DEBT DIVERSIFICATION AND FIRM VALUE WITH ASSET TURNOVER RATIO AS MODERATING VARIABLE chorry sulistyowati, Gilang Hanggara
faculty of business and economy, airlangga university
Abstract
This research examined the effect of debt diversification on Firm Value with asset turnover ratio (ATR) as moderating variable. This research also uses firm size and leverage as control variables. The testing technique used in this research is multiple linear analysis and moderated regression analysis (MRA) with a total of 342 observations, in manufacture companies listed on the Indonesia Stock Exchange during 2017 - 2021. In this research, the dependent variable used is firm value which is proxied by Tobin^s Q, the independent variable is debt diversification which is proxies by Herfindahl Hirschman Index (HHI), and the moderating variable is asset turnover ratio (ATR). The result of this result show that debt diversification has a significant negative effect on Tobin^s Q. Asset Turnover Ratio (ATR) does not moderate effect HHI on Tobin^s Q.
Keywords: Herfindahl Hirschman Index (HHI), Asset Turnover Ratio (ATR), and Moderated Regression Analysis (MRA)
