Bambang Wahyudi, Fitria Yuni Astuti, Abdul Khafid

Pengaruh Struktur Modal terhadap Profitabilitas dengan Nilai Perusahaan sebagai Variabel Mediasi pada Perusahaan LQ45 di Bursa Efek Indonesia Periode 2021–2023

Introduction

Pengaruh struktur modal terhadap profitabilitas dengan nilai perusahaan sebagai variabel mediasi pada perusahaan lq45 di bursa efek indonesia periode 2021–2023. Teliti pengaruh struktur modal pada profitabilitas perusahaan LQ45 di BEI (2021-2023) dengan nilai perusahaan sebagai mediasi. Temukan hubungan nilai perusahaan-profitabilitas & rekomendasi optimalisasi kinerja.

Abstract

This research seeks to examine how capital structure influences profitability, with firm value serving as a mediating variable, in LQ45 companies listed on the Indonesia Stock Exchange (IDX) throughout the 2021–2023 period. This study utilizes a quantitative method and relies on secondary data derived from the financial reports of 28 companies that have consistently been part of the LQ45 index. This study conducts its data analysis using Partial Least Squares–Structural Equation Modeling (PLS-SEM), which is operationalized through the SmartPLS 4 application. The findings indicate that firm value exerts a positive and significant influence on profitability, while capital structure positively influences firm value but negatively affects profitability. Furthermore, firm value is proven to mediate the relationship between capital structure and profitability. These findings support the Trade-Off Theory, emphasizing that an optimal balance of debt usage can enhance firm value, which subsequently strengthens profitability. The study provides theoretical implications concerning financial management practices and practical recommendations for managers, investors, and policymakers to optimize capital structure and improve corporate performance.

Review

The study titled "Pengaruh Struktur Modal terhadap Profitabilitas dengan Nilai Perusahaan sebagai Variabel Mediasi pada Perusahaan LQ45 di Bursa Efek Indonesia Periode 2021–2023" addresses a pertinent topic in corporate finance, investigating the complex relationship between capital structure, firm value, and profitability. The research clearly articulates its objective to examine firm value's mediating role within the specific context of LQ45 companies on the IDX during 2021-2023. The chosen quantitative methodology, relying on secondary data from a consistent sample of 28 companies and employing Partial Least Squares–Structural Equation Modeling (PLS-SEM) via SmartPLS 4, demonstrates a robust and appropriate approach for analyzing such intricate relationships. The findings present several noteworthy insights. The study effectively demonstrates that firm value significantly and positively influences profitability, and that capital structure positively affects firm value while exhibiting a negative direct impact on profitability. Crucially, the research validates the mediating role of firm value in the relationship between capital structure and profitability. These results are particularly compelling as they lend strong support to the Trade-Off Theory, underscoring the importance of achieving an optimal balance in debt utilization to enhance firm value, which in turn fortifies corporate profitability. The identified theoretical and practical implications offer valuable guidance for financial management practices, as well as actionable recommendations for managers, investors, and policymakers striving to optimize capital structure for improved corporate performance. While the abstract provides a strong overview, a more detailed discussion in the full paper on the specific operationalization of capital structure, profitability, and firm value variables would further enhance its methodological clarity. Additionally, given the relatively short study period (2021–2023), which coincided with significant global economic shifts post-pandemic, an acknowledgment of potential macroeconomic influences or a discussion on the generalizability of findings beyond large, established LQ45 firms could strengthen the study's contextual depth. Future research could potentially extend the study period, incorporate additional control variables, or compare these dynamics across different industry sectors or firm sizes to provide a more comprehensive understanding. Nevertheless, this study makes a valuable contribution to the literature on capital structure and firm performance, offering empirical evidence and practical insights for the Indonesian market.

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