financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2019-23-5-18-29finance-901Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEВлияние возможностей роста, корпоративного налога и рентабельности на стоимость фирмы через структуру капитала (в индонезийских производственных компаниях, котирующихся на бирже)Effect of Growth Opportunity, Corporate Tax, and Profitability toward Value of Firm through Capital Structure (listed Manufacturing Companies of Indonesia)https://orcid.org/0000-0002-9773-6035Амарудин.Amarudin.

Амарудин — аспирант экономического факультета

Палембанг

Amarudin — Graduate student, Faculty of Economics

Palembang

amarudin.unsri@gmail.comhttps://orcid.org/0000-0002-3260-3266АдамМ.AdamM.

Мохамад Адам — профессор экономического факультета

Палембанг

Mohamad Adam — Professor, Faculty of Economics

Palembang

mr_adam2406@yahoo.comhttps://orcid.org/0000-0001-8716-3037ХамданУ.HamdanU.

Умар Хамдан — преподаватель экономического факультета

Палембанг

Umar Hamdan — Lecturer, Faculty of Economics

Palembang

umarhamdanunsri@yahoo.comhttps://orcid.org/0000-0003-2966-3943ХанафиА.HanafiA.

Агустина Ханафи — преподаватель экономического факультета, магистр наук управления

Палембанг

Agustina Hanafi — Master in Management Sciences, Lecturer, Faculty of Economics

Palembang

tinahanafi@ymail.comУниверситет ШривиджаяИндонезияSriwijaya UniversityIndonesia2019241020192351829Copyright © Амарудин .., Адам М., Хамдан У., Ханафи А., 20192019Амарудин .., Адам М., Хамдан У., Ханафи А.Amarudin .., Adam M., Hamdan U., Hanafi A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/901

Цель исследования — определить влияние возможности роста, корпоративного налога и прибыльности на стоимость фирмы через структуру капитала как промежуточную переменную в производственных компаниях Индонезийской фондовой биржи. Выборка состоит из 32 компаний производственного сектора, котирующихся на Индонезийской фондовой бирже в течение 2013–2017 гг. Результаты исследования показывают, что возможность роста и корпоративный налог положительно влияют на структуру капитала в отличие от прибыльности, которая оказывает отрицательное воздействие. Между тем, структура капитала и прибыльность работают на повышение стоимости фирмы. С другой стороны, возможности роста и корпоративный налог не сказываются на стоимости компании. Структура капитала не является посредником между возможностями роста и корпоративным налогом, тем не менее она опосредует влияние прибыльности на стоимость фирмы.

The study aims to determine the Effect of growth opportunity, corporate tax, and profitability on the value of firm through the capital structure as an intervening variable at manufacturing companies in Indonesia Stock Exchange. The sample consists of 32 manufacturing sector companies listed in Indonesia Stock Exchange within 2013–2017. The study results show that growth opportunity and corporate tax have a positive effect on the structure of capital, in contrast to profitability, which affects negatively. Meanwhile, capital structure and profitability have a positive Effect on firm value. On the other hand, growth opportunity and corporate tax have no bearing on company value. Yet, capital structure does not mediate between growth opportunity and corporate tax to the value of firm. Nevertheless capital structure mediates the Effect of profitability on the value of firm.

возможность ростакорпоративный налогрентабельностьстоимость компании и структура капитала: growth opportunitycorporate taxprofitabilityvalue of firm and capital structureReferencesBrigham E.F., Daves P.R. Intermediate financial management. 9th ed. Mason, OH: Thomson/South-Western College Publ.; 2006:145–154.Brigham E.F., Daves P.R. Intermediate financial management. 9th ed. Mason, OH: Thomson/South-Western College Publ.; 2006:145–154.Hanafi M., Halim A. Analysis of financial statements. Yogyakarta: UPP STIM YKPN; 2012:34–37. (In Indones.).Hanafi M., Halim A. Analysis of financial statements. Yogyakarta: UPP STIM YKPN; 2012:34–37. (In Indones.).Salvatore D. International economics. Transl. from Eng. Jakarta: Erlangga; 2005:78–82. (In Indones.).Salvatore D. International economics. Transl. from Eng. Jakarta: Erlangga; 2005:78–82. (In Indones.).Bringham E.F., Houston J.F. Fundamentals of financial management. 11th ed. Transl. from Eng. Jakarta: Salemba Empat; 2011:78–85. (In Indones.).Bringham E.F., Houston J.F. Fundamentals of financial management. 11th ed. Transl. from Eng. Jakarta: Salemba Empat; 2011:78–85. (In Indones.).Pohan C.A. Tax management: Tax and business planning strategies. Jakarta: PT. Gramedia Pustaka Utama; 2013:123–125. (In Indones.).Pohan C.A. Tax management: Tax and business planning strategies. Jakarta: PT. Gramedia Pustaka Utama; 2013:123–125. (In Indones.).Sartono A. International financial management. Yogyakarta: BPFE; 2014:148–154. (In Indones.).Sartono A. International financial management. Yogyakarta: BPFE; 2014:148–154. (In Indones.).Fahmi I. Risk management: Theories, cases and solutions. Bandung: Alfabeta; 2012:214–245. (In Indones.).Fahmi I. Risk management: Theories, cases and solutions. Bandung: Alfabeta; 2012:214–245. (In Indones.).Anjarwati K., Chabachib M., Demi I.R.P. The effect of profitability, size, and liquidity on the value of manufacturing companies in Indonesia with capital structure as intervening variables. Diponegoro University Management Masters Program. 2015:14–19. URL: http://eprints.undip.ac.id/51133/1/jurnal_KENTI.pdf (In Indones.).Anjarwati K., Chabachib M., Demi I.R.P. The effect of profitability, size, and liquidity on the value of manufacturing companies in Indonesia with capital structure as intervening variables. Diponegoro University Management Masters Program. 2015:14–19. URL: http://eprints.undip.ac.id/51133/1/jurnal_KENTI.pdf (In Indones.).Jensen M.C., Meckling W.H. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics. 1976;3(4):305–360. DOI: 10.1016/0304–405X(76)90026-XJensen M.C., Meckling W.H. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics. 1976;3(4):305–360. DOI: 10.1016/0304–405X(76)90026-XKartika A. Effect of profitability, asset structure, growth in sales and firm size on the capital structure of manufacturing companies in the Indonesia Stock Exchange. INFOKAM. 2016;12(1):86–98. URL: http://id.portalgaruda.org/index.php?ref=browse&mod=viewarticle&article=515163 (In Indones.).Kartika A. Effect of profitability, asset structure, growth in sales and firm size on the capital structure of manufacturing companies in the Indonesia Stock Exchange. INFOKAM. 2016;12(1):86–98. URL: http://id.portalgaruda.org/index.php?ref=browse&mod=viewarticle&article=515163 (In Indones.).Hermuningsih Sri. Effect of profitability, growth opportunity, capital structure on the value of companies in public companies in Indonesia. Buletin Ekonomi Moneter dan Perbankan = Bulletin of Monetary Economics and Banking. 2013;16(2):127–148. DOI: 10.21098/bemp.v16i2.27 (In Indones.).Hermuningsih Sri. Effect of profitability, growth opportunity, capital structure on the value of companies in public companies in Indonesia. Buletin Ekonomi Moneter dan Perbankan = Bulletin of Monetary Economics and Banking. 2013;16(2):127–148. DOI: 10.21098/bemp.v16i2.27 (In Indones.).Madura J. International corporate finance. Transl. from Eng. Jakarta: Salemba Empat; 2011:232–236. (In Indones.).Madura J. International corporate finance. Transl. from Eng. Jakarta: Salemba Empat; 2011:232–236. (In Indones.).Jensen M.C. Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance. 2001;14(3):8–21. DOI: 10.1111/j.1745–6622.2001.tb00434.xJensen M.C. Value maximization, stakeholder theory, and the corporate objective function. Journal of Applied Corporate Finance. 2001;14(3):8–21. DOI: 10.1111/j.1745–6622.2001.tb00434.xHarjito A., Martono A. Financial management. 2nd ed. Yogyakarta: Ekonisia; 2012:76–84. (In Indones.).Harjito A., Martono A. Financial management. 2nd ed. Yogyakarta: Ekonisia; 2012:76–84. (In Indones.).Haryono S. SEM method for management research: AMOS, LISREL & PLS. Jakarta: Pt. Luxima Metro Media; 2017:134–148. (In Indones.).Haryono S. SEM method for management research: AMOS, LISREL & PLS. Jakarta: Pt. Luxima Metro Media; 2017:134–148. (In Indones.).Febriyani N., Srimindarti C. Factors affecting capital structure in LQ-45 companies on the Indonesia Stock Exchange for the period 2006–2008. Dinamika Keuangan dan Perbankan = Financial and Banking Dynamics. 2010;2(2):138–159. URL: https://www.unisbank.ac.id/ojs/index.php/fe1/article/view/2086 (In Indones.).Febriyani N., Srimindarti C. Factors affecting capital structure in LQ-45 companies on the Indonesia Stock Exchange for the period 2006–2008. Dinamika Keuangan dan Perbankan = Financial and Banking Dynamics. 2010;2(2):138–159. URL: https://www.unisbank.ac.id/ojs/index.php/fe1/article/view/2086 (In Indones.).Seftianne S., Handayani R. Factors affecting capital structure in public companies in the manufacturing sector. Jurnal Bisnis dan Akuntansi = Journal of Business and Accounting. 2011;13(1):39–56. DOI: https://doi.org/10.34208/jba.v13i1.214 (In Indones.).Seftianne S., Handayani R. Factors affecting capital structure in public companies in the manufacturing sector. Jurnal Bisnis dan Akuntansi = Journal of Business and Accounting. 2011;13(1):39–56. DOI: https://doi.org/10.34208/jba.v13i1.214 (In Indones.).Mai M.U. Analysis of variables that affect the capital structure of LQ-45 companies on the Jakarta Stock Exchange. Tirtayasa Ekonomika. 2006;2(2):228–243. (In Indones.).Mai M.U. Analysis of variables that affect the capital structure of LQ-45 companies on the Jakarta Stock Exchange. Tirtayasa Ekonomika. 2006;2(2):228–243. (In Indones.).Dewi A.S.M., Wirajaya A. Effect of capital structure, profitability, and company size on company value. E-Jurnal Akuntansi Universitas Udayana = Accounting E-Journal of Udayana University. 2013;4(2):358–372. URL: https://ojs.unud.ac.id/index.php/Akuntansi/article/view/6233 (In Indones.).Dewi A.S.M., Wirajaya A. Effect of capital structure, profitability, and company size on company value. E-Jurnal Akuntansi Universitas Udayana = Accounting E-Journal of Udayana University. 2013;4(2):358–372. URL: https://ojs.unud.ac.id/index.php/Akuntansi/article/view/6233 (In Indones.).Setiawati L. Advanced accounting. Jakarta: PT Bhuana Ilmu; 2011:12–15. (In Indones.).Setiawati L. Advanced accounting. Jakarta: PT Bhuana Ilmu; 2011:12–15. (In Indones.).Owolabi S.A., Inyang U.E. Determinants of capital structure in Nigerian firms: A theoretical review. Canadian Journal of Accounting and Finance. 2012;1(1):7–15.Owolabi S.A., Inyang U.E. Determinants of capital structure in Nigerian firms: A theoretical review. Canadian Journal of Accounting and Finance. 2012;1(1):7–15.Rostami J. M. Akbarpour Z. Study of the relationship between capital structure and tax: Evidence from Iran. International Journal of Contemporary Business Studies. 2012;3(11):35–45.Rostami J. M. Akbarpour Z. Study of the relationship between capital structure and tax: Evidence from Iran. International Journal of Contemporary Business Studies. 2012;3(11):35–45.Anisa D., Djumahir. Structure effect capital, dividend policy, company size, share ownership managerial and profitability of company value. Study on manufacturing companies listed on the Indonesia Stock Exchange in 2011–2013. Journal of Business Economics. 2014:163–178. (In Indones.).Anisa D., Djumahir. Structure effect capital, dividend policy, company size, share ownership managerial and profitability of company value. Study on manufacturing companies listed on the Indonesia Stock Exchange in 2011–2013. Journal of Business Economics. 2014:163–178. (In Indones.).Dewi N. K.S.M., Badjra I. B. Effect of liquidity, profitability, tangibility assets, company size and taxes on capital structure. E-Jurnal Manajemen Universitas Udayana =E-Journal Management of Udayana University. 2014;3(10):3017–3033. URL: https://ojs.unud.ac.id/index.php/Manajemen/article/view/9403 (In Indones.).Dewi N. K.S.M., Badjra I. B. Effect of liquidity, profitability, tangibility assets, company size and taxes on capital structure. E-Jurnal Manajemen Universitas Udayana =E-Journal Management of Udayana University. 2014;3(10):3017–3033. URL: https://ojs.unud.ac.id/index.php/Manajemen/article/view/9403 (In Indones.).Farah Margaretha. Determinants of debt policy in Indonesia’s public company. Review of Integrative Business and Economics Research. 2014;3(2):10–16. URL: http://sibresearch.org/uploads/2/7/9/9/2799227/riber_b14–016_10–16.pdfFarah Margaretha. Determinants of debt policy in Indonesia’s public company. Review of Integrative Business and Economics Research. 2014;3(2):10–16. URL: http://sibresearch.org/uploads/2/7/9/9/2799227/riber_b14–016_10–16.pdfKontesa M. Capital structure, profitability, and firm value. Whats new? Research Journal of Finance and Accounting. 2015;6(20):185–192. URL: https://www.iiste.org/Journals/index.php/RJFA/article/view/26331/26991Kontesa M. Capital structure, profitability, and firm value. Whats new? Research Journal of Finance and Accounting. 2015;6(20):185–192. URL: https://www.iiste.org/Journals/index.php/RJFA/article/view/26331/26991Paminto A., Setyadi D., Sinaga J. The effect of capital structure, firm growth and dividend policy on profitability and firm value of the oil palm plantation companies in Indonesia. European Journal of Business and Management. 2016;8(33):123–134. URL: https://pdfs.semanticscholar.org/8436/dc3239182b69a02b949be1df1c678f8427c0.pdfPaminto A., Setyadi D., Sinaga J. The effect of capital structure, firm growth and dividend policy on profitability and firm value of the oil palm plantation companies in Indonesia. European Journal of Business and Management. 2016;8(33):123–134. URL: https://pdfs.semanticscholar.org/8436/dc3239182b69a02b949be1df1c678f8427c0.pdfThomas K.T., Chenuos N., Biwott G. Do profitability, firm size, and liquidity affect capital structure? Evidence from Kenyan listed firms. European Journal of Business and Management. 2014;6(28):119–123. URL: https://www.researchgate.net/publication/267097905_Do_Profitability_Firm_Size_and_Liquidity_Affect_Capital_Structure_ Evidence_from_Kenyan_Listed_FirmsThomas K.T., Chenuos N., Biwott G. Do profitability, firm size, and liquidity affect capital structure? Evidence from Kenyan listed firms. European Journal of Business and Management. 2014;6(28):119–123. URL: https://www.researchgate.net/publication/267097905_Do_Profitability_Firm_Size_and_Liquidity_Affect_Capital_Structure_ Evidence_from_Kenyan_Listed_FirmsArini F., Harlen dro. Effect of liquidity, company size, asset structure, profitability, and sales growth on capital structure (Study of mining companies listed on the Indonesia Stock Exchange). Jurnal Ilmiah Mahasiswa FEB. 2012;2(2):24–32. (In Indones.).Arini F., Harlen dro. Effect of liquidity, company size, asset structure, profitability, and sales growth on capital structure (Study of mining companies listed on the Indonesia Stock Exchange). Jurnal Ilmiah Mahasiswa FEB. 2012;2(2):24–32. (In Indones.).Damayanti D. The effect of asset structure, company size, growth opportunities and profitability on capital structure study of armored companies listed on the IDX. Jurnal Perspektif Bisnis = Business Perspectives Journal. 2013;1(1):17–32. (In Indones.).Damayanti D. The effect of asset structure, company size, growth opportunities and profitability on capital structure study of armored companies listed on the IDX. Jurnal Perspektif Bisnis = Business Perspectives Journal. 2013;1(1):17–32. (In Indones.).Natalia P. Effect of profitability, sales growth, asset structure, and business risk on capital structure at Kompas 100 issuers (Non-banking). Jurnal Manajemen = Management Journal. 2015;14(2):141–164. URL: https://media.neliti.com/media/publications/114942-ID-pengaruh-profitabilitas-pertumbuhan-penj.pdf (In Indones.).Natalia P. Effect of profitability, sales growth, asset structure, and business risk on capital structure at Kompas 100 issuers (Non-banking). Jurnal Manajemen = Management Journal. 2015;14(2):141–164. URL: https://media.neliti.com/media/publications/114942-ID-pengaruh-profitabilitas-pertumbuhan-penj.pdf (In Indones.).Rita Puji Astuti. The effect of profitability, size, growth opportunity, liquidity and asset structure on the bank’s capital structure (Study of banking companies on the Indonesia Stock Exchange in 2009–2013). Jurnal Ilmiah Mahasiswa S 1 Akuntansi Universitas Pandanaran. 2013;1(1):1–19. URL: https://jurnal.unpand.ac.id/index.php/AKS/article/view/199/195 (In Indones.).Rita Puji Astuti. The effect of profitability, size, growth opportunity, liquidity and asset structure on the bank’s capital structure (Study of banking companies on the Indonesia Stock Exchange in 2009–2013). Jurnal Ilmiah Mahasiswa S 1 Akuntansi Universitas Pandanaran. 2013;1(1):1–19. URL: https://jurnal.unpand.ac.id/index.php/AKS/article/view/199/195 (In Indones.).Safitri U.K. Effect of profitability and size on company values with capital structure as intervening variables (Empirical study of manufacturing companies listed on the Indonesia Stock Exchange 2011–2014). Department of Management, Faculty of Economics and Business, University of Muhammadiyah Yogyakarta; 2014:1–7. URL: http://repository.umy.ac.id/bitstream/handle/123456789/8696/NASKAH%20PUBLIKASI.pdf?sequence=1&isAllowed=y (In Indones.).Safitri U.K. Effect of profitability and size on company values with capital structure as intervening variables (Empirical study of manufacturing companies listed on the Indonesia Stock Exchange 2011–2014). Department of Management, Faculty of Economics and Business, University of Muhammadiyah Yogyakarta; 2014:1–7. URL: http://repository.umy.ac.id/bitstream/handle/123456789/8696/NASKAH%20PUBLIKASI.pdf?sequence=1&isAllowed=y (In Indones.).Diana A., Setiawati L. Indonesian taxation: Concepts, applications and practical guides. 3rd ed. Jakarta: Penerbit Andi; 2010:16–24. (In Indones.).Diana A., Setiawati L. Indonesian taxation: Concepts, applications and practical guides. 3rd ed. Jakarta: Penerbit Andi; 2010:16–24. (In Indones.).Hamidy R. R., Wiksuana I. G.B., Artini L. G.S. Effect of capital structures on firm value with profitability as intervening variables in property and real estate companies on the Indonesia Stock Exchange. E-Jurnal Ekonomi dan Bisnis Universitas Udayana. 2015;4(10):665–682. URL: https://ojs.unud.ac.id/index.php/EEB/article/view/10237/12042 (In Indones.).Hamidy R. R., Wiksuana I. G.B., Artini L. G.S. Effect of capital structures on firm value with profitability as intervening variables in property and real estate companies on the Indonesia Stock Exchange. E-Jurnal Ekonomi dan Bisnis Universitas Udayana. 2015;4(10):665–682. URL: https://ojs.unud.ac.id/index.php/EEB/article/view/10237/12042 (In Indones.).Lusangaji. D. Effect of company size, asset structure, company growth, and profitability to capital structure (Study of food and beverage companies listed on the IDX). Jurnal Ilmiah Mahasiswa FEB. 2011;1(2):48–56. (In Indones.).Lusangaji. D. Effect of company size, asset structure, company growth, and profitability to capital structure (Study of food and beverage companies listed on the IDX). Jurnal Ilmiah Mahasiswa FEB. 2011;1(2):48–56. (In Indones.).Kodongo O., Mokoaleli-Mokoteli T., Maina L. Capital structure, profitability, and firm value: Panel evidence of listed firms in Kenya. MPRA Paper. 2014;(57116):12–24. URL: https://mpra.ub.uni-muenchen.de/57116/1/MPRA_paper_57116.pdfKodongo O., Mokoaleli-Mokoteli T., Maina L. Capital structure, profitability, and firm value: Panel evidence of listed firms in Kenya. MPRA Paper. 2014;(57116):12–24. URL: https://mpra.ub.uni-muenchen.de/57116/1/MPRA_paper_57116.pdfSucuahi W., Cambarihan J.M. Influence of profitability to the firm value of diversified companies in the Philippines. Accounting and Finance Research. 2016;5(2):149–153. DOI: 10.5430/afr.v5n2p149Sucuahi W., Cambarihan J.M. Influence of profitability to the firm value of diversified companies in the Philippines. Accounting and Finance Research. 2016;5(2):149–153. DOI: 10.5430/afr.v5n2p149Agustia D. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba. Jurnal Akuntansi dan Keuangan = Journal of Accounting and Finance. 2013;15(1):27–42. DOI: 10.9744/jak.15.1.27–42 (In Indones.).Agustia D. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba. Jurnal Akuntansi dan Keuangan = Journal of Accounting and Finance. 2013;15(1):27–42. DOI: 10.9744/jak.15.1.27–42 (In Indones.).Mahendra Dj A. Effect of financial performance on company value (Dividend policy as a moderating variable) in the company manufacturing on the IDX. 2011:67–78. (In Indones.).Mahendra Dj A. Effect of financial performance on company value (Dividend policy as a moderating variable) in the company manufacturing on the IDX. 2011:67–78. (In Indones.).Bukit R.B. Effect of capital structure on firm values through profitability: Analysis of panel data of manufacturing companies on the Indonesia Stock Exchange. Jurnal Keuangan & Bisnis Program Studi Magister Manajemen Sekolah Tinggi Ilmu Ekonomi Harapan. 2012:4(3):205–218. (In Indones.).Bukit R.B. Effect of capital structure on firm values through profitability: Analysis of panel data of manufacturing companies on the Indonesia Stock Exchange. Jurnal Keuangan & Bisnis Program Studi Magister Manajemen Sekolah Tinggi Ilmu Ekonomi Harapan. 2012:4(3):205–218. (In Indones.).Kusumajaya D. Effects of capital structure and growth of company on the profitability and value of manufacturing companies on the Indonesia Stock Exchange. Magister Program, Udayana University. 2011:36–42. URL: https://docplayer.info/30215886-Pengaruh-struktur-modal-dan-pertumbuhan-perusahaan-terhadapprofitabilitas-dan-nilai-perusahaan-pada-perusahaan-manufaktur-di-bursa-efek-indonesia.htmll (In Indones.).Kusumajaya D. Effects of capital structure and growth of company on the profitability and value of manufacturing companies on the Indonesia Stock Exchange. Magister Program, Udayana University. 2011:36–42. URL: https://docplayer.info/30215886-Pengaruh-struktur-modal-dan-pertumbuhan-perusahaan-terhadapprofitabilitas-dan-nilai-perusahaan-pada-perusahaan-manufaktur-di-bursa-efek-indonesia.htmll (In Indones.).Languju O., Mangantar M., Tasik H. H.D. Effects of return on equity, company size, price earning ratio and capital structure on the value of property and real estate companies listed on the Indonesia Stock Exchange. Jurnal Berkala Ilmiah Efisiensi. 2016;16(2):387–398. URL: https://ejournal.unsrat.ac.id/index.php/jbie/article/view/12530/12102 (In Indones.).Languju O., Mangantar M., Tasik H. H.D. Effects of return on equity, company size, price earning ratio and capital structure on the value of property and real estate companies listed on the Indonesia Stock Exchange. Jurnal Berkala Ilmiah Efisiensi. 2016;16(2):387–398. URL: https://ejournal.unsrat.ac.id/index.php/jbie/article/view/12530/12102 (In Indones.).Nurhayati M. Profitability, liquidity and company size influence on dividend policy and company value in non-service sectors. Jurnal Keuangan & Bisnis = Journal of Finance and Business. 2013;5(2):144–153. URL: https://www.researchgate.net/publication/326551702_PROFITABILITAS_LIKUIDITAS_DAN_UKURAN_PER (In Indones.).Nurhayati M. Profitability, liquidity and company size influence on dividend policy and company value in non-service sectors. Jurnal Keuangan & Bisnis = Journal of Finance and Business. 2013;5(2):144–153. URL: https://www.researchgate.net/publication/326551702_PROFITABILITAS_LIKUIDITAS_DAN_UKURAN_PER (In Indones.).Prisilia I. The effect of capital structure, profitability, liquidity, and managerial ownership on company value in consumer goods companies listed on the Stock Exchange in the 2008–2012 period. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau. 2014;(Oct.):24–37. URL: URL: https://media.neliti.com/media/publications/33610-ID-pengaruh-struktur-modal-profitabilitas-likuiditas-dan-kepemilikan-manajerial-ter.pdf (In Indones.).Prisilia I. The effect of capital structure, profitability, liquidity, and managerial ownership on company value in consumer goods companies listed on the Stock Exchange in the 2008–2012 period. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau. 2014;(Oct.):24–37. URL: URL: https://media.neliti.com/media/publications/33610-ID-pengaruh-struktur-modal-profitabilitas-likuiditas-dan-kepemilikan-manajerial-ter.pdf (In Indones.).Suffah R., Riduwan A. The effect of profitability, leverage, company size and dividend policy on firm value. Jurnal Ilmu dan Riset Akuntansi = Journal of Science and Accounting Research. 2016;5(2):1–17. (In Indones.).Suffah R., Riduwan A. The effect of profitability, leverage, company size and dividend policy on firm value. Jurnal Ilmu dan Riset Akuntansi = Journal of Science and Accounting Research. 2016;5(2):1–17. (In Indones.).Wulandari D.R. Effect of profitability, operating leverage, liquidity on firm value with capital structure as an intervening variable. Accounting Analysis Journal. 2013;2(4):455–463. (In Indones.). DOI: 10.15294/aaj.v2i4.4172Wulandari D.R. Effect of profitability, operating leverage, liquidity on firm value with capital structure as an intervening variable. Accounting Analysis Journal. 2013;2(4):455–463. (In Indones.). DOI: 10.15294/aaj.v2i4.4172Chen L.-J., Chen S.-Y. The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations. 2011;8(3):121–129. DOI: 10.1201/b11108-9Chen L.-J., Chen S.-Y. The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations. 2011;8(3):121–129. DOI: 10.1201/b11108-9

The authors declare that there are no conflicts of interest present.