PENGARUH STRUKTUR ASET, PERTUMBUHAN ASET, DAN RISIKO BISNIS TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING

Abstract

The investors need to get some information of the firm performance before they decide to invest. This research aimed to examine the effect of asset structure, growth, and business risks on the firm value with capital structure as intervening variable. The research was quantitative. While, the data collection technique used purposive sampling as there were 14 companies as sample. Besides, the data used financial statement of Food and Beverages manufacturing companies which were listed on Indonesia Stock Exchange 2013-2017. Moreover, the data analysis technique used classical assumption test and path analysis which used two structural similarities in order to measure direct or indirect effect of independent variables on dependent variables with intervening variable. The research result concluded the business risks had positive effect on the firm value. On the other hand, the asset structure and growth did not affect on the firm value as it could be seen form two structural similarities 1. Furthermore, from intervening variable, the capital structure could mediated positive effect of asset structure and growth on the firm value. However, the capital structure could not mediate the effect of business risks on the firm value.
Keyword: Asset Structure, Asset Growth, Business Risks, Capital Structure, Firm Value