Volume 7, Issue 8, August – 2022 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

TheiEffectiofiProfitability,iSalesiGrowth,iOwnershipi
StructureioniFirmiValueiModeratedibyiCapitaliStructure
Rahadian iKhevrianur Indra iSiswanti
Facultyiof iEconomics iand iBusiness Faculty iof iEconomicsiand iBusiness
MercuiBuana iUniversity, iIndonesia MercuiBuana iUniversity, iIndonesia

Abstract:- This istudy iaims ito idetermine ithe ieffect iof icompanies iin ithis isector irecorded ia idecline ifrom ithe
iprofitability, isales igowrth, ileverage iand ifirm isize ion i2015-2020 iperiod.
ifirm ivalue imoderated iby icapital istructure. iThis
iresearch iwas iconducted iat ibuilding iconstruction II. LITERATUREIREVIEW
icompanies ilisted ion ithe iIndonesian istock iexchange
ibetween i2015-2020. iThe isampling itechnique iused iin A. AgencyiTheory
ithis istudy iwas ipurposive isampling. iThe isample iin Agency itheory idescribes ithe irelationship ibetween
ithis istudy iwere i35 idata ifrom i7 ibuilding iconstruction ishareholders ias iprincipals iand imanagement ias iagents.
icompanies ilisted ion ithe iIndonesia iStock iExchange iin iManagement iis ia iparty icontracted iby ishareholders ito
ithe i2015-2020 iperiod ithat imet ithe icriteria. iThe idata iwork iin ithe iinterests iof ishareholders. iJensen iand
ianalysis itechnique iused iis ipanel iregression ianalysis iMeckling i(1976) idescribe ian iagency irelationship ias ian
iconsisting iof ithree ivariables, inamely ithe idependent iagency irelationship ias ia icontract iin iwhich ione ior imore
ivariable, ithe iindependent ivariable, iand imoderated ipersons i(principals) iemploy ianother iperson i(agent) ito
ivariable. iThe iresults iof ithis istudy iindicate ithat iperform isome iservices ion itheir ibehalf iwhich iinvolves
iprofitability ihas ia isignificant ieffect ion ifirm ivalue, idelegating isome idecision-making iauthority ito iagents..
isales igrowth ihas ia isignificant ieffect ion ifirm ivalue,
ithe iownership istructure idoes inot ieffect ion ifirm B. Signalling iTheory
ivalue, icapital istructure iis inot iable ito imodareted ithe Signaling itheory ior isignal itheory iis ia itheory
irelationship ibetween iprofitability iand ifirm ivalue, ideveloped iby iRoss i(1977), isignaling itheory isuggests ithat
icapital istructure iis iable ito imodareted ithe irelationship ithere iis iinformation iabout ithe icompany ithat ishould ibe ia
ibetween isales igrowth iand ifirm ivalue. isignal ifor ioutsiders iand iusers iof ifinancial istatements,
iespecially ifor iinvestors iand ipotential iinvestors iwho iwill
Keywords:- Profitability, iSales iGrowth, iOwnership iinvest. iThe isignal ican ibe iin ithe iform iof iinformation
iStructure, iCapital iStructure, iFirm iValue. iabout ithe isteps ithat ihave ibeen itaken iby imanagement iin
iorder ito irealize ithe idesire ito irealize ithe iwishes iof ithe
I. INTRODUCTION ishareholders.

The icurrent ieconomic iuncertainty iafter ithe iCovid-19 C. Firm iValue

iPandemic ihas ihad ia imajor iimpact ion ithe iglobal Firm ivalue iis ithe ipresent ivalue iof ifree icash iflow iin
ieconomy ias iwell ias iin iIndonesia, iglobal ipolitical ithe ifuture iat ia idiscount irate iaccording ito ithe iweighted
iconditions iand ithe ithreat iof iglobal ieconomic iwar ihave iaverage icost iof icapital. iFree icash iflow iis icash iflow
ialso ibecome ia imajor iinfluence ion ieconomic igrowth iin iavailable ito iinvestors, icreditors, iand iowners iafter itaking
iIndonesia. iCurrently, ithe ieconomic iconditions iin iinto iaccount iall iexpenses ifor icompany ioperations iand
iIndonesia iindirectly icreate ia icompetition ibetween iexpenses ifor iinvestment iand inet icurrent iassets i(Brigham
icompanies iin iIndonesia. iThis icompetition imakes ievery i& iHouston, i2010). iThe imain igoal iof ithe icompany iis ito
icompany icompete iin iimproving ithe icompany's iincrease ithe ivalue iof ithe icompany iitself, iaccording ito
iperformance iin ithe ihope iof iachieving icompany igoals. iAlvionita iet ial i(2021) icompany ivalue iis ivery iimportant
iOne iof ithe imain igoals iof ithe icompany iis inone iother ifor ia icompany ibecause ithe ihigher ithe ivalue iof ithe
ithan igetting ia iprofit ior iprofit ifrom ithe ibusiness ibeing icompany, ithe ihigher ithe iprosperity iof ishareholders. iThe
irun iand ialso iwanting ithe iowners iand ishareholders ito iinvestors ihand iover ithe imanagement iof ithe icompany ito
iexperience ian iincrease iand iprosperity ifor ithe icompany's iprofessionals iso ithat ithe iachievement iof icompany ivalue
iprofit iacquisition i(Hartati iet ial, i2021). ican icontinue ito iincrease, ithe iincreased icompany ivalue
iwill icontribute ito ilong-term igrowth ifor ithe icompany.
The icurrent igovernment ican ibe isaid ito ibe iaggressive
iin iinfrastructure idevelopment isince i2015, ihowever, ithe D. Profitability
iincessant iinfrastructure idevelopment iin ithe icurrent Profitability iis ithe ifinal iresult iof ia inumber iof
igovernment iera ihas inot iresulted iin isignificant ipositive ipolicies iand idecisions imade iby imanagement, iprofitability
igrowth iin ithe ivalue iof icompanies iin ithe ibuilding ican ibe idetermined iby icalculating ivarious irelevant
iconstruction isector. iThe iaverage igrowth iin ithe ivalue iof ibenchmarks, ione iof iwhich iis ifinancial iratios ias ione iof

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Volume 7, Issue 8, August – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
ithe ianalyzes iin ianalyzing ifinancial istatements, ioperating III. RESEARCH IMETHOD
iresults, iand ithe ilevel iof iprofitability iof ia icompany
(Brigham i& iHouston, i2010). iProfitability idescribes ithe This iresearch iis ia imethod ior iprocedure iwhose
iability iof ia ibusiness ientity ito igenerate iprofits iby iusing ipurpose iis ito ianalyze idata iwith icertain itechniques iand
iall iits icapital i(Yanti i& iDarmayanti, i2019). ibegins iwith ithe idata icollection istage. iThe idesign iused iin
ithis istudy iis ia iresearch iwith ia icausal imodel, ia icausal
E. Sales iGrowth irelationship iis ia icausal irelationship. iCausal ianalysis iaims
The icompany's isales igrowth iis iunderstood ias ian ito itest ithe ihypothesis iabout ithe ieffect iof ione ior imore
iincrease iin isales ifrom iyear ito iyear, ior ias ian iindicator iof iindependent ivariables i(independent ivariable) ion ithe
ian iincrease iin ithe icompany's imarket ishare. iFor idependent ivariable i(dependent ivariable). iThis ianalysis
icompanies ithat ihave ihigh isales igrowth, ithe icompany ialso idescribes ihow ithe iindependent ivariables i(Profitability,
ihas igood igrowth. iThese ipositive iimplications iare ialso iSales iGrowth, iOwnership iStructure) ican iaffect ithe
iinterpreted ipositively iby iinvestors ibecause ithe icompany idependent ivariable i(Company iValue) iwith ithe imoderating
ihas igood iprospects iin ithe ifuture, ithereby iincreasing ithe ivariable iin ithis istudy, inamely iCapital iStructure.
ivalue iof ithe icompany i(Febriyanto, i2018). iSales igrowth
ireflects ithe icompany's ioperational isuccess iin ithe ipast
iperiod iand ican ibe iused ias ia iprediction iof ifuture igrowth
i(Rosari iand iSubardjo, i2021). iSales igrowth ihas ian
iimportant irole iin iworking icapital imanagement, isales
igrowth iis ia iratio ithat idescribes ithe icompany's iability ito
imaintain iits ieconomic iposition iin ithe imidst iof ieconomic
igrowth iand iits ibusiness isecto.

F. Ownership iStructure
The iownership istructure iis idivided iinto itwo, inamely
imanagerial iownership istructure iand iinstitutional
iownership istructure, inamely:

1. Managerial iOwnership
Managerial iownership iis iownership iwhere ithe
imanager iowns ithe icompany's ishares ior iin iother iwords
ithe imanager iis ithe icompany's ishareholder i(Tamala i&
iHermanto, i2021). iManagerial iownership iis iassumed ias ian
iattempt ito icontrol ithe iinternal iparty itasked iwith
Fig. i1 i i iConceptual iFramework
icontrolling iso ithat iagency iconflicts ido inot ioccur
i(Munandar i& iFathoni, i2021).
Data iprocessing iis icarried iout iusing iEviews i12
2. Institutional iOwnership isoftware ito idetermine ithe iregression imodel ias iwell ias
Institutional iownership iis iownership iof ishares ior itesting ithe iselected imodel.
iownership iof ivoting irights iin ia icompany ithat ican ibe
iowned iby iinstitutions ior iinstitutions i(Tamala i& H. Population
iHermanto, i2021). iInstitutional iownership iis iownership iof The ipopulation iis ithe ientire isubject i(object,
ishares iin ian iorganization/company, ifor iexample iinsurance icompany, ievent) ior isomething ithat iis ithe ifocus iof
iagents, ibanks, iventures, ior iother iinstitutional iownership iresearch. iThe ipopulation iin ithis istudy iare ibuilding
iconstruction icompanies ilisted ion ithe iIndonesia iStock
i(Munandar i& iFathoni, i2021).
iExchange ifor ithe iperiod i2015 i– i2020. iThe ipopulation iin
G. Capital iStructure ithis istudy iis i23 ibuilding iconstruction icompanies ilisted ion
Capital istructure iis ia icombination i(proportion) iof ithe iIndonesia iStock iExchange. I
ithe icompany's ilong-term ifixed ifunding ias iindicated iby
idebt, iequity, ipreferred istock, iand icommon istock i(Horne I. Sample
i& iWachowicz, i2014). iAccording ito iBrigham iand Sampling icompanies iingthis istudygusing ipurposive
iHouston i(2010) ithe icapital istructure iof ia icompany ithat isamplingnmethod, inamely isamples ithat iwill ibe itaken
iwants ito igrow, ithe icompany ineeds icapital ifrom idebt ibased ion icertain icriteria iwithnthe iaimy iof igetting ia
iand iequity. iThe icombination iof idebt iand iequity ithat irepresentative isample iin iaccordance iwith ipredetermined
iaims ito imaximize ithe ivalue iof ithe icompany. iThe icapital icriteria. iThe isample iin ithis istudy ican ibe iseen iinifigure i2
istructure iitself idescribes ithe icompany's ipermanent
ifinancing iconsisting iof ilong-term idebt iand iown icapital
i(Natalia iet ial, i2021).

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Volume 7, Issue 8, August – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
The iresults iof idata iin ithe ivariable iof iInstitutional
iOwnership i(KI) iit iis iknown ithat ithe iaverage ivalue
iproduced iis i58. iThe ilowest ivalue iis i24.05, iwhile ithe
ihighest ivalue iis i93.31.

The iresults iof idata iin ithe ivariable iof iInstitutional

iOwnership i(KI) iit iis iknown ithat ithe iaverage ivalue
iproduced iis i58. iThe ilowest ivalue iis i24.05, iwhile ithe
ihighest ivalue iis i93.31.

The iresults iof idata iin ithe iDebt ito iEquity iRatio
i(DER) ivariable, iit iis iknown ithat ithe iaverage ivalue
igenerated iis i1.88. iThe ilowest ivalue iis i0.65, iwhile ithe
Fig. i2 i iPopulation i& iSampel ihighest ivalue iis i5.83.
IV. RESULT IAND IDISCUSSION K. PaneliData iRegression iAnalysisiResults
Panel idata iregression ianalysis iwas icarried iout iwith
The idataedin ithis istudyinare iin ithe iform iof icomplete ithree iapproaches, inamely iby itesting ithe iestimation iof ithe
icompany iannual ifinancial istatements ifrom i2015-2020 ias icommon ieffect, ifixed ieffect, iand irandom ieffects imodels
imany iasi7 icompanies iobtained ifrom ithe iIndonesia iwhich iare ithe iapplication iof ithe imodel iapplied iin ithis
iStockyExchange. iFrom ithe0data ithat ihas ibeen icollected istudy ito idetermine iwhich imethod iis ithe ibest ito ichoose
iby ithe isteps iin ithe idata icollection imethod idiscussed iin iselecting ipanel idata iregression.
iearlier ithen iprocessed iinto idata ithat ican ibe ianalyzed
istatistically. To idetermine ione iof ithe imost iappropriate imodels
ifrom ithe i3 itypes iof ipanel idata imodels iabove, ia itest iis
J. Descriptive iStatistical iAnalysis icarried iout ion ieach imodel. iThe iright imodelyused iin ithis
Descriptive istatistical ianalysisnis ia igeneral istudy iis ithe ifixed ieffectymodel i(FEM) ibecause iafter
idescriptioninof ithe iresearchyvariables.aThe ifollowing iis igoing ithrough ithe itwo imodel iselection itests, iFEM iis ithe
iresearch idata ithat ihas ibeen ianalyzed idescriptively. ibest imodel ichosen ifor ithis istudy.

Variable Coefficient Std. Error t-Statistic Prob.

C 1.688875 1.141011 1.480157 0.0496

ROE 6.984806 2.981014 2.457387 0.0508
SG 9.010220 4.511808 4.165508 0.0339
KI -0.008521 0.011839 -0.719799 0.4774
DER 0.889325 0.348355 0.256419 0.7994
ROE_DER 0.013114 0.023511 0.557788 0.5813
SG_DER 0.114493 0.096132 0.052683 0.0422

Effects Specification

Cross-section fixed (dummy variables)

R-squared 0.613069 Mean dependent var 1.634931

Fig. i3 i iResult iDescriptive iStatistical Adjusted R-squared 0.394340 S.D. dependent var 1.210230
S.E. of regression 0.770814 Akaike info criterion 2.565934
Sum squared resid 17.23046 Schwarz criterion 3.103784
The iresults iof idata iin ithe iPrice ito iBook iValue Log likelihood -40.88461 Hannan-Quinn criter. 2.763077
i(PBV) ivariable, iit iis iknown ithat ithe iaverage ivalue F-statistic 6.005811 Durbin-Watson stat 1.013900
Prob(F-statistic) 0.000039
igenerated iis i1.63. iThe ilowest ivalue iis i0.47 i, iwhile ithe
ihighest ivalue iis i6.75. Fig. i4 i iFixed iEfect iModel

The iresults iof idata iin ithe iReturn ion iEquity i(ROE) L. Rsquare iTest iResult
ivariable, iit iis iknown ithat ithe iaverage ivalue igenerated iis Coefficient iof iDetermination ior iR2 iTest iis ia itest ito
i12.1. iThe ilowest ivalue iis i1.16, iwhile ithe ihighest ivalue idetermine ithe iquality iof ithe iselected imodel iin ithe
iis i39.58. irelationship ibetween ithe idependent ivariable, iindependent
ivariable, iand iinteraction ivariable iwhich ican ibe iseen
The iresults iof idata iin ithe iSales iGrowth i(SG) ifrom ithe ivalue iof ithe icoefficient iof idetermination
ivariable, iit iis iknown ithat ithe iaverage ivalue igenerated iis i(adjusted iR-Squared). iThe ifollowing iare ithe iresults iof
i5.66. iThe ilowest ivalue iis i-44.9, iwhile ithe ihighest ivalue icalculations iusing iEviews i12:
iis i90.61.

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Volume 7, Issue 8, August – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
iconcluded ithat ireturn ion iequity ihas ia ipositive ieffect ion
R-squared 0.613069 Mean dependent var 1.634931 ifirm ivalue.
Adjusted R-squared 0.394340 S.D. dependent var 1.210230 H1: iProfitability ihas ia ipositive ieffect ion ifirm ivalue
S.E. of regression 0.770814 Akaike info criterion 2.565934
Sum squared resid 17.23046 Schwarz criterion 3.103784
2. iEffect iof iSales iGrowth ion iCompany iValue
Log likelihood -40.88461 Hannan-Quinn criter. 2.763077
F-statistic 6.005811 Durbin-Watson stat 1.013900 The iresults iof ithe ipanel idata iregression iin itable i4.9
Prob(F-statistic) 0.000039 ishow ithat ithe isales igrowth ivariable ihas ia icoefficient
ivalue iofi9.01 iwith ia iprobability ivalue iof i0.03 imeaning
Fig. i5 i iResult iRsquare iTest iH0 iis irejected iand iH1 iis iaccepted. iSo iit ican ibe
iconcluded ithat isales igrowth ihas ia ipositive ieffect ion ifirm
Based ion ithe iresults iin itable i4.7, iit ican ibe iseen ivalue.
ithat ithe ifixed ieffect imodel ihas ian iAdjusted iR-squared H2: iSales iGrowth ihas ia ipositive ieffect ion ifirm ivalue
ivalue iof i0.394 ior i39.4% iwhich imeans ithat ithe iinfluence
iof ithe ivariables iin ithis istudy iis i39.4% iand ithe 3. iThe iEffect iof iInstitutional iOwnership ion iFirm iValue
iremaining i60.6% iis iinfluenced iby iother ivariables ioutside The iresults iof ithe ipanel idata iregression iin itable i4.9
iof ithis istudy. ishow ithat ithe iinstitutional iownership ivariable ihas ia
icoefficient ivalue iof i-0.008 iwith ia iprobability ivalue iof
M. F- iStatistical iTest iResults i i0.48 imeaning iH0 iis iaccepted iand iH1 iis irejected. iSo iit
The iF istatistic itest iis ia itest ito ishow iwhether ithe ican ibe iconcluded ithat iinstitutional iownership ihas ino
isignificance iof ithe ivariables iis ijointly. ieffect ion ifirm ivalue.
H3 i: iInstitutional iownership ihas ino ieffect ion ifirm ivalue
R-squared 0.613069 Mean dependent var 1.634931 4. iCapital iStructure iModerates ithe iEffect iof iProfitability
Adjusted R-squared 0.394340 S.D. dependent var 1.210230
S.E. of regression 0.770814 Akaike info criterion 2.565934
ion iFirm iValue
Sum squared resid 17.23046 Schwarz criterion 3.103784 The iresults iof ithe ipanel idata iregression iin itable i4.9
Log likelihood -40.88461 Hannan-Quinn criter. 2.763077 ishow ithat ithe ireturn ion iequity*debt ito iequity iratio
F-statistic 6.005811 Durbin-Watson stat 1.013900 ivariable ihas ia icoefficient ivalue iof i0.013 iwith ia
Prob(F-statistic) 0.000039 iprobability ivalue iof i0.04 imeaning iH0 iis iaccepted iand
iH1 iis irejected. iSo iit ican ibe iconcluded ithat ithe icapital
Fig. i6 i iResult iF-Statictic iTest
istructure iis inot iable ito imoderate ithe ieffect iof
iprofitability ion ifirm ivalue.
Based ion ithe iresults iin itable i4.8, iit ican ibe iseen ithat
H4: iOwnership istructure iis inot iable ito imoderate ithe
ithe ifixed ieffect imodel ihas ia iProb ivalue i(F-Statistic) iof
ieffect iof iprofitability ion ifirm ivalue
i0.00 i< i0.05, imeaning ithat itogether ithe iindependent
ivariables ihave ia isignificant ieffect ion ithe idependent
5. iCapital iStructure iModerates ithe iEffect iof iSales iGrowth
ivariable.
ion iFirm iValue
The iresults iof ithe ipanel idata iregression iin itable i4.9
N. T- iStatistical iTest iResults i
ishow ithat ithe isales igrowth*debt ito iequity iratio ivariable
The iT istatistical itest iis ia itest iused ito iprove iwhether
ihas ia icoefficient ivalue iof i0.114 iwith ia iprobability ivalue
ithe iindependent ivariable iis isignificant ion ithe idependent iof i0.58 imeaning iH0 iis iaccepted iand iH1 iis irejected. iSo
ivariable iindividually. iit ican ibe iconcluded ithat ithe icapital istructure iis iable ito
imoderate ithe ieffect iof isales igrowth ion ifirm ivalue.
Variable Coefficient Std. Error t-Statistic Prob. H5: iOwnership istructure iis iable ito imoderate ithe iinfluence
iof isales igrowth ion ifirm ivalue
C 1.688875 1.141011 1.480157 0.0496
ROE 6.984806 2.981014 2.457387 0.0508
SG 9.010220 4.511808 4.165508 0.0339 V. CONCLUSION
KI -0.008521 0.011839 -0.719799 0.4774
DER 0.889325 0.348355 0.256419 0.7994
ROE_DER 0.013114 0.023511 0.557788 0.5813 In ithis iresearch, ithere iare i3 iindependent ivariables,
SG_DER 0.114493 0.096132 0.052683 0.0422 i1 imoderated ivariabel, iand i1 idependent ivariable iand ithen
Fig. i7 i Effects
iResult iT-Statistic iTest ianalyzed iusing ipanel idata iregression imethod. iprofitability
Specification
iand isales igrowth ihas ia isignificant ieffect ion ifirm ivalue,
Cross-section fixed (dummy variables)
Based ion ithe iresults iof ithe iT istatistical itest ion ithe ithe iownership istructure idoes inot ieffect ion ifirm ivalue,
ifixed ieffect imodel, ithe ifollowing iconclusions iare icapital istructure iis inot iable ito imodareted ithe irelationship
R-squared 0.613069 Mean dependent var 1.634931
Adjusted R-squared
iobtained: 0.394340 S.D. dependent var 1.210230 ibetween iprofitability iand ifirm ivalue, icapital istructure iis
S.E. of regression 0.770814 Akaike info criterion 2.565934 iable ito imodareted ithe irelationship ibetween isales igrowth
Sum squared resid 17.23046 Schwarz criterion 3.103784
1.Log
iThe iEffect iof iProfitability
likelihood -40.88461 ion iFirm iValue
Hannan-Quinn criter. 2.763077
iand ifirm ivalue. iBased ion ithis, iit iis iadvisable ifor
F-statistic 6.005811
The iresults iof ithe ipanel Durbin-Watson stat
idata iregression
iin 1.013900
itable i4.9 iconstruction isector icompanies imust imaximize isales
Prob(F-statistic) 0.000039
ishow ithat ithe ireturn ion iequity ivariable ihas ia icoefficient igrowth iin iorder ito ibe iable ito igenerate ihigh iprofits. iOne
ivalue iof i6.98 iwith ia iprobability ivalue iof i0.05 imeaning iof ithe ihigh iprofits ireflected iin ithe ireturn ion iequity iin
iH0 iis irejected iand iH1 iis iaccepted. iSo iit ican ibe ithis istudy iwas iable ito iinfluence ia ipositive iinfluence ion
ifirm ivalue. iIn ithe iresults iof ithe imoderation itest, iit ican

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Volume 7, Issue 8, August – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
ibe iseen ithat ithe icapital istructure iis inot iable ito imoderate
iprofitability, ithe icapital istructure iproxied iby ithe idebt ito
iequity iratio ican ibe iconcluded ithat iinvestors iare imore
iinterested iif icompanies iin ithe ibuilding iconstruction
isector iare ibetter iat istrengthening itheir icapital istructure
iwith iinternal ifinancing iin iorder ito iadd icapital ito iequity
iby iincreasing iretained iearnings iwhich iis iproven ithat
iDER iis inot iable ito imoderate ithe ieffect iof iROE ion ifirm
ivalue icompared ito iincreasing icapital iby imeans iof
iexternal ifinancing.

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