Pengaruh Ukuran Perusahaan, Profitabilitas, Struktur Modal dan Struktur Aset Terhadap Nilai Perusahaan
DOI:
https://doi.org/10.51903/kompak.v18i2.2942Keywords:
Company value , Company size, Profitability, Capital structure, Asset structureAbstract
This study aims to examine the effect of firm size, profitability, capital structure, and asset structure on firm value in the food and beverage subsector listed on the Indonesia Stock Exchange for the 2019–2023 period. This causal research employs secondary data obtained from annual reports and applies purposive sampling, resulting in 13 companies with a total of 65 observations. Multiple linear regression analysis was conducted after passing classical assumption tests. The findings indicate that profitability and capital structure have a significant positive effect on firm value, while asset structure has a substantial adverse effect. Firm size shows no significant impact on firm value. These results suggest that efficiency has a greater influence on firm value in resource utilization and financial structure management than the size of assets owned. This study contributes to the corporate finance literature, particularly in the context of Indonesia’s food and beverage industry. It provides practical implications for managers and investors in making informed investment decisions.
References
[1] A. Nanjar, T. Safitri Maharani, P. A. Prastyo, M. Taufik, N. Hidayat, and I. Kharits, “Internet Of Things (IoT) Integration In Telecommunication Networks: Challenges and Opportunities,” J. Technol. Informatics Eng., vol. 3, no. 1, pp. 11–24, Mar. 2024, doi: 10.51903/jtie.v3i1.156.
[2] R. D. Hartana and E. I. Sela, “Nutritional Status Classification Of Stunting In Toddlers Using Naive Bayes Classifier Method,” J. Technol. Informatics Eng., vol. 3, no. 1, pp. 01–10, Mar. 2024, doi: 0.51903/jtie.v3i1.154.
[3] E. W. Sari and E. Siswanto, “The Effect of Assets Structure and Firm Size on Firm Value Mediated by Capital Structure,” J. Manag. Informatics, vol. 1, no. 3, pp. 08–16, Dec. 2022, Accessed: Aug. 29, 2025. [Online]. Available: https://jmi.stekom.ac.id/index.php/jmi/article/view/6
[4] N. M. E. Damayanti and N. P. A. Darmayanti, “Pengaruh Ukuran Perusahaan, Likuiditas, Profitabilitas, Dan Struktur Modal Terhadap Nilai Perusahaan Transportasi Dan Logistik,” E-Jurnal Manaj. Univ. Udayana, vol. 11, no. 8, p. 1462, 2022, doi: 10.24843/ejmunud.2022.v11.i08.p02.
[5] A. Sungkowo, Y. Z. Arief, and R. R. Al-Hakim, “Analysis of Ag2+ and Cu2+ electroplating on the aluminum layer thickness level: A reanalysis,” J. Technol. Informatics Eng., vol. 1, no. 2, pp. 35–42, Aug. 2022, doi: 10.51903/jtie.v3i1.156.
[6] S. P. Pamungkas, D. Kurniawan, and T. Kurnialensya, “Perancangan Sistem Penjualan Berbasis Web Menggunakan Metode Objek,” J. Ilm. Sist. Inf., vol. 4, no. 1, pp. 25–36, Jan. 2025, doi: 10.51903/a49m7w68.
[7] K. Y. Dewi and H. Rahyuda, “Pengaruh Profitabilitas, Likuiditas Dan Kebijakan Dividen Terhadap Nilai Perusahaan Sektor Industri Barang Konsumsi Di Bei,” E-Jurnal Manaj. Univ. Udayana, vol. 9, no. 4, p. 1252, 2020, doi: 10.24843/ejmunud.2020.v09.i04.p02.
[8] Miftahurrohman, H. Kusumo, and Munifah, “Corporate Governance and Firm Performance: The Role of Shareholder Activism in Emerging Markets,” J. Manag. Informatics, vol. 3, no. 3, pp. 470–489, Dec. 2024, doi: 10.51903/jmi.v3i3.56.
[9] S. Adrie, “Pengaruh Leverage, Likuiditas dan Ukuran Perusahaan terhadap Nilai Perusahaan (Studi empiris pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020),” JACFA J. Adv. Cent. Financ. Account., vol. 02, no. 03, pp. 1–34, 2022, [Online]. Available: https://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/3067
[10] D. A. M. Savitri, D. Kurniasari, and A. Mbiliyora, “Pengaruh Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia tahun 2017-2019),” J. Akunt. dan Pajak, vol. 21, no. 02, pp. 500–507, 2021, doi: 10.29040/jap.v21i02.1825.
[11] M. Hirdinis, “Capital structure and firm size on firm value moderated by profitability,” Int. J. Econ. Bus. Adm., vol. 7, no. 1, pp. 174–191, 2019, doi: 10.35808/ijeba/204.
[12] A. N. Isnaini, S. Nurlaela, and K. H. Titisari, “Struktur Modal, Profitabilitas, Likuiditas, Ukuran Perusahaan dan Nilai Perusahaan Property dan Real Estate,” J. Penelit. Ekon. dan Akunt. (JPENSI, vol. 5, no. 3, pp. 226–238, 2020, doi: 10.30736/jpensi.v5i3.363.
[13] J. Jufrizen and I. N. Al Fatin, “Pengaruh Debt To Equity Ratio, Return On Equity, Return On Assets Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Farmasi,” J. Hum. J. Ilmu Sos. Ekon. dan Huk., vol. 4, no. 1, pp. 183–195, 2020, doi: 10.30601/humaniora.v4i1.677.
[14] W. Antoro, A. Sanusi, and P. Asih, “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,” Int. J. Adv. Sci. Res. Eng., vol. 06, no. 09, pp. 36–43, 2020, doi: 10.31695/ijasre.2020.33876.
[15] R. D and B. P. D, “Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan,” J. Equity, vol. 18, no. 1, pp. 1–18, 2015, doi: 10.34209/equ.v18i1.456.
[16] S. Handoko, A. Afifudin, and M. H. Holili, “The Strategic Integration of ESG Metrics in Performance Evaluation: Insights from Management Accounting Practices,” J. Manag. Informatics, vol. 3, no. 1, pp. 141–156, Apr. 2024, doi: 10.51903/jmi.v3i1.46.
[17] N. E. Desniati and S. Suartini, “Pengaruh Struktur Modal, Profitabilitas, dan Kebijakan Dividen Terhadap Nilai Perusahaan,” J. Econ. Bussines Account., vol. 4, no. 2, pp. 846–854, 2021, doi: 10.31539/costing.v4i2.2045.
[18] R. Augustina and G. Apriyanto, “Study of Capital Structure (IDX 2011-2017): Firm Growth, Firm Size, and CSR Disclosure on Firm Value,” Int. Res. J. Adv. Eng. Sci., vol. 5, no. 1, pp. 128–133, 2020, [Online]. Available: https://eprints.unmer.ac.id/414/1/Study of Capital Structure %28IDX 2011-2017%29 Firm .pdf%0A
[19] N. Putri Dyenta, “Faktor yang mempengaruhi Nilai Perusahaan,” Kompak J. Ilm. Komputerisasi Akunt., vol. 16, no. 1, pp. 70–77, 2023, doi: 10.51903/kompak.v16i1.1048.
[20] A. N. Fadhila, “Factors Affecting Stock Returns in the Sub-Sector Companies of Foods and Beverages Listed on the INDONESIA Stock Exchange,” IDEAS J. Manag. Technol., vol. 1, no. 2, pp. 12–21, 2021, doi: 10.33021/ideas.v1i2.3433.
[21] Q. R. Siregar and D. D. Harahap, “Influence Current Ratio , Debt to Equity Ratio and Total Asset Turnoveron Return on Equity in the Transportation Sector Industry,” Int. J. Bus. Econ., vol. 2, no. 2, pp. 99–112, 2021, doi: 10.30596/ijbe.v2i2.6644.
[22] A. Analysis, “Impact of Total Asset Turnover Ratios on Equity Returns: Dynamic Panel Data Analyses,” J. Accounting, Bus. Manag., vol. 27, no. 1, pp. 19–29, 2020, doi: 10.31966/jabminternational.v27i1.559.
[23] S. Mangesti Rahayu, Suhadak, and M. Saifi, “The Reciprocal Relationship Between Profitability and Capital Structure and Its Impacts on the Corporate Values of Manufacturing Companies in Indonesia,” Int. J. Product. Perform. Manag., vol. 69, no. 2, pp. 236–251, 2020, doi: 10.1108/ijppm-05-2018-0196.
[24] R. Harianto and A. Hendrani, “Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan terhadap Nilai Perusahaan,” Fair Value J. Ilm. Akunt. dan Keuang., vol. 4, no. 9, pp. 3869–3877, 2022, doi: 10.55171/apjms.v9i2.815.
[25] I. G. Adiputra and A. Hermawan, “The Effect of Corporate Social Responsibility, Firm Size, Dividend Policy and Liquidity on Firm Value: Evidence from Manufacturing Companies in Indonesia,” Int. J. Innov. Creat. Chang., vol. 11, no. 6, pp. 325–338, 2020, doi: 10.24940/ijicc/2020/v11/i6/11629-12.
[26] D. Anggraini and A. S. MY, “Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan,” Manag. Account. Expo., vol. 2, no. 1, pp. 1–9, 2021, doi: 10.36441/mae.v2i1.92.
[27] L. Sofiani and E. M. Siregar, “Analisis Pengaruh ROA, CR dan DAR Terhadap Nilai Perusahaan Sektor Makanan dan Minuman,” J. Ilm. Akunt. Kesatuan, vol. 10, no. 1, pp. 9–16, 2022, doi: 10.37641/jiakes.v10i1.1183.
[28] OJK, “POJK No.40/POJK.03/2019 Tentang Penilaian Kualitas Aset Bank Umum,” Otoritas Jasa Keuang., vol. 53, no. 9, pp. 1689–1699, 2019, [Online]. Available: https://www.ojk.go.id/id/regulasi/Documents/Pages/Penilaian-Kualitas-Aset-Bank-Umum/pojk 40-2019.pdf
[29] I. B. Priambudi and F. L. Wijayati, “Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, dan Kebijakan Dividen Terhadap Nilai Perusahaan,” J. Econ. Bus. Res., vol. 2, no. 1, pp. 14–29, 2023, doi: 10.22515/juebir.v2i1.7288.
[30] K. Azaro, L. Djajanto, and P. A. Sari, “The Influence of Financial Ratios and Firm Size on Firm Value (An Empirical Study on Manufacturing Companies Sector Consumers Goods Industry Listed in Indonesian Stock Exchange in 2013–2017),” Adv. Econ. Bus. Manag. Res., vol. 136, no. Ambec 2019, pp. 142–147, 2020, doi: 10.2991/aebmr.k.200415.028.
[31] M. Putri and R. Gantino, “Pengaruh Profitabilitas, Solvabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan,” Mutiara Multidiciplinary Sci., vol. 1, no. 6, pp. 262–274, 2023, doi: 10.57185/mutiara.v1i6.35.
[32] C. Monica and Y. Setyarini, “Pengaruh Kebijakan Dividen, Likuiditas, Leverage, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan,” Etn. J. Ekon. dan Tek., vol. 1, no. 10, pp. 707–715, 2022, doi: 10.54543/etnik.v1i10.119.
[33] D. S. Sari, A. Mutia, and N. Sudharyati, “Pengaruh Profitabilitas, Ukuran Perusahaan dan Struktur Modal terhadap Nilai Perusahaan,” J. Ilm. Univ. Batanghari Jambi, vol. 24, no. 2, p. 1707, 2024, doi: 10.33087/jiubj.v24i2.5062.
[34] D. R. Widyastuti, A. Wijayanti, and E. Masitoh W, “Pengaruh Kepemilikan Manajerial, Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan,” Inovasi, vol. 18, no. 2, pp. 294–304, 2022, doi: 10.30872/jinv.v18i2.10617.
[35] A. Sihono, “Does Dividend Policy, Audit Quality, Capital Structure and Profitability Affect Firm Value?,” Klabat Account. Rev., vol. 5, no. 1, p. 12, 2024, doi: 10.60090/kar.v5i1.1046.12-23.
[36] J. Beno, A. . Silen, and M. Yanti, “No 主観的健康感を中心とした在宅高齢者における 健康関連指標に関する共分散構造分析Title,” Braz Dent J., vol. 33, no. 1, pp. 1–12, 2022, doi: 10.1590/0103-6440202204060.
[37] I. Aprilyani, M. T. H. Widyarti, and N. Hamida, “The Effect of Erm, Firm Size, Leverage, Profitability and Dividend Policy on Firm Value (Evidence From Food & Beverage Sub Sector Companies Listed in Idx 2015-2019),” J. Aktual Akunt. Keuang. Bisnis Terap., vol. 4, no. 1, p. 65, 2021, doi: 10.32497/akunbisnis.v4i1.2663.
[38] F. Nadhilah, H. S. Widjaja, and R. F. Kaban, “Pengaruh Profitabilitas dan Leverage Terhadap Nilai Perusahaan,” Gorontalo Account. J., vol. 5, no. 2, p. 174, 2022, doi: 10.32662/gaj.v5i2.2165.
[39] R. Anggraini and M. H. Yan Nyale, “Pengaruh Profitabilitas, Solvabilitas dan Investment Opportunity Set terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi,” Ekon. Keuangan, Investasi dan Syariah, vol. 4, no. 1, pp. 130–137, 2022, doi: 10.47065/ekuitas.v4i1.2051.
[40] T. Priyatama and E. Pratini, “Pengaruh Struktur Modal, Profitabilitas, Likuiditas, dan Ukuran Perusahaan terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Infrastruktur, Utilitas, dan Transportasi yang Terdaftar di Bursa Efek Indonesia Periode 2015-2018),” Eksis J. Ilm. Ekon. dan Bisnis, vol. 12, no. 1, p. 100, 2021, doi: 10.33087/eksis.v12i1.242.
[41] E. Dela Oktiwiati and M. Nurhayati, “Pengaruh Profitabilitas, Struktur Modal, dan Keputusan Investasi Terhadap Nilai Perusahaan,” Mix J. Ilm. Manaj., vol. 10, no. 2, p. 196, 2020, doi: 10.22441/mix.2020.v10i2.004.
[42] K. Lingkungan and S. Modal, “Pengaruh Pengungkapan Sustainability Report, Kinerja Lingkungan, dan Struktur Modal Terhadap Nilai Perusahaan dengan Ukuran Perusahaan Sebagai Variabel Moderasi,” Equity, vol. 6, no. 1, pp. 1–18, 2025, doi: 10.34209/equ.v18i1.456.
[43] F. P. Margono and R. Gantino, “Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange,” Copernican J. Financ. Account., vol. 10, no. 2, pp. 45–61, 2021, doi: 10.12775/cjfa.2021.007.
[44] K. Natsir and Y. Yusbardini, “The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable,” Adv. Econ. Bus. Manag. Res., vol. 145, no. Icebm 2019, pp. 218–224, 2020, doi: 10.2991/aebmr.k.200626.040.
[45] M. F. Endartono, H. Hady, and F. Nalurita, “Pengaruh Profitabilitas, Leverage, Likuiditas, Ukuran, Dividen dan Struktur Aset Terhadap Nilai Perusahaan Industri Farmasi,” Fair Value J. Ilm. Akunt. dan Keuang., vol. 5, no. 5, pp. 2085–2093, 2022, doi: 10.32670/fairvalue.v5i5.2740.
[46] M. Islami, A. Alamsyah, and I. Kusuma Negara, “Pengaruh Struktur Modal dan Struktur Aktiva Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabelintervening Pada Perusahaan Sub Sektor Transportasi Yang Terdaftar Di Bei Tahun 2017-2021,” Jmm Unram - Master Manag. J., vol. 12, no. 3, pp. 282–298, 2023, doi: 10.29303/jmm.v12i3.794.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Ikhwan Kurniawan, Agus Sihono
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
