The Effect of Capital Structure and Profitability on Firm Value with Firm Size as a Moderator
DOI:
https://doi.org/10.35134/ekobistek.v14i3.937Keywords:
Capital Structure, Profitability, Firm Value, Firm Size, eviews, moderated regression analysisAbstract
Firm value is the perception given by investors to the success and performance of the company, which is reflected through the stock price. The higher the value of a company, the more attractive it is to investors because it shows a competitive advantage and promising growth potential. This study aims to analyze the effect of Capital Structure and Profitability on Firm Value with Company Size as a Moderating Variable in Food and Beverage Sub-Sector Companies Listed on the IDX 2020-2023. This research was conducted on 18 food and beverage sub-sector companies listed on the IDX 2020-2023 which have met the sample selection criteria. Data analysis in this study used Eviews 10 with panel data regression analysis and Moderated Regression Analysis (MRA) methods. The results of this study indicate that capital structure has a negative and insignificant effect on firm value, and profitability has a positive and insignificant effect on firm value. Then in moderation, company size is unable to moderate the influence between capital structure and firm value, and company size is unable to moderate the influence between profitability and firm value.
References
Linda Santioso, K. H. (2022). Factors Affecting Company Value in Manufacturing Companies. Paradigma Akuntansi Journal, 4(1), 273. https://doi.org/10.24912/jpa.v4i1.17291
Dina, D. A. S., & Wahyuningtyas, E. T. (2022). The Effect of Profitability, Leverage, and Company Size on Company Value (An Empirical Study of Lq45 Companies on the Indonesia Stock Exchange for the Period 2018-2020). Accounting and Management Journal, 6(1), 36–49. https://doi.org/10.33086/amj.v6i1.2821
Hidayat, I., & Khotimah, K. (2022). The Effect of Profitability and Company Size on the Value of Companies in the Chemical Sub-sector. Kesatuan Accounting Scientific Journal, 10(1), 1–8. https://doi.org/10.37641/jiakes.v10i1.1175
Sari, D. N. &, & Suwitho. (2023). The Effect of Profitability, Liquidity, and Dividend Policy on Company Value with Company Size as a Moderating Variable. Journal of Business Economics, Management and Accounting (JEBMA), 3(3), 779–788. https://doi.org/10.47709/jebma.v3i3.3067.
Julia, J., & Umar, H. (2021). Determinants of Company Value in Manufacturing Companies Listed on the Indonesia Stock Exchange. Journal of Accounting and Governance, 2(1), 25. https://doi.org/10.24853/jago.2.1.25-39
Dzahabiyya, J., Jhoansyah, D., & Danial, R. D. M. (2020). Analysis of Company Value Using Tobin's Q Ratio Model. JAD: Dewantara Accounting & Finance Research Journal, 3(1), 46–55. https://doi.org/10.26533/jad.v3i1.520
Jamaludin. (2024). Analysis of Company Value Using Tobins-Q (Study on Bank Rakyat Indonesia Tbk. Period 2013-2022). National Seminar on Research Results and Community Service, 5(2), 756–762.
Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). The influence of financial performance and capital structure on company value moderated by company size variables. Journal of Accounting and Finance, 8(1), 41–56. https://doi.org/10.36080/jak.v8i1.839
Novitasari, R., & Krisnando. (2021). The Effect of Capital Structure, Company Growth, and Firm Size on Company Value in Consumer Goods Companies Listed on the Indonesia Stock Exchange (IDX) for the Period 2017-2020. Journal of Accounting and Management, 18(02), 71–81. https://doi.org/10.36406/jam.v18i02.436
Aisyah, N. R., & Sartika, F. (2022). The Effect of Profitability and Financial Leverage on Firm Value with Firm Size as a Variable. Scientific Journal of the Management Study Program, Pamulang University, Vol. 10, N(1), 97–108.
Oktaviani, M., Rosmaniar, A., & Hadi, S. (2019). The Effect of Company Size and Capital Structure on Company Value. Balance: Economic, Business, Management and Accounting Journal, 16(1). https://doi.org/10.30651/blc.v16i1.2457
Alpi, M. F. (2018). The Effect of Debt to Equity Ratio, Inventory Turnover, and Current Ratio on Return on Equity in Pharmaceutical Companies Listed on the Indonesia Stock Exchange. The National Conference on Management and Business (NCMAB), 158–175.
Janah, N., & Munandar, A. (2022). The Effect of Tax Planning and Profitability on Company Value with Company Size as a Moderating Variable. MEA Scientific Journal (Management, Economics, and Accounting), 6(2), 494–512.
Kolamban, D. V, Murni, S., & Baramuli, D. N. (2020). Analysis of The Effect of Leverage, Profitability, and Company Size on Firm Value in The Banking Industry Registered on The IDX. EMBA Journal: Journal of Economic, Management, Business, and Accounting Research, 8(3), 174–183.
Ayem, S., & Tamu Ina, C. R. (2023). Capital Structure and Liquidity on Company Value: Company Size as a Moderating Variable. Accounting Literacy Journal, 3(1), 47–57. https://doi.org/10.55587/jla.v3i1.48
Rasyid, C. A. M. P., Indriani, E., & Hudaya, R. (2022). The Effect of Corporate Social Responsibility and Capital Structure on Company Value with Company Size and Profitability as Moderating Variables in Mining Companies. Journal of Accounting Applications, 7(1), 135–156. https://doi.org/10.29303/jaa.v7i1.146.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Ekobistek
This work is licensed under a Creative Commons Attribution 4.0 International License.
