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The Mediating Role of Capital Structure in the Impact of Profitability and Liquidity on Firm Value Astuti, Dwi Puji; Mahmudi, Bambang; Mulyani, Ana Susi
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024): September
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.194

Companies in the property and real estate sectors play a significant role in the economic growth of a country because they are among the sectors that contribute the most to investment realisation in Indonesia. A company's worth is a key indicator of its performance for businesses in the real estate and property industries. The purpose of this study is to determine how profitability and liquidity affect a company's value by using capital structure as an intervening variable. The study will focus on real estate and property sector businesses that are listed on the Indonesian Stock Exchange between 2013 and 2022. Purposive sampling is used in the study, and a sample of 14 samples from 43 property and real estate businesses are used. In this study, the application of SPSS 25 is used as a data analysis tool that will be described with descriptive statistical methods and inferential statistics. The results of the research, obtained in part, show that profitability and capital structure have a significant positive impact on the value of the company. Liquidity has a significant negative impact on company value. Profitability and liquidity have significant negative effects on capital structure. Capital structure is unable to mediate the impact of profitability on the company's value but mediates the effect of profitability on firm value.

Peran Profitabilitas dan Solvabilitas dalam Memediasi Hubungan Antara Ukuran Perusahaan dengan Harga Saham Utami, Khairunnisa Mulyan; Mahmudi, Bambang; Mulyani, Ana Susi
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024): September
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.197

Salah satu kegiatan dalam teknologi keuangan adalah investasi di pasar saham. Harga saham pada sektor Consumer Cyclicals sangat fluktuatif dikarenakan sektor ini rentan terhadap perubahan ekonomi dan siklus bisnis. Salah satu faktor yang mempengaruhi harga saham ialah ukuran perusahaan. Hasil dari ukuran perusahaan justru mengalami tren kenaikan padahal harga sahamnya mengalami fluktuasi. Fenoemena ini bertentangan dengan Signaling Theory dimana seharusnya jika perusahaan memberi sinyal positif kepada calon investor maka harga saham dapat meningkat. Maka dari itu diperlukan variabel lain untuk memediasi ukuran perusahaan terhadap harga saham yaitu profitabilitas dan solvabilitas. Tujuan dari studi ini untuk mengetahui dampak dari Ukuran Perusahaan (X) terhadap Harga Saham (Y) melalui Profitabilitas yang diproksikan dengan Return On Equity (Z1) dan Solvabilitas yang diproksikan dengan Debt to Equity Ratio (DER) sebagai variabel mediasi pada Perusahaan Sektor Consumer Cyclicals yang terdaftar di Bursa Efek Indonesia Periode 2012 – 2022. Metode yang digunakan adalah purposive sampling 29 perusahaan yang menjadi sampel dari 69 total populasi. Uji asumsi klasik, analisis jalur, uji sobel, uji t, dan pengujian data dengan SPSS 20 merupakan teknik analisis data yang digunakan. Hasil pada studi ini menunjukkan bahwa ukuran perusahaan tidak berdampak dan tidak signifikan terhadap harga saham, ukuran perusahaan berdampak positif dan signifikan terhadap profitabilitas, ukuran perusahaan tidak berdampak dan tidak signifikan terhadap solvabilitas, profitabilitas berdampak positif dan signifikan terhadap harga saham, solvabilitas berdampak positif dan signifikan terhadap harga saham, profitabilitas mampu memediasi dampak ukuran perusahaan terhadap harga saham, dan solvabilitas tidak mampu memediasi dampak ukuran perusahaan terhadap harga saham.

The Role of Profitability in Mediating the Relationship Between Liquidity on Stock Prices for the Period 2013-2022 Putra, Rizal Pradana; Mahmudi, Bambang; Suryani, Emma
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024): September
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.198

This study explores how the Net Profit Margin (NPM) acts as an intermediary in the connection between the Current Ratio (CR) and stock returns for companies included in the LQ45 Index over the period from 2013 to 2022. The study population includes all companies within the LQ45 Index, which totals 45 firms. The LQ45 Index features a group of companies with the highest liquidity in their stock performance on the Indonesia Stock Exchange (IDX). To be included, companies must have significant market capitalization, impressive stock performance over time, and strong financial health. Consequently, the LQ45 Index is highly favored by investors. Using Purposive Sampling, the sample is limited to companies that have been continuously listed on the LQ45 Index throughout the 10-year span and have the requisite data, leading to a selection of 19 companies. Analytical methods employed include Descriptive Statistical Analysis, Multiple Linear Regression, Path Analysis, and the Sobel Test, with IBM SPSS25 used for data analysis. In this research, the Current Ratio (CR) serves as the independent variable, Stock Return is the dependent variable, and the Net Profit Margin (NPM) acts as the mediating variable. Findings reveal that the Current Ratio does not significantly impact Stock Return, the Net Profit Margin has a positive and significant effect on Stock Return, the Current Ratio negatively and significantly affects the Net Profit Margin, and the Net Profit Margin fully and significantly mediates the impact of the Current Ratio on Stock Return.

The Role of Capital Structure in Mediating the Effect of Liquidity on Profitability Tinus, Astina; Mahmudi, Bambang; Nurhayati, Enok
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024): September
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.205

The objective of this study is to assess the impact of the Current Ratio (CR) on the Net Profit Margin (NPM), with the Debt-to-Equity Ratio (DER) and Debt-to-Asset Ratio (DAR) serving as intervening variables. This research was conducted due to certain business phenomena that became the focal point of investigation, discrepancies between empirical data and existing theories, and gaps in previous studies that prompted the need for further exploration. This study employs a quantitative research approach, utilizing data collection techniques based on company financial reports through documentation methods. The population of this study comprises all companies listed and consistently included in the Business-27 Index on the Indonesia Stock Exchange (IDX) from 2013 to 2022. A total of 6 companies were selected as samples from the 27 companies available, using purposive sampling methods. Path analysis and the Sobel test were utilized as data analysis techniques in this research. The findings of this study indicate that the CR does not have a significant impact on NPM. However, CR has a negative and significant effect on both DER and DAR. Furthermore, DER and DAR do not have a significant influence on NPM. While DER cannot mediate the relationship between CR and NPM, DAR can mediate this relationship.

Growth and Liquidity on Firm Value : The Role of Mediating Profitability Cahyani, Rahma Mauli; Khaerunnisa, Enis; Mahmudi, Bambang
Jurnal Riset Akuntansi Terpadu Vol 17, No 2 (2024)
Publisher : FEB Universitas Sultan Ageng Tirtayasa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jrat.v17i2.29244

This study aims to determine the effect of Growth and liquidity on firm value with the role of profitability as a mediating variable in food and beverage sub-sector companies listed on the Indonesia Stock Exchange for the period 2014 - 2023. The data collection method used in this study is purposive sampling of food and beverage sub-sector companies listed on the Indonesia Stock Exchange for 2014 - 2023, with a selected sample of 11 companies. Data processing was done using the SPSS application, which used descriptive statistical data analysis techniques and inferential statistics. The results of this study indicate that: (1) Growth as proxied by asset growth has no significant effect on firm value. (2) Liquidity proxied by the current ratio has a significant negative effect on firm value. (3) Profitability proxied by return on assets can mediate the effect of Growth and liquidity on firm value.

PENGARUH UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING Pangesti, Graceta; imron, ali; Mahmudi, Bambang; Hakim, Lukmanul
SULTANIST: Jurnal Manajemen dan Keuangan Vol. 8 No. 2 (2020): Desember
Publisher : Sekolah Tinggi Ilmu Ekonomi Sultan Agung Pematangsiantar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37403/sultanist.v8i2.220

Tujuan penelitian ini menganalisis pengaruh ukuran perusahaan terhadap nilai perusahaan diproksikan dengan Tobin's Q melalui struktur modal yang diproksikan dengan Debt Equity Ratio sebagai variabel intervening perusahaan Indeks LQ-45 terdaftar di BEI periode 2009 - 2018. Populasi perusahaan indeks LQ-45 yang terdaftar di Bursa Efek Indonesia dengan periode penelitian 10 tahun terakhir 2009 sd 2018. Sampel menggunakan metode purposive sampling berjumlah 39 perusahaan. Data berdasarkan publikasi Bursa Efek Indonesia (BEI). Variabel yang digunakan adalah ukuran perusahaan sebagai variabel bebas, nilai perusahaan sebagai variabel terikat, struktur modal sebagai variabel intervening. Pengujian hipotesis menggunakan teknik uji model (path analysis) dengan perangkat versi aplikasi IBM 20. Hasil membuktikan (1) Ukuran perusahaan berpengaruh negatif dan signifikan terhadap nilai perusahaan. (2) Nilai perusahaan berpengaruh positif dan signifikan terhadap struktur modal. (3) Struktur modal tidak berpengaruh positif dan signifikan terhadap nilai perusahaan. (4) Struktur modal mampu memediasi pengaruh ukuran perusahaan terhadap nilai perusahaan

The Effect of Profitability on Company Value with Dividend Policy as an Intervening Variable Lorensia, Maria; Mahmudi, Bambang; Nurhayati, Enok
Indonesian Journal of Innovation Multidisipliner Research Vol. 3 No. 1 (2025): March
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v3i1.326

His research aims to determine the effect of return on assets on firm value through the mediation of dividend payout, while controlling for firm size. This study was conducted due to the presence of business phenomena related to the research topic, inconsistencies between empirical data calculations and theoretical reviews, as well as inconsistencies in previous research, which created a research gap. The study uses a quantitative research approach, with data collected through documentation techniques from company financial reports. The population in this research consists of all companies listed and remaining on the SRI-KEHAI Index of the Indonesia Stock Exchange during the 2013-2022 period. The sample size is 9 companies out of a total population of 30, selected using purposive sampling. The data analysis techniques used in this study are path analysis and the Sobel test. The findings of the study show that: Profitability (ROA) affects firm value (PBV), Dividend policy (DPR) does not affect firm value (PBV), Dividend policy (DPR) affects firm value (PBV), Dividend policy (DPR) fails to mediate the relationship between profitability (ROA) and firm value (PBV), and The instability of the results with the control variable of firm size shows no significant impact on the findings.

The Mediating Role of Dividend Policy in the Influence of Profitability on Firm Value Haq, Hafidz Izzul; Mahmudi, Bambang; Rosyid, Abdul
Indonesian Journal of Innovation Multidisipliner Research Vol. 3 No. 1 (2025): March
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v3i1.334

This study aims to empirically test the effect of profitability on firm value through dividend policy as an intervening variable in raw material sector companies listed on the Indonesia Stock Exchange for the period 2013-2023. The study was conducted because there was a business phenomenon in the research topic, inconsistency of empirical data calculation results with theoretical studies, and inconsistency of previous studies that caused a research gap. The research topic is Firm Value which reflects the present value of expected future income. The dividend policy variable is proxied using the Dividend Payout Ratio (DPR). Profitability is proxied by Return on Assets (ROA), and Firm Value using Price to Book Value (PBV). This research is a type of quantitative research with data collection techniques using documentation techniques derived from the company's financial statements. The research population is a raw material industry sector company with a research period of 11 years. The data analysis technique used in the study is Panel Data Regression and Sobel Test using the Eviews version 12 application with the processed data in the form of panel data. The study shows that profitability does not have a significant effect on firm value, but dividend policy has a negative and significant effect on firm value. The dividend policy variable has a positive and significant effect on firm value. Then, dividend policy is able to mediate the influence of profitability on company value.

The Mediating Effect of Profitability on the Influence of Capital Structure on Firm Value (An Empirical Study on Technology Sector Companies Listed on the Indonesia Stock Exchange for the 2015-2023 Period) GEA, Albrianco Charisma; MAHMUDI, Bambang; SURYANI, Emma
Journal of Governance, Taxation and Auditing Vol. 4 No. 2 (2025): Journal of Governance, Taxation and Auditing (October - December 2025) - In Pre
Publisher : PT Keberlanjutan Strategis Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38142/jogta.v4i2.1528

This research investigates the impact of capital structure on firm value, with profitability serving as a mediating variable, focusing on technology sector firms listed on the Indonesia Stock Exchange between 2015 and 2023. The variables in this study are operationalized using specific indicators: firm value is assessed through the Price to Book Value (PBV), capital structure is measured by the Debt to Equity Ratio (DER), and profitability is represented by Return on Equity (ROE). The study population consists of all technology sector firms listed on the IDX during the stated period, selected using purposive sampling. Data analysis involves descriptive statistics, classical assumption testing, hypothesis testing (t-test), path analysis, and the Sobel test for mediation. The results demonstrate that while capital structure does not exert a direct effect on firm value, it has a significant and favorable influence on profitability. Profitability, in turn, contributes positively to firm value. Additionally, profitability acts as a key intermediary, bridging the relationship between capital structure and firm value.

The Mediating Role of Capital Structure in the Impact of Profitability and Liquidity on Firm Value Astuti, Dwi Puji; Mahmudi, Bambang; Mulyani, Ana Susi
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024): September
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.194

Companies in the property and real estate sectors play a significant role in the economic growth of a country because they are among the sectors that contribute the most to investment realisation in Indonesia. A company's worth is a key indicator of its performance for businesses in the real estate and property industries. The purpose of this study is to determine how profitability and liquidity affect a company's value by using capital structure as an intervening variable. The study will focus on real estate and property sector businesses that are listed on the Indonesian Stock Exchange between 2013 and 2022. Purposive sampling is used in the study, and a sample of 14 samples from 43 property and real estate businesses are used. In this study, the application of SPSS 25 is used as a data analysis tool that will be described with descriptive statistical methods and inferential statistics. The results of the research, obtained in part, show that profitability and capital structure have a significant positive impact on the value of the company. Liquidity has a significant negative impact on company value. Profitability and liquidity have significant negative effects on capital structure. Capital structure is unable to mediate the impact of profitability on the company's value but mediates the effect of profitability on firm value.

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