THE EFFECT OF CAPITAL STRUCTURE, FIRM SIZE, AND PROFITABILITY ON FIRM VALUE WITH MANAGERIAL OWNERSHIP AS AN INTERVENING VARIABLE IN COMPANIES LISTED ON THE IDX

Abstract

This study aims to examine the effect of Capital Structure, Firm Size, and Profitability on Firm Value with Managerial Ownership as intervening variables. The population in this study embraces 45 companies belonging to the technology, heavy construction, and civil engineering companies respectively for the period of 2015-2021. All data used is panel data retrieved from Indonesia Stock Exchange (IDX) website. Using the purposive sampling method, the final sample becomes 15 companies or 105 year-firm. Employing the path analysis, this study found that capital structure and profitability had a significant positive effect on managerial ownership, while firm size had a positive and insignificant effect on managerial ownership. Capital structure and profitability have a significant positive effect on firm value, while managerial ownership has a positive effect on firm value but is insignificant. In addition, firm size has a negative and significant effect on firm value. Finally, managerial ownership cannot mediate the relationship between independent variables of capital structure, firm size, and profitability on firm value.

Keywords: Capital Structure, Firm Size, Profitability, Managerial Ownership, Firm Value

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