Pengaruh Growth Opportunity, Struktur Modal, dan Profitabilitas sebagai Variabel Intervening terhadap Nilai Perusahaan Sektor Infrastruktur yang Terdaftar di BEI Periode 2019-2023

Abstract

This study aims to analyze the effect of growth opportunity and capital structure on firm value with profitability as an intervening variable in infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The main issue addressed is the extent to which growth opportunity and capital structure can enhance firm value directly and indirectly through profitability. This research employs a quantitative approach using path analysis. The sample consists of 49 companies selected based on specific criteria, totaling 245 observations over five years. The results show that growth opportunity has a significant positive effect on profitability, while capital structure has a significant negative effect on profitability. Simultaneously, growth opportunity, capital structure, and profitability significantly affect firm value. Partially, only capital structure and profitability have a significant direct effect on firm Value, while growth opportunity does not. However, the Sobel test confirms that profitability significantly mediates the relationship between growth opportunity and firm value. Conversely, profitability does not significantly mediate the relationship between capital structure and firm value. Thus, it can be concluded that strategies to enhance firm value should focus on optimizing profitability and achieving a balanced capital structure, alongside effectively leveraging growth opportunities.

Keywords

Growth Opportunity; Capital Structure; Profitability; Firm Value; Path Analysis