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Jojor Lisbet Sibarani
Politeknik Negeri Medan, Indonesia
Economics, Econometrics & Finance

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Pengaruh Leverage dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi: Studi pada Perusahaan Sektor Industri di Bursa Efek Indonesia Periode 2020–2023 Anjeli Melita Br Aritonang; Eli Safrida; Jojor Lisbet Sibarani
Owner : Riset dan Jurnal Akuntansi Vol. 9 No. 4 (2025): Artikel Riset Oktober 2025
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v9i4.2806

Abstract

This study examines the effect of leverage and firm size on firm value and investigates the moderating role of profitability in industrial sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. A quantitative approach with a causal associative design was employed, using 72 observations from 18 firms selected through purposive sampling. Data were obtained from annual financial statements and analyzed with Moderated Regression Analysis (MRA) using SPSS 27. The findings reveal that leverage and firm size do not significantly influence firm value, indicating that higher debt ratios or larger firm size alone do not enhance investor perceptions. However, profitability strengthens the relationship between leverage and firm value, while no moderating effect is observed in the link between firm size and firm value. These results contribute to financial literature by reaffirming the importance of profitability as a strategic factor in capital structure decisions. Practically, managers are encouraged to maintain strong profitability to ensure that debt financing strategies are positively perceived by investors and support value creation.
Pengaruh Struktur Modal dan Pertumbuhan Penjualan Terhadap Kinerja Keuangan dengan Ukuran Perusahaan Sebagai Variabel Moderasi Venny Amanda Winanty; Eli Safrida; Jojor Lisbet Sibarani
Owner : Riset dan Jurnal Akuntansi Vol. 9 No. 4 (2025): Artikel Riset Oktober 2025
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v9i4.2812

Abstract

This study aims to determine the effect of capital structure and sales growth on financial performance, with company size as a moderating variable, in consumer goods manufacturing companies listed on the Indonesia Stock Exchange (IDX). This research is supported by Signaling Theory, which explains that financial information conveyed by management through financial reports provides signals to investors regarding the company's condition. The data used are secondary data, consisting of financial reports from consumer goods companies for the 2020–2024 period. The sample was determined using a purposive sampling method, resulting in 220 observations from 44 companies over a five-year period. Data analysis was conducted using descriptive statistics, while hypothesis testing used moderated regression analysis (Moderated Regression Analysis) with the help of SPSS version 27. The results indicate that capital structure has a negative and significant effect on financial performance, such that an increase in capital structure tends to decrease financial performance. Conversely, sales growth has no significant effect on financial performance. Furthermore, company size does not moderate the effect of capital structure or sales growth on financial performance, so company size does not change the strength of the influence of these two independent variables.
Pengaruh Struktur Modal dan Kinerja Keuangan terhadap Nilai Perusahaan dengan Ukuran Perusahaan Sebagai Moderasi Ayu Minarma Pasaribu; Eli Safrida; Jojor Lisbet Sibarani; Anita Putri
Owner : Riset dan Jurnal Akuntansi Vol. 9 No. 4 (2025): Artikel Riset Oktober 2025
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v9i4.2827

Abstract

The volatility of firm value in Indonesia’s consumer non-cyclicals sector in recent years reflects investors’ uncertainty regarding the effectiveness of corporate financial management. Despite the sector’s defensive nature, several leading firms have experienced a decline in stock performance, raising concerns about the role of internal financial factors in determining firm value. This study aims to examine the effect of capital structure and financial performance on firm value, with firm size as a moderating variable. The study employs a quantitative approach using secondary data from the annual reports of 40 consumer non-cyclicals companies listed on the Indonesia Stock Exchange for the 2020–2024 period, resulting in 200 observations. Data were analyzed using Moderated Regression Analysis (MRA) with SPSS version 27. The results show that capital structure (DER) and financial performance (ROA) have a positive effect on firm value. Moreover, firm size strengthens the relationship between financial performance and firm value but fails to moderate the effect of capital structure on firm value. This study fills the gap by providing evidence from the post-pandemic period, focusing on a defensive sector where firm size may no longer signal financial strength effectively. The findings contribute to both theory and practice by emphasizing that managers in the consumer non-cyclicals sector should maintain optimal leverage and profitability to sustain investor confidence and firm value stability.
Co-Authors Anita Putri Anjeli Melita Br Aritonang Ayu Minarma Pasaribu Safrida, Eli Venny Amanda Winanty