Ratnasari, Anisa Putri (2025) PENGARUH STRUKTUR MODAL SEBAGAI VARIABEL MEDIASI DALAM HUBUNGAN PROFITABILITAS, LIKUIDITAS DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN (Studi Empiris pada Perusahaan Manufaktur Subsektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2024). Thesis thesis, UNIVERSITAS BPD.
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Abstract
This study aims to analyze the effect of profitability, liquidity, and firm size on firm value with capital structure as a mediating variable in food and beverage subsector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024.The study employs a quantitative approach with a causal associative research design. Secondary data were obtained from the annual financial reports of 18 food and beverage subsector companies during 2021–2024, resulting in a total of 72 observations. Data analysis was conducted using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) through the SmartPLS program.The results show that profitability (ROA), liquidity (CR), and firm size (LN Total Assets) have a significant positive effect on capital structure (DER). However, these three variables do not have a direct significant effect on firm value (PBV). On the other hand, capital structure (DER) has been proven to have a significant positive effect on firm value (PBV). Furthermore, the mediation test results indicate that capital structure significantly mediates the effect of profitability, liquidity, and firm size on firm value. Thus, it can be concluded that the increase in firm value in the food and beverage subsector is more strongly influenced indirectly through optimal capital structure management, rather than solely from the company’s fundamental performance. Keywords: Profitability, Liquidity, Firm Size, Capital Structure, Firm Value, SEM-PLS.
| Item Type: | Thesis (Thesis) |
|---|---|
| Additional Information: | Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan dengan struktur modal sebagai variabel mediasi pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI) periode 2021–2024. Penelitian menggunakan pendekatan kuantitatif dengan jenis penelitian asosiatif kausal. Data sekunder diperoleh dari laporan keuangan tahunan 18 perusahaan subsektor makanan dan minuman selama periode 2021–2024, sehingga diperoleh total 72 observasi. Teknik analisis data menggunakan Structural Equation Modeling (SEM) berbasis Partial Least Square (PLS) melalui program SmartPLS. Hasil penelitian menunjukkan bahwa profitabilitas (ROA), likuiditas (CR), dan ukuran perusahaan (LN Total Aset) berpengaruh positif signifikan terhadap struktur modal (DER). Namun, ketiga variabel tersebut tidak berpengaruh langsung secara signifikan terhadap nilai perusahaan (PBV). Sebaliknya, struktur modal (DER) terbukti berpengaruh positif signifikan terhadap nilai perusahaan (PBV). Lebih lanjut, hasil uji mediasi menunjukkan bahwa struktur modal secara signifikan memediasi pengaruh profitabilitas, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan. Dengan demikian, dapat disimpulkan bahwa peningkatan nilai perusahaan subsektor makanan dan minuman lebih banyak dipengaruhi secara tidak langsung melalui pengelolaan struktur modal yang optimal, bukan semata-mata dari kinerja fundamental perusahaan. Kata kunci: Profitabilitas, Likuiditas, Ukuran Perusahaan, Struktur Modal, Nilai Perusahaan, SEM-PLS. |
| Uncontrolled Keywords: | Keywords: Profitability, Liquidity, Firm Size, Capital Structure, Firm Value, SEM-PLS. |
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance H Social Sciences > HJ Public Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | Wisudawan S2 |
| Date Deposited: | 20 Oct 2025 01:50 |
| Last Modified: | 20 Oct 2025 01:50 |
| URI: | http://eprints.stiebankbpdjateng.ac.id/id/eprint/2945 |
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