The Influence of Capital Structure, Profitability and Firm Size on Company Value
Keywords:
Capital Structure, Profitability, Company Size, Company ValueAbstract
This study aims to empirically prove the influence of capital structure, profitability and company size on the value of companies in the health sector that have been listed on the Indonesia Stock Exchange (IDX) in 2021 - 2023. The sample selection technique was carried out by the purposive sampling method obtained by 14 companies so that the number of samples used was 42 as observation data. This study uses quantitative methods and multiple linear regression analysis processed using the SPSS version 26 program to test the relationship between the variables studied. The results of this study show that capital structure (DAR) has a negative effect on the value of the company, while the capital structure (DER) has no effect on the value of the company. Profitability (ROA and ROE) has no effect on the company's value. The size of the company has no effect on the value of the company.
References
Aldama, N., & Ekonomi, F. (2022). Pengaruh Struktur Modal, Profitabilitas dan Akuntansi Manajemen Lingkungan Terhadap Nilai Perusahaan. Jurnal Ilmiah Manajemen, Ekonomi Dan Bisnis, 1, 91–105. http://ejurnal.provisi.ac.id/index.php/JIMEB
Alfitri, D. N., Nugroho, W. S., & Nurcahyono, N. (2022). The Effect of Environment Performance, Capital Structure, and Company Size on Financial Performance. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 12(2), 175. https://doi.org/10.26714/mki.12.2.2022.175-184
Andrean Kristianto. (2023). Pandemi Akan Berakhir, Laba MEDS Anjlok 99% & Valuasi Mahal! CNBCIndonesia.Com. https://www.cnbcindonesia.com/research/20230315091129-128-421770/pandemi-akan-berakhir-laba-meds-anjlok-99-valuasi-mahal
A’yun, A. Q., Hanum, A. N., & Nurcahyono, N. (2022). Pengaruh Struktur Modal , Likuiditas , dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening Harga Saham Perusahaan Food and Beverage 2017-2021. Prosiding Seminar Nasional UNIMUS, 5, 408–419.
Azahra, S., Marundha, A., & Khasanah, U. (2023). CORPORATE SOCIAL RESPONBILITY, PROFITABILITAS, PENGHINDARAN PAJAK DAN NILAI PERUSAHAAN. JURNAL ECONOMINA, 2(10), 2951–2969. https://doi.org/10.55681/economina.v2i10.927
can, idrus, & sovita, ingra. (2024). JAKBS+Idrus+Can+a,+Ingra+Sovita+b. Jurnal Akuntansi Keuangan Bisnis, 1, 559–574.
Christanty, L., Maharani, B., Nugroho, W. S., & Nurcahyono, N. (2023). Accounting Information Systems and Financial Literacy impact on SMEs ’ Performance. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 13(1), 59–69.
Deva Agustin, W. (2021). PENGARUH LIKUIDITAS, PROFITABILITAS, STRUKTUR MODAL DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN Andayani Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya.
Fitriana, L., Sinarasri, A., & Nurcahyono, N. (2024). Factors Affecting Financial Statement Fraud in Banking Sector: A Agency Perspective. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 14(1), 102. https://doi.org/10.26714/mki.14.1.2024.102-113
Fredirick Nathanael, R., & Ria Panggabean, R. (2020). PENGARUH STRUKTUR MODAL, PROFITABILITAS, LEVERAGE DAN GROWTH OPPORTUNITY TERHADAP NILAI PERUSAHAAN. BALANCE: Jurnal Akuntansi, 17(2), 175–200. https://doi.org/10.25170/balance.v17i2
Haryati, F., Sugiharti, S., Firdaus, F., Purwanto, D., Alfiana, E. W., Bunganaen, N. A. R., & Yulian, A. D. (2024). The Influence of Sales Growth, Capital Structure and Company Size on Company Value: Empirical Study of Food and Beverage Sub-Sector Manufacturing Companies Registered on BEI 2016-2020. International Journal of Economics and Management Sciences, 1(2), 01-18.
Hastuti, I. N., Ery Wibowo, R., & Nurcahyono, N. (2024). The Effect of Capital Adequacy Ratio, Non-Performing Loan and Debt Equity Ratio on Financial Performance. Economics and Business International Conference, 1(1), 13–24. www.idx.co.id
https://www.idnfinancials.com. (2024). Laba bersih Bundamedik merosot tajam hingga 91% pada 2023. IDN.Com. https://www.idnfinancials.com/id/news/49482/bundamediks-profit-downturn#:~:text=Info%20Selengkapnya!,bersih%20perseroan%20pada%20tahun%20sebelumnya.
Ifada, L. M., Ghoniyah, N., & Nurcahyono, N. (2023). How Do Tax Avoidance and Profitability Influence a Firm’S Intrinsic Value? Jurnal Akuntansi Multiparadigma, 14(1), 115–125. https://doi.org/10.21776/ub.jamal.2023.14.1.08
isnaeni, wina ayu, santoso, suryo budi, rachmawati, erny, & santoso, selamet eko budi. (2021). 11720-30639-2-PB. Jurnal Nasional, 1.
Suharti, S., Purnamasari, Y., Mahari, A. P., Astutik, M. P., & Pawiati, S. (2021). The Effect of Financial Ratio in Financial Distress with Firm Size as Moderated Variables (Empirical Study of Manufacturing Sector Companies Listed on The Indonesia Stock Exchange for The 2014-2018 Period). IPTEK Journal of Proceedings Series, (1), 349-352.
Mahanani, H. T., & Kartika, A. (2022). Pengaruh struktur modal, likuiditas, ukuran perusahaan, dan profitabilitas terhadap nilai perusahaan. Jurnal Ilmiah Akuntansi Dan Keuangan, 5(1), 360–372. https://journal.ikopin.ac.id/index.php/fairvalue
maulana, rizky adzan, & mediawati, elis. (2022). PENGARUH PENGUNGKAPAN MODAL INTELEKTUAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN. Jurnal Aset, 14, 223–234. https://doi.org/10.17509/jurnal
Nopianti, R., & Suparno. (2020). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi, 8(1), 51–61. https://doi.org/10.30656/jak.v8i1.2381
Noviyanti, D., & Ruslim, H. (2021). PENGARUH STRUKTUR MODAL, PROFITABILITAS, RASIO AKTIVITAS TERHADAP NILAI PERUSAHAAN.
Nurcahyono, N., & Ifada, L. M. Determinants of Goverment Financial Statement Quality Likelihood in Indonesian. Jurnal ASET (Akuntansi Riset), 16(1), 121-136
Nurcahyono, N., Sinarasri, A., Pamungkas, I. D., & Hanum, A. N. (2023). May intellectual capital and corporate governance reduce the probability of financial distress? Contaduria y Administracion, 70(1), 97–121. https://doi.org/10.22201/fca.24488410e.2025.5169
nurdin, emilia, fitri aman, f, & aqurat, warniyatih nur. (2023). jurnal utama. Jurnal Aset, 15, 221–228. https://doi.org/10.17509/jaset.v15i2
Oktiwiati, E. Dela, & Nurhayati, M. (2020). PENGARUH PROFITABILITAS, STRUKTUR MODAL, DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN (PADA SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2013-2017). MIX: JURNAL ILMIAH MANAJEMEN, 10(2), 196. https://doi.org/10.22441/mix.2020.v10i2.004
Putra, F., & Putra, A. A. (2021). Pengaruh Struktur Kepemilikan Saham, Struktur Modal dan Profitabilitas Terhadap Nilai Perusahaan. In Jurnal Akuntansi Keuangan dan Bisnis (Vol. 14, Issue 1). https://jurnal.pcr.ac.id/index.php/jakb/
Putu, N., Yuniastri, A., Dewa, I., & Kumalasari, P. D. (2021). PENGARUH PROFITABILITAS.
Ristiani, L., & Sudarsi, S. (2022). Analisis pengaruh profitabilitas, likuiditas, ukuran perusahaan, dan struktur modal terhadap nilai perusahaan. Jurnal Ilmiah Akuntansi Dan Keuangan, 5(2), 837–848. https://journal.ikopin.ac.id/index.php/fairvalue
Rahma, A. M., Nurcahyono, N., Sinarasri, A., & Ifada, L. M. (2023, May). Moderating Effects of Institutional Ownership on the Relation Between Capital Structure and Firm Performance. In International Conference on Business, Accounting, Banking, and Economics (ICBABE 2022) (pp. 293-306). Atlantis Press.
Roqijah, I., Nugroho, W. S., & Nurcahyono, N. (2022). The Effect of Profitability, Operating cash flow, Economic Value Added and Firm Size on Stock Return. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 12(2), 164. https://doi.org/10.26714/mki.12.2.2022.164-174
rossa, putu ayu evriella, susandya, anak agung putu gede bagus arie, & suryandari, ni nyoman ayu. (2023). 88-99,+Putu+Ayu+Evriella+Rossa,+Anak+Agung+Putu+Gede+Bagus+Arie+Susandya,+Ni+Nyoman+Ayu+Suryandari. Kumpulan Hasil Riset Mahasiswa Akuntansi (Kharisma), 5, 88–99.
Rukiyanti, R., & Mulyani, M. (2023). PENGARUH PERENCANAAN PAJAK, PENGHINDARAN PAJAK DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN. JURNAL PUNDI, 7(2), 257. https://doi.org/10.31575/jp.v7i2.500
Salsabilla, S., & Rahmawati, M. I. (2021). PENGARUH PROFITABILITAS, GROWTH OPPORTUNITY, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN.
shantiani, ni ketut ayu, gama, agus wahyudi salasa, & astiti, ni putu yeni. (2023). 4.551-563. Jurnal Emas, 4.
suastra, ni luh ayu gragetha tirta dewi, widynyana, wayan, & tahu, gregorius paulus. (2023). 7.+2344-2361. Jurnal Emas, 4, 2344–2361.
Sinarasri, A., & Chariri, A. (2023). Business intelligence, management control systems and startup performance: Empirical study from Indonesia. International Journal of Applied Economics, Finance and Accounting, 16(2), 234-247
Videsia, Y., Wibowo, R. E., & Nurcahyono, N. (2022). Pengaruh Profitabilitas Dan Ukuran Perusahaan Terhadap Ketepatan Waktu Pelaporan Keuangan. Review of Applied Accounting Research, 9(2), 219–228. https://doi.org/10.32534/jpk.v9i2.2407
Wardhani, W. K., Titisari, K. H., & Suhendro, S. (2021). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Dan Good Corporate Governance terhadap Nilai Perusahaan. Ekonomis: Journal of Economics and Business, 5(1), 37. https://doi.org/10.33087/ekonomis.v5i1.264
Wardoyo, D. U., & Fauziah, H. D. (2024). Pengaruh Kepemilikan Institusional, Profitabilitas, dan Struktur Modal Terhadap Nilai Perusahaan. Owner, 8(1), 585–594. https://doi.org/10.33395/owner.v8i1.1840
yulianti, elysa, hermuningsih, sri, & sari, pristin prima. (2022). 2269-4945-1-PB. ECOBISMA ( Jurnal Ekonomi, Bisnis Dan Manajemen, 9, 88–100.
