Persepsi Manajemen Modal Kerja dan Nilai Perusahaan: Peran Mediasi Profitabilitas pada 27 Perusahaan Lintas Sektor
DOI:
https://doi.org/10.57218/jueb.v5i3.3326Keywords:
manajemen modal kerja, mediasi, persepsi nilai perusahaan, persepsi profitabilitas, PLS-SEMAbstract
Penelitian ini menguji pengaruh persepsi manajemen modal kerja terhadap persepsi nilai perusahaan dengan persepsi profitabilitas sebagai mediator. Survei eksplanatori potong lintang menggunakan non-probability purposive sampling terhadap 76 manajer dan staf dari 27 perusahaan lintas sektor yang memahami aktivitas keuangan atau operasional. Sebanyak 15 indikator reflektif berskala Likert 1–5 dianalisis dengan PLS-SEM Mode A dan bootstrapping 3.000 subsampel. Manajemen modal kerja berpengaruh positif terhadap profitabilitas (β=0,700; p<0,001) dan nilai perusahaan (β=0,316; p<0,001), sedangkan profitabilitas berpengaruh positif terhadap nilai perusahaan (β=0,551; p<0,001). Efek tidak langsung sebesar 0,385 signifikan (95% CI 0,253–0,519), yang menunjukkan mediasi parsial komplementer. Model menjelaskan 49,0% variasi profitabilitas dan 64,7% variasi nilai perusahaan. Secara praktis, manajer perlu menyatukan target kas, piutang, persediaan, dan kewajiban lancar dengan indikator profitabilitas agar disiplin modal kerja diterjemahkan menjadi penciptaan nilai. Karena semua ukuran bersifat persepsional, temuan tidak merepresentasikan perubahan rasio akuntansi atau valuasi pasar secara langsung.
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