PENGARUH LIKUIDITAS, PROFITABILITAS, DAN TAX AVOIDANCE TERHADAP NILAI PERUSAHAAN DENGAN GCG SEBAGAI VARIABEL MODERASI

This study aims to examine the effect of liquidity, profitability, and tax avoidance on firm value with GCG as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Firm value is proxied by Price to Book Value (PBV), liquidity by Current Ratio (CR), profitability by Return on Equity (ROE), and tax avoidance by Cash Effective Tax Rate (CETR). GCG is measured using managerial ownership and independent commissioners.
This research employs a quantitative approach using secondary data obtained from annual financial reports. The sampling technique uses non-probability sampling based on specific criteria, resulting in 96 companies with 288 observations. Data analysis is conducted using panel data MRA.
The results indicate that profitability has a positive effect on firm value, while liquidity and tax avoidance do not affect firm value. GCG does not moderate the relationship between liquidity and tax avoidance on firm value, but it strengthens the positive relationship between profitability and firm value. This study contributes empirically to agency theory and signaling theory, particularly regarding the role of corporate governance in strengthening the relationship between financial performance and firm value.