The Role of Capital Structure as a Mediator of Profitability, Company Size, and Business Risk on Company Value (Study on Exporters Listed on the Indonesia Stock Exchange 2019-2023)
Abstract
Capital structure is an important part of a firm's financial structure as a signal to the market about the firm's management and financial prospects. The optimal capital structure decision can increase the value of the company by increasing investors' perception of the company's stability and growth. This study aims to determine the role of capital structure on profitability, company size, business risk on firm value with capital structure as an intervening variable in companies listed on the Indonesia Stock Exchange (IDX). This study uses a quantitative approach and secondary data in the form of financial reports or summaries of annual reports from Exporter companies listed on the IDX in the 2019-2023 time span. The population that is the focus of this research is exporter companies listed on the IDX, with a total of 50 companies with a purposive sampling method, Data analysis was carried out using SEM-PLS version 3.2.9. The research results in this study are Profitability has a positive and significant effect on firm value. company size has a negative and significant effect on firm value. business risk has a positive and insignificant effect on firm value. profitability has a positive and significant effect on firm value. company size has a negative and significant effect on firm value. business risk has a positive and insignificant effect on firm value. capital structure has a negative and significant effect on firm value. Profitability has a negative and significant effect on capital structure. firm size has a positive and insignificant effect on capital structure. business risk has a positive and insignificant effect on capital structure.
Downloads
References
Akmalia, A., & Aliyah, S. A. (2022). The Role of Financial Performance in Mediating The Effect of Institutional Ownership, Company Size and Sales Growth on Firm Value. Jurnal Manajemen Bisnis, 9(2), 274–279. https://doi.org/10.33096/jmb.v9i2.184
Alamsyah, M. F., & Malanua, W. (2021). Pengaruh Investment Opportunity Set, Corporate Social Responsibility, Dan Risiko Bisnis Terhadap Nilai Perusahaan. Jurnal Fokus Manajemen Bisnis, 11(2), 154. https://doi.org/10.12928/fokus.v11i2.4228
Arsyada, A. B., Sukirman, S., & Wahyuningrum, I. F. S. (2022). Pengaruh Ukuran Perusahaan, Profitabilitas, Dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Moderating. Owner, 6(2), 1648–1663. https://doi.org/10.33395/owner.v6i2.785
Azwar, S. (2022). Metode Penelitian Psikologi Edisi II (V). Pustaka Pelajar.
Bandanuji, A., & Khoiruddin, M. (2020). The Effect of Business Risk and Firm Size on Firm Value with Debt Policy as Intervening Variable. Management Analysis Journal, 9(2), 200–210. https://doi.org/10.15294/maj.v9i2.37812
Bursa Efek Indonesia. (2024). Profil Perusahaan Tercatat. Idx. https://www.idx.co.id/id/perusahaan-tercatat/profil-perusahaan-tercatat/
Chosyali, & Sartono. (2019). Optimalisasi Peningkatan Kualitas Kredit Dalam. Rangka Mengatasi Kredit Bermasalah. Law Reform, Volume 15.
Fahmi, I. (2013). Analisi Laporan Keuangan. Alfabeta.
Hanafi, M. M. (2016). Manajemen Keuangan (2nd ed.). BPFE Yogyakarta.
Harmono. (2022). Manajemen Keuangan. Bumi Aksara.
Houston, E. F. B. : J. F. (2016). Dasar-Dasar Manajemen Keuangan. Salemba Empat.
Iskandar, D. (2021). the Effect of Profitability and Sales Growth on Company Value. International Journal of Management Studies and Social Science Research, 3(5), 32–41. http://jawapos.com
Kasmir. (2019). Analisis laporan keuangan (C. 12 Edisi, Revisi (ed.)). Rajawali Pers.
Mubyarto, N. (2020). The Influence of Profitability on Firm Value with Capital Structure as The Mediator. Jurnal Economia, 16(2), 184–199. https://doi.org/10.21831/economia.v16i2.30405
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81
Pangestuti, D., Muktiyanto, A., Geraldina, I., & Darmawan, D. (2022). Role of Profitability, Business Risk, and Intellectual Capital in Increasing Firm Value. Journal of Indonesian Economy and Business, 37(3), 311–338. https://doi.org/10.22146/jieb.v37i3.3564
Robiyanto, R., Nafiah, I., Harijono, H., & Inggarwati, K. (2020). Pengaruh Profitabilitas Terhadap Nilai Perusahaan Perhotelan Dan Pariwisata Dengan Struktur Modal Sebagai Variabel Intervening. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 14(1), 46–57. https://doi.org/10.32812/jibeka.v14i1.153
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010
Sugiyono, D. (2019). Metode Penelitian Pendidikan Pendekatan Kuantitatif, kualitatif dan R&D. Alfabeta.
Copyright (c) 2025 Titi Indah S, Wisnu Mawardi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
