The Relationship Between Capital Structure and Profitability with Firm Value (A Study of LQ45 Index Companies Listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 Period)

Ni Putu Lilis Febriyanti; Henny Triyana Hasibuan

doi:10.61132/ijema.v2i4.853

Authors

Ni Putu Lilis Febriyanti Udayana University
Henny Triyana Hasibuan Udayana University

DOI:

https://doi.org/10.61132/ijema.v2i4.853

Keywords:

Capital-Structure, Profitability, Firm-Value

Abstract

Firm value is a fundamental indicator of a company's success in generating shareholder wealth and is often presumed to be influenced by various internal factors, including capital structure and profitability. This study aims to empirically examine the relationship between capital structure and profitability with firm value. A quantitative approach was employed using an associative research design. The study population included all companies listed in the LQ45 Index on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. Using a saturated sampling technique, a total of 135 observational data points were initially obtained. After eliminating 12 outlier data points, the final sample consisted of 123 observations. The research utilized secondary data in the form of annual financial statements of the sample companies, which were downloaded from the official IDX website (www.idx.co.id). To test the proposed hypotheses, the data were analyzed using multiple linear regression with the SPSS application. The results show that capital structure does not have a significant relationship with firm value (p-value = 0.064). This finding indicates that, in the context of this study, the company's debt-to-equity composition does not significantly affect its perceived value in the market. However, profitability was found to have a positive and significant relationship with firm value (p-value = 0.003). This suggests that profitability serves as an effective signal for investors in determining firm value, while capital structure does not. In practical terms, company management is advised to focus on enhancing profitability and strengthening business fundamentals, innovation, and good corporate governance as value drivers. Meanwhile, investors are encouraged to conduct a more comprehensive analysis, placing greater emphasis on profitability.

Downloads

Download data is not yet available.

References

Alghifari, E. S., Solikin, I., Nugraha, N., Waspada, I., Sari, M., & Puspitawati, L. (2022). Capital Structure, Profitability, Hedging Policy, Firm Size, and Firm Value: Mediation and Moderation Analysis. Journal of Eastern European and Central Asian Research (JEECAR), 9(5), 789–801. https://doi.org/10. 15549/jeecar.v9i5.1063

Alifian, D., & Susilo, D. E. (2024). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan Dan Struktur Modal Terhadap Nilai Perusahaan. Owner: Riset & Jurnal Akuntansi, 8(1), 46–55. https://doi.org/10.33395/owner.v8i1.1914

Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org /dx.doi.org/10.24018/ ejbmr.2022.7.3.1405

Brigham, F. E., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan (Edisi 14). Salemba Empat.

Clarinda, L., Susanto, L., & Dewi, S. (2023). Pengaruh Profitabilitas, Struktur Modal, Pertumbuhan Perusahaan, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Multiparadigma Akuntansi, V(1), 2099–2108.

Damayani, K. A., & Wirawati, N. G. P. (2022). Profitabilitas, Likuiditas, Ukuran Perusahaan dan Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 32(1), 17–29. https://doi.org/10.24843/EJA.2022.v32.i01.p02

Damayanti, R., & Sucipto, A. (2022). The Effect Of Profitability, Liquidity, And Leverage On Firm Value With Dividend Policy As Intervening Variable (Case Study on Finance Sector In Indonesian Stock Exchange 2016-2020 Period). International Journal of Economics, Business and Accounting Research (IJEBAR), 6(2), 863. https://doi.org/10.29040/ijebar.v6i2.5363

Denziana, A., & Monica, W. (2016). Analisis Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang Tergolong LQ45 Di BEI Periode 2011-2014). Jurnal Akuntansi & Keuangan, 7(2), 241–254.

Dewi, G. A. M. S., & Abundanti, N. (2020). Effect Of Profitability On Firm Value With Dividend Policy As A Mediation Variables In Manufacturing Companies. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(11), 330–335.

Doorasamy, M. (2021). Capital structure, firm value and managerial ownership: Evidence from East African countries. Investment Management and Financial Innovations, 18(1), 346–356. https://doi.org/10.21511/imfi.18(1) .2021.28

Fitria, G. N., & Bintara, R. (2023). Pengaruh Struktur Modal, Kepemilikan Institusional, Dan Profitabilitas Terhadap Nilai Perusahaan. JURNAL AKUNTANSI, 3(1), 16–27.

Fridayanti, I. A. W., Novitasari, N. L. G., & Widhiastuti, N. L. P. (2023). Pengaruh Likuiditas, Profitabilitas, Pertumbuhan Perusahaan, Ukuran Perusahaan dan Struktur Modal terhadap Nilai Perusahaan Pada Perusahaan LQ45 yang terdaftar di BEI Tahun 2018-2021. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 5(1), 13–23.

Ghaeli, M. R. (2017). Price-to-earnings ratio: A state-of-art review. Accounting, 3, 131–136. https://doi.org/10.5267/j.ac.2016.7.002

Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25. Badan Penerbit Universitas Diponegoro.

Ghozali, I. (2020). 25 Grand Theory: 25 Teori Besar Ilmu Manajemen, Akuntansi Dan Bisnis (Untuk Landasan Teori Skripsi, Tesis Dan Disertasi). Yoga Pratama.

Hapsoro, D., & Falih, Z. N. (2020). The Effect of Firm Size, Profitability, and Liquidity on The Firm Value Moderated by Carbon Emission Disclosure. Journal of Accounting and Investment, 21(2), 240–257. https://doi.org/ 10.18196/jai.2102147

Harsono, S. B., & Susanto, L. (2023). The Effect of Profitability, Capital Structure, Assets Structure, and Firm Age on Firm Value. International Journal of Application on Economics and Business, 1(3), 1050–1061. https://doi.org/ 10.24912/ijaeb.v1i3.1050-1061

Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, VII(Issue 1), 174–191. https://doi.org/10.35808/ijeba/204

Indasari, A. P., & Yadnyana, I. K. (2018). Pengaruh Profitabilitas, Growth Opportunity, Likuiditas, Dan Struktur Modal Pada Nilai Perusahaan. E-Jurnal Akuntansi, 22(1), 714–746. https://doi.org/10.24843/EJA.2018.v22 .i01.p27

Kasmir. (2019). Pengantar Manajemen Keuangan (Edisi Kedua). PRENAMEDIA GROUP.

Krisnando, & Novitasari, R. (2021). Pengaruh Struktur Modal, Pertumbuhan Perusahaan, dan Firm Size terhadap Nilai Perusahaan Pada Perusahaan Consumer Goods yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2017-2020. Jurnal Akuntansi dan Manajemen, 18(02), 71–81. https://doi. org/10.36406/jam.v18i02.436

Marcelina, V., Samin, S., & Sitanggang, K. (2019). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur yang Listing di BEI. Jurnal Akuntansi Universitas Jember, 17(1), 13–27. https://doi. org/10.19184/jauj.v17i1.9804

Margaretha, F. (2014). Dasar-dasar Manajemen Keuangan. Dian Rakyat.

Meliani, L. A., & Ariyanto, D. (2021). Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19. E-Jurnal Akuntansi Universitas Udayana, 31(10), 2503–2517. https://doi.org/10.24843/EJA.2021.v31.i10.p08

Natsir, K., & Yusbardini, Y. (2020). The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable. Advances in Economics, Business and Management Research, 145. https://doi.org/10. 2991/aebmr.k.200626.040

Ngoc Hung, D., Duc Cuong, P., & Thi Bich Ha, V. (2018). Effects of Financial Statements Information on Firms’ Value: Evidence from Vietnamese Listed Firms. Investment Management and Financial Innovations, 15(4), 210–218. https://doi.org/10.21511/imfi.15(4).2018.17

Oktaviarni, F., Murni, Y., & Suprayitno, B. (2018). Pengaruh Profitabilitas, Likuiditas, Leverage, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Perusahaan Sektor Real Estate, Properti, dan Konstruksi Bangunan yang Terdaftar di Bursa Efek Indonesia Tahun 2014-2016). Jurnal Akuntansi Universitas Jember, 16(2), 83–97.

Pradnyawati, S., & Putri, I. G. A. M. A. D. (2024). Struktur Modal, Leverage, CSR Disclosure, Nilai Perusahaan, dan Perusahaan Sub Sektor Farmasi. E-Jurnal Akuntansi, 34(6), 1566–1578. https://doi.org/10.24843/EJA.2024.v34.i06. p17

Purba, J. T., & Africa, L. A. (2019). The Effect of Capital Structure, Institutional Ownership, Managerial Ownership, and Profitability on Company Value in Manufacturing Companies. The Indonesian Accounting Review, 9(1), 27–38. https://doi.org/10.14414/tiar.v9i1.1619

Purwanti, T. (2020). The Effect of Profitability, Capital Structure, Company Size, and Dividend Policy on Company Value on the Indonesia Stock Exchange. International Journal of Seocology, 01(02), 60–66. https://doi.org/10.290 40/seocology.v1i02.9

Purwohandoko. (2017). The Influence of Firm’s Size, Growth, and Profitability on Firm Value with Capital Structure as the Mediator: A Study on the Agricultural Firms Listed in the Indonesian Stock Exchange. International Journal of Economics and Finance, 9(8), 103–110. https://doi.org/ 10.5539/ijef.v9n8p103

Putu, S. D., & Hasibuan, H. T. (2022). Peran Good Corporate Governance dalam Memoderasi Pengaruh Penghindaran Pajak dan Profitabilitas Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 32(10), 3114–3127. https://doi.org/10.24843/EJA.2022.v32.i10.p15

Rahma, D. M., & Lastanti, H. S. (2023). Pengaruh Perataan Laba dan Struktur Modal Terhadap Nilai Perusahaan dengan Risiko Pasar sebagai Variabel Moderasi. Jurnal Akuntansi Trisakti, 10(1), 1–14. https://doi.org/10.25105 /jat.v10i1.16233

Ramadhan, J. A., & Rahayuningsih, D. A. (2019). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan pada Perusahaan Non Keuangan di Indonesia. Jurnal Bisnis dan Akuntansi, 21(1a–2), 153–162.

Ramadhanti, I. T., & Fidiana. (2023). Pengaruh Struktur Modal, Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi, 12(3), 1–25.

Rasyid, C. A. M. P., Indriani, E., & Hudaya, R. (2022). Pengaruh Corporate Social Responsibility dan Struktur Modal Terhadap Nilai Perusahaan dengan Ukuran Perusahaan dan Profitabilitas sebagai Variabel Moderasi pada Perusahaan Pertambangan. Jurnal Aplikasi Akuntansi, 7(1), 136–156. https://doi.org/10.29303/jaa.v7i1.146

Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economic, 8(1), 23–40.

Santiani, N. P. (2019). Pengaruh Intellectual Capital dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Akuntansi (JAK), 13(2), 69–78. https://doi.org/10. 37058/jak.v13i2.844

Sartono, A. (2016). Manajemen Keuangan Teori dan Aplikasi (Edisi 4). BPFE.

Sintyana, I. P. H., & Artini, L. G. S. (2019). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(2), 7717–7745. https://doi.org/10.24843/EJMUNUD.2019.v8.i2.p7

Sitepu, N. R., & Wibisono, C. H. (2015). Pengaruh Kebijakan Dividen, Kebijakan Leverage Dan Profitabilitas Terhadap Nilai Perusahaan (Perusahaan Manufaktur Yang Terdaftar Di BEI Pada Tahun 2009-2013). E-Jurnal Universitas Atma Jaya Yogyakarta, 1–14.

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355. https://doi.org/10.2307/1882010

Sudrajat, J., & Setiyawati, H. (2021). Role of Firm Size and Profitability on Capital Structures and Its Impact Over Firm Value. Dinasti International Journal of Economics, Finance & Accounting, 2(1), 13–27. https://doi.org/10.380 35/dijefa.v2i1.737

Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.

Susesti, D. A., & Wahyuningtyas, E. T. (2022a). Pengaruh Profitabilitas, Leverage, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan LQ45 Pada Bursa Efek Indonesia Periode 2018-2020). Accounting and Management Journal, 6(1), 36–49. https://doi.org/10. 33086/amj.v6i1.2821

Susesti, D. A., & Wahyuningtyas, E. T. (2022b). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan LQ45 Pada Bursa Efek Indonesia Periode 2018-2020). Accounting and Management Journal, 6(1), 36–49. https://doi.org/10.33 086/amj.v6i1.2821

Sutisna, P., & Suteja, J. (2020). Kebijakan Dividen, Hutang, dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Kontemporer, 12(1), 31–36. https://doi.org/10.23969/jrak.v12i1.4043

Syahla, E., & Mochtar, R. A. F. (2024). Pengaruh Profitabilitas, Likuiditas, Kepemilikan Manajerial, dan Kebijakan Dividen Pada Nilai Perusahaan. Jurnal Akuntansi dan Ekonomika, 14(2), 281–288. https://doi.org/10.37 859/jae.v14i2.8190

Tanggo, R. R., & Taqwa, S. (2020). Pengaruh Profitabilitas, Kualitas Laba Dan Keputusan Investasi Terhadap Nilai Perusahaan. Jurnal Eksplorasi Akuntansi (JEA), 2(4), 3828–3839. https://doi.org/10.24036/jea.v2i4.321

Utama, M. S. (2016). Aplikasi Analisis Kuantitatif. C.V. Sastra Utama.

Utami, I. (2019). Pengaruh Struktur Modal Terhadap Nilai Perusahaan (Studi Kasus Terhadap Sub Sektor Perdagangan Eceran Yang Terdaftar di BEI Tahun 2011-2015). JASa (Jurnal Akuntansi, Audit dan Sistem Informasi Akuntansi), 3(3), 389–397.

Utami, N. C. R., & Astika, I. B. P. (2024). Profitabilitas, Arus Kas Bebas, dan Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 34(4), 1053–1064. https://doi.org/10.24843/EJA.2024.v34.i04.p19

Uzliawati, L., Yuliana, A., Januarsi, Y., & Santoso, M. I. (2018). Optimisation of Capital Structure and Firm Value. EUROPEAN RESEARCH STUDIES JOURNAL, XXI(Issue 2), 705–713. https://doi.org/10.35808/ersj/1034

Wawuru, L. R., Stephanie, Rajagukguk, R. H., & Purba, M. I. (2019). Pengaruh Profitabilitas, Investment Decisions, Financial Performance, dan Devidend Policy terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2012-2016. Owner, 3(2), 148–163. https://doi.org/10.33395/owner.v3i2.126

Zulkifli. A.F, A. (2025). Pengaruh Pengungkapan CSR, Emisi Karbon dan Struktur Modal Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi. Jurnal Akuntansi Trisakti, 12(1), 129–146. https://doi.org/10. 25105/v12i1.21518