Analysis the Role of Profitability in Moderating the Effect of Capital Structure, Investment Decisions, Liquidity and Firm Size on Firm Value
DOI:
https://doi.org/10.33506/sl.v14i3.4754Keywords:
Capital Structure, Investment Decision, Liquidity, Firm Size, Firm Value, ProfitabilityAbstract
This study aims to determine the impact of capital structure, investment decisions, liquidity, and firm size on firm value with profitability as a moderating variable. This study uses quantitative methods with secondary data from companies listed on the Indonesia Stock Exchange. The population in this study is infrastructure companies listed on the Indonesia Stock Exchange from 2021 to 2024. The sample was determined using a purposive sampling technique with a total of 112 observations. This study uses panel data regression analysis with the STATA 17 application. The result of data processing states that capital structure influences firm value. Investment decisions, liquidity, and company size cannot influence the value of the company in the infrastructure sector. Profitability is able to moderate the effect of capital structure and investment decisions on firm value. Still, it is unable to moderate the effect of liquidity and firm size on firm value. This study proves that to increase firm value, management must be able to manage capital and increase company profits to attract investors.
References
Setkab, “RAPBN 2021: Anggaran Pemulihan Ekonomi Rp356 Triliun Ada 6 Fokus Alokasi.”
Kemenpupr, “Kementerian PUPR Optimalkan Penggunaan Produk Dalam Negeri Pembangunan Infrastruktur.”
M. . Rusmini et al., “Bangkitnya Perekonomian Indonesia Pasca Covid-19,” J. Ekon. Bisnis Dan Kewirausahaan, vol. 12, no. 1, pp. 59–75, 2023, [Online]. Available: https://www.jurnal.usahidsolo.ac.id/index.php/IAB/article/view/1327/952
Y. Yuwono, “Investasi Saham Blue Chip Pada Masa Pandemi Covid-19 Di Indonesia,” Media Mahard., vol. 19, no. 2, pp. 244–254, 2021, doi: 10.29062/mahardika.v19i2.252.
A. E. Yuswandani, N. Tubastuvi, A. Fitriati, A. Darmawan, and P. Jaroenwanit, “Profitability As a Moderator: Assessing The Influence of Capital Structure, Investment The Influence of Capital Structure, Investment Decision, And Firm Size On Firm Value,” Ris. Akunt. dan Keuang. Indones., vol. 9, no. 1, pp. 125–137, 2023, doi: 10.23917/reaksi.v9i1.4044.
Budi Gautama Siregar, Muhammad Salman, and Aswadi Lubis, “Optimalisasi Struktur Modal Dengan Trade Off Theory Pada Bank Umum Syariah,” J. Penelit. Ekon. Akunt., vol. 8, no. 2, pp. 264–278, 2024, doi: 10.33059/jensi.v8i2.10663.
S. Indrarini, Nilai Perusahaan Melalui Kualitas Laba: (Good Governance dan Kebijakan Perusahaan). Surabaya: Scopindo Media Pustaka, 2019.
H. Fachri Ramadhan, S. Budi Santoso, I. Fakhruddin, and H. Pramono, “Pengaruh Corporate Social Responsibility (CSR), Ukuran Perusahaan dan Nilai Perusahaan Terhadap Kinerja Keuangan (Studi Pada Perusahaan Yang Termasuk Dalam Indeks Saham Syariah IDX Growth Sharia Tahun 2021-2023),” J. Account. Financ. Manag., vol. 5, no. 6, pp. 1723–1733, 2025, doi: 10.38035/jafm.v5i6.1392.
S. L. Y. Prastyatini, U. H. Chaerunnisak, and M. K. B. Sitepu, “Profitability: Capital Structure and Firm Growth on Firm Value,” Proceeding Int. Conf. Account. Financ., vol. 2, no. 2019, pp. 848–856, 2024, [Online]. Available: https://journal.uii.ac.id/inCAF/article/view/32768
S. Syamsudin, I. Setiadi, D. Santoso, and E. Setiany, “Capital structure and investment decisions on firm value with profitability as a moderator,” J. Ris. Akunt. dan Keuang. Indones., vol. 5, no. 3, pp. 287–295, 2020, [Online]. Available: https://doi.org/10.23917/reaksi.v5i3.13217
J. D. Silvia and E. Wuryani, “The Role of Profitability in Mediating The Effect of Capital Structure And Firm Growth on The Firm Value of Transportation And Logistics Companies Setor,” J. Revenue J. Akunt., vol. 5, no. 1, pp. 365–386, 2024.
L. Chynthiawati and J. Jonnardi, “Pengaruh Profitabilitas, Leverage, Pertumbuhan Perusahaan, Dan Likuiditas Terhadap Nilai Perusahaan,” J. Paradig. Akunt., vol. 4, no. 4, pp. 1589–1599, 2022, doi: 10.24912/jpa.v4i4.21390.
Rita Mulyani and Retno Fuji Oktaviani, “Analysis of Funding and Investation Decisions To the Value of Company With Profitability As Moderation in Pharmacy Sub-Sector Companies Before and During the Covid-19 Pandemic,” J. Ekon. Syariah, Akunt. dan Perbank., vol. 6, no. 2, pp. 224–236, 2022, doi: 10.52490/jeskape.v6i2.515.
G. Silaturahmi and M. Novitasari, “Pengaruh Kebijakan Dividen Dan KeputusanInvestasi Terhadap Nilai Perusahaan DenganProfitabilitas Sebagai Variabel Moderasi PadaPerusahaan Industri Sektor Barang KonsumsiYang Terdaftar Di Bursa Efek Indonesia,” Semin. Inov. Manaj. Bisnis dan Akunt., vol. 4, no. September, pp. 1–16, 2022.
L. P. N. Sartini and I. B. A. Purbawangsa, “Pengaruh Keputusan Investasi, Kebijakan Dividen, Serta Keputusan Pendanaan Terhadap Nilai Perusahaan Manufaktur Di Bursa Efek Indonesia,” J. Manajemen, Strateg. Bisnis dan Kewirausahaan, vol. 8, no. 2, pp. 81–91, 2014.
J. Suteja, A. Gunardi, E. S. Alghifari, A. A. Susiadi, A. S. Yulianti, and A. Lestari, “Investment Decision and Firm Value: Moderating Effects of Corporate Social Responsibility and Profitability of Non-Financial Sector Companies on the Indonesia Stock Exchange,” J. Risk Financ. Manag., vol. 16, no. 1, 2023, doi: 10.3390/jrfm16010040.
A. Kurniawati, S. Wahyuni, A. Fitriati, and N. I. Inayati, “The Effect of Capital Structure, Institutional Ownership, Liquidity, and Diversification Strategy on Financial Performance,” Indones. J. Bus. Anal., vol. 2, no. 2, pp. 111–128, 2022, doi: 10.55927/ijba.v2i2.1602.
Fatimah and F. Idayati, “Pengaruh Profitabilitas, Likuiditas, dan Leverage terhadap Nilai Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia,” J. Ilmu dan Ris. Akunt., vol. 13, no. 5, pp. 1–23, 2024.
C. K. Saputri and A. Giovanni, “Pengaruh Profitabilitas, Pertumbuhan Perusahaan Dan Likuiditas Terhadap Nilai Perusahaan,” Competence J. Manag. Stud., vol. 15(1), pp. 90–108, 2021.
D. R. Sari and W. Sri, “Pengaruh Kualitas Audit, Pertumbuhan Perusahaan, Likuiditas dan Solvabilitas terhadap Opini Audit Going Concern pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2011-2013,” Kompartemen J. Ilm. Akunt., vol. XII, no. 1, pp. 69–80, 2014.
A. N. Harfani and D. H. Nurdiansyah, “Pengaruh Likuiditas, Solvabilitas, Dan Profitabilitas Terhadap Nilai Perusahaan,” J. Econ. Bussines Account., vol. 5, no. 1, pp. 497–505, 2021, doi: 10.31539/costing.v5i1.2818.
F. Oktaviarni, “Pengaruh Profitabilitas, Likuiditas, Leverage, Kebijakan Dividen, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan,” J. Akunt., vol. 9, no. 1, pp. 1–16, 2019, doi: 10.33369/j.akuntansi.9.1.1-16.
S. F. Bon and S. Hartoko, “The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value,” Eur. J. Bus. Manag. Res., vol. 7, no. 3, pp. 7–13, 2022, doi: 10.24018/ejbmr.2022.7.3.1405.
I. P. Sukarya and I. G. K. Baskara, “The influence of profitability, leverage and liquidity on company value in the food and beverage sub-sector,” J. Manaj., vol. 8, no. 1, pp. 7399–7428, 2019, [Online]. Available: https://ekonomi.bisnis.com
R. I. Gusniadi, Rita Friyani, and Fredy Olimsar, “The Effect of Disclosure on Sustainability Reporting, Company Size, Profitability and Leverage on The Value of Companies Included in The LQ45 Index For 2020-2022,” Indones. J. Econ. Manag. Sci., vol. 1, no. 6, pp. 853–870, 2024, doi: 10.55927/ijems.v1i6.7068.
M. Munawarah, R. Marpaung, and G. Octavia, “Pengaruh Kebijakan Dividen, Ukuran Perusahaan, Struktur Modal terhadap Nilai Perusahaan pada Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2015-2017,” Ekon. J. Econ. Bus., vol. 4, no. 2, p. 376, 2020, doi: 10.33087/ekonomis.v4i2.178.
S. Sartono and T. Ratnawati, “Faktor-Faktor Penentu Struktur Modal,” DiE J. Ilmu Ekon. dan Manaj., vol. 11, no. 01, 2020, doi: 10.30996/die.v11i01.3403.
C. Karaca, W. Mensi, and E. Gemici, “Inverted U-shaped dynamics of capital structure and firm value: Evidence from an emerging market,” Borsa Istanbul Rev., no. May, 2025, doi: 10.1016/j.bir.2025.05.010.
T. H. Pustika, D. Hariyanto, and H. Safitri, “The Effect of DER, Firm Size, and CR on PBV with ROE as an Intervening Variable,” J. Manaj. Bisnis, vol. 13, no. 2, pp. 289–305, 2022, doi: 10.18196/mb.v13i2.13922.
D. Kusnadi, N. Sunardi, and Sugiyanto, “The Influence of Capital Structure, Company Growth and CompanySize on Company Value With Profitability as A Moderation Variable,” J. Investment, Dev. Econ. Account., vol. 1, no. 1, pp. 73–94, 2024, [Online]. Available: https://ojs.ideanusa.com/index.php/JIDEA
Aulia Pramesti and Nera Marinda Machdar, “Pengaruh Kapitalisasi Pasar, Kebijakan Deviden Dan Kebijakan Hutang Terhadap Tingkat Pengembalian Saham Yang Dimoderasi Profitabilitas,” Optim. J. Ekon. dan Manaj., vol. 4, no. 1, pp. 01–10, 2023, doi: 10.55606/optimal.v4i1.2530.
L. A. Rahmanissa and D. Isynuwardhana, “Pengaruh Earning Per Share, Price to Book Value, Volume Perdagangan Saham, dan Nilai Kapitalisasi Pasar terhadap Return Saham,” SEIKO J. Manag. Bus., vol. 4, no. 3, pp. 216–226, 2022, doi: 10.37531/sejaman.v4i3.2493.
A. Sufiyati, “Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Dan Keputusan Investasi Terhadap Nilai Perusahaan,” J. Paradig. Akunt., vol. 2, no. 1, p. 358, 2020, doi: 10.24912/jpa.v2i1.7164.
N. P. A. P. Priastuti, N. P. Y. Mendra, and I. P. E. Arizona, “Pengaruh Pertumbuhan Perusahaan, Profitabilitas, Keputusan Investasi, Keputusan Pendanaan, Dan Likuiditas Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2022,” Kumpul. Has. Ris. Mhs. Akunt., vol. 6, no. 2, pp. 426–441, 2024.
M. Jihadi, E. Vilantika, S. M. Hashemi, Z. Arifin, Y. Bachtiar, and F. Sholichah, “The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia,” J. Asian Financ. Econ. Bus., vol. 8, no. 3, pp. 423–431, 2021, doi: 10.13106/jafeb.2021.vol8.no3.0423.
F. Amaliyah and E. Herwiyanti, “Pengaruh Keputusan Investasi, Ukuran Perusahaan, Keputusan Pendanaan dan Kebijakan Deviden Terhadap Nilai Perusahaan Sektor Pertambangan,” J. Penelitan Ekon. dan Bisnis, vol. 5, no. 1, pp. 39–51, 2020, doi: 10.33633/jpeb.v5i1.2783.
P. Christiaan, “Pengaruh Ukuran Perusahaan Dan Leverage Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening (Studi Pada Perusahaan Sektor Industri Barang Konsumsi),” AkMen J. Ilm., vol. 19, no. 1, pp. 37–50, 2022, doi: 10.37476/akmen.v19i1.2439.
A. Sartono, Manajemen Keuangan Teori dan Aplikasi, Edisi ke 4. Yogyakarta: BPFE, 2010.
N. P. Osazuwa and A. Che-Ahmad, “The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms,” Soc. Responsib. J., vol. 12, no. 2, pp. 295–306, 2016, doi: 10.1108/SRJ-03-2015-0034.
M. A. Sari, L. N. Wati, and B. Rahardjo, “Peran Profitabilitas dalam Memoderasi Pengaruh Struktur Modal dan Kebijakan Dividen Terhadap Nilai Perusahaan pada Perusahaan Sub Sektor Food and Beverages di BEI Periode 2014-2018,” J. Akunt., vol. 9, no. 1, pp. 2301–4075, 2020, [Online]. Available: http://ejournal.stiemj.ac.id/index.php/akuntansi
T. P. Susilo, “The Effect of Liquidity on Firm Value with Profitability as Moderating Variable,” J. Econ. Financ. Manag. Stud., vol. 05, no. 12, pp. 3763–3768, 2022, doi: 10.47191/jefms/v5-i12-38.
Y. E. Kartika and N. L. P. Wiagustini, “The effect of liquidity and company size on company value with profitability as a moderation variable,” Indones. J. Multidiscliinary Sci., 2024.
D. N. Gujarati and D. C. Porter, Basic econometrics. McGraw-hill, 2009.
I. Ghozali, Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23, Edisi Kede. Semarang: Universitas Diponegoro, 2016.
D. Hoechle, “Robust standard errors for panel regressions with cross-sectional dependence,” Stata J., vol. 7, no. 3, pp. 281–312, 2007, doi: 10.1177/1536867x0700700301.
M. Riki, N. Tubastuvi, A. Darmawan, and I. Y. Rahmawati, “Struktur Modal, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Moderasi,” J. Akad. Akunt., vol. 5, no. 1, pp. 62–75, 2022, doi: 10.22219/jaa.v5i1.19409.
R. Hulasoh and H. Mulyati, “Pengaruh Total Asset Turnover, Return on Investment Dan Price Earning Ratio Terhadap Nilai Perusahaan,” Kompartemen J. Ilm. Akunt., vol. 19, no. 2, p. 60, 2022, doi: 10.30595/kompartemen.v19i2.10282.
A. L. Fajriah, A. Idris, and U. Nadhiroh, “Pengaruh Pertumbuhan Penjualan, Pertumbuhan Perusahaan, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan,” J. Ilm. Manaj. dan Bisnis, vol. 7, no. 1, pp. 1–12, 2022, doi: 10.38043/jimb.v7i1.3218.
S. D. Nuryani, A. Wijayanti, and E. Masitoh, “Pengaruh Internal dan Eksternal Perusahaan terhadap Nilai Perusahaan pada Perusahaan Properti dan Real Estate,” Ekon. J. Econ. Bus., vol. 5, no. 1, p. 191, 2021, doi: 10.33087/ekonomis.v5i1.199.
B. Simorangkir and N. Nurhasanah, “THE Analisis Pengaruh Rasio Likuiditas, Solvabilitas, Profitabilitas, dan Aktivitas Terhadap Nilai Perusahaan pada Perusahaan yang Tergabung dalam Indeks LQ45 Di Bursa Efek Indonesia Periode 2012 – 2015,” Syntax Lit. ; J. Ilm. Indones., vol. 6, no. 4, p. 1616, 2021, doi: 10.36418/syntax-literate.v6i4.2234.
H. T. Rejeki and S. Haryono, “Pengaruh Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Di Indonesia,” Invoice J. Ilmu Akunt., vol. 3, no. 1, pp. 1–9, 2021, doi: 10.26618/inv.v3i1.4969.
R. A. Ganggi, A. Made, M. E. Aprilia, and F. Poernamawatie, “2020-2021 Struktur Modal, Likuiditas, Dan Profitabilitas Terhadap Nilai Perusahaan Barang Konsumen Primer Pada Periode 2020-2021,” J. Akunt. Manad., vol. 4, no. 1, pp. 98–108, 2023.
R. A. W. Kusuma and D. Priantinah, “Pengaruh Pengungkapan Sustainability Report Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Pemoderasi Pada Perusahaan Yang Bergabung Di Issi Dan Konvensional Periode 2014-2016,” Nominal, Barom. Ris. Akunt. dan Manaj., vol. 7, no. 2, 2018, doi: 10.21831/nominal.v7i2.21352.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 SENTRALISASI
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Please find the rights and licenses in Sentralisasi. By submitting the article/manuscript of the article, the author(s) agree with this policy. No specific document sign-off is required.
1. License
The non-commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
2. Author(s)' Warranties
The author warrants that the article is original, written by the stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author, and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User/Public Rights
Sentralisasi's spirit is to disseminate articles published are as free as possible. Under the Creative Commons license, Sentralisasi permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and Sentralisasi on distributing works in the journal and other media of publications. Unless otherwise stated, the authors are public entities as soon as their articles got published.
4. Rights of Authors
Authors retain all their rights to the published works, such as (but not limited to) the following rights;
- Copyright and other proprietary rights relating to the article, such as patent rights,
- The right to use the substance of the article in own future works, including lectures and books,
- The right to reproduce the article for own purposes,
- The right to self-archive the article (please read our deposit policy),
- The right to enter into separate, additional contractual arrangements for the non-exclusive distribution of the article's published version (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal (Sentralisasi).
5. Co-Authorship
If the article was jointly prepared by more than one author, any authors submitting the manuscript warrants that he/she has been authorized by all co-authors to be agreed on this copyright and license notice (agreement) on their behalf, and agrees to inform his/her co-authors of the terms of this policy. Sentralisasi will not be held liable for anything that may arise due to the author(s) internal dispute. Sentralisasi will only communicate with the corresponding author.
6. Royalties
Being an open accessed journal and disseminating articles for free under the Creative Commons license term mentioned, author(s) aware that Sentralisasi entitles the author(s) to no royalties or other fees.
7. Miscellaneous
Sentralisasi will publish the article (or have it published) in the journal if the article editorial process is successfully completed. Sentralisasi's editors may modify the article to a style of punctuation, spelling, capitalization, referencing, and usage that deems appropriate. The author acknowledges that the article may be published so that it will be publicly accessible and such access will be free of charge for the readers as mentioned in point 3.
