PENGARUH STRUKTUR MODAL, PERTUMBUHAN PERUSAHAAN, DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Abstract

This research examines the effect of capital structure, company growth, and firm size on the firm value of Consumption Goods industries listed on the Indonesia Stock Exchange (IDX). The capital structure was measured by Debt to Equity Ratio (DER), company growth was measured by Total Assets Growth (TAG), firm size was measured by SIZE, and firm value was measured by Price to Book Value (PBV). The research was quantitative. Furthermore, the data collection technique used purposive sampling. In line with that, 27 companies from 43 Consumption Goods industries were selected as the samples listed on the IDX during 2020-2023. Moreover, the data analysis technique used multiple linear with SPSS 25. The result shows that (1) capital structure has a positive effect on firm value. It is caused by the usage of debt that is still under the optimal point where companies can balance benefits and costs, (2) the company’s growth has a negative effect on firm value. This is because the company is in the development phase, so more profits are allocated for its growth than dividend payments, (3) the firm size has a negative effect on firm value. It happens as the company’s performance lacks efficiency. Therefore, a company with big assets cannot use optimally its assets.