PENGARUH STRUKTUR MODAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN PERKEBUNAN KELAPA SAWIT YANG TERDAFTAR DI BEI TAHUN 2020 – 2024

Penulis

  • Chitra Arianda Putri Universitas Muhammadiyah Sumatera Utara
  • Asmaul Husna Universitas Muhammadiyah Sumatera Utara

DOI:

https://doi.org/10.30829/hf.v0i0.30021

Kata Kunci:

Capital Structure, Profitability, Firm Value

Abstrak

This study aims to determine the effect of Capital Structure and Profitability on Firm Value in palm oil plantation companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. Capital Structure is measured using the Debt to Equity Ratio (DER), Profitability is measured using Return on Assets (ROA), and Firm Value is measured using Price to Book Value (PBV). The research method used is quantitative with an explanatory approach. The population of this study consisted of 28 companies. The research sample consisted of 9 companies selected using a purposive sampling technique from palm oil plantation companies that met certain criteria. The data used were secondary data in the form of company financial statements obtained directly from the Indonesia Stock Exchange website. The testing in this study was conducted using SPSS version 26. The results of the study indicate that Capital Structure and Profitability partially and simultaneously have a significant effect on Firm Value.

Referensi

Adityaputra, S. A., & Perdana, D. (2024). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. Jesya, 7(1), 472–488. https://doi.org/10.36778/jesya.v7i1.1404

Agatha, N. A., & Irsad, M. (2021). Pengaruh Likuiditas, Struktur Modal, Profitabilitas, Kebijakan Dividen dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2019. Jurnal Ilmiah Akuntansi Dan Humanika, 11, 329–330.

Ahmad, A. S., & Pongoliu, Y. I. D. (2021). Analisis Struktur Modal Berdasarkan Perspektif Pecking Order Theory. 3, 173. https://doi.org/https://doi.org/10.37479/jimb.v3i3.9440

Arianti, B. F. (2022). Pengaruh Struktur Modal, Pertumbuhan Penjualan Dan Keputusan Investasi Terhadap Nilai Perusahaan. Gorontalo Accounting Journal, 5(1), 1. https://doi.org/10.32662/gaj.v5i1.1845

Ayahu, E., Amaliah, T. H., & Mahmud, M. (2024). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan. Jambura Accounting Review, 5(2), 190–203. https://doi.org/10.37905/jar.v5i2.132

Ayuningtyas, D. M., & Pratiwi, A. (2024). Pengaruh Net Profit Margin (NPM), Return On Equity (ROE) Dan Long Term Debt To Equity Ratio (Ltder) Terhadap Harga Saham Pada PT Century Textile Industry Tbk. Jurnal Ekonomi Bisnis, Manajemen Dan Akuntansi (JEBMA), 4(2), 1251–1265. https://doi.org/10.47709/jebma.v4i2.4017

Dahrani, D., & Astari, A. D. I. (2023). Performance Assessment Analysis Using Balanced Scorecard Concept (Case Study at PT. Bank Rakyat Indonesia Tbk Branch Binjai). Procedding Medan International Conference Economics and Business.

Effendi, A., & Pristiana, U. (2026). Pengaruh Likuiditas, Profitabilitas, Dan Volatilitas Harga Crude Palm Oil Terhadap Return Saham Pada Perusahaan Sektor Perkebunan Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2024. GEMAH RIPAH: Jurnal Bisnis, 5(04), 272–738. https://doi.org/10.69957/grjb.v5i04.2620

Hapid, I., & Hanifah, H. (2022). Pengaruh Struktur Modal (Der) dan Profitabilitas (ROA) Terhadap Nilai Perusahaan (PBV) Pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia 2015-2019. Jurnal Studia Akuntansi Dan Bisnis (The Indonesian Journal of Management & Accounting), 10(1). https://doi.org/10.55171/jsab.v10i1.695

Hery, S. E. , M. Si. , CRP. , RSA. (2023). Analisis Laporan Keuangan: Intergrated and comprehesive edition. Gramedia Widiasarana Indonesia.

Kasmir. (2019). Analisis Laporan Keuangan. PT. Raja Grafindo Persada. https://books.google.co.id/books?id=TzPZzwEACAAJ&pg=PA121&hl=id&source=gbs_selected_pages&cad=1#v=onepage&q&f=false

Kurniawati, A., & Yuniati, T. (2025). Pengaruh Pertumbuhan Perusahaan, Rasio Profitabilitas, Dan Rasio Leverage Terhadap Nilai Perusahaan Pada Perusahaan Industri Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Tahun 2019 - 2023. https://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/6246

Martono, A., & Ramdani, E. (2024). Faktor-faktor yang Berpengaruh pada Struktur Modal dan Kaitan dengan Teori Pecking Order & Trade-off: Systematic Literature Review. Jurnal Ekonomi Efektif, 6(3), 533–544. https://doi.org/10.32493/JEE.v6i3.40623

Masita, M., & Syamratulangi, S. (2025). Dampak Struktur Modal pada Nilai Perusahaan dengan Mediasi Profitabilitas. DIKSI: Jurnal Kajian Pendidikan Dan Sosial, 6(4), 856–863. https://doi.org/10.53299/diksi.v6i4.3187

Miswanto, M., Setiawan, A. Y., & Santoso, A. (2022). Analisis Pengaruh Pertumbuhan Penjualan, Struktur Aset, dan Profitabilitas terhadap Struktur Modal. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 11(2), 212. https://doi.org/10.30588/jmp.v11i2.945

Muliana, M., & Ahmad, S. W. A. (2021). Pengaruh Struktur Modal dan Profitabilitas Terhadap Nilai Perusahaan. POINT: Jurnal Ekonomi Dan Manajemen, 3(2), 97–110. https://doi.org/10.46918/point.v3i2.1171

Nuridah, S., Supraptiningsih, J. D., Sopian, S., & Indah, M. (2023). Pengaruh Profitabilitas Dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Ritel. Jurnal Mutiara Ilmu Akuntansi, 1(1), 155–169. https://doi.org/10.55606/jumia.v1i1.1135

Prabowo, B., & Rambe, M. F. (2024). Pengaruh Debt To Equity Ratio dan Total Asset Turnover Terhadap Nilai Perusahaan Melalui Return On Equity Sebagai Variabel Intervening pada Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(5). https://doi.org/10.47467/alkharaj.v6i5.2279

Priadana, S., & Sunarsi, D. (2021). METODE PENELITIAN KUANTITATIF. Buku Pascal. https://share.google/wgOY5mRAmJ6SvEDCY

Puspitasari, D., Diana, W. R. F. H., Evi, T., Santoso, A., Anas, M., Muliadi, S., & Cita Sari, D. (2021). MANAJEMEN KEUANGAN. Nuta Media Jogja.

Puspitasari, W. A. (2022). Pengaruh likuiditas, struktur aktiva, dan profitabilitas terhadap struktur modal. Jurnal Cendekia Keuangan, 1(1), 42. https://doi.org/10.32503/jck.v1i1.2258

Radiman, & Athifah, T. (2021). Pengaruh Debt To Equity Ratio dan Return On Asset Terhadap Price Book Value Dengan Kepemilikan Manajerial Sebagai Variabel Moderasi. Jurnal Ilmiah Magister Manajemen, 4, 23–24. https://www.semanticscholar.org/paper/Pengaruh-Debt-To-Equity-Ratio-dan- eturn-On-Asset-Radiman Athifah/0fb6948ab20dbe9ec06c7ab4482e2a3d5425ec30

Rizky, S. A., & Husna, A. (2025). Manajemen Laba di Era Digital: Analisis Hubungan antara Perencanaan Pajak dan Beban Pajak Tangguhan. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(3), 8181–8188. https://doi.org/10.31004/riggs.v4i3.3231

Rozet, A. Y. D. P., & Kelen, L. H. S. (2022). Analisis Pola Struktur Modal Perusahaan-Perusahaan Manufaktur di Bursa Efek Indonesia Selama Masa Pandemi Covid-19. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi, 9. https://ejournal.unsrat.ac.id/index.php/jmbi/article/view/39712

Sabakodi, M. Y., & Andreas, H. H. (2024). Pengaruh Struktur Modal Terhadap Profitabilitas Perusahaan Manufaktur Tahun 2019-2022. Owner, 8(1), 377–390. https://doi.org/10.33395/owner.v8i1.1934

Saputra, Y., Al-Azizah, U. S., & Nurhayadi, Y. (2021). Determinan Struktur Modal Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index. IQTISHADUNA: Jurnal Ilmiah Ekonomi Kita, 10(2), 200–214. https://doi.org/10.46367/iqtishaduna.v10i2.419

Sari, M., Rachman, H., Juli Astuti, N., Win Afgani, M., & Abdullah Siroj, R. (2022). Explanatory Survey dalam Metode Penelitian Deskriptif Kuantitatif. Jurnal Pendidikan Sains Dan Komputer, 3(01), 10–16. https://doi.org/10.47709/jpsk.v3i01.1953

Sinaga, A. N., Halim, C., & Sonia, S. (2021). Pengaruh Likuiditas, Profitabilitas, Struktur Modal, Ukuran Perusahaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 4(2), 410–418. https://doi.org/10.31539/costing.v4i2.1614

Unduhan

Diterbitkan

2026-06-17

Terbitan

HUMAN FALAH: Jurnal Ekonomi Dan Bisnis Islam │ Vol. 13 │ No. 1 │ 2026

Bagian

Articles

Lisensi

Authors who publish with this journal agree to the following terms:

  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).

HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam have CC-BY-SA or an equivalent license as the optimal license for the publication, distribution, use, and reuse of scholarly work.

In developing strategy and setting priorities, HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam recognize that free access is better than priced access, libre access is better than free access, and libre under CC-BY-SA or the equivalent is better than libre under more restrictive open licenses. We should achieve what we can when we can. We should not delay achieving free in order to achieve libre, and we should not stop with free when we can achieve libre.

HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam is licensed under a Creative Commons Attribution 3.0 International License

You are free to:

  • Adapt — remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms.