Analisis Pengaruh ITO dan TATO terhadap PBV dengan ROA sebagai Variabel Mediasi pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2021-2025
DOI:
https://doi.org/10.61404/mutiara.v4i4.537Keywords:
Inventory, Assets, Profitability, ValueAbstract
Firm value represents market perceptions of corporate performance and prospects, particularly in the pharmaceutical industry, which has experienced operational dynamics in the post-pandemic period. Inventory and asset efficiency are conceptually expected to enhance profitability and firm value; however, empirical evidence indicates inconsistencies in these relationships. This study analyzes the effects of Inventory Turnover (ITO) and Total Asset Turnover (TATO) on Price to Book Value (PBV), with Return on Assets (ROA) as a mediating variable, among pharmaceutical companies listed on the Indonesia Stock Exchange during 2021–2025. A quantitative approach was employed using panel data from nine companies comprising 45 observations selected through purposive sampling. The analysis utilized panel data regression, t-test, F-test, Adjusted R², path analysis, and the Sobel Test using EViews 13. The results indicate that ITO and TATO have no significant effects on ROA. ITO has a significant negative effect on PBV, whereas TATO and ROA have no significant effects on PBV. ROA does not mediate the effects of ITO or TATO on PBV. These findings confirm that operational efficiency does not automatically enhance profitability or firm value.
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