AKRUAL: Jurnal Akuntansi
Vol 17 No 02 (2026): AKRUAL: Jurnal Akuntansi

Does Profitability Moderate the Relationship Between Firm Size, Capital Structure, CSR, and Firm Value?

Wulan Retnowati (Accounting Departement, Faculty of Economics, Universitas Sultan Ageng Tirtayasa)
Apriyanti Apriyanti (Management Departement, Faculty of Economics and Business, Universitas PGRI Madiun)
Amaury Capdeville Chapuzet (Lycée Polyvalent Jean Monnet ,Avenue du Lycée Français)



Article Info

Publish Date
01 Apr 2026

Abstract

Introduction/Main Objectives: This study aimed to determine the effect of firm size, capital structure, and corporate social responsibility (CSR) on firm value by using profitability as a moderation variable. It also incorporated control variables including liquidity in real estate, construction, and property companies recorded on the IDX (Indonesia Stock Exchange) from 2017 to 2021. Research Methods: With purposive sampling, 40 companies were selected for analysis. Furthermore, data collection was conducted through documentation studies and the data were further analysed by multiple linear regression. Results / Findings: The findings showed that the firm size possessed no effect on the firm value while capital structure affected the firm value. Additionally, CSR affected the firm value and profitability moderated the relationship between firm size and value. Profitability further moderated the relationship between capital structure and firm value but did not moderate CSR against firm value. Conclusions: The results indicated that firm size did not have an impact on the firm value while capital structure and CSR had a substantial impact on firm value. Profitability was also found to moderate the relationship between firm size and firm value, as well as the relationship between capital structure and firm value. However, profitability did not moderate the relationship between CSR and firm value.

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Journal Info

Abbrev

aj

Publisher

Subject

Economics, Econometrics & Finance

Description

AKRUAL: Jurnal Akuntansi is a peer-reviewed journal that is managed and published by Department of Accounting, Universitas Negeri Surabaya. AKRUAL is published periodically (twice a year) in April and October with six articles each time published (12 articles per year). AKRUAL: Jurnal ...