The Role of Profitability in Mediating the Influence of Company Size and Leverage on the Value of Manufacturing Companies Listed on the Indonesia Stock Exchange in 2020-2023
DOI:
https://doi.org/10.22225/jj.12.1.2025.109-124Keywords:
Firm Value, Profitability, Firm Size, LeverageAbstract
Bank Indonesia (BI) saw that the manufacturing sector's success in 2023 slowed the rise in company value, as shown by the changing business value. If the growth comes with a high rate of return on investment for shareholders, it will change how many investors or shareholders are worth. There are several ways to figure out how much a business is worth. Before investing, people look at a number of factors that will help them figure out how much a company is worth. This research examines how profitability influences Indonesia Stock Exchange-listed manufacturing businesses' value between 2020 and 2023. It will examine debt and firm size effects on value. Study participants are manufacturers that went public on the Indonesia Stock Exchange between 2020 and 2023. Over four years, 52 firms provided 208 observational data points. The data was collected from public and private archives, which contain papers, documentation, and historical reports. Researchers employ inferential path analysis to solve the question. The research found that company size significantly reduces profitability. Relatively little leverage affects corporate profitability. Size doesn't affect firm worth as much. Leverage boosts corporate value significantly. Profitability has a positive and significant effect on company value. Profitability is able to mediate the effect of company size on company value. Profitability is not able to mediate the effect of leverage on company value.
References
Anwar, M. (2019). Dasar-dasar Manajemen Keuangan Perusahaan. Edisi 1. Jakarta: Kencana
Brigham, E. F., & Houston, J. F. (2011). Dasar-dasar Manajemen Keuangan. Terjemahan. Edisi 10. Jakarta: Salemba Empat
Brigham, E. F., & Gapenski, L. C. (2011). Intermediate Finance Management. Harbor Drive: The Dryden Press.
Dhani, I., & Utama, S. A. (2017). Pengaruh Pertumbuhan Perusahaan, Struktur Modal, dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi dan Bisnis, 2(1), 135-148
Dharmaputra, I. G. N. A., Rustiarini, N. W., & Dewi, N. P. S. (2022). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Likuidititas, dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan. Jurnal Karya Riset Mahasiswa Akuntansi, 2(1)
Fitriana, P. M. (2018). Pengaruh Keputusan Investasi, Keputusan Pendanaan Dan Profitabilitas Terhadap Nilai Perusahaan: Kebijakan Dividen Sebagai Variabel Intervening. Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan
Goh T. S., Simanjuntak, A., & Henry, H. (2024). Pengaruh Profitabilitas dan Leverage terhadap Nilai Perusahaan dengan Leverage sebagai Variabel Moderasi pada Perusahaan Konstruksi yang Terdaftar di Bursa Efek Indonesia, Jurnal Ekonomi & Ekonomi Syariah, 7(1)
Januri, J., & Kartika, S. I. (2021). Pengaruh Perencanaan Pajak dan Kinerja Keuangan terhadap nilai perusahaan pada perusahaan manufaktur yang terdapat di Bursa Efek Indonesia. Prosiding Seminar Nasional Kewirausahaan
Kasmir. (2019). Analisis Laporan Keuangan. Edisi Pertama. Cetakan Keduabelas. Jakarta: PT Raja Grafindo Persada
Khoiriyah, N. (2018). Pengaruh Ukuran Perusahaan dan Profitabilitas TerhadapNilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Pemoderasi. Jurnal UIN Maulana Malik Ibrahim Malang, 2(1), 185-198
Nanda, T. R. (2019). Pengaruh Ukuran Perusahaan, Leverage, Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan (studi pada perusahaan lq45 yang terdaftar di bursa efek indonesia 2014-2017). Universitas Negeri Yogyajarta.
Octaviany, A., Hidayat, S., & Miftahudin. (2019). Pengaruh Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Riset Inspirasi Manajemen dan Kewirausahaan, 3(1).
Pratama, I. G. B. angga, & Wiksuana, I. G. B. (2020). Pengaruh Ukuran Perusahaan-Dan Leverage. E-Jurnal Manajemen Unud, 5(2), 1338–1367.
Putri, S. O., & Hendriyani, R. M. (2024). Pengaruh Leverage, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Customer Non-Cyclicals Yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2022. Jurnal Ilmiah Wahana Pendidikan, 10(5), 841– 851.
Salma, N., & Riska, T. J. (2020). Pengaruh Rasio Leverage, Likuiditas, Profitabilitas Terhadap Kualitas Laba Perusahaan Makanan Minuman BEI. Competitive, 14(2), 84–95. https://doi.org/10.36618/competitive.v14i2.622
Sari, R. M., & Candra, A., (2024), Pengaruh Profitabilitas Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility Sebagai Variabel Moderating (Studi Pada Perusahaan Cosmetics And Household Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2022). Jurnal Administrasi Bisnis (JAB), 14(1)
Sari, W. P. C., Yasa, P. N. S., & Surasmi, I. A. (2023). Effect Of Profitability, Liquidity, Price Investment Decision Share With Company Value As An Intervening Variable. International Journal of Management Studies and Social Science Research, 5(1). https://doi.org/10.56293/IJMSSSR.2022.4561
Surasmi, I. A., & Putra, I. B. U. (2023). Dividend Policy as Moderating Variable on the Effect of Leverage and Profitability on Firm Value. Journal of Economics, Finance and Management Studies, 5(9), 2720-2726
www.idxchannel.com
Yanti, J., & Setiawati, R. (2022). Pengaruh ukuran perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening (Pada Perusahaan Manufaktur Sektor Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2016-2019). Jurnal Manajemen Terapan Dan Keuangan, 11(01), 243–254. https://doi.org/10.22437/jmk.v11i01.17389
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Ekonomi dan Bisnis Jagaditha
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
