PENGARUH LEVERAGE OPERASIONAL DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN MANUFATUR YANG TERDAFTAR DI BEI DENGAN KEPEMILIKAN MANAJERIAL SEBAGAI VARIABEL MODERASI

This study aims to analyze the effect of operating leverage and capital structure on firm value, with managerial ownership as a moderating variable, in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024. Enterprise value is measured using the Price to Book Value (PBV) ratio, while operational leverage is measured using the Degree of Operating Leverage (DOL) formula. This study employs a quantitative method with a panel data approach and purposive sampling technique, resulting in 49 companies as the sample. Data analysis was conducted using moderation regression tests with EViews. The results indicate that operational leverage has a negative effect on firm value, capital structure has a positive effect on firm value, and managerial ownership moderates the relationship between the two independent variables and firm value. These findings emphasize the importance of operational efficiency and optimal capital structure management in enhancing firm value in the eyes of investors.