Profitability and Firm Value of Manufacturing Companies: Internationalization Moderations

R. Salsabila Nisaa Azzukhruf and Yuli Soesetio ()
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R. Salsabila Nisaa Azzukhruf: Universitas Negeri Malang
Yuli Soesetio: Universitas Negeri Malang

A chapter in Proceedings of the 8th International Research Conference on Economic and Business (IRCEB 2024), 2025, pp 26-35 from Springer

Abstract: Abstract The purpose of the following study is to propose and test whether internationalization moderates the profitability-firm value relationship based on a sample of 110 manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period 2009 to 2020. This study uses sub-group moderation analysis, moderated regression analysis, and pure moderation approaches in testing the effects of profitability, leverage, asset growth, and dividend payout ratio on firm value. The findings suggest that profitability and leverage predict firm value inversely while asset growth, and dividend payout positively affect it. In addition, the results imply that internationalization magnifies the negative effect of profitability on firm value. The findings of this study provide important contributions to understanding the intricacies between profitability, internationalization, and firm value with implications for manufacturing managers and investors.

Keywords: Profitability; Firm Value; Internationalization (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-722-9_4

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DOI: 10.2991/978-94-6463-722-9_4

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