Firm Value: The Mediating Effects of Capital Structure on Profitability, Size, and Asset Structure
Keywords:
Profitability, Company Size, Asset Structure, Capital Structure and Firm Value.
Abstract
This study aims to determine the effect of profitability, company size, and asset structure on firm value with capital structure as a mediating variable. The research method used is quantitative method using secondary data. Secondary data is obtained through the annual financial statements of healthcare sector companies that have gone public listed on the Indonesia Stock Exchange (IDX) during the 2020-2022 period totaling 33 companies. Sampling using purposive sampling and obtained 19 companies. Based on the results of partial regression analysis and path analysis, it can be concluded that profitability has a negative effect on capital structure, company size has no effect on capital structure, asset structure affects capital structure, profitability and capital structure affect firm value, company size and asset structure have no effect on firm value, capital structure is not able to mediate the relationship between profitability, company size, and asset structure on firm value.
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References
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S, S., & Machali, M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs, 06(04), 1–5. https://doi.org/10.4172/2167-0234.1000298
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Surjadi, L., & Viviana. (2019). Faktor-Faktor Yang Mempengaruhi Struktur Modal Perusahaan Manufaktur Di BEI Periode 2015-2017. Jurnal Ekonomi, 24(1), 129. https://doi.org/10.24912/je.v24i1.507
Suteja, J., & Abas, M. R. (2018). Factor Influence Analysis of Corporate Value with Firm Size As Moderator Variable in Indonesia Stock Exchange. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 13(1), 57–66. https://doi.org/10.24269/ekuilibrium.v13i1.2018.pp57-66
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Anrizal, S. Y., Egim, A. S., & Ramadhani, G. (2023). Dampak Dari Struktur Aktiva, Firm size, Pertumbuhan Perusahaan Terhadap Struktur Modal Pada Perusahaan Manufaktur. Jurnal Ecogen, 6(2), 222. https://doi.org/10.24036/jmpe.v6i2.14559
Aulia, H., Al Ashry, L., & Fitra, H. (2019). Effect of Sales Growth and Asset Structure on Capital Structure in Real Estate and Property Companies on the Indonesia Stock Exchange. Proceedings of the 1st International Conference on Education Social Sciences and Humanities (ICESSHum 2019). https://doi.org/10.2991/icesshum-19.2019.5
Brigham, E. F. dan J.F. Houston. 2019. Dasar-dasar Manajemen Keuangan. Edisi Empat Belas. Buku Dua. Salemba Empat. Jakarta.
Cahyani, Nilam Indah dan Nur Handayani. (2017). Pengaruh Profitabilitas, Likuiditas, Size, Kepemilikan Institusional Dan Tangibility Terhadap Struktur Modal. Jurnal Ilmu dan Riset Akuntansi. Vol. 6 No. 2, Febuari, 2017. ISSN: 2460- 0585
CNBC. (2022). Pandemi Belum Usai, Sektor Kesehatan Meroket 12%!.
Dewi, C. R., & Fachrurrozie, F. (2021). The Effect of Profitability, Liquidity, and Asset Structure on Capital Structure with Firm Size as Moderating Variable. Accounting Analysis Journal, 10(1), 32–38. https://doi.org/10.15294/aaj.v10i1.44516
Dewi, D. A. I. Y. M., & Sudiartha, G. M. (2017). Pengaruh Profitabilitas, Ukuran Perusahaan, Dan Pertumbuhan Aset Terhadap Struktur Modal Dan Nilai Perusahaan. E-Jurnal Manajemen Unud, 6(4), 2222–2252. https://ojs.unud.ac.id/index.php/Manajemen/article/download/28486/18237
Hanafi, M.M., 2015. Manajemen Keuangan, edisi pertama. Jakarta: BPFE.
Henriansyah, G., & Dharmayuni, L. (2017). Pengaruh Ukuran Perusahaan, Price Earning Ratio Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Aneka Industri yang Terdaftar di Bursa Efek Indonesia tahun 2011 - 2015). EQUITY, 20(1), 25–34. https://doi.org/10.34209/equ.v20i1.485
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The Effect Of Enterprise Risk Management (ERM) On Firm Value In Manufacturing Companies Listed On Indonesian Stock Exchange Year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/AJAR-06-2018-0006
Kresna Wibowo, R. Y., Fadjrih Asyik, N., & Bambang, S. (2021). Pengaruh Struktur Kepemilikan, Arus Kas Bebas, Ukuran Perusahaan Terhadap Nilai Perusahaan Melalui Struktur Modal. EKUITAS (Jurnal Ekonomi Dan Keuangan), 5(3). https://doi.org/10.24034/j25485024.y2021.v5.i3.4799
Lisa, O. (2017). Company Value Determinants Study On Manufacturing Company Listed In Indonesia Stock Exchange. JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen, 14(02), 111. https://doi.org/10.31106/jema.v14i02.577
Maulana, R. A., & Mediawati, E. (2022). The Influence of Intellectual Capital Disclosure and Profitability on Company Value. Jurnal ASET (Akuntansi Riset), 14(2), 223–234. https://doi.org/10.17509/jaset.v14i2.49887
Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). Pengaruh Kinerja Keuangan Dan Struktur Modal Terhadap Nilai Perusahaan Yang Dimoderasi Variabel Ukuran Perusahaan. Jurnal Akuntansi Dan Keuangan, 8(1), 41–56. https://doi.org/10.36080/jak.v8i1.839
Myers, S.C. (1984). The Capital Structure Puzzle. Journal of Finance. V.39 (3): 573-592.
Noviani, A. V., Atahau, A. D. R., & Robiyanto, R. (2019). Struktur Modal, Profitabilitas, Dan Nilai Perusahaan: Efek Moderasi Good Corporate Governance. Jurnal Ekonomi Dan Bisnis, 22(2), 391–415. https://doi.org/10.24914/jeb.v22i2.2601
Nurazi, R., Zoraya, I., & Wiardi, A. H. (2020). The Influence of Good Corporate Governance and Capital Structure on Firm Value: The Mediation Role of Financial Performance. Media Ekonomi Dan Manajemen, 35(2), 230. https://doi.org/10.24856/mem.v35i2.1554
Peranginangin, A. M. (2019). The Effect of Profitabilty, Debt Policy and Firm Size on Company Value in Consumer Goods Companies. Abstract Proceedings International Scholars Conference, 7(1), 1217–1229. https://doi.org/10.35974/isc.v7i1.1587
Pribadi, M. T., Sochib, & Murniati, W. (2019). Pengaruh Struktur Aset, Ukuran Perusahaan, Likuiditas dan Profitabilitas Terhadap Nilai Perusahaan Dagang Besar Yang Terdaftar Di Perusahaan Bursa Efek Indonesia. Jurnal Riset Akuntansi, 2(3), 121–134. http://jkm.stiewidyagamalumajang.ac.id/index.php/jra
Putri, R. L., & Willim, A. P. (2023). Analysis Of The Effect Of Assets Structure, Earning Volatility And Financial Flexibility On Capital Structure In Consumer Goods Industry Sector Companies On The Indonesia Stock Exchange. LBS Journal of Management & Research. https://doi.org/10.1108/LBSJMR-11-2022-0069
Rahmawati, C. H. T. (2020). The Profitability, Firm’s Size, Dividend Payout Ratio And Firm’s Value: Capital Structure Intervention. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 9(3), 218. https://doi.org/10.26418/jebik.v9i3.39765
S, S., & Machali, M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs, 06(04), 1–5. https://doi.org/10.4172/2167-0234.1000298
Sinaga, A. N. L., Lie, D., Inrawan, A., & Nainggolan, C. D. (2022). Pengaruh Struktur Aset, Struktur Modal, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Sub Sektor Pulp Dan Kertas Yang Terdaftar Di Bursa Efek Indonesia. FINANCIAL: JURNAL AKUNTANSI, 8(1), 83–93. https://doi.org/10.37403/financial.v8i1.397
Suciati, R., Purwohedi, U., & Ahmad, G. N. (2018). Analysis Factor of Capital Structure Property and Real Estate Companies in Indonesia. Jurnal Pendidikan Ekonomi Dan Bisnis (JPEB), 6(2), 103–117. https://doi.org/10.21009/JPEB.006.2.3
Sumartono, F. A. P., Wijayanti, A., & Fajri, R. N. (2020). Pengaruh Struktur Asset, Ukuran Perusahaan, Profitabilitas Terhadap Nilai Perusahaan. Journal of Economic, Public, and Accounting (JEPA), 2(2), 86–102. https://doi.org/10.31605/jepa.v2i2.700
Surjadi, L., & Viviana. (2019). Faktor-Faktor Yang Mempengaruhi Struktur Modal Perusahaan Manufaktur Di BEI Periode 2015-2017. Jurnal Ekonomi, 24(1), 129. https://doi.org/10.24912/je.v24i1.507
Suteja, J., & Abas, M. R. (2018). Factor Influence Analysis of Corporate Value with Firm Size As Moderator Variable in Indonesia Stock Exchange. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 13(1), 57–66. https://doi.org/10.24269/ekuilibrium.v13i1.2018.pp57-66
Wijayaningsih, S., & Yulianto, A. (2021). The Effect of Capital Structure, Firm Size, and Profitability on Firm Value with Investment Decisions as Moderating. Accounting Analysis Journal, 10(3), 150–157. https://doi.org/10.15294/aaj.v10i3.50744
Wulandari, S., Masitoh W, E., & Siddi, P. (2021). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan Dan Struktur Aset Terhadap Nilai Perusahaan. AKUNTABEL, 18(4), 753–761. https://doi.org/10.30872/jakt.v18i4.9941
Published
2024-05-31
How to Cite
Mohammad Alvin Nur Rohman, & Fitriyah, F. (2024). Firm Value: The Mediating Effects of Capital Structure on Profitability, Size, and Asset Structure . International Journal of Science, Technology & Management, 5(3), 655-666. https://doi.org/10.46729/ijstm.v5i3.1113
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Articles
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