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All Journal MUARA EKONOMI : Jurnal Ilmiah Ilmu Ekonomi, Manajemen & Bisnis
Wesly Tumbur ML Tobing
Universitas Sains dan Teknologi Komputer Semarang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Dinamika Nilai Perusahaan Perbankan: Peran Debt-To-Equity Ratio Dalam Memoderasi Pengaruh Return On Assets Benny Cuaca; Bambang Widjanarko Susilo; Edy Susanto; Ayu Miranti Kusumaningrum; Rezky Eko Prasetyo; Wesly Tumbur ML Tobing
MUARA EKONOMI : Jurnal Ilmiah Ilmu Ekonomi, Manajemen & Bisnis Vol. 2 No. 3 (2026): Juli : Jurnal Ilmiah Ilmu Ekonomi, Manajemen & Bisnis
Publisher : CV Muara Edukasi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.64365/muanomi.v2i3.493

Abstract

This study aims to examine the effect of profitability (ROA) on firm value (PBV) with capital structure (DER) as a moderating variable in Indonesian banking companies. Using panel data from 15 banking companies for the 2015-2020 period, this study reveals an anomalous phenomenon where an increase in ROA is not always linear with an increase in firm value, and vice versa. Using Partial Least Squares - Structural Equation Modeling (PLS-SEM) with SmartPLS 3 software, the results show that DER significantly moderates the effect of ROA on firm value, but with an asymmetric effect depending on macroeconomic conditions. The novelty of this study is the proposition of the concept of "Conditional Leverage Moderation" which explains how debt acts as a double-edged sword when profitability contracts. This study provides theoretical contributions to the integration of Trade-off Theory and Signaling Theory, as well as practical contributions for bank management in formulating optimal debt limits during crises.
Co-Authors Ayu Miranti Kusumaningrum Bambang Widjanarko Susilo Benny Cuaca Edy Susanto Rezky Eko Prasetyo