PENGARUH LIKUIDITAS DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING

Studi pada Perusahaan Pertambangan di Bursa Efek Indonesia periode tahun 2010 – 2015

Abstract

Building structural models of factors affecting customer value influenced by liquidity and profitability
directly or through capital structure. The selected research object is in the mining company at
Indonesia Stock Exchange in period 2010 to 2015. Selection of object at mining company at Indonesia
Stock Exchange on the consideration that in the mining company the development of company value
is proxy with price book to value more fluctuate compared with other sectors. The sample size
required for this research is 42 companies that are successively included in mining company for five
consecutive years with sampling technique using purposive non random sampling. Analyzer used is
test of regression equation with double regression model, that is first is influence of liquidity, growth
opportunity and profitability to capital structure. The second regression model is the influence of
liquidity, growth opportunities, profitability and capital structure to firm value. To give better result
before doing regression test data is done normality test, deviation of classical assumption, fit data test
and hypothesis test and coefficient of determination. The result of research shows that the capital
structure (debt to equity ratio) and profitability (return on equity) proved to have a positive and
significant effect on the value of the company (price book to value). Profitability (return on equity)
also proved to have a positive and significant effect on capital structure (debt to equity ratio).
Liquidity (current ratio) is not proven to have a significant influence on the structure of capital (debt
to equity ratio) and the value of the company (price book to value).