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Journal : EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS)

Profitabilitas Memediasi Struktur Modal dan Ukuran Perusahaan Terhadap Nilai Perusahaan Subsektor Food And Beverage Carolyn, Callysta; Indah, Nopiani
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 2 (2025): November 2025
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i2.8400

Abstract

This study aims to analyze the extent to which capital structure and firm size influence firm value through profitability as a mediating variable in the food and beverage sector listed on the Indonesia Stock Exchange. The study involved 95 companies, with 47 companies selected as the research sample using purposive sampling technique. The statistical analysis approach was conducted using EViews 13 software. Data analysis employed the Fixed Effect Model, along with classical assumption tests (multicollinearity and heteroscedasticity tests), hypothesis testing (coefficient of determination, multiple linear regression, F-test, and t-test), and the Sobel test. The findings of the study indicate that capital structure on profitability is 0.00 <0.05 with a t-statistic of -8.67 and company size on profitability with a probability result of 0.00 <0.05 and a t-statistic of -3.09, this states that capital structure and company size have a negative effect. Other research results also revealed that capital structure and profitability have a positive effect on company value, with the results of the probability of capital structure being 0.00 <0.05 and t-statistic 6.66 and the probability of profitability being 0.00 <0.05 and t-statistic 5.91. While company size has no effect on company value with a probability of 0.1873> 0.05 and t-statistic 1.32. In the Sobel test, it was stated that the results of profitability were able to mediate capital structure and company size on company value, while the test results on the capital structure variable were -4.88> t-table and company size were -2.74> t-table.
Determinan Nilai Perusahaan: Profitabilitas sebagai Variabel Mediasi di Sektor Makanan dan Minuman Indah, Nopiani
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 1 (2025): August 2025
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i1.7957

Abstract

This study investigates the factors influencing firm value within the Indonesian food and beverage industry, specifically highlighting profitability's mediating role. The main goal is to identify the direct and indirect impacts of capital structure, asset growth, and firm size on both profitability and firm value. This quantitative research used a causality approach, analyzing secondary data from the annual financial reports of 48 food and beverage companies listed on the Indonesia Stock Exchange between 2018 and 2022. Data analysis was conducted using eViews 13. The results showed interesting findings: capital structure negatively affected profitability but positively influenced firm value. This suggests there's an optimal way companies should get their funding. Interestingly, asset growth and firm size didn't significantly affect profitability or firm value directly. Furthermore, profitability, as a mediating factor, didn't significantly connect the influence of capital structure, asset growth, or firm size to firm value. These findings imply that how a company's value is created is complex, and other factors, like good management and future opportunities, might be more important.