Dimas Bagus Mahasinul Akbar, . (2026) PENGARUH EFISIENSI BIAYA OPERASIONAL DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN MANAJEMEN RISIKO DAN INVESTMENT OPPORTUNITY SET SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN SEKTOR INDUSTRI KONSTRUKSI DI ASIA TENGGARA. Tesis thesis, Universitas Pembangunan Nasional Veteran Jakarta.
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Abstract
This study examines the effect of operating cost efficiency and capital structure on firm value with Enterprise Risk Management and Investment Opportunity Set as moderating variables in Construction & Engineering companies in Southeast Asia. This research responds to the issue that infrastructure growth in ASEAN does not always increase market valuation because construction firms face high operating costs, leverage pressure, project risk, and unequal growth opportunities. This study uses a quantitative approach with panel data regression and Moderated Regression Analysis. The sample consists of 55 listed construction companies from Indonesia, Malaysia, Thailand, Singapore, Vietnam, and the Philippines during 2021–2025, producing 275 firm-year observations. Firm value is measured by Price to Book Value, operating cost efficiency by Operating Cost Ratio, and capital structure by Debt to Equity Ratio. The findings show that operating cost pressure reduces firm value, while capital structure increases firm value when debt supports productive project financing. Enterprise Risk Management weakens the positive effect of capital structure through risk discipline, whereas Investment Opportunity Set reduces the negative effect of operating costs through growth expectations. The robustness test using Tobin’s Q and Debt to Asset Ratio confirms that alternative measurement is important in evaluating firm value.
| Item Type: | Thesis (Tesis) |
|---|---|
| Additional Information: | Dimas Bagus Mahasinul Akbar : 2410121019 Pembimbing : Dewi Cahyani Pangestuti Penguji 1 : Abdul Razak Abdul Hadi Penguji 2 : Dewi Cahyani Pangestuti |
| Uncontrolled Keywords: | Firm value, Operating Cost Ratio, Capital structure, Enterprise Risk Management, Investment Opportunity Set |
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HG Finance |
| Divisions: | Fakultas Ekonomi dan Bisnis > Program Studi Manajemen (S2) |
| Depositing User: | DIMAS BAGUS MAHASINUL AKBAR |
| Date Deposited: | 20 Aug 2026 04:34 |
| Last Modified: | 20 Aug 2026 04:34 |
| URI: | http://repository.upnvj.ac.id/id/eprint/52732 |
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