THE EFFECT OF PROFITABILITY AND CAPITAL STRUCTURE ON FIRM VALUE OF STATE-OWNED ENTERPRISES LISTED ON THE INDONESIA STOCK EXCHANGE

Jeniva Dwi Indah Kumalasari, Moh. Ubaidillah, Muhamad Agus Sudrajat

Abstract


This study examines empirically whether profitability and capital structure influence firm value among state-owned enterprises (BUMN) listed on the Indonesia Stock Exchange (IDX) over the 2021–2025 period. A quantitative research design was applied using secondary data obtained from annual reports and financial statements published on the IDX website and the official websites of the respective companies. The population comprised 26 listed state-owned enterprises. Using purposive sampling, 24 companies were selected and observed for five years, producing 120 firm-year observations. Profitability was represented by Return on Assets (ROA), capital structure by the Debt to Asset Ratio (DAR), and firm value by Tobin’s Q. The data were processed using descriptive statistics, classical assumption tests, and multiple linear regression with SPSS. The findings show that profitability has a positive and significant relationship with firm value, whereas capital structure has a negative and significant relationship with firm value. These results suggest that stronger asset-based profit generation can improve investor perceptions, while excessive reliance on debt may increase perceived financial risk and weaken market valuation. Accordingly, companies should improve asset efficiency and maintain a balanced mix of debt and equity to support sustainable firm value.

Keywords: firm value, profitability, capital structure, state-owned enterprises, multiple linear regression.


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