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- W1605569312 abstract "Penelitian dilakukan untuk menguji pengaruh struktur modal dan profitabilitas terhadap nilai perusahan retail yang terdaftar di Bursa Efek Indonesia dari tahun 2010 hingga 2013. Struktur modal diukur dengan Debt to Total Asset Ratio, dan Debt to Equity Ratio. Indikator yang digunakan untuk mengukur profitabilitas adalah Net Profit Margin, Return on Equity, Return on Asset dan Earning per Share sedangkan nilai perusahaan direpresentasikan oleh Closing Price, Price to Book Value, dan Tobin’s Q. Hasil pengujian model pengukuran menunjukkan bahwa DAR, dan DER adalah indikator yang valid sebagai proksi struktur modal. NPM, ROE, ROA dan EPS juga valid untuk mengukur profitabilitas, dan hanya Tobin’s Q yang ditolak sebagai proksi dari nilai perusahaan. Hasil pengujian model struktural menunjukkan bahwa struktur modal terbukti memiliki pengaruh signifikan dan negatif terhadap profitabilitas. Hal ini berarti bahwa jika penggunaan hutang perusahaan rendah akan diikuti oleh kenaikan profitabilitas. Profitabilitas terbukti memiliki pengaruh signifikan dan positif terhadap nilai perusahaan. Hal ini menunjukkan bahwa perusahaan dengan profitabilitas yang tinggi akan diikuti dengan tingginya nilai perusahaan. Struktur modal juga terbukti memiliki pengaruh signifikan dan negatif terhadap nilai perusahaan dalam artian, perusahaan yang memiliki struktur modal yang rendah akan memiliki nilai perusahaan yang lebih tinggi. Keywords: Hutang, Modigliani Miller, Kinerja Perusahaan, Partial Least Square Abstract The study investigated the influence of capital structure and profitability on firm value of retail companies listed in Indonesia Stock Exchange from 2010 until 2013. Capital structure is measured by Debt to Total Asset Ratio, and Debt to Equity Ratio. The indicators used to measure profitability are Net Profit Margin, Return on Equity, Return on Asset, and Earning per Share, while firm value is represented by Closing Price, Price to Book Value, and Tobin’s Q. The measurement model of PLS shows that DAR, and DER are valid indicators used as proxies for capital structure. NPM, ROE, ROA and EPS are also valid indicators used to measure profitability and only Tobin’s Q is rejected to be used as proxy for firm value. The structural model assessment reveals that capital structure has significant and negative influence on profitability. Thus, the lower debt usage will be followed by higher profitability. Profitability proves to be significant and has positive influence on firm value. This means that a company with high profitability will be followed by high firm value. The capital structure also proves to be significant and has negative influence on firm value means that a company with low capital structure has higher firm value. Keywords: Debt, Modiglani Miller, Firm Performance, Partial Least Square" @default.
- W1605569312 created "2016-06-24" @default.
- W1605569312 creator A5078538739 @default.
- W1605569312 date "2014-01-09" @default.
- W1605569312 modified "2023-09-26" @default.
- W1605569312 title "THE INFLUENCE OF CAPITAL STRUCTURE AND PROFITABILITY ON FIRM VALUE (A Study in Retail Companies Listed in Indonesia Stock Exchange 2010-2013 period)" @default.
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