PENGARUH PROFITABILITAS DAN STRUKTUR MODAL PADA NILAI PERUSAHAAN: UKURAN PERUSAHAAN SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to examine and analyze the effect of profitability and capital structure on firm value. Also, it aimed to examine the role of firm size as a moderating variable. The capital structure was measured by Debt to Equity Ratio (DER), profitability was measured by Return On Asset (ROA), and firm value was measured by Price to Book Value (PBV). Moreover, the research was quantitative. Furthermore, the population was Food and Beverages manufacturing companies which were listed on Indonesia Stock Exchange during 2015-2018. Additionally, the data collection technique used purposive sampling, with 14 companies fulfilling the criteria as samples. For the hypothesis testing, it used multiple linear regression and Moderated Regression Analysis (MRA). In addition, the research result concluded that as follows: (a) capital structure had a negative effect on firm value, (b) profitability had a positive effect on firm value, (c) firm size moderated the effect of profitability positively on firm value, and (d) firm size moderated the effect of capital structure positively on firm value.