Pengaruh Struktur Modal, Ukuran Perusahaan, dan Pertumbuhan Perusahaan terhadap Profitabilitas dan Dampaknya terhadap Nilai Perusahaan

Nita  Riyana; Ratih  Kusumawardhani; Risal  Rinofah

doi:10.33395/owner.v8i2.1998

Authors

Nita Riyana Universitas Sarjanawiyata Tamansiswa
Ratih Kusumawardhani Universitas Sarjanawiyata Tamansiswa
Risal Rinofah Universitas Sarjanawiyata Tamansiswa

DOI:

10.33395/owner.v8i2.1998

Keywords:

capital structure; firm growth; firm size; firm value; profitability

Abstract

This research aims to examine the influence of capital structure, firm size, and firm growth on profitability and its impact on firm value. The population used in this research is all Food and Beverage Companies listed on the Indonesia Stock Exchange during the 2018-2022 period, totaling 84 companies. The sampling technique used was purposive sampling technique by considering several criteria and a sample of 16 companies was obtained with an observation period of 5 years. This research uses multiple linear regression analysis techniques and path analysis with the help of SPSS version 26 analysis tools. The research results show that capital structure has a negative and significant effect on profitability. Firm size has a positive and significant effect on profitability. Firm growth has a positive and insignificant effect on profitability. Meanwhile, profitability has a positive and significant effect on firm value. The influence of capital structure on profitability both directly and indirectly is 13,2%. The influence of firm size on profitability both directly and indirectly is 2,4%. The influence of firm growth on profitability both directly and indirectly is 3,6%. The total or combined influence of the capital structure, firm size, and firm growth variables on profitability is 19,2%, while the remaining 80,8% is influenced by other variables not included in this research. The influence of profitability on firm value is 25,9%, while the remaining 74,1% is influenced by other variables not included in this research.

Downloads

Download data is not yet available.

Plum-X Analityc

References

Adita, A., & Mawardi, W. (2018). Pengaruh Struktur Modal, Total Assets Turnover dan Likuiditas terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Real Estate dan Properti yang Terdaftar di BEI Periode 2013–2016). Jurnal Studi Manajemen Organisasi, 15(1). https://doi.org/10.14710/jsmo.v15i1.21244

Adria, C., & Susanto, L. (2020). Pengaruh Leverage, Likuiditas, Ukuran Perusahaan dan Perputaran Total Aset terhadap Profitabilitas. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(1), 393–400. https://doi.org/10.24912/jpa.v2i1.7168

Aeni, N. A. M., & Asyik, N. F. (2019). Pengaruh Profitabilitas, Pertumbuhan Perusahaan, Struktur Modal, Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Imu Dan Riset Akuntansi, 8(7), 1–17.

Alarussi, A. S., & Alhaderi, S. M. (2018). Factors Affecting Profitability in Malaysia. Journal of Economic Studies, 45(3), 442–458. https://doi.org/10.1108/JES-05-2017-0124

Amelia, F., & Anhar, M. (2019). Pengaruh Struktur Modal dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal STEI Ekonomi, 28(01), 44–70. https://doi.org/10.36406/jemi.v28i01.260

Anggraeni, I. G. A. M. O., & Rahyuda, H. (2020). The Influence of Company Size and Capital Structure on Company Profitability and Value in Food and Beverage Companies in Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(9), 236–243.

Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13.

Brastibian, I., Mujino, & Rinofah, R. (2020). Pengaruh Struktur Modal, Pertumbuhan Penjualan dan Ukuran Perusahaan terhadap Profitabilitas Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia. JSMBI (Jurnal Sains Manajemen Dan Bisnis Indonesia), 10(1), 81–88. https://doi.org/10.32528/jsmbi.v10i1.3390

Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study the Impact of Growth, Firm Size, Capital Structure and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. The Journal of Corporate Accounting & Finance, 146–162. https://doi.org/10.1002/jcaf.22371

Dewantari, N. L. S., Cipta, W., & Susila, G. P. A. J. (2019). Pengaruh Ukuran Perusahaan dan Leverage serta Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Food and Beverages di BEI. Jurnal Prospek, 1(2), 74–83. https://doi.org/10.23887/pjmb.v1i2.23157

Djashan, I. A., & Agustinus, Y. (2020). The Effect of Firm Size, Profitability, Audit Committee and Other Factors to Firm Value. Accounting and Finance Review, 5(1), 22–27. https://doi.org/10.35609/afr.2020.5.1(3)

Farika, V. D. S., & Dewi, N. G. (2023). Pengaruh Pertumbuhan Penjualan, Likuiditas dan Ukuran Perusahaan terhadap Profitabilits. Jurnal Akuntansi Dan Keuangan, 8(01), 44–53. https://doi.org/10.33772/jak.v8i1.42

Febriyanto, F. C. (2018). The Effect of Leverage, Sales Growth and Liquidity to the Firm Value of Real Estate and Property Sector in Indonesia Stock Exchange. Economics and Accounting Journal, 1(3), 198–205. https://doi.org/10.32493/eaj.v1i3.y2018.p198-205

Fiana, E., & Meliza, J. (2022). Pengaruh Struktur Modal, Pertumbuhan Penjualan dan Ukuran Perusahaan terhadap Profitabilitas Tiga Perusahaan Ritel Indonesia yang Terdaftar di Bursa Efek Indonesia. CIVITAS: Jurnal Studi Manajemen, 4(1), 7–15.

Fibianti, E., & Utiyati, S. (2020). Pengaruh Likuiditas, Ukuran Perusahaan, Modal Kerja dan Pertumbuhan Penjualan terhadap Profitabilitas. Jurnal Ilmu Dan Riset Manajemen (JIRM), 9(6), 1–19.

Fitra, A. A., & Widyaningsih, I. U. (2022). Ukuran Perusahaan, Struktur Modal dan Nilai Perusahaan?: Profitabilitas sebagai Variabel Intervening. SAINS: Jurnal Manajemen Dan Bisnis, 15(1), 15–40. https://doi.org/10.35448/jmb.v15i1.17807

Hama, A., & Santosa, H. P. (2018). Effect of Working Capital, Company Size and Company Growth on Profitability and Company Value. PEOPLE?: International Journal of Social Sciencess, 4(2), 694–708. https://doi.org/10.20319/pijss.2018.42.694708

Hartono, J. (2017). Teori Portofolio dan Analisis Investasi (Edisi 11). BPFE.

Hasibuan, A. N., & Dwiarti, R. (2019). Pengaruh Profitabilitas, Resiko Keuangan dan Pertumbuhan Perusahaan terhadap Manajemen Laba pada Perusahaan Kosmetik dan Keperluan Rumah Tangga yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017. Jurnal Manajemen Dan Keuangan, 8(1), 21–33. https://doi.org/10.33059/jmk.v8i1.1129

Hertina, D. (2021). The Influence of Current Ratio, Debt to Equity Ratio and Company Size on Return on Aseets. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(8), 1702–1709.

Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, 7(1), 174–191.

Hutabarat, M. I. (2022). Pengaruh Likuiditas, Pertumbuhan Penjualan dan Ukuran Perusahaan terhadap Profitabilitas. AKUA: Jurnal Akuntansi Dan Keuangan, 1(3), 233–241. https://doi.org/10.54259/akua.v1i3.813

Ifada, L. M., Faisal, Ghozali, I., & Udin. (2019). Company Attributes and Firm Value: Evidence from Companies Listed on Jakarta Islamic Index. Espacios, 40(37), 11.

Irawan, D. C., Pulungan, N. A., Subiyanto, B., & Awaludin, D. T. (2022). The Effect of Capital Structure, Firm Size, and Firm Growth on Profitability and Firm Value. Quality Access to Success, 23(187), 52–57. https://doi.org/10.47750/QAS/23.187.06

Kalesaran, D., Mangantar, M., & Tulung, J. E. (2020). The Effect of Company Growth, Dividend Policy and Capital Structure on Profitability in The Banking Industri Listed on BEI (Periode 2014-2017). Jernal Emba, 8(3), 184–192.

Khajar, I., Hersugondo, H., & Udin, U. (2020). Working Capital Management, Firm Size and Firm Profitability. International Journal of Economics and Management Systems, 5, 111–117.

Krisdiyanto, Wiyono, G., & Rinofah, R. (2020). Nilai Perusahaan ditinjau dari Profitabilitas, Keputusan Investasi dan Keputusan Pendanaan. Jurnal Fokus, 10(1), 121–131.

Ludianingsih, A., Wiyono, G., & Kusumawardhani, R. (2022). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan dan Keputusan Investasi terhadap Nilai Perusahaan: Studi pada Bank yang Terdaftar di BEI Tahun 2018-2020. Reslaj: Religion Education Social Laa Roiba Journal, 4(3), 437–446. https://doi.org/10.47476/reslaj.v4i3.787

Melinia, V., & Priyadi, M. P. (2021). Pengaruh Kebijakan Hutang dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Ilmu Dan Riset Akuntansi, 10(10), 1–23.

Muliana, & Ikhsani, K. (2019). Pengaruh Struktur Modal, Pertumbuhan Perusahaan dan Ukuran Perusahaan dengan Profitabilitas sebagai Variabel Intervening terhadap Nilai Perusahaan Sektor Infrastruktur di BEI. Jurnal Ilmu Manajemen Terapan, 1(2), 108–121. https://doi.org/10.31933/JIMT

Muliani, Ilham, R. N., Akhyar, C., & Maimunah, S. (2023). The Influence of Profit Management and Financial Performance on Company Value in Building Materials Construction Sub-Sector Companies Listed on the Indonesia Stock Exchange for the 2018-2021 Period. Journal

of Management Research, Utility Finance and Digital Assets, 1(4), 323–335.

Nainggolan, M. N., Sirait, A., Nasution, O. N., & Astuty, F. (2022). Pengaruh Ukuran Perusahaan, Pertumbuhan Penjualan, Leverage terhadap Profitabilitas pada Sektor Food and Beverage dalam Bursa Efek Indonesia Periode 2015-2019. Owner: Riset & Jurnal Akuntansi, 6(1), 948–963.

Natsir, K., & Yusbardini, Y. (2020). The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable. Advances in Economics, Business and Management Research, 145, 218–224. https://doi.org/10.2991/aebmr.k.200626.040

Novyanny, M. C., & Turangan, J. A. (2019). Pengaruh Likuiditas, Ukuran Perusahaan, Umur Perusahaan dan Pertumbuhan Perusahaan terhadap Profitabilitas pada Perusahaan Jasa Sektor Perdagangan, Jasa & Investasi yang Terdaftar pada Bursa Efek Indonesia. Jurnal Manajerial Dan Kewirausahaan, 1(1). https://doi.org/10.24912/jmk.v1i1.2790

Octaviany, A., Hidayat, S., & Miftahudin, M. (2019). Pengaruh Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Riset Inspirasi Manajemen Dan Kewirausahaan, 3(1), 30–36.

Parta, K. A. C. P. P., & Sedana, I. B. P. (2018). Peran Struktur Modal dalam Memediasi Pengaruh Pertumbuhan Perusahaan terhadap Nilai

Perusahaan pada Perusahaan Properti di BEI. E-Jurnal Manajemen Unud, 7(5), 2680–2709. https://doi.org/10.24843/EJMUNUD.2018.v7.i05.p15

Pradnyaswari, N. M. A. D., & Dana, I. M. (2022). Pengaruh Likuiditas, Struktur Modal, Ukuran Perusahaan dan Leverage terhadap Profitabilitas pada Perusahaan Sub Sektor Otomotif. E-Jurnal Manajemen, 11(3), 505–525. https://doi.org/10.24843/EJMUNUD.2022.v11.i03.p05

Pribadi, M. T. (2018). Pengaruh Struktur Aset, Ukuran Perusahaan, Likuiditas dan Profitabilitas terhadap Nilai Perusahaan Dagang Besar yang Terdaftar di Perusahaan Bursa Efek Indonesia. Progress Conference, 1(1), 372–385.

Priscillia, T. R., & Jati, A. K. N. (2023). The Effect of Capital Structure, Likuidity, and Working Capital on Companies Profitability During the Covid-19 Period. Management Studies and Enterpreneurship Journal, 4(2), 1257–1269.

Purba, J. T., & Africa, L. A. (2019). The Effect of Capital Structure, Institutional Ownership, Managerial Ownership, and Profitability on Company Value in Manufacturing Companies. The Indonesian Accounting Review, 9(1), 27–38. https://doi.org/10.14414/tiar.v9i1.1619

Purwanti, T. (2020). The Effect of Profitability, Capital Structure, Company Size and Dividend Policy on Company Value on the Indonesia Stock Exchange. Indonesian Journal of Seocology, 01(02), 60–66. https://doi.org/10.29040/seocology.v1i02.9

Puspitasari, D. P., & Suryono, B. (2020). Modal Intelektual, Ukuran Perusahaan dan Struktur Modal terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Ilmu Dan Riset Akuntansi, 9(2), 1–25.

Putra, I. P. P. E., & Putra, I. M. P. D. (2020). Pengaruh Profitabilitas, Hutang dan Ukuran Perusahaan terhadap Nilai Perusahaan Makanan dan Minuman. E-Jurnal Akuntansi Universitas Udayana, 30(8), 2115–2126.

Putri, I. G. A. P. T., & Rahyuda, H. (2020). Effect of Capital Structure and Sales Growth on Firm Value with Profitability as Mediation. International Research Journal of Management, IT & Social Sciences, 7(1), 145–155.

Putry, A. R. H. (2023). Pengaruh Likuiditas, Struktur Modal dan Ukuran Perusahaan terhadap Profitabilitas pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Akuntansi, 12(2), 1–17.

Qur’ani, F. I., & Purwaningsih, E. (2022). The Effect of Capital Structure, Liquidity, Company Size and Inventory Turnover on Profitability. ENDLESS: International Journal of Future Studies, 5(2), 95–102.

Rahayu, S., Kusmuriyanto, Kiswanto, & Gunawan, D. I. (2018). Factors Influencing the Application of Accounting Conservatism in the Company. International Conference on Economics, Business and Economic Education, 2018, 180–197. https://doi.org/10.18502/kss.v3i10.3128

Rahman, A., Sarker, S. I., & Uddin, J. (2019). The Impact of Capital Structure on the Profitability of Publicly Traded Manufacturing Firms in Bangladesh. Applied Economics and Finance, 6(2), 2–6. https://doi.org/10.11114/aef.v6i2.3867

Rahmawati, I., & Mahfudz, M. K. (2018). Analisis Pengaruh Perputaran Modal Kerja, Likuiditas, Struktur Modal, Sales Growth, Struktur Aktiva, Size terhadap Profitabilitas. Diponegoro Journal of Management, 7(4), 1–14.

Rahmawati, M., & Sudaryanti, D. S. (2020). Pengaruh Struktur Modal terhadap Profitabilitas pada PT Mustika Ratu TBK. BanKu?: Jurnal Perbankan Dan Keuangan, 1(1), 9–16.

Ramdhonah, Z., Solikin, I., & Sari, M. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan dan Profitabilitas terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2017). Jurnal Riset Akuntansi Dan Keuangan, 7(1), 67–82. https://doi.org/10.17509/jrak.v7i1.15117

Rasheed, R., Shahid, M., Mukhtar, M., & Ishaq, N. (2022). Impact of Capital Structure and Liquidity Conditions on the Profitability of Pharmaceutical Sector of Pakistan. IRASD Journal of Management, 4(2), 135–142.

Saputri, S. R., Wiyono, G., & Kusumawardhani, R. (2023). Profitabilitas, Solvabilitas dan Likuiditas terhadap Nilai Perusahaan?: Perusahaan Makanan dan Minuman di BEI Periode 2015-2020 Al-Kharaj?: Jurnal Ekonomi, Keuangan & Bisnis Syariah. Al-Kharaj?: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(4), 1513–1525. https://doi.org/10.47467/alkharaj.v5i4.1746

Sitorus, F. D., Tumangger, H., Gurusinga, S. D. B., & Hotmaida, L. (2020). Pengaruh Perputaran Total Aset, Modal Kerja dan Solvabilitas terhadap Profitabilitas pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2014-2016. ARBITRASE: Journal of Economics and Accounting, 1(1), 73–81.

Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants of Firm Value and Profitability: Evidence from Indonesia. Journal of Asian Finance, Economics and Busines, 7(11), 769–778. https://doi.org/10.13106/jafeb.2020.vol7.no11.769

Sutrisno. (2017). Manajemen Keuangan Teori, Konsep dan Aplikasi. Ekonisia.

Suzulia, M. T., Sudjono, & Saluy, A. B. (2020). The Effect of Capital Structure, Company Growth, and Inflation on Firm Value with

Profitability as Intervening Variable (Study on Manufacturing Companies Listed on BEI Period 2014-2018). Dinasti International Journal of Economics, Finance & Accounting, 1(1), 95–109. https://doi.org/10.38035/DIJEFA

Tandi, V. P., Tommy, P., & Untu, V. N. (2018). Pengaruh Struktur Modal dan Pertumbuhan Aset terhadap Profitabilitas Perusahaan Otomotif yang terdaftar di BEI periode 2013-2016. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 6(2), 629–637. https://doi.org/10.35794/emba.v6i2.19543

Tantono, W., & Candradewi, M. R. (2019). Pengaruh Struktur Modal, Kebijakan Dividen dan Likuiditas terhadap Profitabilitas Perusahaan Perbankan di Bursa Efek Indonesia. E-Jurnal Majemen, 8(8), 4871–4898.

Tondok, B., Pahlevi, C., & Aswan, A. (2019). The Impact of Capital Structure, Company Growth, Company Size on Profitability And Company Value in Manufacturing Companies on the Indonesian Stock Exchange in the Period of 2013 - 2017. Hasanuddin Journal of Business Strategy, 1(2), 1–14.

Ulfa, R., & Asyik, N. F. (2018). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 7(10).

Vidyasari, S. A. M. R., Mendra, N. P. Y., & Saitri, P. W. (2021). Pengaruh Struktur Modal, Pertumbuhan Penjualan, Ukuran Perusahaan, Likuiditas dan Perputaran Modal Kerja terhadap Profitabilitas. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 3(1), 94–105.

Widi, E., Widyastuti, T., & Bahri, S. (2021). Pengaruh Struktur Modal, Likuiditas, Arus Kas Bebas dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Ekobisman, 6(1), 17–34.

Widiani, P. (2019). Pengaruh Current Ratio, Cash Ratio dan Total Assets Turnover terhadap Net Profit Margin pada Industri Makanan dan Minuman Periode 2013 - 2017. Science of Management and Students Research Journal, 1(3), 68–75. https://doi.org/10.33087/sms.v1i3.11

Wulandari, C. D., & Damayanti, T. (2022). Pengaruh Struktur Modal, Ukuran Perusahaan dan Likuiditas terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Akuntansi Dan Manajemen Bisnis, 2(1), 1–18. https://doi.org/10.56127/jaman.v2i1.68

Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal dan Likuiditas terhadap Nilai Perusahaan Makanan dan Minuman. E-Jurnal Akuntansi Universitas Udayana, 8(4), 2297–2324. https://doi.org/10.24843/EJMUNUD.2019.v8.i4.p15

Yudha, A. M., Putra, R. B., & Fitri, H. (2022). Analisis Pengaruh Likuiditas, Pertumbuhan Perusahaan, Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Journal of Innovation Research and Knowledge, 1(12), 1567–1576.

Yuniningsih, Y., Pertiwi, T., & Purwanto, E. (2019). Fundamental Factor of Financial Management in Determining Company Values. Management Science Letters, 9(2), 205–216.

Zuhroh, I. (2019). The Effects of Liquidity, Firm Size and Profitability on the Firm Value with Mediating Leverage. KnE Social Sciences, 203–230. https://doi.org/10.18502/kss.v3i13.4206