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The Mediating Role of Capital Structure in the Impact of Profitability and Liquidity on Firm Value Astuti, Dwi Puji; Mahmudi, Bambang; Mulyani, Ana Susi
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024)
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.194

Abstract

Companies in the property and real estate sectors play a significant role in the economic growth of a country because they are among the sectors that contribute the most to investment realisation in Indonesia. A company's worth is a key indicator of its performance for businesses in the real estate and property industries. The purpose of this study is to determine how profitability and liquidity affect a company's value by using capital structure as an intervening variable. The study will focus on real estate and property sector businesses that are listed on the Indonesian Stock Exchange between 2013 and 2022. Purposive sampling is used in the study, and a sample of 14 samples from 43 property and real estate businesses are used. In this study, the application of SPSS 25 is used as a data analysis tool that will be described with descriptive statistical methods and inferential statistics. The results of the research, obtained in part, show that profitability and capital structure have a significant positive impact on the value of the company. Liquidity has a significant negative impact on company value. Profitability and liquidity have significant negative effects on capital structure. Capital structure is unable to mediate the impact of profitability on the company's value but mediates the effect of profitability on firm value.
Peran Profitabilitas dan Solvabilitas dalam Memediasi Hubungan Antara Ukuran Perusahaan dengan Harga Saham Utami, Khairunnisa Mulyan; Mahmudi, Bambang; Mulyani, Ana Susi
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024)
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.197

Abstract

Salah satu kegiatan dalam teknologi keuangan adalah investasi di pasar saham. Harga saham pada sektor Consumer Cyclicals sangat fluktuatif dikarenakan sektor ini rentan terhadap perubahan ekonomi dan siklus bisnis. Salah satu faktor yang mempengaruhi harga saham ialah ukuran perusahaan. Hasil dari ukuran perusahaan justru mengalami tren kenaikan padahal harga sahamnya mengalami fluktuasi. Fenoemena ini bertentangan dengan Signaling Theory dimana seharusnya jika perusahaan memberi sinyal positif kepada calon investor maka harga saham dapat meningkat. Maka dari itu diperlukan variabel lain untuk memediasi ukuran perusahaan terhadap harga saham yaitu profitabilitas dan solvabilitas. Tujuan dari studi ini untuk mengetahui dampak dari Ukuran Perusahaan (X) terhadap Harga Saham (Y) melalui Profitabilitas yang diproksikan dengan Return On Equity (Z1) dan Solvabilitas yang diproksikan dengan Debt to Equity Ratio (DER) sebagai variabel mediasi pada Perusahaan Sektor Consumer Cyclicals yang terdaftar di Bursa Efek Indonesia Periode 2012 – 2022. Metode yang digunakan adalah purposive sampling 29 perusahaan yang menjadi sampel dari 69 total populasi. Uji asumsi klasik, analisis jalur, uji sobel, uji t, dan pengujian data dengan SPSS 20 merupakan teknik analisis data yang digunakan. Hasil pada studi ini menunjukkan bahwa ukuran perusahaan tidak berdampak dan tidak signifikan terhadap harga saham, ukuran perusahaan berdampak positif dan signifikan terhadap profitabilitas, ukuran perusahaan tidak berdampak dan tidak signifikan terhadap solvabilitas, profitabilitas berdampak positif dan signifikan terhadap harga saham, solvabilitas berdampak positif dan signifikan terhadap harga saham, profitabilitas mampu memediasi dampak ukuran perusahaan terhadap harga saham, dan solvabilitas tidak mampu memediasi dampak ukuran perusahaan terhadap harga saham.
The Role of Profitability in Mediating the Relationship Between Liquidity on Stock Prices for the Period 2013-2022 Putra, Rizal Pradana; Mahmudi, Bambang; Suryani, Emma
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024)
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.198

Abstract

This study explores how the Net Profit Margin (NPM) acts as an intermediary in the connection between the Current Ratio (CR) and stock returns for companies included in the LQ45 Index over the period from 2013 to 2022. The study population includes all companies within the LQ45 Index, which totals 45 firms. The LQ45 Index features a group of companies with the highest liquidity in their stock performance on the Indonesia Stock Exchange (IDX). To be included, companies must have significant market capitalization, impressive stock performance over time, and strong financial health. Consequently, the LQ45 Index is highly favored by investors. Using Purposive Sampling, the sample is limited to companies that have been continuously listed on the LQ45 Index throughout the 10-year span and have the requisite data, leading to a selection of 19 companies. Analytical methods employed include Descriptive Statistical Analysis, Multiple Linear Regression, Path Analysis, and the Sobel Test, with IBM SPSS25 used for data analysis. In this research, the Current Ratio (CR) serves as the independent variable, Stock Return is the dependent variable, and the Net Profit Margin (NPM) acts as the mediating variable. Findings reveal that the Current Ratio does not significantly impact Stock Return, the Net Profit Margin has a positive and significant effect on Stock Return, the Current Ratio negatively and significantly affects the Net Profit Margin, and the Net Profit Margin fully and significantly mediates the impact of the Current Ratio on Stock Return.
The Role of Capital Structure in Mediating the Effect of Liquidity on Profitability Tinus, Astina; Mahmudi, Bambang; Nurhayati, Enok
Indonesian Journal of Innovation Multidisipliner Research Vol. 2 No. 3 (2024)
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69693/ijim.v2i3.205

Abstract

The objective of this study is to assess the impact of the Current Ratio (CR) on the Net Profit Margin (NPM), with the Debt-to-Equity Ratio (DER) and Debt-to-Asset Ratio (DAR) serving as intervening variables. This research was conducted due to certain business phenomena that became the focal point of investigation, discrepancies between empirical data and existing theories, and gaps in previous studies that prompted the need for further exploration. This study employs a quantitative research approach, utilizing data collection techniques based on company financial reports through documentation methods. The population of this study comprises all companies listed and consistently included in the Business-27 Index on the Indonesia Stock Exchange (IDX) from 2013 to 2022. A total of 6 companies were selected as samples from the 27 companies available, using purposive sampling methods. Path analysis and the Sobel test were utilized as data analysis techniques in this research. The findings of this study indicate that the CR does not have a significant impact on NPM. However, CR has a negative and significant effect on both DER and DAR. Furthermore, DER and DAR do not have a significant influence on NPM. While DER cannot mediate the relationship between CR and NPM, DAR can mediate this relationship.