PENGARUH STRUKTUR MODAL, PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Abstract

This rescarch used to examine the effectivencess of capital structure by DER (Debt To Equity Ratio) assessment, profitability used ROA (Return On Asset), and firm size used Ln (Logaritma Natural) assessment, while firm value used PBV (Price To Book Value). The rescarch sample used the purposive sampling metode, i.c., sample selection with certain criteria. Furthermore, the analysis used multiple linear regressions analysis with Statistical Product and Service Solution (SPSS) program 20 version. This rescarch used a quantitative method with 15 sampels consisting of food and beverage companies listed on the Indonesia Stock Exchange during the 2017 – 2019 periods. This research showed that (1) capital structure had a positive and significant effect on the firm value. The capital structure was funding policy on the mix determination between debt and equity, which aimed to maximize the firm valu.e (2) Profitability had a positive effect on the firm value because the profitability that gets higher retained earnings increases the firm value would give signaling to investors. (3) Firm size did not affect the firm value because the company had large total assets. Therefore the management is more flexible in using the existing assets in the company, and large total assets also do not guarantee shareholders’ prosperity.
Keywords: capital structure, profitability, firm size, firm value