PENGARUH STRUKTUR MODAL, TATA KELOLA PERUSAHAAN, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

Abstract

This research aims to determine the effect of capital structure, Corporate Governance, and profitability on the firm value of Pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during 2019-2023. The independent variables were capital structure which was referred to as Debt to Equity Ratio (DER), Corporate Governance was referred to as Audit Committee, and profitability was referred to as Return On Asset (ROA). Meanwhile, the dependent variable was firm value which was referred to as Price to Book Value (PBV). The research applies quantitatively. Furthermore, the data were secondary and taken from the official website of the Indonesia Stock Exchange (IDX). The data collection technique used purposive sampling, in which the random sampling with certain criteria. In line with that, there were 44 samples from 9 Pharmaceutical companies listed on IDX during 2019-2023. Moreover, the data analysis technique used multiple linear regression with SPSS 26 versions. The result indicates that 1) capital structure (DER) does not effect on firm value, 2) Corporate Governance (Audit Committee) does not effect firm value, and 3) profitability (ROA) has a positive effect on firm value.