PENGARUH STRUKTUR MODAL, KEPUTUSAN INVESTASI, DAN KEPUTUSAN OPERASI TERHADAP NILAI PERUSAHAAN

Abstract

A firm value is an investor’s perception of the company that relates to the stock price. This research aims to examine the effect of capital structure (Debt to Asset Ratio), investment decisions (Return On Investment), and operational decisions (Total Asset Turnover) on firm value. The population consists of Coal Mining companies listed on the Indonesia Stock Exchange during 2019-2023. Furthermore, the data collection technique used purposive sampling. In line with that, 14 companies that were regularly had net profit in a row. The data were in the form of companies’ financial statements and were taken from the official website of the Indonesia Stock Exchange (IDX), and Gallery of Indonesia Stock Exchange (GIBEI) STIESIA Surabaya. Moreover, the data analysis technique used the classical assumption test and multiple linear regression with SPSS version 26.0. The result shows that the regression model has fulfilled the requirement of BLUE (Best Linear Unbiased Estimator) in which there was no heteroscedasticity, multicollinearity, and autocorrelation symptoms. Also, the data were distributed normally. Additionally, the multiple regression indicates that capital structure (Debt to Asset Ratio) and investment decisions (Return On Investment) have a positive effect on firm value. However, operational decisions (Total Asset Turnover) did not affect firm value.
Keywords: capital structure, investment decisions, operational decisions, and firm value.