The aim of
the research was to find out the profitability and firm size on value firm with
capital structure as intervening variable of LQ 45 firm in Indonesia Stock
Exchange. The samples consist of 26 LQ 45 firm listed in Indonesia Stock
Exchange during the period of 2014-2016, the research method use structural
equation meodeling (SEM) with the help of software AMOS 21.0. The result of the
research indicate that profitability, firm size and capital structure have a
influence positive and significant on value firm. Profitability have a
influence positive and not significant on capital structure and firm size have
a influence positive and significant on capital structure. Futhermore, capital
structure can function as intervening variable in the effect negative and
significant of firm size but it does not effect of profitability in the effect
positive and not significant.
Keywords:
Profitability,
Firm Size, Capital Structure, Value Firm.
INTRODUCTION
The current economic situation has created intense competition in the
industry. This competition makes each company increasingly improve its
performance so that its goals can be achieved. The main goal of a company to
improve its performance is to maximize the prosperity of its owners or
shareholders through increasing company value. Company value reflects the
current state of the company and can describe the company's prospects in the
future. So the company value is considered capable of influencing investors'
assessment of the company.
Company value is the selling price of the company if the company is
sold. The company value of companies that go public on the capital market can
be seen from their share prices. The high and low share prices reflect the high
and low value of the company (Wiagustini, 2013). The higher the company value
shows that the company is able to improve its performance well. According to
Hermuningsih (2012), company value can describe the condition of the company.
With good company value, the company will be viewed favorably by investors, and
vice versa. Investors will increase if the company value increases, which is
indicated by a high level of return on investment to shareholders.
Many factors influence company value. One of the factors that
influences company value is profitability. From an investor's perspective, one
important indicator for assessing a company's prospects in the future is to see
the extent of the company's profitability growth. The most important financial
ratio to improve financial performance is return on equity. Return on equity is
net profit for shareholders divided by total shareholder equity. Profitability
of own capital or return on equity shows the company's ability to create
profits or profits from its own capital. The higher the ROE, the higher
investor confidence. Investors will have more confidence in companies that can
manage their capital well and provide profits to them. Shareholders want to get
a high rate of return or return on their invested capital. If the ROE value is
high, share prices will tend to be high. Increasing share prices indicate an
increase in company value which then increases shareholder prosperity (Brigham
and Houston, 2012: 133). Research conducted by Sari and Priyadi (2016) and
Mayogi and Fidiana (2016) stated that profitability has a positive and
significant effect on company value. This can be seen from profitability as an
indicator of company performance, because high profitability has good company
performance and is considered capable of generating high profits for investors.
This research is different from research conducted by Wahyuningsih and Widowati
(2016) and (Suardikha & Apriadi, 2016) where profitability has a negative
and significant effect on company value.
The next factor that influences company value is company size. According
to Hermuningsih (2012) company size is an indicator that shows the company's
financial strength. Large companies have more investor confidence compared to
small companies because large companies are considered to have stable
conditions. This makes it easier for companies to obtain capital. As stated by (Wirajaya
& Dewi, 2013: 360), the larger the size or scale of the company, the easier
it will be for the company to obtain funding sources, both internal and
external. The better and more sources of funds obtained, the maximum support
the company's operations will have, thereby increasing the company's share
price (Pantow, et al. 2015). An increase in a company's share price indicates
an increase in company value. The results of research conducted by Sari and
Priyadi (2016) stated that company size has a positive and significant effect
on company value, that companies with large sizes have high company value and
Sholichah and Andayani (2015) also stated that companies are experiencing high
sales growth. high levels require the support of increasingly large company
resources. However, this research is different from research conducted by
Rumondor, et al. (2015), Pantow, et al. (2015) stated that company size has a
negative and insignificant effect on company value.
In the profitability variable, company size can influence the company
value variable, the capital structure variable is thought to be an intervening
variable to determine the direct and indirect influence of the profitability
variable, company size on company value through the capital structure variable.
The additional debt carried out by the company aims to develop the company's
prospects in order to attract investors' interest in investing. According to
Hermuningsih (2012), capital structure is a balance or comparison between the
amount of long-term debt and its own capital. A good capital structure will
have an impact on the company and indirectly the company's financial position
will increase and the company value will be high. Capital structure is
important for company funding, because good or bad capital structure management
will affect company value. The company considers both funding sources equally
and chooses the lowest financing so that the composition of debt and equity can
be optimal. Optimum capital structure occurs when risk and expected return are
balanced, so that share prices can be maximized (Musthafa, 2017: 85).
Based on the description above, this research aims to analyze the
effect of profitability on capital structure, analyze the effect of company
size on capital structure, analyze the effect of profitability on company
value, analyze the effect of company size on company value, analyze the effect
of capital structure on company value, analyze the effect of profitability on value
companies with capital structure as an intervening variable, analyzing the
effect of company size on company value with capital structure as an
intervening variable.
RESEARCH METHOD
This research uses quantitative research methods. The data used in this
research is secondary data. According to Mustafa (2009:92) secondary data is a
source of data that has been collected by other parties and has been documented
so that they only copy the data for research purposes. The secondary data in
this research are the financial reports of LQ 45 companies listed on the
Indonesia Stock Exchange (BEI) which are contained in the Indonesia Stock
Exchange for the last three years, starting from 2014 to 2016. The population
that will be used in this research is data about profitability, company size,
company value and capital structure. The sample selection in this study used a
purposive sampling method, namely a sample selection technique with certain
considerations and objectives (Sugiyono, 2011:215-216). The sample criteria
used in this research are:
1. The LQ 45 company was listed on the Indonesia
Stock Exchange (BEI) from 2014 to 2016.
2. Companies that are consistently members of the
LQ 45 index in the period 2014 to 2016.
3. Publish financial reports as of December 31
continuously during the research period.
Based on the sample criteria above, a sample of 26 LQ 45 companies was
obtained. The collected data was then analyzed statistically using the AMOS 21
program.
Descriptive Analysis
Table 1. Descriptive Analysis
Source: SPSS v22 output
The results of the descriptive analysis show
that the Company Value (PBV) has a minimum value during the year of the
observation period which occurred at LQ 45, namely 3.58%, while the maximum
value during the year of the observation period for the company value was
6.84%. The company value variable has a calculated average value of 5.4532%,
which means that the average value of the company during the 2014-2016 period
at LQ 45 is 5.4532%, while the standard deviation (standard deviation) of the
company's company value deviates from the average by 0.57744%.
Profitability (ROE) has a minimum value during
the year the observation period occurred at LQ 45, namely 0.62%, while the
maximum value during the year the observation period was profitability was
3.45%. The profitability variable has a calculated average value of 2.6166%,
which means that the average profitability of the company during the 2014-2016
period at LQ 45 was 2.6166%, while the standard deviation of the company's
profitability deviated from the average by 0.48660%.
Company size (LnSize) has a minimum value
during the year of the observation period occurring at LQ 45, namely 29.79%,
while the maximum value during the year of the observation period for the
company's company size is 34.58%. The variable company size of the company has
a calculated average value of 31.6679%, which means that the average company
size of the company during the 2014-2016 period at LQ 45 is 31.6679%, while the
standard deviation (standard deviation) of the company's company size deviates
from the average by 1.33674 %.
Capital structure (DER) has a minimum value
during the year the observation period occurred at LQ 45, namely 2.56%, while
the maximum value during the year of the observation period for capital
structure was 6.58%. The capital structure variable has a calculated average
value of 4.5496%, which means that the average company capital structure during
the 2014-2016 period at LQ 45 is 4.5496%, while the standard deviation of the
company's capital structure deviates from the average by 0.98682%.
Normality test
Table 2. Normality test
|
Variable |
min |
Max |
skew |
c.r. |
kurtosis |
c.r. |
|
SIZE |
29.790 |
34.580 |
.828 |
2.986 |
-.396 |
-.713 |
|
ROE |
.615 |
3.446 |
-1.232 |
-4.441 |
2.442 |
4.403 |
|
DER |
2.560 |
6.580 |
.503 |
1.815 |
-.160 |
-.288 |
|
PBV |
3.584 |
6.835 |
-.492 |
-1.774 |
.524 |
.945 |
|
Multivariate
|
4.003 |
2.552 |
Source: AMOS v21 output
Based on the table above, the multivariate C.R
value is 2.552. Because the value is lower than the critical value of 2.58, it
is concluded that the data is normally distributed.
Multicoloniarity Test Results
The test results in this study show the
determinant value of the covariance matrix = 0.044. This result identifies a
value greater than zero, thus the assumption of multicoloniarity or singularity
is met because there is no multicoloniarity or singularity in the research
data. The results of the Multicollinearity or Singularity Test can be described
in detail in table 2 below:
Table 3. Multicoloniarity Test
|
SIZE |
ROE |
DER |
PBV |
|
|
SIZE |
1.764 |
|||
|
ROE |
.095 |
.234 |
||
|
DER |
.526 |
.074 |
.961 |
|
|
PBV |
-.112 |
.196 |
.086 |
.329 |
Source: AMOS v21 output
Condition number = 30.968
Eigenvalues
2.33
55 .434 .066
Determinant of sample covariance matrix = .044
Goodness of Fit Model Test Results
According to Ferdinand (2006), to carry out suitability
tests and statistical tests, several suitability indices and cut-off values are
needed to be used in testing a model.
Figure 1. Goodness of Fit Model Test Results
Table 4. Goodness of Fit Index Criteria
|
Goodness of Fit Indeks |
Cut-off Value |
Model Results |
Conclusion |
|
Chi-Square (X2) |
Diharapkan Kecil |
1,697 |
Good fit |
|
Probability |
≥ 0,05 |
0,193 |
Good fit |
|
RMSEA |
≤ 0,08 |
0,095 |
Marginal fit |
|
GFI |
≥ 0,90 |
0,989 |
Good fit |
|
AGFI |
≥ 0,90 |
0,892 |
Marginal fit |
|
CMIN/DF |
≤ 2,00 |
1,697 |
Marginal fit |
|
TLI |
≥ 0,95 |
0,946 |
Good fit |
|
CFI |
≥ 0,95 |
0,991 |
Good fit |
Source: AMOS v21 output
From the model output results in table 4.5
above, it shows a chi-square of 1,697 and a degree of freedom of 1. This shows
that the Probability, GFI, TLI and CFI values are in accordance with the
criteria. Even though the RMSEA, AGFI, CMIN/DF values are at marginal values,
according to Hair et al (1998: 623), the RMSEA, AGFI, CMIN/DF values are close
to the recommended values, so the model is still suitable to continue. This
means that the model is quite fit and suitable for use.
Structural Equation Estimation Test Results
Table 5. Structural Equation Estimates
|
Estimate |
S.E. |
C.R. |
P |
Label |
|||
|
DER |
<--- |
ROE |
.201 |
.210 |
.955 |
.339 |
par_1 |
|
DER |
<--- |
SIZE |
.287 |
.077 |
3.754 |
*** |
par_2 |
|
PBV |
<--- |
DER |
.099 |
.047 |
2.101 |
.036 |
par_3 |
|
PBV |
<--- |
ROE |
.862 |
.088 |
9.839 |
*** |
par_4 |
|
PBV |
<--- |
SIZE |
-.139 |
.034 |
-4.043 |
*** |
par_5 |
Source: AMOS v21 output
Based on table 5 above, the following
structural equation is obtained:
DER = 0.201*ROE + 0.287*SIZE, R2 = 0.163
PBV =
0.099*PBV + 0.862*ROE – 0.139*SIZE, R2 = 0.608
From the results of the structural equation it
can be explained as follows:
1. In the equation of profitability (ROE) and
company size (SIZE) on capital structure (DER), the path coefficient value of profitability
(ROE) on capital structure (DER) is 0.201, meaning that profitability (ROE) has
a high influence on capital structure (DER ) in a positive direction, namely if
profitability (ROE) increases by 10% then the capital structure (DER) will
increase by 2.01%.
2. In the equation, the path coefficient value of
company size (SIZE) on capital structure (DER) is 0.287, meaning that company
size (SIZE) has a strong influence on capital structure (DER) in a positive
direction, namely if the company size (SIZE) increases by 10% then the capital
structure (DER) will increase by 2.87%
3. In the equation of company value (PBV),
profitability (ROE), and company size (SIZE) to company value (PBV), the path
coefficient value of capital structure (DER) to company value (PBV) is 0.099,
meaning that capital structure (DER) has a strong influence on company value
(PBV) in a positive direction, namely if the capital structure (DER) increases
by 10%, the company value (PBV) will increase by 9.9%
4. In the equation, the path coefficient value of
profitability (ROE) to company value (PBV) is 0.862, meaning that profitability
(ROE) has a strong influence on company value (PBV) in a positive direction,
namely if profitability (ROE) increases by 10% then the company value ( PBV)
will rise 8.62%.
5. The equation of the path coefficient value of
company size (SIZE) to company value (PBV) is -0.139, meaning that company size
(SIZE) has a low influence on company value (PBV) in a negative direction,
namely if company size (SIZE) decreases by 10% then the company value (PBV)
will decrease -13.9%.
Hypothesis Test Results
Table 6. Hypothesis testing
|
Variable
Relationships |
Σεi |
Research
result |
|
|
ROE -->
DER |
0.955 |
Not significant |
Positive |
|
SIZE -->
DER |
3.754 |
Significant |
Positive |
|
ROE -->
PBV |
9.839 |
Significant |
Positive |
|
SIZE-->
PBV |
-4.043 |
Significant |
Negative |
|
DER -->
PBV |
2.101 |
Significant |
Positive |
|
ROE -->
DER --> PBV |
0.86 |
Not significant |
Positive |
|
SIZE -->
DER --> PBV |
-0.14 |
Significant |
Negative |
Source: AMOS v21 output
Based on the table above, the following
information on the results of hypothesis testing is obtained:
1. Effect of profitability (ROE) on capital
structure (DER)
Based on the research results, there is a CR
value of 0.955 (p = 0.339 > 0.05), so Ho is accepted and Ha is rejected,
meaning there is an insignificant value.
2. The influence of company size (SIZE) on capital
structure (DER)
Based on the research results, there is a CR
value of 3.754 (p = 0.000 < 0.05), so Ho is rejected and Ha is accepted,
meaning there is a significant value.
3. Effect of profitability (ROE) on company value
(PBV)
Based on the research results, there is a CR
value of 9.839 (p = 0.000 < 0.05), so Ho is rejected and Ha is accepted,
meaning there is a significant value.
4. The effect of company size (SIZE) on company
value (PBV)
Based on the research results, there is a CR
value of -4.043 (p = 0.000 < 0.05), so Ho is rejected and Ha is accepted,
meaning there is a significant value.
5. Influence of capital structure (DER) on company
value (PBV)
Based on the research results, there is a CR
value of 2.101 (p = 0.036 < 0.05), so Ho is rejected and Ha is accepted,
meaning there is a significant value.
Path Analysis (Path Analysis) The Influence of
Profitability and Company Size on Company Value Through Capital Structure
In intervening testing, the basis for decision
making is to test the hypothesis Y1 as an intervening variable, the
relationship between X1 to Y2 and simultaneous. Can be seen in pictures 2 and 3.
1. The effect of profitability on company value
through capital structure
Based on the research results, it is known that
the profitability value (ROE) on company value (PBV) is 0.9 and the
profitability value on capital structure has not changed at 0.9 and is not
significant, so the capital structure variable does not qualify as an
intervening variable.
2. The influence of company size on company value
through capital structure
Based on the research results, it is known that
the value of company size (SIZE) on company value (PBV) is -0.11 and the value
of company size on capital structure decreases -0.14 and is significant, so
that the capital structure variable can qualify as an intervening variable.
Figure 2. Direct Effect Estimation Results
Figure 3. Indirect Effect Estimation Results
In conclusion from the 2 steps above, it is
known that the path coefficient b1׀ (i.e. profitability (ROE) to company value
(PBV) and b2׀ (i.e. company size (SIZE) to company value (PBV)) value
decreases) is from -0.11 to -0.14 (b1׀ < b2) or (b2׀ < b2) and is
significant, then the capital structure variable (DER) is partial mediation.
Discussion
Effect of Profitability on Company Value
Based on the research results, it can be explained that profitability
has a positive and significant effect on company value. The results of this
research are in line with research conducted by Sari and Priyadi (2016) and
Fidiana (2016). Profitability is getting higher and the company is successful
in posting continuously increasing profits, which will show that the company is
running well, so it will create a good positive signal for investors.
Profitability is the company's ability to earn a profit from the capital used
to generate that profit. A company that has a high level of profitability is
associated with the company's ability to utilize the resources or assets owned
by the company to generate profits, which will then be able to create high
company value and maximize shareholder wealth and will receive positive signals
from outside parties or investors.
The effect of company size on company value
Based on the research results, it can be explained that company size
has a negative and significant effect on company value. The results of this
research are not in line with research conducted by Sari and Priyadi (2016),
Sholichah and Andayani (2015). The research results show that company size has
no effect on company value, which means that the size of the company does not
affect company value. This result becomes a phenomenon when compared with
existing theory, namely that company size has a positive effect on company
value. It is assumed that large companies tend to carry out stock splits, by
carrying out stock splits there is a delusion in the share prices so that the
liquidity value increases, it will decrease but the value of the company
continues to increase and thus the size of the company decreases. By looking at
the company's calculations in this research, it can be explained that the share
price fell due to a stock split but the book value did not change.
Effect of Profitability on Capital Structure
Based on the research results, it can be explained that profitability
has a positive and insignificant effect on capital structure. The results of
this research are not in line with research conducted by (Junaedi et al., 2015)
and (Setyawan & Nuzula, 2016). Profitability in this research uses the
Return On Equity (ROE) proxy. Return On Equity (ROE) shows the company's
ability to generate profits after tax using its own capital. Under this theory
the company will be indebted at a certain level, where the tax savings from
additional debt are equal to the cost of financial distress. In Trade-off
theory the optimal capital structure will include tax factors, but still
maintain the assumption of market efficiency as a balance and benefit from using
debt. Optimal debt levels will be achieved when tax savings reach the maximum
amount relative to the costs of financial distress. In Ttrade-off theory,
managers will think between tax savings and the costs of financial difficulties
in determining capital structure. Companies with a high level of profitability
will certainly try to reduce their taxes by increasing the debt ratio, so that
additional debt will reduce taxes.
Influence of Company Size on Capital Structure
Based on the research results, it can be explained that company size
has a positive and significant effect on the company's capital structure. The
results of this research are in line with research conducted by Wiagustini and
Pertamawati (2015), and (Setyawan & Nuzula, 2016). The size of the company
is one of the factors considered in determining how much the funding decision
policy will be to meet the size or magnitude of the company's assets. A company
with high growth will require greater capital, and conversely, if a company has
low growth, the need for capital will also be smaller. Companies that are
experiencing high sales growth require greater capital resource support, and
vice versa. So the sales growth rate has a positive relationship. Companies
with a larger size have access to funding sources from various sources so that
getting loans from creditors will be easier because large companies have a
greater probability of winning competition in the industry, and vice versa.
Effect of Capital Structure on Company Value
Based on the research results, it can be explained that capital
structure has a positive and significant effect on company value. The results
of this research are in line with research conducted by Hermuningsih Sri (2013)
and Rumondor, et al. (2015). This shows that the policy of increasing debt is a
positive signal for investors and affects company value. For companies, the
existence of debt can help to control the free and excessive use of cash funds
by management. Increasing debt can increase company value as reflected in this.
This is in line with the signaling theory put forward by Ross (1977) in Hanafi
(2004) which states that the use of debt is a signal conveyed by managers to
the market. If the manager believes that the company's prospects are good and
wants the share price to increase, the manager communicates this to investors.
Therefore, managers provide more trustworthy signals. Managers can use more
debt as a more credible signal. If debt increases, the possibility of
bankruptcy will increase. If the company goes bankrupt, the manager will be
destroyed and cannot be trusted to be a manager anymore. Therefore, companies
that increase debt can be seen as companies that are confident about the
company's prospects in the future. Because he was quite confident, the company
manager dared to use larger debt. It is hoped that investors will catch this
signal, a signal that the company has good prospects. Thus, debt is a positive
sign or signal.
Effect of Profitability on Company Value
through Capital Structure
Based on the research results, it can be explained that there is an
insignificant value between profitability in capital structure and company
value. so that capital structure does not qualify as an intervening variable
for the profitability variable. This means that companies tend to use external
funds in the form of debt to meet their company's operational needs. For
companies, the existence of debt can help to control the free and excessive use
of cash funds by management. An increase in debt can increase company value as
reflected in an increase in share prices if the company has high investment
opportunities. Companies with a high level of profitability will certainly try
to reduce their taxes by increasing the debt ratio, so that additional debt
will reduce taxes.
The Effect of Company Size on Company Value
through Capital Structure
Based on the research results, it is stated that capital structure is
able to mediate the influence of company size on company value. The results of
this research state that large companies have easier access to funding sources
from investors, because large companies have a greater probability of winning
competition in the industry, and vice versa. Apart from that, large companies
can finance their investments easily through the capital market because
investors can obtain more information compared to small companies. Based on
signaling theory, management hopes to provide a signal of prosperity to owners
or shareholders in presenting financial information. Ross (1977) in Hanafi
(2014) developed a model where capital structure (use of debt) is a signal
conveyed by managers to the market. If the manager believes that the company's
prospects are good, and therefore wants the share price to increase, he will
want to communicate this to investors. One of the simplest ways is to say
directly that the company has good prospects. Of course, investors will not
believe this. Therefore, managers want to provide signals that are more
trustworthy. Managers can use more debt as a more credible signal.
CONCLUSION
Based on the analysis that has been carried out, the author can draw
the conclusion that profitability has a positive and insignificant effect on
capital structure. This means that the higher the company's profit, the less
debt it uses. Apart from that, company size has a positive and significant
effect on capital structure. This means that the bigger the company, the
greater the funds that will be spent, both from own capital and debt, to
maintain or develop the company. Then, profitability has a positive and
significant effect on company value. This indicates that companies that have
high profits will increase the company's profits available to shareholders.
Meanwhile, company size has a negative and significant effect on company value.
This indicates that large companies tend to carry out stock splits, thereby
increasing liquidity. By carrying out a stock split, there is delusion in share
prices. Apart from that, capital structure has a positive and significant
effect on company value. This means that additional debt carried out by the
company to expand its business will increase the company's share price. This
research also found that profitability has a positive and insignificant effect
on company value through capital structure. This shows that capital structure
is not an intervening variable for the profitability variable on company value.
Then, company size has a negative and significant effect on company value
through capital structure. This shows that capital structure is an intervening
variable for the variable company size on company value. We would like to
express our sincere appreciation to all those who have contributed to this
research. Thank you to the Faculty of Economics and Business, National
University, Jakarta and the Faculty of Business, Economics and Social
Development, Universiti Malaysia Terengganu for access to the necessary
facilities and materials. Not to forget, thank you to all respondents and
participants who participated in this research. Your dedication and contribution
means a lot to the smooth running of this research. Thank you for all the
support you have provided.
REFERENCES
Brigham, E.F.,
& Houston, J.F .(2007). Financial of Management. 10th ed. South-Western
Cengage Leaning. New York. Terjemahan A. A. Yulianto. 2011. Dasar-dasar
Manajemen Keuangan. Edisi 10. Buku 1. Salemba Empat. Jakarta.
Ferdinand. A. (2006).
Metode Penelitian Manajemen. Universitas Diponegoro. Semarang.
Hanafi, M. M. (2013).
Manajemen Keuangan. Edisi 1. BPFE.Yogyakarta.
Hermuningsih, S. (2013).
Pengaruh profitabilitas, growth opportunity, struktur modal terhadap nilai
perusahaan pada perusahaan publik di Indonesia. Buletin ekonomi moneter
dan perbankan, 16(2), 127-148. https://doi.org/10.21098/bemp.v16i2.27
Hermuningsih,
S. (2012). Pengaruh Profitabilitas, Size Terhadap Nilai Perusahaan Dengan
Sruktur Modal Sebagai Variabel Intervening. Jurnal Siasat Bisnis. 16 (2):
232-242. https://journal.uii.ac.id/JSB/article/view/3304
Junaedi, A. T., Zulhelmi,
Z., & Dewiayana, D. (2017). Analisis Pengaruh Profitabilitas, Pertumbuhan
Penjualan Dan Resiko Bisnis Terhadap Struktur Modal Pada Perusahaan Food And
Beverages Yang Terdaftar Di Bei Periode 2010-2013. Procuratio (Jurnal
Ilmiah Manajemen), 3(4), 399-409.
Mustafa, Z. (2009).
Mengurai Variabel Hingga Instrumentasi. Graha Ilmu. Yogyakarta.
Pantow, M. S. R., Murni, S.,
& Trang, I. (2015). Analisa pertumbuhan penjualan, ukuran perusahaan,
return on asset, dan struktur modal terhadap nilai perusahaan yang tercatat di
indeks lq 45. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan
Akuntansi, 3(1). https://doi.org/10.35794/emba.3.1.2015.7801
Rumondor, R., Mangantar, M.,
& Sumarauw, J. S. (2015). Pengaruh struktur modal, ukuran perusahaan dan
risiko perusahaan terhadap nilai perusahaan pada sub sektor plastik dan
pengemasan di BEI. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis
dan Akuntansi, 3(3). https://doi.org/10.35794/emba.3.3.2015.9338
Sari, R. A. I., &
Priyadi, M. P. (2016). Pengaruh leverage, profitabilitas, size, dan growth
opportunity terhadap nilai perusahaan. Jurnal Ilmu dan Riset Manajemen
(JIRM), 5(10).
Setyawan, A. I. W., &
Nuzula, N. F. (2016). Pengaruh Firm Size, Growth Opportunity, Profitability,
Business Risk, Effective Tax Rate, Asset Tangibility, Firm Age Dan Liquidity
Terhadap Struktur Modal Perusahaan (Studi pada Perusahaan Sektor Property dan
Real Estate yang Terdaftar di BEI Tahun 2009-2014). Jurnal Administrasi
Bisnis (JAB)| Vol, 31(1).
Sholichah, W. A., &
Andayani, A. (2015). Pengaruh Struktur Kepemilikan, Ukuran Perusahaan Dan
Leverage Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi
(JIRA), 4(10).
http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/3218
Suardikha, M. S., &
Apriada, K. (2016). Pengaruh struktur kepemilikan saham, struktur modal dan
profitabilitas pada nilai perusahaan. E-Jurnal Ekonomi dan Bisnis
Universitas Udayana, 44768.5 (2): 201-218.
Sugiyono. (2010).
Metode Penelitian Bisnis. Alfabeta. Bandung.
Wahyuningsih, P., &
Widowati, M. (2016). Analisis roa dan roe terhadap nilai perusahaan dengan
Corporate social responsibility sebagai variabel Moderating (Studi Pada
Perusahaan BUMN yang Terdaftar di BEI Periode 2010-2013). Jurnal STIE
Semarang (Edisi Elektronik), 8(3), 83-102. https://jurnal3.stiesemarang.ac.id/index.php/jurnal/article/view/53
Wiagustini, N. L. P., &
Pertamawati, N. P. (2015). Pengaruh risiko bisnis dan ukuran perusahaan pada
struktur modal dan nilai perusahaan pada perusahaan farmasi di Bursa Efek
Indonesia. Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan
Universitas Udayana, 9(2), 112-122.
https://d1wqtxts1xzle7.cloudfront.net/81543629/10547-libre.pdf?1646212579=&response-content-disposition=inline%3B+filename%3DPengaruh_Risiko_Bisnis_Dan_Ukuran_Perusa.pdf&Expires=1707273434&Signature=HJUPnMRd44PaBX2JZbgpEtCm~AI8-jjJRL4W5xmT16a9H2PkaOHq682kkVi1CSYAg~DnpOl5PKXHKHZTrMNeKgHCrmGwbh1ILqO9Tt5C5oGK3dxKQ3dWRyGqrMzicINcusDPrwicR~XnKXJNYvLXGqLMcKpNSaxgkEDzoFDJrmDjBPf95N6TfDFufVthfS9hdukcG8kI-vGWRGpKXvky8l4MzqqQppx3o6k6CM3uaXUNYqGNEq-YmsPmFEGZD5UiBIZcfIhcjDaex6G3R9ohf4qjv5wAsANaIXcsSuURs5fKRbTgTR1ti42FK8jX6C4x69nxGm2FXhPzsju9cj0-jQ__&Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA
Wiagustini,
N.L.P. (2013). Manajemen Keuangan. Cetakan Pertama. Udayana University Press.
Denpasar.
Wirajaya, A., & Dewi, A.
S. M. (2013). Pengaruh struktur modal, profitabilitas dan ukuran perusahaan
pada nilai perusahaan. E-Jurnal Akuntansi Universitas Udayana, 4(2),
358-372.
