ANALISIS PENGARUH PROFITABILITAS, UKURAN PERUSAHAAN DAN LEVERAGE OPERASI TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING (STUDI KASUS PADA PERUSAHAAN SUBSEKTOR PERKEBUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016)

Abstract

The main purpose of a company is to enhance the wealth of the owner
by maximizing firm’s value. But the failure to formulating a suitable strategy
regarding the factors that affecting firm’s value often became the main cause that
a company fail to maximizing it’s value. This research was conducted to analyze
the effect of profitability, firm’s size and operating leverage on firm’s value and to
determine wether capital structure is capable to mediate that effect. The
population of this study are the plantation company that listed in Indonesia Stock
Exchange (IDX), 10 samples was choosen with purposive sampling method. The
criteria for the sampling method was that the company must be listed in Indonesia
Stock Exchange during 2012-2016 period. Path analysis was used as the data
analysis technique and SPSS as the data analysis software. The Research
concluded that profitability and capital structure significantly affect firm’s value.
Meanwhile, firm’s size and operating leverage had negative but insignificant
effect to firm’s value. Profitability and operating leverage showed negative and
significant effect to capital structure. The mediating effect was shown by capital
structure to the effect of profitability towards firm’s value but not for the effect of
firm’s size and operating leverage for firm’s value.