Pengaruh Likuiditas, Aktivitas, Struktur Modal, Profitabilitas terhadap Nilai Perusahaan dengan Sustainable Growth sebagai Variabel Intervening dan Good Corporate Governance sebagai Variabel Moderasi pada Perusahaan Sub Sektor Konstruksi Berat dan Teknik Sipil yang Terdaftar di Bursa Efek Indonesia. (The Influence of Liquidity, Activity, Capital Structure, and Profitability on Company Value with Sustainable Growth as an Intervening Variable and Good Corporate Governance as a Moderating Variable in Heavy Construction and Civil Engineering Subsector Companies Listed on the Indonesia Stock Exchange).

Mustaqim, Nur Rahmad Alfin (2025) Pengaruh Likuiditas, Aktivitas, Struktur Modal, Profitabilitas terhadap Nilai Perusahaan dengan Sustainable Growth sebagai Variabel Intervening dan Good Corporate Governance sebagai Variabel Moderasi pada Perusahaan Sub Sektor Konstruksi Berat dan Teknik Sipil yang Terdaftar di Bursa Efek Indonesia. (The Influence of Liquidity, Activity, Capital Structure, and Profitability on Company Value with Sustainable Growth as an Intervening Variable and Good Corporate Governance as a Moderating Variable in Heavy Construction and Civil Engineering Subsector Companies Listed on the Indonesia Stock Exchange). Masters thesis, Universitas 17 Agustus 1945 Surabaya.

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Abstract

Infrastructure development is a main driver of Indonesia’s economic growth, with the heavy construction and civil engineering subsector playing a strategic role in large-scale projects such as toll roads, bridges, and dams. Despite increased government support and project volume, market performance of firms in this subsector has stagnated or declined, evidenced by falling firm values amid rising revenues. This paradox raises critical questions about the extent to which internal financial performance translates into market valuation. Therefore, this study aims to examine the influence of liquidity, activity, capital structure, and profitability on sustainable growth and firm value, with good corporate governance as a moderating variable, focusing on heavy construction and civil engineering companies listed on the Indonesia Stock Exchange. This study employs a quantitative causal-explanatory approach to test cause and-effect relationships among variables through statistical analysis. Using purposive sampling, data from 18 companies in the targeted subsector during 2021 2023 were analyzed. Partial Least Squares (PLS) method was applied to evaluate the effects of liquidity, activity, capital structure, profitability, sustainable growth, firm value, and good corporate governance, including mediation and moderation roles within the model. The research findings indicate that out of 14 hypotheses, 5 were accepted and 9 were rejected. Specifically, liquidity and capital structure have a negative but insignificant effect on sustainable growth, while activity and profitability show a positive and significant effect. Regarding firm value, activity also has a positive and significant effect, whereas liquidity, capital structure, and profitability show no significant influence. Sustainable growth has a positive and significant impact on firm value and significantly mediates the relationship between activity and firm value. However, it does not mediate the effects of liquidity, capital structure, and profitability on firm value. Furthermore, good corporate governance does not moderate the effect of sustainable growth on firm value. These findings highlight that operational efficiency and sustainable growth are key drivers in enhancing firm value, while excess liquidity, financing structure, and governance practices have not shown consistent or significant effects in the context of the heavy construction and civil engineering subsector in Indonesia.

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