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PENGARUH STRUKTUR MODAL DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN FARMASI DENGAN PROFITABILITAS SEBAGAI VARIABEL MEDIASI (Studi Empiris Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2020)

*Birgita Vena Windaputri  -  Departemen Manajemen Fakultas Ekonomika dan Bisnis Universitas Diponegoro
Harjum Muharam  -  Departemen Manajemen Fakultas Ekonomika dan Bisnis Universitas Diponegoro

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Abstract
ABSTRACT
In theera of globalization, business competition betweenindustries is getting
tighter, so companies must compete to achieve their goals.Firm value is one of the
company's goals which reflects the investor’s perspective and valuation of the company.
The ability toutilizeresources efficientlyand generatelargeprofitindicates the company
has a good performance that will be a great measurement to build investor’s confidence
thus the value of the company could be increased.However, in this study the capital
structure (DER) andfirmgrowth (AG) will be testedfor their effect on the value of
pharmaceutical companies (Tobin’s Q) listed on the Indonesia Stock Exchange (IDX) in
2011-2020 and the role of profitability (ROA) will be tested asa mediation.
The population in this studywas12 pharmaceutical companieslisted on the
IndonesiaStockExchangein2011-2020.Withthepurposivesamplingmethod,9
companieswereselected as samples.Multiple linearregression was usedintestingthe
direct effect of the independent variableson the dependentvariable. Path analysiswas
used in examiningthe indirect effect of the independent variableson the dependent
variable throughtheintervening variable.
The results obtained in this study are DER has a negative and significant effect on
ROA, AG has no significant effect on ROA.AG and ROAhavea significant positive effect
on Tobin’s Q, while DER has no significant effect on Tobin’s Q. Profitability is not able to
mediate the effect of capital structure and firm growth on firm value. However,capital
structure, company growth, and profitabilitytogetheraffect Tobin’s Q
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Keywords: Keywords: Capital Structure, Firm Growth, Profitability, Firm Value

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