Peran Profitabilitas (ROA) dalam Memoderasi Hubungan Struktur Modal (DER) dan Ukuran Perusahaan (SIZE) terhadap Nilai Perusahaan (PBV)Sektor Properti & Real Estate di BEI 2020-2024

Puteri Kusuma Dewi; Diana Puspitasari; Dwi Eko Waluyo; Vicky Oktavia

doi:10.55606/jaemb.v6i2.11032

Authors

Puteri Kusuma Dewi Universitas Dian Nuswantoro
Diana Puspitasari Universitas Dian Nuswantoro
Dwi Eko Waluyo Universitas Dian Nuswantoro
Vicky Oktavia Universitas Dian Nuswantoro

DOI:

https://doi.org/10.55606/jaemb.v6i2.11032

Keywords:

Capital structure, Firm size, Profitability, Firm Value, Moderation

Abstract

This study evaluates the impact of capital structure (DER), company size (SIZE), and profitability (ROA) on firm value (PBV), while also examining the moderating role of ROA in the relationship between capital structure, company size, and firm value within the Indonesian property and real estate sector for the 2020–2024 period. Using panel data regression, the results indicate that DER, SIZE, and ROA each have a significant positive effect on firm value. Furthermore, ROA is proven to strengthen the influence of both capital structure and company size in enhancing firm value. These findings support Signaling Theory and Trade-Off Theory, confirming that efficient capital management and large company scale serve as positive signals for investors in the post-pandemic era. Practically, the results suggest that investors prioritize profitability as a key determinant when assessing investment prospects in the property sector.

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