THE EFFECT OF CAPITAL STRUCTURE, COMPANY GROWTH, AND INFLATION ON FIRM VALUE WITH PROFITABILITY AS INTERVENING VARIABLE (STUDY ON MANUFACTURING COMPANIES LISTED ON BEI PERIOD 2014 - 2018)
DOI:
https://doi.org/10.38035/dijefa.v1i1.226Keywords:
Firm Value, Capital Structure, Company Growth, Inflation, ProfitabilityAbstract
The purpose of this research is to test and analyze the effect of capital structure, company growth, and inflation on firm value with profitability as intervening variable. The population in this research is manufacturing companies listed on the Indonesia Stock Exchange in 2014 - 2018 totaling 174 companies. Determination of the sample is selected by purposive sampling. Out of 174 populations, only 27 samples were selected. The type of research data is panel data. Path analysis was chosen as the method of data analysis. The results shows that partially capital structure has a significant effect on firm value, company growth and inflation have no significant effect on firm value, capital structure has a significant effect on profitability, company growth and inflation have no significant effect on profitability, profitability has a significant effect on firm value. Profitability mediates the effect of capital structure on firm value, profitability does not mediate the effect of company growth and inflation on firm value.
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Addae, Albert Amponsah, Michael Nyarko Baasi, dan Daniel Hughes. (2013). “The Effects of Capital Structure on Profitability of Listed Firms in Ghana”. European Journal of Business and Management, Vol. 5, No. 31.
Adyatmika. (2017). “Pengaruh Inflasi dan Leverage Terhadap Profitabilitas dan Return Saham Pada Perusahaan Manufaktur di Bursa Efek Indonesia”. Tesis. Fakultas Ekonomi dan Bisnis, Program Pascasarjana. Universitas Udayana. Denpasar.
Agustina, Cahyati dan Anindya Ardiansari. (2015). “Pengaruh Faktor Ekonomi Makro dan Kinerja Keuangan Terhadap Nilai Perusahaan”. Management Analysis Journal 4 (1).
Andrian, Jun. (2012). “Pengaruh Struktur Modal, Pertumbuhan Perusahaan, Capital Expenditure dan Insentif Manajer Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening”. Jurnal Bisnis Strategi, Vol. 21, No. 2.
Arowoshegbe, Amos, dan Jeremiah Idialu. (2013). “Capital Structure and Profitability of Quoted Companies in Nigeria”. International Journal of Business and Social Research (IJBSR), Vol. 3, No. 3.
Barakat, Abdallah, dan Hussein Samhan. (2013). “The Effect of Financial Structure, Financial Leverage and Profitability on Industrial Companies Shares Value: Applied Study on a Sample of Saudi Industrial Companies”.
Chisti, Khalid Ashraf, Khursheed Ali, dan Mouh-i-Din Sangmi. (2013). “Impact of Capital Structure on Profitability of Listed Companies (Evidence From India)”. The USV Annals of Economics and Public Administration, Vol. 13, Issue 1 (17).
Dae, Cheysilia Novita dan Mellyza Silvy. (2015). “Pengaruh Faktor Internal dan Eksternal terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia (BEI)”. Artikel Ilmiah, hal 3-19.
Dewi, Ayu Sri Mahatma dan Ary Wirajaya. (2013). “Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan Pada Nilai Perusahaan”. E-Jurnal Akuntansi Universitas Udayana 4.2, hal 358-372.
Dhani, Isabella Permata dan A.A Gde Satia Utama. (2017). “Pengaruh Pertumbuhan Perusahaan, Struktur Modal, dan Profitabilitas Terhadap Nilai Perusahaan”. Jurnal Riset Akuntansi dan Bisnis Airlangga, Vol. 2, No. 1.
Fajri, Gilang Ramadhan, dan Dwi Asih Surjandari. (2016). “The Influence of Profitability Ratios, Capital Structure and Shareholding Structure Against on Value Company (Empirical Study of Coal Mining Companies Listed on the Stock Exchange of Indonesia Year 2011-2013)”. The Accounting Journal of Binaniaga, Vol. 01, No. 02.
Gill, Amarjit, Nahum Biger, dan Neil Mathur. (2011). “The Effect of Capital Structure on Profitability: Evidence from the United States”. International Journal of Management, Vol. 28, No. 4, Part 1.
Hamidah, Hartini, dan Umi Mardiyati. (2015). “Pengaruh Inflasi, Suku Bunga BI, Profitabilitas dan Risiko Finansial terhadap Nilai Perusahaan Sektor Properti Tahun 2011 – 2013”. Jurnal Riset Manajemen Sains Indonesia( JRMSI), Vol. 6, No. 1.
Kartika, Risna. (2016). “Pengaruh Inflasi dan Nilai Tukar Rupiah Terhadap Penyaluran Kredit Pada Bank Umum di Indonesia”. Tesis. Program Studi Magister Manajemen, Program Pascasarjana. Universitas Widyatama. Bandung.
Kho, Budi. (2017). Pengertian PBV (Price to Book Value) dan Rumus PBV. https://ilmumanajemenindustri.com/pengertian-pbv-price-book-value-rumus-pbv/
(Diakses tanggal 5 April 2019).
Mesquita, Jose Marcos Carvalho de, dan Jose Edson Lara. (2015). “Capital Structure and Profitability: The Brazilian Case”.
Mohammadzadeh et al. (2013). “The Effect of Capital Structure on the Profitability of Pharmaceutical Companies The Case of Iran”. Iranian Journal of Pharmaceutical Research, Vol. 12, No. 3, page 573-577.
Mokhova, Natalia, dan Marek Zinecker. (2014). “Macroeconomic Factors and Corporate Capital Structure”. Procedia – Social and Behavioral Sciences, page 530-540.
Parhusip, Hara Agum Gumelar, Topowijono, dan Sri Sulasmiyati. (2016). “Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan (Studi Pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2011-2014)”. Jurnal Administrasi Bisnis (JAB), Vol. 37, No. 2.
Puspita, Novita Santi. (2010). “Analisis Pengaruh Struktur Modal, Pertumbuhan Perusahaan, Ukuran Perusahaan, dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2007 – 2009 (Studi Kasus pada Sektor Industri Food and Beverages)”.
Safrida, Eli. (2008). “Pengaruh Struktur Modal dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Jakarta”. Tesis. Program Studi Akuntansi, Program Pascasarjana. Universitas Sumatera Utara. Medan.
Shubita, Mohammad Fawzi, dan Jaafer Maroof Alsawalhah. (2012). “The Relationship between Capital Structure and Profitability”. International Journal of Business and Social Science, Vol. 3, No. 16.
Suryantini, Ni Putu Santi dan I Wayan Edi Arsawan. (2014). “Pengaruh Faktor Eksternal Terhadap Nilai Perusahaan (PBV) dan Harga Saham Terhadap Perusahaan Manufaktur di Bursa Efek Indonesia”. Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, Vol. 8, No. 2.
Ulya, Himatul. (2014). “Analisis Pengaruh Kebijakan Hutang, Kebijakan Dividen, Profitabilitas, Kinerja Perusahaan dan Keputusan Investasi Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2009-2011”.
Umaiyah, Erwin dan M. Noor Salim. (2018). “Rasio Keuangan, Ukuran Perusahaan, Struktur Modal dan Dampaknya Terhadap Nilai Perusahaan Non Perbankan Kategori LQ-45”. Jurnal Ilmiah Manajemen & Bisnis, Vol. 2, No. 3.
Vatavu, Sorana. (2015). “The Impact of Capital Structure on Financial Performance in Romanian Listed Companies”. Procedia Economics and Finance, page 1314-1322.
Xu, Jin. (2012). “Profitability and Capital Structure: Evidence from Import Penetration”. Journal of Financial Economics.
Zaky, Mubarok Imam, Hartoyo Sri, dan Maulana Tb. Nur Ahmad. (2019). “The Effects of The World CPO Prices, Macroecomony, and Capital Structures on The Profitability of Palm Oil Companies”. RJOAS.
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