Pengaruh Struktur Modal dan Profitabilitas Terhadap Nilai Perusahaan Telekomunikasi di BEI Tahun 2020-2023

Abstract

This study aims to analyze the effect of capital structure and profitability on firm value in telecommunications companies listed on the Indonesia Stock Exchange during 2020–2023. The method used is quantitative analysis with a panel data regression approach on 20 company samples. Descriptive statistical tests indicate that firm value has a fairly good mean with moderate variation, while profitability and capital structure show high variation among companies. Classical assumption tests show that the regression model is free from multicollinearity, heteroskedasticity, and follows a normal distribution. Regression analysis results indicate that capital structure has a significant negative effect on firm value, whereas profitability has a significant positive effect on firm value. The simultaneous (F) test shows that both independent variables together significantly affect firm value. The coefficient of determination is 0.741, indicating that 74.1% of the variation in firm value can be explained by capital structure and profitability. The study concludes that optimal capital structure management and increasing profitability are crucial in enhancing firm value.