Pengaruh Free Cash Flow dan Return on Assets ( ROA) Terhadap Nilai Perusahaan Pada Perusahaan Sektor Healthcare Yang Terdaftar di Bursa Efek Indonesia Periode 2021-2025
DOI:
https://doi.org/10.58192/ebismen.v5i2.4385Keywords:
Free cash flow, Return on Assets, Firm valueAbstract
This research is driven by fluctuations in the value of companies in the healthcare sector, which often do not align with financial performance trends. This discrepancy raises investor doubts about the issuer's future prospects. This study specifically analyzes the effect of free cash flow (FCF) and return on assets (ROA) on firm value. Using a quantitative approach with panel data regression analysis, this study examines the financial statements of 16 healthcare companies listed on the Indonesia Stock Exchange for the 2021-2025 period, selected using a purposive sampling technique. The results of the panel data regression analysis using a Random Effects Model on 80 observations (16 companies × 5 years) indicate that FCF has a coefficient of 0.023 with a p-value of 0.809, while ROA has a coefficient of -1.508 with a p-value of 0.007. These findings indicate that FCF does not significantly influence firm value, although the regression coefficient indicates a positive direction, while ROA has a negative and significant impact. However, the model feasibility test indicates that both variables have a significant simultaneous effect. These results confirm that a high level of profitability does not always guarantee an increase in company value, so investors are advised to consider other factors in assessing investment potential.
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