PERAN PROFITABILITAS DALAM MEMEDIASI FAKTOR YANG BERPENGARUH TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN ASURANSI JIWA DI INDONESIA

Abstract

This study aims to examine the effect of liquidity and capital structure on firm value, with profitability serving as a mediating variable, in life insurance companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. Liquidity is proxied by the Current Ratio (CR), capital structure by the Debt to Equity Ratio (DER), firm value by Price to Book Value (PBV), and profitability by Return on Assets (ROA). This research adopts a quantitative approach and utilizes panel data regression analysis on a sample of three life insurance companies. The findings reveal that both CR and DER have a positive and statistically significant effect on ROA. However, ROA does not exert a statistically significant influence on PBV. Furthermore, CR and DER are also found to have no significant effect on PBV. These results indicate that ROA is unable to mediate the relationship between CR and DER and PBV. Overall, the findings suggest that the relationships among conventional financial variables tend to be inconsistent. This inconsistency may be attributed to external factors, particularly the impact of the COVID-19 pandemic, which has led to economic instability and caused external factors to play a more dominant role than internal factors in determining firm value