Pengaruh capital structure, firm size dan profitability terhadap firm value pada perusahaan LQ-45 yang terdaftar di Bursa Efek Indonesia tahun 2021-2024
DOI:
https://doi.org/10.58784/mbkk.453Keywords:
capital structure, firm size, profitability, firm value, signalling theoryAbstract
Firm value reflects the market's perception of corporate performance and prospects, influenced by various financial decisions; however, empirical evidence on the direction and consistency of these effects remains inconclusive, particularly among highly liquid companies. This study aims to examine the effect of capital structure, firm size, and profitability on firm value in LQ-45 index companies listed on the Indonesia Stock Exchange for the 2021–2024 period. A quantitative associative approach was employed using secondary data derived from annual financial reports. Samples were selected through purposive sampling, yielding 26 companies from a population of 45, resulting in 75 valid observations after outlier screening. Data were analyzed using multiple linear regression. The findings indicate that capital structure has a significant positive effect on firm value, firm size has a significant negative effect on firm value, and profitability has a significant positive effect on firm value. Simultaneously, all three variables significantly influence firm value. These findings support signalling theory, suggesting that corporate financial decisions serve as signals to investors, and imply that management must balance asset expansion with improved operational effectiveness to optimize firm value.
Downloads
References
Adhyasta, D., & Sudarsi, S. (2023) Pengaruh profitabilitas, likuiditas, solvabilitas, ukuran perusahaan, terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di BEI. Journal of Economics and Business, 7(1), 520-525. https://ekonomis.unbari.ac.id/index.php/ojsekonomis/article/view/866
Adityaputra, S. A., & Perdana D. (2024) Pengaruh struktur modal dan ukuran perusahaan terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi. Jurnal Ekonomi dan Ekonomi Syariah, 7(1), 472-488. https://doi.org/https://doi.org/10.36778/jesya.v7i1.1404
Alifian, D., & Susilo, D. E. (2024) Pengaruh profitabilitas, likuiditas, ukuran perusahaan dan struktur modal terhadap nilai perusahaan. Riset dan Jurnal Akuntansi, 8(1), 46-55. https://doi.org/10.33395/owner.v8i1.1914
Away, T. C., Wokas, H. R. N., & Rondonuwu, S. (2024) Pengaruh Debt to Equity Ratio (DER), Long-Term Debt to Aset Ratio (LDAR), dan discretionary accrual terhadap pajak penghasilan badan terutang studi pada perusahaan jasa transportasi dan logistik di Bursa Efek Indonesia periode 2019-2023. Riset Akuntansi dan Portofolio Investasi, 2(2), 421-433. https://doi.org/10.58784/rapi.224
Clarinda, L., Susanto, L., & Dewi, S (2023) Pengaruh profitabilitas, struktur modal, pertumbuhan perusahaan, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Paradigma Akuntansi, 5(1). https://lintar.untar.ac.id/repository/penelitian/buktipenelitian_10199014_5A250823123101.pdf
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Giroth, F. K., Budiarso, N. S., & Korompis, C. W. M (2024) Pengaruh siklus hidup, profitabilittas, utang, dan ukuran perusahaan terhadap kebijakan dividen pada perusahaan indeks lq45 di Indonesia. Riset Akuntansi dan Manajemen Pragmatis, 2(2), 160-171. https://doi.org/10.58784/ramp.153
Haris., Arisudhana, D., & Hiram, T. P. B. P. (2024) Pengaruh ukuran perusahaan, leverage, likuiditas dan pertumbuhan penjualan terhadap profitabilitas. Jurnal Ilmiah Manajemen dan Akuntansi, 1(6), 41-51. https://doi.org/10.69714/9a6vhc74
Iriyanti, D., Murni, S., & Untu, V. N. (2022) Pengaruh struktur modal, ukuran perusahaan dan profitabilitas terhadap nilai perusahaan industri otomotif di Bursa Efek Indonesia periode 2016-2020. Jurnal EMBA: Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 10(4), 557-567. https://doi.org/10.35794/emba.v10i4.43833
Mamahit, T. A., Budiarso, N. S., & Kapojos, P. M. (2025). Determinan kebijakan dividen: peran profitabilitas, leverage, dan ukuran perusahaan pada perusahaan LQ45 di Indonesia. Riset Akuntansi dan Manajemen Pragmatis, 3(2), 87–102. https://doi.org/10.58784/ramp.347
Mangune, M. C., Alexander, S. W., & Mawikere, L. M. (2024). Pengaruh corporate social responsibility (csr) terhadap kinerja keuangan pada perusahaan sektor industri barang dan konsumsi sub sekstor industri farmasi yang terdaftar di bursa efek indonesia (bei) periode 2018-2021. Jurnal LPPM Bidang EkoSosBudKum (Ekonomi, Sosial, Budaya dan Hukum), 8(1), 124-131. https://ejournal.unsrat.ac.id/v3/index.php/lppmekososbudkum/article/view/53087
Naupal, N. D., Zulaecha, H. E., Hamndani., & Rahcmania, D. (2023) Pengaruh likuiditas, struktur modal dan perputaran kas terhadap profitabilitas perusahaan. Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis (JUPSIM), 2(1), 22-38. https://journalcenter.org/index.php/jupsim/article/view/790/604
Purmalita, M. Y., & Fausan. (2024) Analisis pengaruh kualitas audit, struktur modal, dan ukuran perusahaan terhadap nilai perusahaan. Journal of Trends Economics and Accounting Research, 4(3), 610-618. https://doi.org/10.47065/jtear.v4i3.1185
Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485
Sabakodi, M. Y., & Andreas, H. H. (2024) Pengaruh struktur modal terhadap profitabilitas perusahaan manufaktur tahun 2019-2022. Riset dan Jurnal Akuntansi, 8(1), 377-390. https://doi.org/10.33395/owner.v8i1.1934
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Wahyuniati, I. G. A. K. S., & Adi, K. Y. (2021). Pengaruh pertumbuhan penjualan, perputaran kas, perputaran piutang, dan perputaran persediaan terhadap profitabilitas pada perusahaan subsektor makanan dan minuman di Bursa Efek Indonesia. Journal Research of Accounting, 2(2), 219-235. https://www.academia.edu/download/98281391/38.pdf
Yulisa, C. F., & Wahyudi, I. (2023) Pengaruh struktur modal, profitabilitas dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan manufaktur sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia tahun 2018-2021. Jurnal Publikasi Ekonomi dan Akuntansi, 3(1), 52-61. https://doi.org/10.51903/jupea.v3i1.580
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Manajemen Bisnis dan Keuangan Korporat
This work is licensed under a Creative Commons Attribution 4.0 International License.
Under this license then authors free to:
- Share - copy and redistribute the material in any medium or format.
- Adapt - remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution - You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions - You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
- You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation.
- No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
