The Effect of Profitability, Liquidity, Growth Opportunity, Risk and Tangibility Asset on Company Value with Capital Structure as Mediating Variable
Keywords:
Company Value, Capital Structure, Profitability, Liquidity, Growth Opportunity, Risk, Tangibility Asset
Abstract
The purpose of this study is to analyze how the influence of profitability, liquidity, growth opportunity, risk and asset tangibility on company value mediated by capital structure. The object of research is the infrastructure companies that listed on BEI for five years (2016-2020) period. Sampling in this research used a purposive sampling technique so that 29 sample companies were obtained and the data used were secondary data obtained from the official website of each company. The data analysis technique used is path analysis using SPSS AMOS 21.0. The results of the study stated that profitability (ROA), liquidity (CR) and asset tangibility (TANG) had a significant negative effect, growth opportunity (PER) has an insignificant positive effect and risk (DOL) has an insignificant negative effect on capital structure. Furthermore, capital structure (DAR), growth opportunity (PER) and risk (DOL) have a significant positive effect, profitability (ROA) and asset tangibility (TANG) have a significant and positive effect and liquidity (CR) has a significant and negative effect on company value. Then for testing the effect of mediation, it was found that the capital structure was not able to mediate the effect of the five independent variables on company value
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References
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Rahayu, Maryati and Nastiti Edi U. 2020. Effect of Liquidity, Profitability and Tangible Assets on Capital Structure. Independent Research Report. Universitas Persada Indonesia YAI Jakarta.
Rizaldi, Fiqh. 2019. The Effect of Profitability, Liquidity, Capital Structure, Dividend Policy and Company Size on Firm Value in Banks Listed on the IDX in 2013-2018. Thesis. Syarif Hidayatullah State Islamic University, Jakarta.
Rusdaniah, Desi Ratu. 2019. Analysis of the Effect of Capital Structure, Liquidity and Company Size on Firm Value with Profitability as a Mediation Variable. Thesis. Yogyakarta State University.
Sari, Retno Indah and Lilis Ardini. 2017 “The Influence of Asset Structure, Business Risk, Sales Growth and Profitability on Capital Structure”. Journal of Accounting Science and Research. Vol. 6. No. 7.
Sari, Roosiana Ayu I and MP Priyadi. 2016 “The Effect of Leverage, Profitability, Size and Growth Opportunity on Company Value”. Journal of Management Science and Research. Vol. 5 No. 10. ISSN: 2461-0593.
Sawitri, Ni Putu Yulianan R and Putu Vivi L. 2015. “The Influence of Business Risk, Company Size and Sales Growth on Capital Structure”. Udayana University Management E-Journal. Vol. 4. No. 5. pp 1238-1251.
Terrania, Ni Putu R A. 2020. “Determinants of Firm Value with Capital Structure as Intervening Variable”. Journal of Accounting Science and Research. e-ISSN : 2460-0585.
Terrania, Ni Putu RA and Wahidahwati. 2021. “Determination of Firm Value With Capital Structure as Intervening Variable”. MONEX Journal. Vol.10 No. 1. ISSN: 2549-5046.
Thaib, Ilham and A Dewantoro. 2017. “The Effect of Profitability and Liquidity on Company Value with Capital Structure as an Intervening Variable”. Journal of Management Banking and Accounting Research. Vol. 1 No. 1.
Wijaya, Evelyn and Jessica. 2017. “Analysis of Effect of Structure of Assets, Its Size, Profitability, Growth Opportunities, Tangibility, Business Risk and Capital Structure Liquidity Against Sector Companies in the Property & Real Estate Listed in Indonesia Stock Exchange in 2011-2015”. Scientific Journal of Management. 5(4) 440-451.
Yolanda, Fani. 2021. The Effect of Ownership Structure, Capital Structure and Corporate Governance on Company Value and Financial Performance in Infrastructure Companies Listed on the Indonesia Stock Exchange. Thesis. Padang State University.
Yuliandi, et al. 2016. “The Influence of Profitability, Tangibility, Business Risk, Taxes, Non Debt Tax Shield on Capital Structure and Its Implications on Firm Value”. Journal of Accounting and Taxation Research. Vol. 3. No. 2. pp 251-263.
Yunan, Faiza Amalia. 2017. The Influence of Business Risk and Profitability on Firm Value With Capital Structure as an Intervening Variable. Scientific articles. Perbanas School of Economics Surabaya.
Yuniar, Dini T. 2020. The Influence of Liquidity, Profitability, Business Risk, Company Size and Taxes on Capital Structure. Thesis. Pancasakti University, Tegal.
Yunita, Santi and Tony Seno A. 2018. “The Influence of Liquidity, Tangibility, Growth Opportunity, Business Risk and Company Size on Capital Structure”. Journal of Management Science. Vol. 6. No. 4.
Ananda, Nova A and I Nyoman Nugraha. 2016. “The Influence of Growth Opportunity on Firm Value Through Capital Structure”. Journal of Management and Business Science. Vol. 4 No. 2. e-ISSN : 2477-1767.
Andanika. 2017. The Effect of Profitability and Growth Opportunity on Company Value with Capital Structure as an Intervening Variable in Companies Listed in the Jakarta Islamic Index. Thesis. Alauddin State Islamic University Makassar.
Ariyanti, R. 2019. "The Effect of Tangibility Asset, ROE, Firm Size, Liquidity on Price Book Value with Capital Structure as Intervening Variable in Banking Companies". BALANCE: Economics, Business, Management and Accounting Journal. Vol. XVI No. 1.
Aslindar, Dwi A and UP Lestari. 2020. “The Effect of Profitability, Liquidity and Growth Opportunities on Company Value with Capital Structure as Intervening Variable”. Journal of Dynamics of Accounting, Finance and Banking. Vol. 9 No. 1 pg: 91-106. ISSN: 2656-4955
Astuti, Ni Komang B and I Putu Y. 2019. "The Effect of Profitability, Liquidity and Company Size on Company Value Through Dividend Policy". Udayana University Management E-Journal. Vol. 8. No. 5. pp 3275-3302. ISSN : 2302-8912.
Ayuba, Habibu, et al. 2019. “Effect of Financial Performance, Capital Structure and Firm Size on Firms' Value of Insurance Companies in Nigeria”. Journal of Finance, Accounting and Management. 10(1) 57-74.
NCO, Rista. 2018. “The Effect of Profitability, Growth Opportunity and Capital Structure on Firm Value With Good Corporate Governance as Moderating Variable”. Profita: Communication Science of Accounting and Taxation. Vol. 11 No. 2. e-ISSN: 2622-1950.
Cahyani, Nilam I and Nur Handayani. 2017. “The Effect of Profitability, Liquidity, Size, Institutional Ownership and Tangibility on Capital Structure”. Journal of Accounting Science and Research. Vol. 6. No. 2. ISSN: 2460-0585.
Deriyarso, Irvan. 2014. The Effect of Profitability on Company Value With Corporate Social Responsibility as Moderating Variable. Thesis. Diponegoro University, Semarang.
Dewi, Ni Kadek Sugiani M and Ida Bagus B. 2014. "The Influence of Liquidity, Profitability, Tangibility Assets, Company Size and Taxes on Capital Structure". Udayana University Management E-Journal. 3(10) 254248.
Dewi, Ni Kadek Tika S and I Made Dana. 2017. “The Influence of Growth Opportunity, Liquidity, Non-Debt Tax Shield and Fixed Asset Ratio on Capital Structure”. E-Journal of Unud Management. Vol. 6 No. 2, 2017: 772-801. ISSN: 2302-8912.
Dewi, Nilawati, et al. 2018. “The Effect of Liquidity and Company Growth on Company Value with Capital Structure as an Intervening Variable”. Journal of Accounting.
Dewi, PSM Yanti and Dewa G W. 2017. "Pecking Order Theory: The Effect of Profitability and Company Growth on Corporate Funding Decisions". Udayana University Accounting E-Journal. Vol. 18. No. 3. ISSN: 2302-8556.
Indrajaya, Glenn et al. 2011. "The Influence of Asset Structure, Company Size, Growth Rate, Profitability and Business Risk on Capital Structure: An Empirical Study on Mining Sector Companies Listed on the Indonesia Stock Exchange for the Period 2004-2007". Accurate Scientific Journal of Accounting. No. 06.
Krisnando, et al. 2019. “The Influence of Profitability, Leverage and Growth Opportunity on Company Value with Capital Structure as an Interening Variable”. Research Report. Indonesian College of Economics, Jakarta.
Kusna, Irrofatun and Erna S. 2018. "Analysis of the Effect of Financial Performance, Growth Opportunity and Company Size on Capital Structure and Firm Value". Journal of Management & Entrepreneurship. Vol. 6. No. 1. pp 93-102.
Listihayana, Yuni and Astuti. 2020. “Analysis of the Effect of Capital Structure, Growth Opportunity and Systematic Risk on Company Value”. Student Scientific Journal, Business and Accounting. Vol. 2. No. 1.
Mahdaleta, Ella. 2016. “Effect of Capital Structure and Profitability on Corporate Value With Company Size as the Moderating Variable of Manufacturing Companies Listed on Indonesia Stock Exchange”. Academic Journal of Economic Studies. Vol. 2. No. 3. pp 30-43.
Maneerattanarungrot, Chanisa and Kwunkamol D. 2018. “Capital Structure Affecting Firm Value In Thailand”. ABAC Journal. Vol. 38. No. 2. pp 133-146.
Mentality, Hotma. 2019. “The Effect of Liquidity, Profitability, Leverage and Corporate Social Responsibility on Company Value With Dividend Policy As A Moderating Variable (Empirical Study In LQ45 Companies Listed On IDX)”. International Journal of Public Budgeting, Accounting and Finance. 2(1) 1-13.
Omar, Fahmi. 2022. "The Effect of Profitability, Liquidity, Asset Growth and Asset Tangibility on Firm Value With Capital Structure as Intervening Variable". Journal of Competitive Accounting. 5 (2) 217-223.
Pradana, Herdiawan R and Kiswanto. 2013. "Effect of Business Risk, Asset Structure, Size and Sales Growth on Capital Structure". Accounting Analysis Journal. ISSN: 2252-6765.
Prasetia, Ta'dir E, et al. 2014. “Capital Structure, Company Size and Company Risk on Value of Automotive Companies Listed on the Indonesia Stock Exchange”. EMBA Journal. Vol. 2. No. 2 . pp 879-889.
Putra, AA Ngurah Dharma A and Putu Vivi L. 2016. "The Influence of Dividend Policy, Liquidity, Profitability and Company Size on Firm Value". Udayana University Management E-Journal. Vol. 5. No. 7. pp 4044-4070. ISSN : 2302-8912.
Putri, Akhitah and NF Fun. 2019. “The Influence of Asset Structure, Asset Growth and Business Risk on Company Value with Capital Structure as an Intervening Variable”. Journal of Accounting Science and Research. Vol.8 No. 3. e-ISSN :2460-0585.
Rahayu, Maryati and Nastiti Edi U. 2020. Effect of Liquidity, Profitability and Tangible Assets on Capital Structure. Independent Research Report. Universitas Persada Indonesia YAI Jakarta.
Rizaldi, Fiqh. 2019. The Effect of Profitability, Liquidity, Capital Structure, Dividend Policy and Company Size on Firm Value in Banks Listed on the IDX in 2013-2018. Thesis. Syarif Hidayatullah State Islamic University, Jakarta.
Rusdaniah, Desi Ratu. 2019. Analysis of the Effect of Capital Structure, Liquidity and Company Size on Firm Value with Profitability as a Mediation Variable. Thesis. Yogyakarta State University.
Sari, Retno Indah and Lilis Ardini. 2017 “The Influence of Asset Structure, Business Risk, Sales Growth and Profitability on Capital Structure”. Journal of Accounting Science and Research. Vol. 6. No. 7.
Sari, Roosiana Ayu I and MP Priyadi. 2016 “The Effect of Leverage, Profitability, Size and Growth Opportunity on Company Value”. Journal of Management Science and Research. Vol. 5 No. 10. ISSN: 2461-0593.
Sawitri, Ni Putu Yulianan R and Putu Vivi L. 2015. “The Influence of Business Risk, Company Size and Sales Growth on Capital Structure”. Udayana University Management E-Journal. Vol. 4. No. 5. pp 1238-1251.
Terrania, Ni Putu R A. 2020. “Determinants of Firm Value with Capital Structure as Intervening Variable”. Journal of Accounting Science and Research. e-ISSN : 2460-0585.
Terrania, Ni Putu RA and Wahidahwati. 2021. “Determination of Firm Value With Capital Structure as Intervening Variable”. MONEX Journal. Vol.10 No. 1. ISSN: 2549-5046.
Thaib, Ilham and A Dewantoro. 2017. “The Effect of Profitability and Liquidity on Company Value with Capital Structure as an Intervening Variable”. Journal of Management Banking and Accounting Research. Vol. 1 No. 1.
Wijaya, Evelyn and Jessica. 2017. “Analysis of Effect of Structure of Assets, Its Size, Profitability, Growth Opportunities, Tangibility, Business Risk and Capital Structure Liquidity Against Sector Companies in the Property & Real Estate Listed in Indonesia Stock Exchange in 2011-2015”. Scientific Journal of Management. 5(4) 440-451.
Yolanda, Fani. 2021. The Effect of Ownership Structure, Capital Structure and Corporate Governance on Company Value and Financial Performance in Infrastructure Companies Listed on the Indonesia Stock Exchange. Thesis. Padang State University.
Yuliandi, et al. 2016. “The Influence of Profitability, Tangibility, Business Risk, Taxes, Non Debt Tax Shield on Capital Structure and Its Implications on Firm Value”. Journal of Accounting and Taxation Research. Vol. 3. No. 2. pp 251-263.
Yunan, Faiza Amalia. 2017. The Influence of Business Risk and Profitability on Firm Value With Capital Structure as an Intervening Variable. Scientific articles. Perbanas School of Economics Surabaya.
Yuniar, Dini T. 2020. The Influence of Liquidity, Profitability, Business Risk, Company Size and Taxes on Capital Structure. Thesis. Pancasakti University, Tegal.
Yunita, Santi and Tony Seno A. 2018. “The Influence of Liquidity, Tangibility, Growth Opportunity, Business Risk and Company Size on Capital Structure”. Journal of Management Science. Vol. 6. No. 4.
