THE ROLE OF PROFITABILITY IN MODERATING THE EFFECT OF CAPITAL STRUCTURE AND COMPANY SIZE ON COMPANY VALUE (Study of Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange from 2020 to 2024)

Abstract This study aims to analyze the effect of capital structure and company size on company value with profitability as a moderating variable in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. The research method used a quantitative approach with Structural Equation Modeling – Partial Least Squares (SEM-PLS) analysis technique through SmartPLS version 4 software. The research population included all food and beverage sub-sector companies on the IDX using purposive sampling technique. The results showed that capital structure and company size had a significant effect on company value, while profitability did not have a significant effect on company value. Profitability was found to moderate the relationship between capital structure and company value, but did not moderate the relationship between company size and company value. The R² value of 0.226 indicates that 22.6% of the variation in company value is explained by the research variables, while the remaining 77.4% is influenced by other factors outside the model. This study implies that optimizing capital structure and increasing company size are important strategies in increasing company value, while profitability plays a role in strengthening the influence of capital structure on company value.

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Publication Details

Journal
Zenodo (CERN European Organization for Nuclear Research)
Published
2026-03-27
DOI
https://doi.org/10.5281/zenodo.19253818
Primary Topic
Financial Analysis and Corporate Governance
Type
article
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article

THE ROLE OF PROFITABILITY IN MODERATING THE EFFECT OF CAPITAL STRUCTURE AND COMPANY SIZE ON COMPANY VALUE (Study of Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange from 2020 to 2024)

Manatap Berliana Lumban Gaol, HALOMOAN SIHOMBING, HERTI DIANA HUTAPEA, AUDREY M. SIAHAAN et al.
Zenodo (CERN European Organization for Nuclear Research)
Financial Analysis and Corporate Governance
article

THE ROLE OF PROFITABILITY IN MODERATING THE EFFECT OF CAPITAL STRUCTURE AND COMPANY SIZE ON COMPANY VALUE (Study of Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange from 2020 to 2024)

Manatap Berliana Lumban Gaol, HALOMOAN SIHOMBING, HERTI DIANA HUTAPEA, AUDREY M. SIAHAAN, PRISCILLA CLAUDIA MAYLANI SIMORANGKIR
article en

Abstract

Abstract This study aims to analyze the effect of capital structure and company size on company value with profitability as a moderating variable in food and beverage sub-sector companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024. The research method used a quantitative approach with Structural Equation Modeling – Partial Least Squares (SEM-PLS) analysis technique through SmartPLS version 4 software. The research population included all food and beverage sub-sector companies on the IDX using purposive sampling technique. The results showed that capital structure and company size had a significant effect on company value, while profitability did not have a significant effect on company value. Profitability was found to moderate the relationship between capital structure and company value, but did not moderate the relationship between company size and company value. The R² value of 0.226 indicates that 22.6% of the variation in company value is explained by the research variables, while the remaining 77.4% is influenced by other factors outside the model. This study implies that optimizing capital structure and increasing company size are important strategies in increasing company value, while profitability plays a role in strengthening the influence of capital structure on company value.

Zenodo (CERN European Organization for Nuclear Research)
University of HKBP Nommensen (ID)
Openalex Percentile: Top 7%
Financial Analysis and Corporate Governance
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THE ROLE OF PROFITABILITY IN MODERATING THE EFFECT OF CAPITAL STRUCTURE AND COMPANY SIZE ON COMPANY VALUE (Study of Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange from 2020 to 2024) — Manatap Berliana Lumban Gaol, HALOMOAN SIHOMBING, et al. · Zenodo (CERN European Organization for Nuclear Research) (2026) | TGRS Research Map | TGRS