on company value, as well as to examine the role of financial performance as a mediator in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2019-2023. Using a quantitative approach and panel data regression analysis, a sample of 38 companies was obtained, yielding 190 observations. Firm value was measured using Tobin’s Q ratio, loss aversion was measured using transaction volume, overconfidence was measured using the number of shares per year for each issuer, and financial performance was measured using the ROA (return on assets) ratio. The results of the study indicate that loss avoidance has a significant positive effect on company value and financial performance. Excessive self-confidence has a significant positive effect on financial performance, while it has a significant negative effect on company value. Financial performance has a significant positive effect on firm value. Additionally, financial performance was found to partially mediate the effect of loss aversion on firm value, and financial performance was also found to partially mediate the effect of overconfidence on firm value. Keywords: loss aversion, overconfidence, financial performance, firm value.