The Mediating Effect of Profitability on the Influence of Capital Structure on Firm Value  (An Empirical Study on Technology Sector Companies Listed on the Indonesia Stock Exchange for the 2015-2023 Period)

Albrianco Charisma GEA; Bambang  MAHMUDI; Emma  SURYANI

doi:10.38142/jogta.v4i2.1528

Authors

Albrianco Charisma GEA Sultan Ageng Tirtayasa University, Indonesia
Bambang MAHMUDI Sultan Ageng Tirtayasa University, Indonesia
Emma SURYANI Sultan Ageng Tirtayasa University, Indonesia

DOI:

https://doi.org/10.38142/jogta.v4i2.1528

Keywords:

Firm value, Capital Structure, Profitability

Abstract

This research investigates the impact of capital structure on firm value, with profitability serving as a mediating variable, focusing on technology sector firms listed on the Indonesia Stock Exchange between 2015 and 2023. The variables in this study are operationalized using specific indicators: firm value is assessed through the Price to Book Value (PBV), capital structure is measured by the Debt to Equity Ratio (DER), and profitability is represented by Return on Equity (ROE). The study population consists of all technology sector firms listed on the IDX during the stated period, selected using purposive sampling. Data analysis involves descriptive statistics, classical assumption testing, hypothesis testing (t-test), path analysis, and the Sobel test for mediation. The results demonstrate that while capital structure does not exert a direct effect on firm value, it has a significant and favorable influence on profitability. Profitability, in turn, contributes positively to firm value. Additionally, profitability acts as a key intermediary, bridging the relationship between capital structure and firm value.

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