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The aim of this current study is to examine the influence of sales growth (GROWTH) and capital structure (DER) on firm value (PBV), with profitability (ROA) acting as an intervening variable. This study utilizes secondary data, selecting a sample of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from the 2019–2023 period. A total of 332 observations were used as the sample based on purposive sampling. The analysis involved multiple linear regression using Eviews 12 software. Additionally, the Sobel test was employed to evaluate whether interaction effects have a significant impact. The results show that both DER and GROWTH have a significantly positive effect on ROA, and DER significantly and positively impacts PBV. ROA also positively affects PBV, whereas GROWTH does not impact PBV. The mediation test demonstrates that ROA can mediate the effect of DER and GROWTH on PBV. This research contributes to the financial literature by showing how ROA mediates the influence of DER and GROWTH on PBV, particularly in the context of Indonesian manufacturing firms. The findings offer practical insights for financial managers on optimizing DER and maximizing GROWTH to improve PBV.

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Capital Structure and Sales Growth Impact on Firm Value: The Mediating Role of Profitability

  • 章节

  • 发表日期：

    2025年

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  • Alien Akmalia,
  • Dewi Hasanah Suprijanto

摘要

The aim of this current study is to examine the influence of sales growth (GROWTH) and capital structure (DER) on firm value (PBV), with profitability (ROA) acting as an intervening variable. This study utilizes secondary data, selecting a sample of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from the 2019–2023 period. A total of 332 observations were used as the sample based on purposive sampling. The analysis involved multiple linear regression using Eviews 12 software. Additionally, the Sobel test was employed to evaluate whether interaction effects have a significant impact. The results show that both DER and GROWTH have a significantly positive effect on ROA, and DER significantly and positively impacts PBV. ROA also positively affects PBV, whereas GROWTH does not impact PBV. The mediation test demonstrates that ROA can mediate the effect of DER and GROWTH on PBV. This research contributes to the financial literature by showing how ROA mediates the influence of DER and GROWTH on PBV, particularly in the context of Indonesian manufacturing firms. The findings offer practical insights for financial managers on optimizing DER and maximizing GROWTH to improve PBV.