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Profitability as a Mediating Factor in the Effect of Capital Structure on Stock Prices: An Empirical Study of Companies Listed in the MNC36 Index on the Indonesia Stock Exchange. Widyawati, Silvia; Akhmadi, Akhmadi; Khaerunnisa, Enis
Journal of Economics, Management, Accounting and Computer Applications Vol. 2 No. 2 (2025)
Publisher : Institute Of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/jemaca.v2i2.47

Abstract

This study examines the role of profitability in influencing capital structure on stock prices in companies listed on the MNC36 Index. The population in this study were MNC36 Index companies for the 2018-2023 period. The sample used in this study was 9 companies, determined using a purposive sampling technique, resulting in a total of 54 observational data. The analysis techniques used in this study were descriptive statistics, classical assumption tests, multiple regression, and hypothesis testing using SPSS 23 analysis tools. The results show that capital structure significantly affects stock prices and profitability, but profitability does not mediate the relationship, and firm size does not significantly control stock price variations. These findings suggest that debt management remains important to investor perceptions. Future research should consider sectoral contexts and alternative variables.
DETERMINAN PROFITABILITAS DAN IMPLIKASINYA TERHADAP NILAI PERUSAHAAN DENGAN LEVERAGE SEBAGAI VARIABEL INTERVENING Alfiana, Dede; Ichwanudin, Wawan; Khaerunnisa, Enis
Jurnal Maneksi (Management Ekonomi Dan Akuntansi) Vol. 12 No. 1 (2023): Jurnal Maneksi (Management Ekonomi Dan Akuntansi)
Publisher : Politeknik Negeri Ambon

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31959/jm.v12i1.1265

Abstract

This research was conducted with the aim of knowing the ability of leverage to mediate the implications of profitability on firm value, with sales growth and cash turnover as determinants of profitability. The population in this study are companies from the trade, service and investment sectors in the tourism sub-sector, restaurants and hotels listed on the Indonesia Stock Exchange (IDX) for the period 2016 to 2020 with a total population of 19 companies. The antecedent variable of company growth is proxied by sales growth and the activity ratio is proxied by Cash Turnover, the independent variable of profitability is measured using ROE (Return on Equity), the dependent variable of company value is proxied by PBV (Price Book Value), and the intervening variable Leverage is proxied by DER (Debt to Equity Ratio). This study uses secondary data obtained from ICMD (Indonesian Capital Market Directory) for 2016-2020. Testing was carried out using SPSS. The results showed that sales growth has a positive effect on profitability, cash turnover has a positive effect on profitability, profitability has a positive effect on leverage, leverage has a positive effect on firm value, profitability has a negative effect on firm value, leverage mediates profitability on firm value..