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All Journal Akuntabel : Jurnal Ekonomi dan Keuangan Business Management Journal Program Studi Manajemen Dynamic Management Journal Jurnal Comparative : Ekonomi Dan Bisnis JURNAL ABDIMAS PLJ Prosiding Simposium Nasional Multidisiplin (SinaMu) Jurnal Penelitian dan Pengabdian Masyarakat Indonesian Journal of Business and Entrepreneurship Research
Andi Kusuma Negara
Universitas Muhammadiyah Tangerang
Humanities Automotive Engineering Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Mechanical Engineering Nursing Physics Public Health Social Sciences Other

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Journal : dynamic management journal

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THE MODERATING ROLE OF PROFITABILITY ON CAPITAL STRUCTURE AND STOCK PRICES: EVIDENCE FROM INDONESIA Andi Kusuma Negara
Dynamic Management Journal Vol. 10 No. 3 (2026): July
Publisher : Universitas Muhammadiyah Tangerang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31000/36y3j578

Abstract

This study examines the moderating role of profitability on the relationship between asset structure and capital structure on stock prices in food and beverage sub-sector companies listed on the IDX during 2019–2023. The novelty lies in using profitability as a moderating variable, rarely tested in this post-pandemic sector, and integrating three financial variables in one model examining direct and interaction effects simultaneously. The population covers all related sub-sector companies, with 21 samples selected through purposive sampling, yielding 105 observations. The analysis employs panel data regression with Fixed Effect Model (FEM) after Chow and Hausman tests, using Eviews 13. The results show capital structure (DER) has a negative significant effect on stock prices, while asset structure has no significant effect. Profitability (ROE) has a positive significant effect. The main finding, which also constitutes the novelty, is that profitability significantly moderates the influence of both asset structure and capital structure on stock prices, indicating that earnings performance reinforces market responses to financing and investment policies. The implications suggest that investors should consider profitability as a reinforcing signal, and management should balance debt usage and profitability efficiency to enhance firm value.
Co-Authors Abdul Karim Dede Sunaryo Febrianto, Hendra Galuh Fitriana, Amalia Indah Hustna Dara Sarra Lena Erdawati Metha Dwi Apriyanti Nining Purwaningsih Sinta Puspita Sari Yanthi Meitry Gunawan