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All Journal Jurnal Akuntansi & Auditing Indonesia Kajian Akuntansi Widya Akuntansi dan Keuangan Jurnal Cafetaria Jurnal Aktiva : Riset Akutansi dan Keuangan Akuntansi Prima Kompeten: Jurnal Ilmiah Ekonomi dan Bisnis Intelektual : Jurnal Penelitian Dosen Akuntansi JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, dan Akuntansi
Purnamasari, Atika
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Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Social Sciences Other

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DYNAMICS OF INTERNAL EQUILIBRIUM: EFFECTIVENESS OF CAPITAL STRUCTURE IN MODERATING COMPANY CHARACTERISTICS IN RELATION TO LQ45 INDEX VALUE M. Imam Suswandoyo; Muh. Rays; Yohanes August Goenawan; Atika Purnamasari
Jurnal Widya Akuntansi dan Keuangan Vol 8 No 2 (2026): Widya Akuntansi dan Keuangan
Publisher : UNHI Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32795/6a9s0h25

Abstract

This study aims to examine how profitability, liquidity, and firm size influence firm value, with capital structure as a moderating variable for this relationship. The scope of this study is LQ45 companies listed on the Indonesia Stock Exchange (IDX). The data used in this study were obtained from audited financial statements in the form of secondary data and annual reports for the period 2020 to 2024. The sampling approach used a purposive sampling approach and resulted in 170 company data for a five-year period. The results show that firm value is not significantly affected by profitability. Liquidity and firm size have a significant negative effect on firm value. Capital structure cannot moderate the effect of liquidity on firm value, but it can strengthen the effect of profitability on firm value and weaken the effect of firm size on firm value. This study strengthens the understanding of signaling theory and internal corporate characteristics in the context of large companies in the LQ45 index. This study provides a new perspective that, in the context of large companies in the Indonesian capital market, the quality of the financing structure determines the strength of the signal to the market more than traditional financial characteristics.
CAPITAL STRUCTURE AS A STRATEGIC MODERATOR OF THE FINANCIAL PERFORMANCE–FIRM VALUE RELATIONSHIP: EVIDENCE FROM IDX-IC EXTRACTIVE ENERGY COMPANIES IN INDONESIA Erdy Riahman Damanik; Sukiranto; Atika Purnamasari; Merida
Jurnal Widya Akuntansi dan Keuangan Vol 8 No 2 (2026): Widya Akuntansi dan Keuangan
Publisher : UNHI Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32795/r77vtc87

Abstract

This study investigates the effect of financial performance on firm value, with capital structure serving as a moderating variable, in mining and extractive energy companies classified under the Indonesia Stock Exchange Industrial Classification (IDX-IC) during the 2020–2024 period. The research aims to address the existing literature gap regarding the moderating role of capital structure in the relationship between financial performance and firm value within capital-intensive industries characterized by commodity price volatility and global economic uncertainty. A quantitative research approach was employed using a purposive sampling technique, resulting in a final sample of 16 companies or 80 firm-year observations. The data were analyzed using Statistical Package for the Social Sciences (SPSS) version 25, including classical assumption tests, t-test, F-test, coefficient of determination (Adjusted R²), and Moderated Regression Analysis (MRA). The findings reveal that financial performance, measured by Return on Assets (ROA), has a positive and significant effect on firm value, measured by Tobin's Q. Furthermore, capital structure, proxied by the Debt-to-Equity Ratio (DER), significantly strengthens the relationship between financial performance and firm value. These findings indicate that an optimal capital structure enhances the positive impact of profitability on firm value by improving investor confidence in the company's financial performance and financing decisions.
Co-Authors Andrean Eko Haryoko Deta Oktavia Erdy Riahman Damanik Husin Husin Husin Husin, Husin Intan Agustin Khrisna Anggun Yuliana M. Imam Suswandoyo Mau Dhea Sari Merida Muh. Rays Muh. Rays Ng Husin Petty Aprilia Sari Popong Suryani Purwanti Purwanti Riahman Damanik, Erdy Sari, Petty Aprilia Suhariyanto Sukiranto Sumaryo Sumaryo Sumaryo Wahyu Nur Novita Ningsih Yohanes August Goenawan Yohanes August Goenawan, Yohanes August Yuliana Badren