Email this article 
Capital Structure Mediates the relationship of Institutional Ownership, Asset Structure, and Company Growth to the Value of Manufacturing Companies.
(1) Universitas Negeri Malang
(2) Universitas Negeri Malang
(3)
(*) Corresponding Author
Abstract
The rise and fall of a company's value is described by the stock price. Manufacturing companies support economic growth and provide jobs in the uncertainty of the world economy. Investors will be attracted by the company's continued optimal value. The use of analysis with quantitative approaches and explanatory methods. Manufacturing companies listed on the Indonesia Stock Exchange are made objects of population. The purpose of this study is to ascertain the function of capital structure as a mediating variable and the relationship between institutional ownership, asset structure, company growth, and company value. Quantitative research method using path analysis and Sobel test methods. research tool using eviews 12 Purposive sampling was used to determine the sample using several criteria. A total of 71 manufacturing companies that met the criteria with observations for 4 years, obtained a sample of 278.The results showed that company growth, asset structure, and institutional ownership did not affect company value, but capital structure significantly affected company value. Capital structure is strongly influenced by institutional ownership and company growth. However, it is not affected by the structure of the asset. Capital structure can mediate institutional ownership and a company's growth against company value. However, it cannot mediate the asset structure against the value of the company.
Keywords
Full Text:
PDFReferences
Akbar, M. (2022). The Influence of Capital Structure, Assets Structure and Sales Growth on Company Value. Budapest International Research and Critics Institute-Journal, 5, 13091–13105.
Akmalia, A., & Aliyah, S. A. (2022). The Role of Financial Performance in Mediating The Effect of Institutional Ownership, Company Size and Sales Growth on Firm Value. Jurnal Manajemen Bisnis, 9(2), 274–288.
Antoro, W., Sanusi, A., & Asih, P. (2020). The Effect of Profitability, Company Size, Company Growth on Firm Value Through Capital Structure in Food and Beverage Companies on the Indonesia Stock Exchange 2014-2018 Period. International Journal of Advances in Scientific Research and Engineering, 06(09), 36–43. https://doi.org/10.31695/ijasre.2020.33876
Ardiansyah, D., Suratno, & Sihite, M. (2022). Pengaruh Risiko Bisnis, Asset Growth dan Kepemilikan Institusional Terhadap Nilai Perusahaan Melalui Struktur Modal Sebagai Intervening. AkunNas, 19(1), 1–15.
Berzkalne, I., & Zelgalve, E. (2014). Intellectual Capital and Company Value. Procedia - Social and Behavioral Sciences, 110, 887–896. https://doi.org/10.1016/j.sbspro.2013.12.934
Dewi, N., Andini, R., & Santoso, E. B. (2018). Pengaruh Likuiditas Dan Pertumbuhan PerusahaanTerhadap Nilai Perusahaan Dengan Variabel StrukturModal Sebagai Variabel Intervening. Journal of Accounting, 1–19.
Dewi, N. K. E., & Dewi, S. K. S. (2018). Pengaruh Praktek Tata Kelola Perusahaan Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 7(9), 5139.
Endah Ismawati, N., & Winarno, A. (2018). Pengaruh Struktur Modal Terhadap Profitabilitas Koperasi Pegawai Republik Indonesia (Kpri). Ekonomi Bisnis, 23(1), 29. https://doi.org/10.17977/um042v23i1p29-34
Haryanto, S., Ariestanto, E., Assih, P., Suroso, A., Aripin, Z., Terusan, J., Dieng, R., Malang, N., Ekonomika, F., Pgri, U., Malang, K., Supriadi, J. S., & Malang, N. (2022). Growth Opportunity and Firm Value in Indonesian Manufacturing Firms. 5(3), 250–259.
Hasan, J., & Meidiyustiani, R. (2023). Pengaruh Profitabilitas, Struktur Aktiva, Umur Perusahaan, dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris PadaPerusahaan Sektor Properti Dan Real Estate Yang TerdaftarDi Bursa Efek Indonesia Periode 2017-2022). Jurnal Mutiara Ilmu Akuntansi (JUMIA), 1(4), 324–339. https://ejurnal.stie-trianandra.ac.id/index.php/jumia/article/view/2056
Hasmaynelis Fitri, Zigo Triansyah, Bayu Putra, R., & Bayu Pratama Azka. (2022). Pengaruh Growth Opportunity Dan Likuiditas Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening. Manajemen, 2(2), 160–176. https://doi.org/10.51903/manajemen.v2i2.183
Hestinoviana, V., Suhadak, S., & Handayani, S. R. (2013). The Influence of Profitability, Solvability, Asset Growth, and Sales Growth Toward Firm Value. Jurnal Administrasi Bisnis S1 Universitas Brawijaya, 4(1), 1–11.
Inne, A., Ubud, S. P. D., & Kusuma, R. D. D. (2021). The effect of profitability, firm size, liquidity, sales growth on firm value mediated capital structure. International Journal of Business, Economics and Law, 24(4), 15–22.
Kartika, R. (2020). ANALYSIS OF SIZE , ROA , AND GROWTH OF CORPORATE VALUE ; WITH VARIABLE CAPITAL STRUCTURE AS INTERVENING. 04(02).
Khoirunnisa’, R. (2022). Nomor 1 Jurusan Manajemen Fakultas Ekonomika dan Bisnis Universitas Negeri Surabaya 2022. Jurnal Ilmu Manajemen, 10(2014), 11–27.
Kusumawati, H. W., Titisari, K. H., & Siddi, P. (2021). The Influence of Profitability , Leverage , Dividend Policy , Liquidity and Institutional Ownership on Firm Value LQ45. Journal of Indonesian Science Economic Research, 3(1), 1–8.
Ling, D. C., Wang, C., & Zhou, T. (2021). Institutional common ownership and firm value: Evidence from real estate investment trusts. Real Estate Economics, 49(1), 187–223. https://doi.org/10.1111/1540-6229.12312
Ngatemin, Maksum, A., Erlina, & Sirojuzilam. (2018). Effects of institutional ownership and profitability to firm value with the capital structure as intervening variable (empirical study at company tourism industry sector listed in Indonesia). In International Journal of Civil Engineering and Technology (Vol. 9, Issue 5, pp. 1305–1320). https://api.elsevier.com/content/abstract/scopus_id/85049558694
Oktaviani, R. F. (2020). Effect of Firm Growth and Firm Size on Company Value with Earning Per Share As Moderation. EAJ (Economic and Accounting Journal), 3(3), 219–227. https://doi.org/10.32493/eaj.v3i3.y2020.p221-229
Osvald, G., Prasetyo, E., & Hadiprajitno, P. B. (2019). Analisis Pengaruh Tata Kelola Perusahaan Dan Struktur Kepemilikan Terhadap Struktur Modal (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2015-2017). Diponegoro Journal of Accounting, 8(3), 1–12. http://ejournal-s1.undip.ac.id/index.php/accounting
Permatasari, L. I., & Ramadhan, Y. (2023). The Effect of Company Growth and Liquidity on Company Value with Capital Structure as an Intervening Variable. International Journal of …. https://ijssr.ridwaninstitute.co.id/index.php/ijssr/article/view/521
Pramana, I. W. S., & Darmayanti, N. P. A. (2020). Profitabilitas, Struktur Aktiva, Dan Ukuran Perusahaan Berpengaruh Terhadap Struktur Modal Perusahaan Otomotif. E-Jurnal Manajemen Universitas Udayana, 9(6), 2127. https://doi.org/10.24843/ejmunud.2020.v09.i06.p04
Pramesti, N. P. E., Yasa, P. N. S., & Ningsih, N. L. A. P. (2021). The Effect of Capital Structure and Sales Growth on Company Profitability and Value in the Cosmetics Manufacturing and Household Needs Manufacturing Companies. Jurnal Ekonomi & Bisnis JAGADITHA, 8(2), 187–193. https://doi.org/10.22225/jj.8.2.2021.187-193
Pratiwi, T. A., & Budiarti, A. (2020). Struktur Modal Memediasi Pertumbuhan Perusahaan dan ukuran Perusahaan terhadap Nilai Perusahaan. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 3(2), 126–143. https://doi.org/10.36778/jesya.v3i2.166
Purba, J. T., & Africa, L. A. (2019). The effect of capital structure , institutional ownership , managerial ownership , and profitability on company value in manufacturing companies. 9(1), 27–38. https://doi.org/10.14414/tiar.v9i1.1619
Putri, A., & Asyik, N. F. (2019). Pengaruh Struktur Aset, Pertumbuhan Aset, Dan Risiko Bisnis Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening. Jurnal Ilmu Dan Riset Akuntansi, 8(3), 1–21.
Putri, I. G. A. P. T. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. In International Research Journal of Management, IT and Social sciences. pdfs.semanticscholar.org. https://doi.org/10.21744/irjmis.v7n1.833
Raharjo, A. A., & Muhyarsyah. (2021). the Impacts of Institutional Ownership, Leverage and Firm Size To Firm Value With Profitability As a Moderation Variable. International Journal of Business, Economics and Law, 24(5), 184–194. https://web.idx.com
Setiadharma, S., & Machali, M. (2017). The effect of asset structure and firm size on firm value with capital structure as intervening variable. Journal of Business & Financial Affairs, 6(4), 1–5.
Susanti, N., & Restiana, N. G. (2018). What’s the Best Factor to Determining Firm Value? 22(2), 301–309.
Suzulia, M. T., & 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.
Triyono, T., Kusumastuti, A., & Palupi, I. D. (2019). The Influence of Profitability, Assets Structure, Firm Size, Business Risk, Sales Growth, and Dividend Policy on Capital Structure. Riset Akuntansi Dan Keuangan Indonesia, 4(3), 101–111. https://doi.org/10.23917/reaksi.v4i3.9340
Wahyudi, S. M. (2020). Effect of Leverage, Profitability, Sales Growth Toward Company Values. International Journal Of Management Studies and Social Science Research, 2(4), 161–169.
Wayan, N., Yundhari, T., Bagus, I., & Sedana, P. (2020). The Effect Of Profitability, Growth, And Asset Structure On Company Value With Capital Structure As Mediation On Consumer Goods Companies In Indonesia Stock Exchange. Www.Ijbmm.Com International Journal of Business Marketing and Management, 5(11), 2456–4559. www.idx.co.id
Widayanti, D., Wahyuni, I., & Pramitasari, T. D. (2022). Pengaruh Struktur Aktiva Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening Pada Perusahaan Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bei Tahun 2017-2020. Jurnal Mahasiswa Entrepreneurship (JME), 1(4), 823. https://doi.org/10.36841/jme.v1i4.2112
Wijaya, D., & Pakpahan, H. M. E. (2021). The Effect Of Liquidity, Capital Structure, Dividen Policy On Firm Value Through Profitability as Intervening Variable. International Journal of Business, Economics and Law, 24(6), 190–197.
Wulan Sari, E., & Elly Siswanto. (2022). the Effect of Assets Structure and Firm Size on Firm Value Mediated By Capital Structure. Journal of Management and Informatics, 1(3), 16–22. https://doi.org/10.51903/jmi.v1i3.143
DOI: https://doi.org/10.24123/mabis.v24i1.790
Article Metrics
Abstract view : 0 timesPDF - 0 times
Refbacks
- There are currently no refbacks.
Copyright (c) 2024 Lukas Gredyansyah Tani
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License. ISSN: 1412-3789. e-ISSN: 2477-1783.
 |  |  |  |
 |  |  |  |