The Effects of Operational Efficiency, Liquidity, and Capital Structure on Firm Value: The Moderating Role of Firm Size (Evidence from Textile Industry Companies Listed on the Indonesia Stock Exchange 2020-2024)
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The textile industry is one of Indonesia’s mainstay sectors, as stated in the National Industrial Development Master Plan (RIPIN) 2015–2035 (Satya, t.t.). This study aims to analyze and investigate the effects of operational efficiency, liquidity, and capital structure on firm value, with firm size as a moderating variable. The population of this study consisted of textile companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The sample was selected using a purposive sampling technique based on four criteria, resulting in 16 companies with 80 observations. This study employed multiple linear regression analysis using Moderated Regression Analysis (MRA) and balanced panel data regression. The results showed that capital structure had a significant effect on firm value, while operational efficiency and liquidity did not have a significant effect on firm value. Furthermore, firm size was able to moderate the effects of liquidity and capital structure on firm value but was unable to moderate the effect of operational efficiency on firm value.
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