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All Journal Jurnal Riset Bisnis dan Manajemen Tirtayasa Indonesian Journal of Innovation Multidisipliner Research
Emma Suryani
Sultan Ageng Tirtayasa University
Chemical Engineering, Chemistry & Bioengineering Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Profitability’s Effect on IDX30 Firm Value: The Role of Capital Structure and Firm Size Ahmad Dika Cavalera Putra Benteng; Wawan Ichwanudin; Emma Suryani
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 4 (2024): Oktober - Desember
Publisher : Institute of Advanced Knowledge and Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i4.212

Abstract

This study investigates the impact of profitability on firm value, with capital structure serving as a mediating variable and firm size as a moderating variable, focusing on companies listed on the Indonesia Stock Exchange's IDX30 index from 2018 to 2022. A quantitative approach is employed to examine the causal relationships, utilizing secondary data from the financial statements of each company, which were sourced from the firms' official websites or the IDX website. A non-probability sampling method was used to select the companies from the IDX30 index during the specified period. The analysis was conducted using panel data, with descriptive statistics and conditional process Hayes analysis performed through SPSS25 and the Hayes Process. The results reveal that profitability has a positive and significant effect on firm value, while also demonstrating a negative and significant impact on capital structure. Furthermore, capital structure positively influences firm value and mediates the relationship between profitability and firm value. Additionally, firm size moderates the effect of profitability on firm value and the impact of capital structure on firm value. These findings provide insights into the interconnected roles of profitability, capital structure, and firm size in determining firm value among IDX30 index listed companies.
The Effect of Liquidty and Profitability on Firm Value with Firm Size as a Moderating Variable (Emprical Study Of Investor33 Index Companies Listed On The Indonesia Stock Exchange For The Period 2015-2024) Zahra Zana Niswah; Emma Suryani
Jurnal Riset Bisnis dan Manajemen Tirtayasa Vol 10, No 1 (2026)
Publisher : Faculty of Economics and Business - Universitas Sultan Ageng Tirtaysa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35448/jrbmt.v10i1.40014

Abstract

This study aims to analyze the effect of liquidity and profitability on firm value and examine the moderating role of firm size in companies included in the Investor33 Index on the Indonesia Stock Exchange during 2015–2024. The study is motivated by the declining trend in firm value despite relatively stable liquidity and profitability, as well as inconsistencies between signaling theory and empirical conditions. This research uses panel data from 17 companies (170 observations) selected through purposive sampling and analyzed using panel data regression and Moderated Regression Analysis (MRA) with STATA 17. The results show that liquidity, proxied by the Current Ratio (CR), has a negative and significant effect on firm value, proxied by Price to Book Value (PBV), indicating that excessive liquidity reflects inefficient asset utilization. Meanwhile, profitability, proxied by Return on Equity (ROE), has a positive and significant effect on firm value, suggesting that a firm’s ability to generate profit serves as an important signal to investors. Furthermore, firm size is proven to moderate the relationship between liquidity and profitability on firm value and is classified as a quasi moderator, indicating that it not only moderates but also has a direct effect on firm value. Keywords: Firm Value; Liquidty; Profitability; Firm Size; Investor33 Index.
Co-Authors Ahmad Dika Cavalera Putra Benteng Wawan Ichwanudin Zahra Zana Niswah