PENGARUH STRUKTUR MODAL, LEVERAGE, PROFITABILITAS, DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine and analyze the effect of capital structure, leverage, profitability, and liquidity on firm value. Capital structure was measured by Debt to Equity Ratio, leveragewas measured by Debt to Asset Ratio, profitability was measured by Return On Assets, liquidity measured by Current Ratio, and firm value was measured by Price Book Value. The research was quantitative. The population was Coal Mining companies listed on the Indonesia Stock Exchange (IDX). Technique used purposive sampling, with 18 companies as the sample. In total 54 data samples were taken for 3 years (2020-2022). Furthermore, the data analysis technique used multiple linear regression. The result showed (a) capital structure had a positive effect on firm value. It meant trade-off theory capital structure had not been optimal, but had a positive effect on firm value; (b) leverage had a negative effect on firm value. It showed that higher leverage indicated higher company risk and lower firm value; (c) profitability had a positive effect on firm value. This meant when the company’s profitability increased, it was followed by firm value; (d) liquidity did not affect firm value. Caused by the liquidity only related to the internal company’s condition in paying liability short-term.