Determinan Nilai Perusahaan: Profitabilitas sebagai Variabel Mediasi di Sektor Makanan dan Minuman
-
Nopiani Indah
*
Universitas Widya Dharma, Pontianak,
Indonesia
(*) Corresponding Author
Abstract
This study investigates the factors influencing firm value within the Indonesian food and beverage industry, specifically highlighting profitability's mediating role. The main goal is to identify the direct and indirect impacts of capital structure, asset growth, and firm size on both profitability and firm value. This quantitative research used a causality approach, analyzing secondary data from the annual financial reports of 48 food and beverage companies listed on the Indonesia Stock Exchange between 2018 and 2022. Data analysis was conducted using eViews 13. The results showed interesting findings: capital structure negatively affected profitability but positively influenced firm value. This suggests there's an optimal way companies should get their funding. Interestingly, asset growth and firm size didn't significantly affect profitability or firm value directly. Furthermore, profitability, as a mediating factor, didn't significantly connect the influence of capital structure, asset growth, or firm size to firm value. These findings imply that how a company's value is created is complex, and other factors, like good management and future opportunities, might be more important.
Downloads
References
Abrari, A. M., Pratikto, H., & Siswanto, E. (2022). The Influence of Corporate Social Responsibility, Intellectual Capital, and Capital Structure on Firm Value with Profitability as Intervening Variable (Study of Raw Material and Manufacturing Producing Sector Companies Listed on the Indonesia Stock Exchan. International Journal of Economics and Management Research, 1(3), 38–54. https://doi.org/10.55606/ijemr.v1i3.41
Aditya, I., Hasanah, N., Mardi, & Armeliza, D. (2021). Pengaruh Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening pada Perusahaan Industri Dasar dan Kimia. Jurnal Wahana Akuntansi, 16(2), 124–152. https://doi.org/10.21009/wahana.16.021
Adityaputra, S. A., & Perdana, D. (2024). Pengaruh Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Mediasi. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 7(1), 472–488. https://doi.org/10.36778/jesya.v7i1.1404
Akhmadi. (2023). Relationship of Corporate Growth, Capital Structure, and Company Value: Test of The Significance of Profitability as a Mediation Factor. Quality - Access to Success, 24(193). https://doi.org/10.47750/QAS/24.193.32
Alexandra, N. A., Akhmadi, A., & Yazid, H. (2025). The Effect of Profitability on Firm Value With Leverage as The Intervening Variable and Company Size as The Control Variable. Indonesian Journal of Innovation Multidisipliner Research, 3(1), 466–486. https://doi.org/10.69693/ijim.v3i1.333
Atiningsih, S., & Izzaty, K. N. (2021). The Effect Firm Size on Company Value with Profitability as Intervening Variable and Dividend Policy as Moderating Variable. International Journal of Economics,Businessand Accounting Research (IJEBAR), 5(4), 378–388. https://doi.org/https://doi.org/10.29040/ijebar.v5i4.3450
Bagaskoro, A., & Rahmah, M. (2021). Pengaruh Likuiditas, Leverage, dan Pertumbuhan Perusahaan terhadap Profitabilitas (Studi Empiris pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2019). Jurnal Akuntansi Dan Bisnis Krisnadwipayana, 8(2), 102–125. https://doi.org/10.35137/jabk.v8i2.542
Cahyani, R. M., Khaerunnisa, E., & Mahmudi, B. (2024). Growth and Liquidity on Firm Value : The Role of Mediating Profitability. Jurnal Riset Akuntansi Terpadu, 17(2), 143. https://doi.org/10.35448/jrat.v17i2.29244
Evelyne, T., Imelda, E., & Hidajat, N. C. (2024). The Effect of Capital Structure on Firm Value with Profitability as Variable Mediator in Industrial Companies Listed on the IDX. International Journal of Application on Economics and Business IJAEB, 2(3), 227–235. https://doi.org/https://doi.org/10.24912/ijaeb.v2i3.227-235
Febrian, G. (2025). Pengaruh Nilai Perusahaan, Pertumbuhan Aset dan Leverage terhadap Profitabilitas. Journal of Innovation in Management, Accounting and Business, 4(1), 56–63. https://doi.org/https://doi.org/10.56916/jimab.v4i1.1142
Gultom, G., & Budiarta, K. (2024). Pengaruh Struktur Modal Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening pada Perusahaan Sektor Industri yang Terdaftar dii Bursa Efek Indonesia Periode 2021-2023. EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi, 3(6), 826–838. https://doi.org/https://doi.org/10.56799/ekoma.v3i6.4533
Gz, A. A., & Lisiantara, G. A. (2022). Pengaruh profitabilitas, struktur modal, ukuran perusahaan, likuiditas dan kebijakan dividen terhadap nilai perusahaan. Owner, 6(4), 3974–3987. https://doi.org/10.33395/owner.v6i4.1030
Haerunnisah, Hermuningsih, S., & Damanik, J. M. (2025). Capital Structure and Asset Growth on Firm Value: Profitability as a Mediating Factor in the Economic Development of Manufacturing Companies Listed on the Indonesia Stock Exchange. International Journal of Economics Development Research (IJEDR), 6(1), 101–119. https://doi.org/https://doi.org/10.37385/ijedr.v6i1.6897
Handini, E. D., & Susilo, D. E. (2025). Analyzing Profitability, Firm Size, and Capital Structure’s Impact on Firm Value. Journal of Accounting Science, 9(1), 114–131. https://doi.org/https://doi.org/10.21070/jas.v4i1.401
Irawan, D. C., Pulungan, N. A., Subiyanto, B., & Awaludin, D. T. (2022). The Effect Of Capital Structure, Firm Size, And Firm Growth On Profitability And Firm Value. Quality - Access to Success, 23(187), 52–57. https://doi.org/10.47750/QAS/23.187.06
Jie, J., & Wijaya, H. (2023). Factors Affecting Firm Value Through Profitability As A Mediation Variable. International Journal of Application on Economics and Business, 1(1), 290–297. https://doi.org/10.24912/ijaeb.v1i1.290-297
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Lanjas, V. M., Sutriswanto, & Sisharini, N. (2021). The Effect of Capital Structure, Company Growth, and Profitability on Firm Value. Research Journal of Finance and Accounting, 12(6), 102–109. https://doi.org/10.7176/RJFA/12-6-09
Manik, T. M., & Nugraha P, D. (2025). The Effect of Capital Structure and Profitability on Firm Value With Company Size As a Moderating Variable in Oil, Gas, and Coal Companies in 2021-2023. JAKU (Jurnal Akuntansi & Keuangan Unja) (E-Journal), 9(4), 276–284. https://doi.org/https://doi.org/10.22437/jaku.v9i4.39362
Mutiara, N., Purwohedi, U., & Zulaihati, S. (2022). The Effect of Firm Size, Sales Growth and Profitability on Company Value in Companies Listed in the Healthcare, Technology and Food And Beverage Sectors on the Indonesia Stock Exchange. Indonesian Journal of Economy, Business, Entrepreneuship and Finance, 2(3), 279–290. https://doi.org/10.53067/ijebef.v2i3.61
Nadiyasari, & Gantino, R. (2021). Perbandingan Pengaruh Profitabilitas Leverage dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan. IJAcc, 2(2), 97–109. https://doi.org/10.33050/jakbi.v2i2.1737
Napitupulu, R. B., Simanjuntak, T. P., Hutabarat, L., Damanik, H., Harianja, H., Sirait, R. T. M., & Tobing, C. E. R. L. (2021). Penelitian Bisnis, Teknik dan Analisa dengan SPSS-STATA-Eviews (1st ed.). Madenatera.
Natio, M., & Viriany, V. (2022). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan. Jurnal Paradigma Akuntansi, 4(4), 1490–1500. https://doi.org/10.24912/jpa.v4i4.21327
Oktafia, P., Lusiana, L., & Sari, S. (2025). Pengaruh Struktur Modal dan Pertumbuhan Aset terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening pada Perusahaan Sektor Primer yang Terdaftar di BEI Periode 2019-2023. ARZUSIN, 5(2), 528–543. https://doi.org/10.58578/arzusin.v5i2.5143
Priscilla, Y., Ramli, A., & Anwar, A. (2021). Pengaruh Pertumbuhan Aset dan Struktur Modal terhadap Profitabilitas Perusahaan Sub Sektor Telekomunikasi di BEI. Tirtayasa Ekonomika, 16(2), 190. https://doi.org/10.35448/jte.v16i2.12050
Puri, R. M., Yuliani, & Thamrin, K. M. H. (2024). The Effect Of Company Size And Capital Structure On Firm Value With Profitability As An Intervening Variable. Journal Eduvest - Journal of Universal Studies, 4(4), 2274–2292. https://doi.org/https://doi.org/10.59188/eduvest.v4i4.1359
Putri, A., & Syahzuni, A. (2023). Pengaruh Struktur Modal, Profitabilitas dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(1), 983–993. https://doi.org/10.47467/elmal.v5i1.507
Putri, P. A., & Suarjaya, A. A. G. (2024). Peran Profitabilitas Memediasi Pengaruh Leverage dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 13(6), 1026–1047. https://doi.org/https://doi.org/10.24843/EJMUNUD.2024.v13.i06.p07
Rahman, M. A. (2020). Pengaruh Struktur Modal dan Pertumbuhan Aset Terhadap Kinerja Keuangan Perusahaan Yang Terdaftar Dalam Jakarta Islamic Index (JII). Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 3(1), 55–68. https://doi.org/10.29303/akurasi.v3i1.25
Ramadhani, M., Lusiana, L., & Sari, Y. P. (2025). Pengaruh Return on Equity dan Current Ratio terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia 2019-2023. ARZUSIN, 5(2), 633–646. https://doi.org/10.58578/arzusin.v5i2.5238
Rohman, M. A. N., & Fitriyah. (2024). Firm Value: The Mediating Effects of Capital Structure on Profitability, Size, and Asset Structure. International Journal of Science, Technology & Management, 5(3), 655–666. https://doi.org/10.46729/ijstm.v5i3.1113
Rosa, E., & Hermanto. (2024). Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan. Jurnal Ilmiah Global Education, 5(1), 404–415. https://doi.org/10.55681/jige.v5i1.2247
Rusmanto, T., & Setyaningrum, L. (2021). The Effect of Growth, Managerial Ownership and Profitability toward Firm Value. The International Journal of Business & Management, 9(7), 70–78. https://doi.org/10.24940/theijbm/2021/v9/i7/BM2107-038
Saluy, A. B., Supardi, Jacob, J., Kadarisman, S., Siahaan, A., Nuraini, A., Vikaliana, R., & Faddila, S. P. (2022). Riset Terapan Dengan Aplikasi Statistika (I. Ahmaddien (ed.)). Widina Media Utama. https://repository.penerbitwidina.com/media/publications/409850-riset-terapan-dengan-aplikasi-statistika-7990d0e6.pdf
Santoso, B. A., & Budiarti, A. (2020). Profitabilitas Sebagai Mediasi Pertumbuhan Penjualan dan Struktur Modal terhadap Nilai Perusahaan. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 3(2), 45–57. https://doi.org/10.36778/jesya.v3i2.158
Sari, D. K., Hermawan, S., Fitriyah, H., & Nurasik, N. (2022). Does Profitability, Firm Size, and Intellectual Capital Affect Firm Value? Jurnal Riset Akuntansi Terpadu, 15(2), 195. https://doi.org/10.35448/jrat.v15i2.16813
Sejuwal, N. (2023). The Effect of Profitability, Capital Structure, Firm Size and Asset Growth on Firm Value. Journal of Business and Social Sciences, 5(1), 69–80. https://doi.org/10.3126/jbss.v5i1.72447
Sinaga, A. N. L., Lie, D., Inrawan, A., & Nainggolan, C. D. (2022). Pengaruh Struktur Aset, Struktur Modal, dan Ukuran Perusahaan terhadap Nilai Perusahaan pada Perusahaan Sub Sektor Pulp dan Kertas yang Terdaftar di Bursa Efek Indonesia. Financial: Jurnal Akuntansi, 8(1), 83–93. https://doi.org/10.37403/financial.v8i1.397
Sugandi, A., Br Bukit, R., & . T. (2021). The Influence of Intellectual Capital, Firm Size, and Firm Growth on Firm Value with Profitability as Moderating Variable on Companies That are Joined in the Jakarta Islamic Index And Listed on the Indonesia Stock Exchange 2016-2019 Period. International Journal of Research and Review, 8(7), 296–303. https://doi.org/10.52403/ijrr.20210741
Susilowati, T. I., & Mawardi, W. (2025). The Role of Capital Structure as a Mediator of Profitability, Company Size, and Business Risk on Company Value (Study on Exporters Listed on the Indonesia Stock Exchange 2019-2023). Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(1), 2326–2343. https://doi.org/https://doi.org/10.31538/iijse.v8i1.5968
Utami, N. K. I., & Champaca, M. (2024). Pengaruh Pertumbuhan Perusahaan, Perputaran Modal Kerja, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Management Risiko Dan Keuangan, 3(1), 45–58. https://doi.org/10.21776/jmrk.2024.03.1.05
Yulianti, D., Puspitasari, I., & Utomo, A. S. (2025). Peran Mediasi Struktur Modal dalam Hubungan Profitabilitas dan Firm Size terhadap Nilai Perusahaan. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 6(3). https://doi.org/10.47065/ekuitas.v6i3.6902
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Determinan Nilai Perusahaan: Profitabilitas sebagai Variabel Mediasi di Sektor Makanan dan Minuman
Pages: 109-120
Copyright (c) 2025 Nopiani Indah
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
