The Influence of Profitability on Firm Value with Capital Structure as The Mediator
Abstract: The purpose of this research was to determine the direct and indirect effect of profitability on firm value using capital structure as a mediator. This involves using panel data from 44 companies listed on LQ45 as of 31st December 2015-2018 and analyzed using the path analysis method inclu...
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| Format: | Article |
| Language: | Indonesian |
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Universitas Negeri Yogyakarta
2020-10-01
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| Series: | Jurnal Economia |
| Subjects: | |
| Online Access: | https://journal.uny.ac.id/index.php/economia/article/view/30405 |
| _version_ | 1828484097866989568 |
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| author | Novi Mubyarto |
| author_facet | Novi Mubyarto |
| author_sort | Novi Mubyarto |
| collection | DOAJ |
| description | Abstract: The purpose of this research was to determine the direct and indirect effect of profitability on firm value using capital structure as a mediator. This involves using panel data from 44 companies listed on LQ45 as of 31st December 2015-2018 and analyzed using the path analysis method including Sobel Test and Bootstrapping technique. The results showed a positive and significant direct effect of profitability on firm value while the indirect effect using capital structure as a mediator between the two variables was found to be negative and significant. Moreover, the direct influence of capital structure on firm value was discovered to be negative and significant while the introduction of profitability variables in the relationship led to a positive and significant influence. Similarly, the direct effect of profitability on firm value using capital structure as the controlling variable was also found to be positive and significant.
Keywords: firm value, capital structure, profitability
Pengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Struktur Modal Sebagai Mediator
Abstrak: Tujuan dari penelitian ini adalah untuk mengkaji bagaimana pengaruh langsung profitabilitas terhadap nilai perusahaan, dan pengaruh tidak langsung melalui struktur modal sebagai mediator. Menggunakan data panel dari 44 perusahaan yang tercatat di LQ45 per tanggal 31 Desember selama periode 2015 sampai 2018. Metode analisis yang digunakan adalah metode analisis jalur (Path Analysis), dengan Teknik Sobel Test dan Bootsrapping. Hasil riset membuktikan bahwa terdapat pengaruh langsung yang positif dan signifikan antara profitabilitas terhadap nilai perusahaan. Namun, jika dilihat secara tidak langsung pengaruh profitabilitas terhadap nilai perusahaan melalui struktur modal sebagai mediator adalah negatif dan signifikan. Selanjutnya, pengaruh langsung profitabilitas terhadap struktur modal adalah negatif dan signifikan. Sementara ketika dikontrol oleh variabel profitabilitas, pengaruh struktur modal terhadap nilai perusahaan positif dan signifikan. Begitu pula dengan pengaruh langsung profitabilitas terhadap nilai perusahaan dengan mengontrol variabel struktur modal juga positif dan signifikan.
Kata kunci: nilai perusahaan, struktur modal, profitabilitas |
| first_indexed | 2024-12-11T08:50:03Z |
| format | Article |
| id | doaj.art-40a1b63c96aa4e39aa226712d3146ff9 |
| institution | Directory Open Access Journal |
| issn | 1858-2648 2460-1152 |
| language | Indonesian |
| last_indexed | 2024-12-11T08:50:03Z |
| publishDate | 2020-10-01 |
| publisher | Universitas Negeri Yogyakarta |
| record_format | Article |
| series | Jurnal Economia |
| spelling | doaj.art-40a1b63c96aa4e39aa226712d3146ff92022-12-22T01:14:01ZindUniversitas Negeri YogyakartaJurnal Economia1858-26482460-11522020-10-0116218419910.21831/economia.v16i2.3040513807The Influence of Profitability on Firm Value with Capital Structure as The MediatorNovi Mubyarto0FEBI UIN STS JambiAbstract: The purpose of this research was to determine the direct and indirect effect of profitability on firm value using capital structure as a mediator. This involves using panel data from 44 companies listed on LQ45 as of 31st December 2015-2018 and analyzed using the path analysis method including Sobel Test and Bootstrapping technique. The results showed a positive and significant direct effect of profitability on firm value while the indirect effect using capital structure as a mediator between the two variables was found to be negative and significant. Moreover, the direct influence of capital structure on firm value was discovered to be negative and significant while the introduction of profitability variables in the relationship led to a positive and significant influence. Similarly, the direct effect of profitability on firm value using capital structure as the controlling variable was also found to be positive and significant. Keywords: firm value, capital structure, profitability Pengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Struktur Modal Sebagai Mediator Abstrak: Tujuan dari penelitian ini adalah untuk mengkaji bagaimana pengaruh langsung profitabilitas terhadap nilai perusahaan, dan pengaruh tidak langsung melalui struktur modal sebagai mediator. Menggunakan data panel dari 44 perusahaan yang tercatat di LQ45 per tanggal 31 Desember selama periode 2015 sampai 2018. Metode analisis yang digunakan adalah metode analisis jalur (Path Analysis), dengan Teknik Sobel Test dan Bootsrapping. Hasil riset membuktikan bahwa terdapat pengaruh langsung yang positif dan signifikan antara profitabilitas terhadap nilai perusahaan. Namun, jika dilihat secara tidak langsung pengaruh profitabilitas terhadap nilai perusahaan melalui struktur modal sebagai mediator adalah negatif dan signifikan. Selanjutnya, pengaruh langsung profitabilitas terhadap struktur modal adalah negatif dan signifikan. Sementara ketika dikontrol oleh variabel profitabilitas, pengaruh struktur modal terhadap nilai perusahaan positif dan signifikan. Begitu pula dengan pengaruh langsung profitabilitas terhadap nilai perusahaan dengan mengontrol variabel struktur modal juga positif dan signifikan. Kata kunci: nilai perusahaan, struktur modal, profitabilitashttps://journal.uny.ac.id/index.php/economia/article/view/30405firm valuecapital structureprofitability |
| spellingShingle | Novi Mubyarto The Influence of Profitability on Firm Value with Capital Structure as The Mediator Jurnal Economia firm value capital structure profitability |
| title | The Influence of Profitability on Firm Value with Capital Structure as The Mediator |
| title_full | The Influence of Profitability on Firm Value with Capital Structure as The Mediator |
| title_fullStr | The Influence of Profitability on Firm Value with Capital Structure as The Mediator |
| title_full_unstemmed | The Influence of Profitability on Firm Value with Capital Structure as The Mediator |
| title_short | The Influence of Profitability on Firm Value with Capital Structure as The Mediator |
| title_sort | influence of profitability on firm value with capital structure as the mediator |
| topic | firm value capital structure profitability |
| url | https://journal.uny.ac.id/index.php/economia/article/view/30405 |
| work_keys_str_mv | AT novimubyarto theinfluenceofprofitabilityonfirmvaluewithcapitalstructureasthemediator AT novimubyarto influenceofprofitabilityonfirmvaluewithcapitalstructureasthemediator |