Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan dan Pertumbuhan Aset terhadap Nilai Perusahaan LQ45
Keywords:
capital structure, profitability, firm size, asset growth, firm valueAbstract
This study investigates the effect of capital structure, profitability, firm size, and asset growth on firm value of companies included in the LQ45 Index listed on the Indonesia Stock Exchange during 2022–2024. Firm value is measured using Price to Book Value (PBV), while capital structure, profitability, firm size, and asset growth are proxied by Debt to Equity Ratio (DER), Return on Assets (ROA), the natural logarithm of total assets, and asset growth, respectively. This study employs a quantitative approach using secondary data obtained from the annual financial statements of LQ45 companies. The sample consists of 57 companies with 171 firm-year observations selected through purposive sampling. Data were analyzed using multiple linear regression with the assistance of SPSS software. The results indicate that capital structure and profitability have a significant effect on firm value, whereas firm size and asset growth do not show a significant effect. These findings suggest that firm value is primarily influenced by financial performance and financing decisions rather than firm size or asset expansion.
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