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All Journal Kompak : Jurnal Ilmiah Komputerisasi Akuntansi Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal KEUNIS Jurnal Akuntansi dan Pajak Jurnal Ekonomi, Manajemen Akuntansi dan Perpajakan (Jemap) EBSJ MBIA JURNAL EKONOMI SAKTI (JES) JURNAL PUNDI Jurnal Ilmiah Edunomika (JIE) SOLUSI Asian Management and Business Review Jurnal Applied Research in Management and Business Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan Indonesian Accounting Research Journal Jurnal Ilmiah Fokus Ekonomi, Manajemen, Bisnis & Akuntansi (EMBA) Tematik Insight Management And Business International Journal of Management, Business and Social Sciences Jurnal Ekonomi, Manajemen Pariwisata dan Perhotelan Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Ayu Nurafni Octavia
Fakultas Ekonomi, Universitas Semarang
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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How Does Profitability Moderate the Impact of Financial Performance on Firm Value? Widyakto, Adhi; Fresiliasari, Oktavie; Octavia, Ayu Nurafni; Choudury, Masudul Alam; Yusof, Rosylin Mohd
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6742

Abstract

This study investigates the impacts of financial performance—assessed through blockholding, board size, and capital structure (debt-to-equity ratio/DER) variables—on firm value, with profitability (ROA) acting as a moderating variable. Data obtained from a sample of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023 were analyzed using panel data regression analysis in EViews 13. The findings reveal that blockholding exerts a negative and significant influence on firm value, indicating that ownership concentration may lead to agency conflicts and weaken investor confidence. Conversely, DER shows a positive and significant relationship with firm value, suggesting that a sound capital structure can enhance firm performance and signal financial stability to the market. Meanwhile, board size does not have a significant effect on firm value, implying that governance quality is more vital than the number of directors. Furthermore, profitability (ROA) does not moderate the relationship between blockholding, board size, or DER and firm value. These results emphasize that ownership and capital structures remain the key determinants of firm value, and profitability alone cannot strengthen these relationships. This study has practical implications for management and investors seeking to increase firm value through effective governance and optimal capital structure management.
Co-Authors Abda Abda Adriyanto, Andhy Tri Ahmad Sahri Romadon Ahmad Sahri Romadon Amalia, Naini Rizka Anggraeni, Yuli Puspita Anggraini, Ida Ayu Anwar, Zaenul Any Setyarini Any Setyarini Any Setyarini, Any Aprianto, Moch Saiful Ardi, Nada Diana Al Ayunani, Nadila Alya Badruddin Hsubky Bulqis, Tiara Choudury, Masudul Alam Dhiyas Vonny Wulan Febriana Dhiyas Vonny Wulan Febriana Duta Herzego Putra Erlinda, Debby Erwin, Sintia Fadila, Zabrina Destrya Fatmawati, Tika Rellyana Novia Fauziyah, Niswatul Finejuni, Cesar Fitriani, Laili Nur Fresiliasari, Oktavie Hanifah, Risti Ulfi Hapsari, Dini Rahma Putri Hayatun, Rahmi Ika Swasti Putri Indah Dwi Lestari Kusumawati, Citra Andriani Lau, Meliana Putri Liafatra Nurlaily Liafatra Nurlaily Lisa, Miftakhul Khoirul Lisien Al, Alfonsus Ligouri Maharani, Fransisca Mayasari, Dela Anggun Miftahul Ulum Milati, Nela Aini Milati Monica Grasela Sihite Nada Diana Al Ardi Naini Rizka Amalia Nurhalisa, Mutiara Pradiptya, Adhi Prihatini, Puja Priyo Aji Laksono Putri, Bunga Ismaya Putri, Maharani Rahmawati, Maulidda Ramadhan, Gifani Riani, Rizka Romadon, Ahmad Sahri Rosihan, Ahfan Ihza Rustanto, Alfonsus Rendy Sabrina, Bivana C. Sabrina Saputra, Cikal Krisna Saraswati, Diah Cahyani Septiyani, Indah Setiawan, Yuyun Vina Sihite, Monica Grasela Slahanti, Masine Sulistyorini Sulistyorini Sulistyorini Sulistyorini Sulistyorini Sulistyorini Sulistyorini, Sulistyorini Swastika, Arum Triafrizal, Zyira Avian Tyasarila, Sheiny Raka Varadina, Yanuar Vinsentia, Krista Bella Wicaksono, Rizky Agung Widhianingrum, Galuh Widyakto, Adhi Yudha, Muhammad Kurnia Yusof, Rosylin Mohd