CAPITAL STRUCTURE AS A MODERATOR OF THE GROWTH RATE EFFECT ON FIRM VALUE IN CONSUMER SERVICES 2019 - 2024

Nur Inayah Trias Wijayanti, Anggita Langgeng Wijaya, Juli Murwani

Abstract


This research is motivated by the phenomenon of fluctuations in Price to Book Value among consumer services Industry businesses that were listed on the Indonesia Stock Exchange (IDX) from 2019 to 2024. These fluctuations indicate that firm value remained unstable from year to year. This condition encouraged a research on how growth rate affects business value and how capital structure plays a part in that connection. This study aims to determine whether the relationship between growth rate and company value may be moderated by capital structure. All consumer services sub-sector businesses registered on the IDX between 2019 and 2024 make up the study's population. It uses a quantitative approach that makes use of secondary data from business financial reports. Purposive sampling was used to choose 32 businesses in total. Using SPSS version 25, MRA and simple linear regression were used to process the data. The test findings indicate that business value is not much impacted by growth rate. Nonetheless, the link between growth rate and company value has been shown to be moderated by capital structure. These results show that business value cannot be increased by expansion alone if not accompanied by appropriate capital structure management. Therefore, sound management of funding sources is key to translating company growth into higher value for shareholders.

Keywords: Firm Value, Growth Rate, Capital Structure

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References


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