PERAN MEDIASI PROFITABILITAS PADA PENGARUH STRUKTUR MODAL DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN PADA SEKTOR MANUFAKTUR
DOI:
https://doi.org/10.35145/kurs.v11i1.5910Keywords:
Capital Structure, Company Size, Firm Value, Profitability, Struktur Modal, Ukuran Perusahaan, Nilai Perusahaan, ProfitabilitasAbstract
This study aims to analyze the influence of capital structure and firm size on firm value, with profitability as a mediating variable, in the manufacturing sector. The study population comprised manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2018-2023 period, with a sample of 125 companies selected using purposive sampling. Data were analyzed using a Structural Equation Model (SEM) based on Partial Least Squares (PLS). The results of the study show that capital structure and company size have a direct positive and significant effect on firm value. In addition, profitability has been shown to have a positive and significant impact on firm value. The key findings of the study revealed that profitability plays a full mediation role in the relationship between firm size and firm value, as well as a partial mediation role in the relationship between capital structure and firm value.
Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal dan ukuran perusahaan terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi pada sektor manufaktur. Populasi penelitian adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2018-2023, dengan sampel sebanyak 125 perusahaan yang dipilih menggunakan purposive sampling. Data dianalisis dengan Structural Equation Model (SEM) berbasis Partial Least Squares (PLS). Hasil penelitian menunjukkan bahwa struktur modal dan ukuran perusahaan berpengaruh positif dan signifikan secara langsung terhadap nilai perusahaan. Selain itu, profitabilitas terbukti berpengaruh positif dan signifikan terhadap nilai perusahaan. Temuan kunci penelitian mengungkap bahwa profitabilitas berperan sebagai mediasi parsial (partial mediation) dalam pengaruh ukuran perusahaan terhadap nilai perusahaan, begitu juga dalam pengaruh struktur modal terhadap nilai perusahaan.
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