PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN MELALUI PROFITABILITAS : ANALISIS DATA PANEL PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA

Rina Br. Bukit

Abstract


      Capital structure and profitability have been identified as factors that influence firm value. However, past studies have not examined the issue of why the capital structure may influence the firm value. This study extends prior studies to further understand the indirect relationship between capital structure and firm value through profitability. The purpose of this paper is to analyze the impact of capital structure to firm value through the mediating role of firm profitability. This study uses panel data for a sample of 30 manufacturing firms listed in Indonesia Stock Exchange during 2005-2009. Variable used is capital structure as independent variable, firm value as dependent variable, and profitability as mediating variable. This study uses the panel data analysis.

      After controlling for unobserved heterogeneity, this study finds that capital structure relates positively with firm value. This study also finds the significant mediating role of profitability on the relationship between capital structure and firm value. These findings contribute to monitoring the financial reporting of listed firms on the stock exchange. The results of this study also contribute to understanding of the role of the firm profitability in influencing the impact of capital structure on firm value.

Keywords


Capital Structure, Profitability, Firm Value

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