IIJSE
Vol 9 No 2 (2026): Sharia Economics

The Effect of Investment Decisions, Funding Decisions, and Firm Size on Firm Value with Profitability as an Intervening Variable in Property and Real Estate Sector Companies Listed on the Indonesia Stock Exchange for the 2022–2024 Period

Wulan Lestari (Universitas Muhammadiyah Pontianak, Pontianak, Indonesia)
Joko Susilo (Universitas Muhammadiyah Pontianak, Pontianak, Indonesia)
Yasir Hudzaifah (Universitas Muhammadiyah Pontianak, Pontianak, Indonesia)



Article Info

Publish Date
03 Sep 2026

Abstract

This study aims to analyze the effect of Investment Decisions, Funding Decisions, and Firm Size on Firm Value with Profitability as an intervening variable in Properties & Real Estate sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. This research uses an associative method with a quantitative approach. The research sample consists of 75 companies with 225 observations selected using purposive sampling techniques. The data were analyzed using panel data regression and the Sobel Test with the assistance of EViews 13. The results show that Investment Decisions, Funding Decisions, and Firm Size simultaneously have a significant effect on Profitability. Partially, Investment Decisions and Firm Size have a positive and significant effect on Profitability, while Funding Decisions have a negative and significant effect on Profitability. Investment Decisions, Funding Decisions, Firm Size, and Profitability simultaneously also have a significant effect on Firm Value. Partially, Investment Decisions, Funding Decisions, and Profitability have a positive and significant effect on Firm Value, while Firm Size has a negative and significant effect. The Sobel Test results indicate that Profitability is able to significantly mediate the effect of Investment Decisions, Funding Decisions, and Firm Size on Firm Value. These findings emphasize that the company's ability to generate profits plays an important role in explaining the relationship between financial decisions and firm size on Firm Value.

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Journal Info

Abbrev

iijse

Publisher

Subject

Economics, Econometrics & Finance

Description

The Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) is Sharia Economics Journal published by Sharia Economics Department Institut Pesantren KH. Abdul Chalim, Mojokerto. The Journal focuses on the issues of Sharia Economics, the History of Islamic Economic Thought, Islamic Law, Local ...