Nilai Perusahaan sebagai Mekanisme Transmisi antara Profitabilitas, Struktur Modal, dan Harga Saham pada Perusahaan Sub Sektor Otomotif yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2022
Keywords:
Profitability, Capital Structure, Firm Value, Stock Price, Automotive IndustryAbstract
This study examined the role of firm value as a transmission mechanism in the relationship between profitability, capital structure, and stock prices of automotive sub-sector companies listed on the Indonesia Stock Exchange during 2018–2022. The study was motivated by the inconsistent relationship between financial performance, firm value, and stock prices observed in the automotive industry. A quantitative explanatory approach was employed using secondary data obtained from annual financial reports. The sample consisted of 12 companies selected through purposive sampling, resulting in 60 observations. Data were analyzed using Partial Least Squares Structural Equation Modeling. The findings revealed that profitability did not significantly affect firm value, while capital structure had a negative and significant effect on firm value. Firm value had a negative and significant effect on stock prices, whereas profitability positively and significantly affected stock prices. Capital structure did not directly affect stock prices. Furthermore, firm value failed to mediate the relationship between profitability and stock prices but fully mediated the relationship between capital structure and stock prices. These findings indicated that investors responded directly to profitability information, whereas the effect of capital structure on stock prices occurred through changes in firm value.
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References
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