Profitabilitas Memediasi Determinan Nilai Perusahaan Sektor Industri yang Terdaftar di BEI

Victor Victor (Universitas Widya Dharma Pontianak, Pontianak)
Nopiani Indah (Universitas Widya Dharma Pontianak, Pontianak)

EKONOMI, KEUANGAN, INVESTASI DAN SYARIAH (EKUITAS)
Vol 7 No 4 (2026): May 2026

This study aims to examine the influence of managerial decisions and firm value with profitability as a mediating variable, as well as re-examine the inconsistency of previous research results on the influence of investment decisions, capital structure, and firm size on firm value. This study is relevant considering the urgency of maximizing shareholder value amidst capital market uncertainty. This study is quantitative, data testing using Eviews 13. The study population includes companies listed on the Indonesia Stock Exchange for the period 2020 to 2024. A purposive sampling technique was used to select the sample, resulting in observational data from 44 companies that met the criteria. Data analysis was conducted using the panel data regression method to estimate the research model. This study shows that capital structure has a positive effect on firm value with a t-statistic of 6,301345 and a probability value of 0,0000 <0,05, and profitability has a positive effect on firm value with a t-statistic of 2.720395 and a probability value of 0.0072. In the mediation test, profitability was only able to mediate the relationship between capital structure and firm value with a probability of 0,0070 < 0,05. Meanwhile, profitability was unable to mediate the relationship between investment decisions with a probability of 0,2259 > 0,05, and was unable to mediate the relationship between firm size and firm value with a probability of 0,2460 > 0,05. The results of this study open up opportunities for future researchers to consider other indicators when testing investment decision variables besides physical assets. Management also needs to optimize capital structure to maintain a balance between tax protection benefits and profit generation efficiency. This research contributes to identifying the role of profitability as a validation instrument for corporate funding policy signals in the Indonesian capital market. For future research, further researchers are advised to expand the scope of industrial sectors to improve research results.