PENGARUH PROFITABILITAS, KEPUTUSAN INVESTASI DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN PADA SEKTOR PERTAMBANGAN BATU BARA YANG TERDAFTAR DI BEI PERIODE 2015-2019

Abstract

This research aimed to analyze the effect of profitability, investment decisions, and capital structure as
the independent variable on the firm value as the dependent variable. Furthermore, profitability was
proxy with Net profit margin, investment decision proxy with Capital expenditure to book value of an
asset, and capital structure proxy with Debt to equity ratio on the firm value proxy with Price to book
value. This was followed by the research sample of milling companies listed on the Indonesia Stock
Exchange in the 2015-2019 periods. The total population of this research used 22 issuers or
companies in the coal mining sector. The sample collection of this research used purposive sampling,
it obtained 7 company samples. This research used quantitative with multiple linear regression
analysis. The research result showed that profitability had a significantly positive effect on the firm
value when the company increases its profit, it would attract the investors to invest in order to increase
the firm value. Furthermore, the investment decision had a significantly positive effect on the firm
value, the greater the investment value conducted by the company it would have the good prospect of
the future therefore it was able to increase the firm value. Moreover, the capital structure had a
significantly negative effect on the firm value, excessive use of debt can cause the value of stock
prices to decrease so that it can influence investors to invest.