THE EFFECT OF INVESTMENT OPPORTUNITY SET (IOS) ON FIRM VALUE WITH PROFITABILITY AND CAPITAL STRUCTURE AS MODERATING VARIABLES

Sintia Rindi Antika, Sendy Dwi Hariyanto, Anggita Langgeng Wijaya

Abstract


This research investigates the influence of the Investment Opportunity Set (IOS) on firm value, with profitability and capital structure serving as moderating variables. The study focuses on food and beverage companies listed on the Indonesia Stock Exchange between 2019 and 2023, utilizing 210 annual observations. IOS is proxied by CAPBVA, firm value by PBV, profitability by ROA, and capital structure by DER. The analysis employs multiple linear regression and moderated regression analysis (MRA). The findings reveal that IOS has a positive and significant effect on firm value, and this relationship is strengthened by profitability and capital structure. These results align with signaling and trade-off theories, indicating that investment opportunities gain stronger market responses when accompanied by high profitability and an optimal capital structure. The study enriches the financial literature and offers practical implications for managers and investors.


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