PENGARUH KINERJA KEUANGAN DAN OPINI AUDIT TERHADAP NILAI PERUSAHAAN: PERAN MODERASI KEPEMILIKAN INSTITUSIONAL PADA PERUSAHAANNON KEUANGAN DI BURSA EFEK INDONESIA PERIODE 2019–2023

Oleh :
Yessy Naila Ulfa - S432408015 - Fak. Ekonomi dan Bisnis

This study aims to obtain empirical evidence on the effect of financial performance and audit opinion on firm value, with institutional ownership acting as a moderating variable, in non-financial companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The study is grounded in Signaling Theory, Agency Theory, and the Monitoring Hypothesis, which explain the relationships among corporate information, monitoring mechanisms, and market responses.This study employed a quantitative approach using secondary data obtained from companies’ annual reports and financial statements. The sample was selected using a purposive sampling method, resulting in 3,142 firm-year observations from 776 non-financial companies over the 2019–2023 period. The data were analyzed using panel data regression. Based on the model selection tests, the Fixed Effect Model (FEM) was identified as the most appropriate model, and the final estimation was conducted using cluster-robust standard errors to produce more reliable estimates.The results indicate that financial performance, proxied by Return on Assets (ROA), has a positive and significant effect on firm value. Audit opinion does not have a significant effect on firm value. Institutional ownership is found to moderate the relationship between financial performance and firm value. However, institutional ownership does not moderate the relationship between audit opinion and firm value. The findings support Signaling Theory and Agency Theory, suggesting that profitability and institutional monitoring mechanisms play important roles in shaping investors’ perceptions of firms. This study implies that improving profitability and enhancing the effectiveness of institutional investor monitoring may serve as important factors in increasing firm value.