The Role of Profitability in Mediating the Effect of Leverage on Firm Value at PT Indofarma Tbk
Abstract
The purpose of this study is to investigate how much profitability can mediate the connection between firm value and leverage at PT Indofarma Tbk between 2019 and 2023. The route analysis method was utilized in this study's quantitative methodology, and SPSS version 22 software was used for data processing. The annual study's companies' financial statements period served as the data source. With a coefficient value of -3.251 and a significance level of p = 0.000, the findings of the analysis show that leverage significantly reduces firm value; however, no real impact of leverage on profitability was found (coefficient = 0.000; p = 0.904). On the other hand, the findings demonstrates that profitability raises the worth of the company, but this relationship is not statistically significant (coefficient = 19.125; p = 0.288). These results indicate that how leverage and corporate value are related is not significantly mediated by profitability. In terms of theory, this study confirms that capital structure, especially in the form of leverage, has a direct impact on firm value without involving profitability as an intermediary channel. The practical implication of this result is the importance of controlling the debt structure so as not to cause a decrease in firm value, as well as the need for management to remain focused on improving the efficiency of asset performance. This study expands academic understanding of the dynamics between leverage, profitability, and firm value, and provides strategic insights for decision makers, especially in terms of optimal capital structure management.
Downloads
References
Astuty, P. (2017). The Influence of Fundamental Factors and Systematic Risk to Stock Prices on Companies Listed in the Indonesian Stock Exchange. In European Research Studies Journal: Vol. XX.
Atiningsih, S., Nurul, ), Pancawardhani, L., & Mohklas, ). (n.d.-a). FOKUS EKONOMI SEBAGAI VARIABEL INTERVENING (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2012-2017).
Baron, R. M., & Kenny, D. A. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research. Conceptual, Strategic, and Statistical Considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Brigham, E. F. H. J. F. (2020). Dasar-Dasar Manajemen Keuangan (Cetakan ketiga).
Chabachib, M., Hersugondo, H., Ardiana, E., & Pamungkas, I. D. (2019a). Analysis of Company Characteristics of Firm Values: Profitability as Intervening Variables. International Journal of Financial Research, 11(1), 60. https://doi.org/10.5430/ijfr.v11n1p60
Christiani, L., Herawaty, V., Magister, ), & Trisakti, A. U. (2019). PERUSAHAAN DENGAN MANAJEMEN LABA SEBAGAI VARIABEL MODERASI. In Seminar Nasional Cendekiawan ke (Vol. 5).
CNN Indonesia. (2020). Corona, Ekonomi China Minus 6,8 Persen pada Kuartal I 2020 Baca artikel CNN Indonesia “Corona, Ekonomi China Minus 6,8 Persen pada Kuartal I 2020” .
Data diolah dari laporan keuangan PT Indofarma Tbk. (2025).
Dewi, K. Y., & Rahyuda, H. (2020). PENGARUH PROFITABILITAS, LIKUIDITAS DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN SEKTOR INDUSTRI BARANG KONSUMSI DI BEI. E-Jurnal Manajemen Universitas Udayana, 9(4), 1252. https://doi.org/10.24843/ejmunud.2020.v09.i04.p02
Dita Tessa Sampriani Limbong, M. C. (2016). ANALISIS PENGARUH STRUKTUR MODAL, PERTUMBUHAN PENJUALAN, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING.
Dyah, P., & Paramitha, P. (2020a). The Role of Profitability in Mediating the Effect of Capital Structure and Liquidity on Firm Value in Food and Beverage Sub-Sector in Indonesian Stock Exchange. Jurnal Ekonomi Dan Bisnis Jagaditha, 7(2), 80–91. https://doi.org/10.22225/jj.7.2.2154.8-19
Eka Putri, D., Nur Ilham, R., Syahputri, A., Tinggi Ilmu Ekonomi Sultan Agung, S., & Tinggi Ilmu Ekonomi Bina Karya, S. (2021). EFEK MEDIASI PROFITABILITAS PADA PENGARUH LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN (Vol. 05, Issue 02).
Eugene F. Brigham. (2016). Financial Management: Theory and Practice.
Febriana Fista, B. (n.d.). Dini Widyawati Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya.
Gusti Bagus Angga PratamaGusti, B. W. (2016). 255140-pengaruh-ukuran-perusahaan-dan-leverage-08c57be4. https://doi.org/Vol.5,No.2,2016:1338-1367
Havizha Salsabilla, A. (n.d.). IJEBA (INTERNATIONAL JOURNAL OF ECONOMIC, BUSINESS AND APPLICATIONS) The Effect of Liquidity and Leverage on Profitability with Investment Opportunity Set as a Moderating Variable in Energy Sector Companies Listed on the Indonesia Stock Exchange 2018-2022. https://ijeba.ejournal.unri.ac.id
IDN Financial. (2025). INAF Harga Saham . IDN Financial.
IMF. (2020). PROSPEK EKONOMI DUNIA. IMF.
Kartika, S., & Kelana, P. (2020a). PENGARUH PERTUMBUHAN PERUSAHAAN DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING Lailatul Amanah Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya.
Kartika, S., & Kelana, P. (2020b). PENGARUH PERTUMBUHAN PERUSAHAAN DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING Lailatul Amanah Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya.
Kementrian Keuangan Republik Indonesia. (2020). Pengaruh Covid-19 Atas Kondisi Sosial Ekonomi Global 2020. KEMENTERIAN KEUANGAN Republik Indonesia.
Kusuma, S. D., Restuningdiah, N., & Handayati, P. (2021a). Effect of Firm Size on Sales Growth with Capital Structure as An Intervening Variable. Journal of International Conference Proceedings, 4(1), 93–103. https://doi.org/10.32535/jicp.v4i1.1131
Lamba, A. B., & Atahau, A. D. R. (2022). Pengaruh Leverage Terhadap Nilai Perusahaan yang Dimediasi Profitabilitas. Reviu Akuntansi Dan Bisnis Indonesia, 6(1), 16–31. https://doi.org/10.18196/rabin.v6i1.12698
Mita Cheryta, A., & Khusniyah Indrawati, N. (2017). The Effect of Leverage, Profitability, Information Asymmetry, Firm Size on Cash Holding and Firm Value of Manufacturing Firms Listed at Indonesian Stock Exchange. International Journal of Research in Business Studies and Management, 4. https://doi.org/10.22259/ijrbsm.0404004
Ni Luh Putu Wiagustini. (2014). Dasar-dasar manajemen keuangan. Denpasar : Udayana University Press., .
Nugroho, M., & Pristiana, U. (2021). MEDIATION OF PROFITABILITY ON LIQUIDITY, ACTIVITY, AND LEVERAGE TOWARDS SHARIA SHARES RETURN. Assets: Jurnal Akuntansi Dan Pendidikan, 10(1), 73. https://doi.org/10.25273/jap.v10i1.8749
Nurrohmah, M. A. (2020). FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN PADA PERUSAHAAN MAKANAN DAN MINUMAN TAHUN 2015-2018. Jurnal Neraca: Jurnal Pendidikan Dan Ilmu Ekonomi Akuntansi, 4(2), 132. https://doi.org/10.31851/neraca.v4i2.3920
Octaviany, A., & Hidayat, S. (2019). Pengaruh Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Riset Inspirasi Manajemen Dan Kewirausahaan, 3(1). https://ejurnal.stimi-bjm.ac.id
Putri, P. A., & Suarjaya, A. A. G. (2024). PERAN PROFITABILITAS MEMEDIASI PENGARUH LEVERAGE DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN. E-Jurnal Manajemen Universitas Udayana, 13(6), 1026. https://doi.org/10.24843/EJMUNUD.2024.v13.i06.p07
Sari, I. A. G. D. M. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences. https://doi.org/10.21744/irjmis.v7n1.828
Sari, M., Diana, H., Tinggi, S., Ekonomi, I., Indonesia, P., Riau, U. I., Com, M. S., & Id, H. U. A. (2019). FINANCIAL RATIO ANALYSIS TO PREDICT THE FINANCIAL DISTRESS CONDITIONS OF PULP AND PAPER COMPANIES LISTED ON THE IINDONESIA STOCK EXCHANGE. In Research In Accounting Journal (Vol. 1, Issue 1). http://journal.yrpipku.com/index.php/raj
Sihombing, L., & Astuty, W. (n.d.). Effect of Capital Structure, Firm Size and Leverage on Firm Value with Profitability as an Intervening Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange. https://doi.org/10.33258/birci.v4i3.2472
Simanjuntak, A., Sembiring, Y. N., Thomas Sumarsan Goh, & Simanullang, N. L. (2023). The Influence Of Capital Structure, Liquidity, And Leverage On Firm Value With Profitability As An Intervening Variable In Automotive Companies Listed On The Indonesia Stock Exchange (IDX) Period 2019 - 2021. Jurnal Ilmiah Accusi, 5(2), 94–109. https://doi.org/10.36985/jia.v5i2.742
Sugiyono ALFABETA. (2017). Metode Penelitian Kuantitatif, Kualitatif R&D.
Sugosha, M. J. (2020). The role of profitability in mediating company ownership structure and size of firm value in the pharmaceutical industry on the Indonesia stock exchange. International Research Journal of Management, IT and Social Sciences. https://doi.org/10.21744/irjmis.v7n1.827
Sukawati & Wahidahwati. (n.d.). PENGARUH KINERJA KEUANGAN DAN EFEKTIVITAS KOMITE AUDIT TERHADAP FINANCIAL DISTRESS.
Sutama, D. R., & Lisa, E. (n.d.). PENGARUH LEVERAGE DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN (Studi pada Perusahaan Sektor Manufaktur Food and Beverage yang terdaftar di Bursa Efek Indonesia).
Yohanson, A. K., & Putra, N. P. (2020). Analisis Pengaruh Rasio Keuangan Terhadap Financial Distress Pada PT Sri Tugu Muda (Lampung) ( Analisis Pengaruh Rasio Keuangan Terhadap Financial Distress Pada PT Sri Tugu Muda (Lampung). In Jurnal Manajemen dan Bisnis (JMB) ISSN (Vol. 1, Issue 1).
Yulimtinan, Z., & Atiningsih, S. (2021). LEVERAGE UKURAN PERUSAHAAN PERTUMBUHAN PENJUALAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI. BALANCE : JURNAL AKUNTANSI DAN BISNIS, 6(1), 69–82. http://jurnal.um-palembang.ac.id/balance
Yulimtinan, Z., Program, ), Akuntansi, S., Bank, S., Jateng, B., Atiningsih, S., & Author, C. (2021). LEVERAGE UKURAN PERUSAHAAN PERTUMBUHAN PENJUALAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI. BALANCE : JURNAL AKUNTANSI DAN BISNIS, 6(1), 69–82. http://jurnal.um-palembang.ac.id/balance
Copyright (c) 2025 Ahmad Faishal Huffazd, Hafiz Dwi Prastian, Maiyaliza Maiyaliza
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.
