PENGARUH PROFITABILITAS DAN GROWTH OPPORTUNITY TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL MODERATING PADA PERUSAHAAN BIDANG KELAUTAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015-2018

Abstract

This study aims to determine the effect of profitability and growth opportunity on the firm value with capital structure as a moderating variable in marine companies listed on the Indonesia Stock Exchange for the 2015-2018 period. The independent variable in this study is the profitability and growth opportunity while the dependent variable is the firm value with the moderating variable, namely financial performance. The data used in this study are secondary data in the form of capital structure. The population in this study are marine companies listed on the Indonesia Stock Exchange for the 2015-2018 period as many as 33 marine companies. The purpose sampling technique was sampling 9 companies with the observation period of 2015-2018 and total 36 observation objects selected. This study uses the documentation method obtained from financial statements published on the official website of the Indonesia Stock Exchange, www.idx.co.id. The analysis technique used is moderated regression analysis with the help of SPSS 24 program. The results of this study indicate that partially the profitability measured by Earning Per Share (EPS) affects the firm value, growth opportunity measured by asset growth does not affect the firm value, capital structure which is measured by Debt to Equity Ratio (DER) does not affect the firm value. It also shows that capital structure as a moderating variable is able to moderate the relationship between the profitability and firm value, and capital structure as a moderating variable unable to moderate the relationship between growth opportunity and the firm value.