Pengaruh Kepemilikan Manajerial, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Sektor Consumer Cyclicals di BEI Periode 2020-2023

Abstract

Firm value is a critical consideration for investors, particularly within the consumer cyclicals sector, which is highly susceptible to macroeconomic fluctuations. This study examines the effects of managerial ownership, leverage, and firm size on firm value among companies listed on the Indonesia Stock Exchange (IDX) over the period from 2020 to 2023. Employing a quantitative methodology, the research applies multiple linear regression analysis to a purposively selected sample of 28 firms, yielding a total of 60 observations. The results indicate that managerial ownership exerts a positive and significant impact on firm value, whereas leverage demonstrates a significant negative effect. Conversely, firm size does not exhibit a statistically significant relationship with firm value. Collectively, the independent variables show a meaningful combined influence on firm value. These findings are consistent with agency theory and signaling theory, offering valuable strategic insights for corporate decision-makers in managing ownership structures and optimizing financial leverage.