ABSTRAK
Tiara Lestari. NIM. 20231710007. Pengaruh Leverage, Capital Expenditure, dan Inflasi terhadap Profitabilitas dengan Free Cash Flow sebagai Variabel Moderasi (Penelitian pada Sub Sektor Telekomunikasi yang Terdaftar di BEI Tahun 2015-2023). Tesis. Universitas Kuningan. Pembimbing I. Dr. Herma Wiharno, M.Si. Pembimbing II : Dr. Dede Djuniardi, M.M.

Tujuan penelitian ini adalah untuk menganalisis dan mengetahui Pengaruh Leverage, Capital Expenditure, dan Inflasi terhadap Profitabilitas dengan Free Cash Flow sebagai Variabel Moderasi. Metode penelitian menggunakan analisis verifikatif dengan pendekatan kuantitaif. Populasi dalam peneitian ini adalah 19 Perusahaan Sub Sektor Telelkomunikasi yang Terdaftar di Bursa Efek Indonesia Periode 2015-2023. Berdasarkan tehnik sampel dengan purposive sampling maka sampel dalam penelitian ini adalah 15 perusahaan. Data dianalisis dengan Regresi MRA. Hasil penelitian menunjukan Leverage berpengaruh positif dan signifikan terhadap Profitabilitas. Artinya semakin tinggi leverage maka semakin tinggi profitabilitas pada perusahaan sub sektor telekomunikasi. Capital Expenditure berpengaruh positif dan signifikan terhadap Profitabilitas. Artinya semakin tinggi Capital Expenditure maka semakin tinggi Profitabilitas pada perusahaan sub sektor telekomunikasi. Inflasi berpengaruh negatif dan signifikan terhadap Profitabilitas. Artinya semakin tinggi Inflasi maka akan menurunkan Profitabilitas. Free cash flow berpengaruh positif dan signifikan terhadap Profitabilitas. Artinya semakin tinggi free cash flow maka semakin tinggi Profitabilitas. Free cash flow memoderasi pengaruh leverage terhadap Profitabilitas. Artinya Free cash flow berperan memperkuat pengaruh leverage terhadap Profitabilitas. Free cash flow memoderasi pengaruh Capital Expenditure terhadap Profitabilitas. Artinya Free cash flow berperan memperkuat pengaruh Capital Expenditure terhadap Profitabilitas.Free cash flow memoderasi pengaruh Inflasi terhadap Profitabilitas. Artinya Free cash flow berperan memperlemah pengaruh Inflasi terhadap Profitabilitas.

Kata kunci : Leverage, Capital Expenditure, Inflasi, Profitabilitas, Free Cash Flow.

ABSTRACT

Tiara Lestari. Student ID: 20231710007. The Influence of Leverage, Capital Expenditure, and Inflation on Profitability with Free Cash Flow as a Moderating Variable (A Study on the Telecommunication Sub-sector Listed on the Indonesia Stock Exchange for the Period 2015–2023). Thesis. Universitas Kuningan. Advisor I: Dr. Herma Wiharno, M.Si. Advisor II: Dr. Dede Djuniardi, M.M.

The purpose of this study is to analyze and determine the influence of leverage, capital expenditure, and inflation on profitability with free cash flow as a moderating variable. This research employs a quantitative approach using a verification analysis method. The population consists of 19 telecommunication sub-sector companies listed on the Indonesia Stock Exchange during the 2015–2023 period. Based on purposive sampling techniques, 15 companies were selected as the sample. The data were analyzed using Moderated Regression Analysis (MRA).
The results indicate that leverage has a positive and significant effect on profitability, meaning that higher leverage leads to higher profitability in telecommunication sub-sector companies. Capital expenditure also has a positive and significant effect on profitability, suggesting that increased capital expenditure enhances profitability. Inflation has a negative and significant effect on profitability, indicating that rising inflation reduces profitability. Free cash flow has a positive and significant effect on profitability, meaning that greater free cash flow leads to higher profitability.
Furthermore, free cash flow moderates the relationship between leverage and profitability, strengthening the influence of leverage. It also moderates the relationship between capital expenditure and profitability, reinforcing the effect of capital expenditure. Lastly, free cash flow moderates the relationship between inflation and profitability by weakening the negative impact of inflation.

Keywords: Leverage, Capital Expenditure, Inflation, Profitability, Free Cash Flow.