The Effect of Capital Structure and Profitability on Firm Value of Listed Companies Under Indonesia Stock Exchange’s Non-cyclical Consumer Sector

Authors

  • Olivia Georgina Gultom Sam Ratulangi University
  • Herman Karamoy Universitas Sam Ratulangi
  • Sintje Rondonuwu Universitas Sam Ratulangi

DOI:

https://doi.org/10.47312/aar.v7i1.567

Keywords:

Capital Structure, Profitability, Firm Value

Abstract

This study aims to determine the effect of capital structure and profitability on firm value in the consumer non-cyclical sector listed on the Indonesia Stock Exchange for 2016 – 2020 periods. Capital structure is measured by Debt to Equity Ratio (DER), profitability is measured by Return on Equity (ROE), and firm value is measured by Price to Book Value (PBV). This study uses quantitative method with purposive sampling as method of selecting samples. 34 samples of companies were obtained from 98 companies. The data analysis is multiple linear regressions with IBM SPSS 26 as data processing. The results of this study indicate that partially capital structure had a negative effect on firm value, which means the rises on capital structure will reduce the firm value and profitability had a positive effect on firm value, which means increased profitability will increased firm value. Simultaneously capital structure and profitability have a significant effect on firm value.

 

Downloads

Download data is not yet available.

References

Akbar, F., & Fahmi, I. (2020). Pengaruh Ukuran Perusahaan, Profitabilitas, dan Likuiditas Terhadap Kebijakan Dividen dan Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Vol. 5, No. 1, 62-81.

Anggraini, D., & MY, A. (2019). Pengaruh Struktur Modal,Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Management & Accounting Expose Vol. 2, No. 1, 1-9.

Badan Pusat Statistik. (2022, May 09). [2010 Version] GDP at 2010 Version (Billion Rupiahs), 2021. Retrieved May 30, 2022, from bps.go.id: https://www.bps.go.id/indicator/11/65/2/-2010-version-gdp-at-2010-version.html

Brigham, E. F., & F, H. J. (2014). Dasar-Dasar Manajemen Keuangan (11 ed.). Jakarta: Salemba Empat.

Brigham, E. F., & Houston, J. F. (2019). Dasar - Dasar Manajemen Keuangan (14th ed.). Jakarta: Salemba Empat.

Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management. United States: Cengage Learning, Inc.

Bursa Efek Indonesia. (2021, December 30). Tutup Tahun 2021 dengan Optimisme Pasar Modal Indonesia Lebih Baik. Retrieved February 14, 2022, from idx.co.id: https://www.idx.co.id/id-id/berita/press-release-detail/?emitenCode=1632

Dhani, I., & Utama, A. A. (2017). Pengaruh Pertumbuhan Perusahaan, Struktur Modal, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Bisnis Airlangga Vol. 2. No. 1, 135-148.

Farizki, F., Suhendro, & Masitoh, E. (2021). Pengaruh Profitabilitas, Leverage, Likuiditas, Ukuran Perusahaan Dan Struktur Aset Terhadap Nilai Perusahaan. Ekonomis: Journal of Economics and Business, 5(1), 17-22.

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 Edisi 9. Semarang: Badan Penerbit - Undip.

Hakim, L., & Sugianto. (2018). Determinant Profitability and Implications on the Value of the Company: Empirical Study on Banking Industry in IDX. International Journal of Economics and Financial Issues, 8(1), 205-2016.

Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: RajaGrafindo Persada.

Nguyen, T., & Nguyen, V. (2020). The Determinants of Profitability in Listed Enterprises: A Study from Vietnamese Stock Exchange. Journal of Asian Finance, Economics and Business Vol 7 No 1, 47-58.

Okrima, B. (2017). Pengaruh Profitabilitas, Likuiditas, Dan Struktur Modal Terhadap Nilai Perusahaan (Studi Empiris: Pt. Mayora Indah, Tbk. Tahun 2011 – 2015). Jurnal Sekuritas Manajemen Keuangan Vol. 1, No.1, 98-107.

Otoritas Jasa Keuangan. (2022, January 22). Statistik Mingguan Pasar Modal - Januari 2022. Retrieved February 21, 2022, from ojk.go.id: https://www.ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Documents/3.%20STATISTIK%20JANUARI%20MGG%20KE-3%202022.pdf

Perwitasari, A. (2022, January 01). Ini Daftar Indeks Sektoral di BEI Dengan Kinerja Paling Apik Sepanjang Tahun 2021. Retrieved February 21, 2022, from kontan.co.id: https://investasi.kontan.co.id/news/ini-daftar-indeks-sektoral-di-bei-dengan-kinerja-paling-apik-sepanjang-tahun-2021

Priyatama, T., & Pratini, E. (2021). Pengaruh Struktur Modal, Profitabilitas, Likuiditas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Infrastruktur, Utilitas, Dan Transportasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2018). Eksis: Jurnal Ilmiah Ekonomi dan Bisnis, 12(1), 100-106.

Ramdhonah, Z., Solikin, I., & Sari, M. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan,Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2017). JURNAL RISET AKUNTANSI DAN KEUANGAN, 7 (1), 67-82.

Sahara, H., Titisari, K., & Siddi, P. (2022). Pengaruh Ukuran Perusahaan, Profitabilitas, Struktur Modal, Leverage dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Owner: Riset & Jurnal Akuntansi, 322-335.

Saputri, C., & Giovanni, A. (2021). Pengaruh Profitabilitas, Pertumbuhan Perusahaan Dan Likuiditas Terhadap Nilai Perusahaan. Competence : Journal Of Management Studies,Vol 15 No 1, 90-108.

Setiawan, M., Susanti, N., & Nugraha, N. (2021). Pengaruh Struktur Modal, Perputaran Modal Kerja, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Owner: Riset & Jurnal Akuntansi, 208-218.

Sudana, I. M. (2019). Teori & Praktik Manajemen Keuangan Perusahaan. Jakarta: Erlangga.

Sumardika, I. P., & Artini, L. (2020). Determinan Struktur Modal Pada Perusahaan Property And Real Estate Di Indonesia. E-Jurnal Manajemen, Vol.9, No.3, 948-967.

Yanti, I. G., & Darmayanti, N. P. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan Makanan Dan Minuman. E-Jurnal Manajemen, Vol. 8, No. 4, 2297-2324.

Yulianti, E., Hermuningsih, S., & Sari, P. (2022). Pengaruh Struktur Modal, Likuiditas, Ukuran Perusahaan,Dan Profitabilitas Terhadap Nilai Perusahaan. ECOBISMA (Jurnal Ekonomi, Bisnis, dan Manajemen, 88-100.

Downloads

Published

2022-06-30

Issue

Vol. 7 No. 1 (2022): June

Section

Articles

License

Authors who publish with this journal agree to the following terms:

Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.

Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).