PENGARUH PROFITABILITAS DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to find out the effect of profitability and investment decisions on the firm value with capital structure as a moderating variable. The research was quantitative. Moreover, the data collection technique used purposive sampling. In line with that, there were 130 samples from 26 companies. The population was Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) 2017-2021. Furthermore, profitability was referred to as ROA, investment decisions was referred to as CPB/BVA, firm value was referred to as PBV, and capital structure was referred to as DER. The data analysis technique used Moderated Regression Analysis (MRA) with SPSS 26. The result concluded that (1) profitability had a positive effect on firm value. It meant the rise of profitability changed firm value with a significance of 0.000, (2) investment decisions did not affect firm value. This meant investment decisions had insignificant effect on firm value with a significance of 0.592, (3) capital structure moderated the effect of profitability on firm value with a significance of 0.001, and (4) capital structure moderated the effect of investment decisions on firm value with a significance of 0.007.