THE EFFECT OF CAPITAL STRUCTURE AND PROFITABILITY ON THE COMPANY'S VALUE IN PT KALBE FARMA TBK FOR THE PERIOD 2015-2024
DOI:
https://doi.org/10.58174/ijqmr.v1i7.119Keywords:
capital structure; profitability; firm value; debt to equity ratio; return on equity; price to book valueAbstract
This study aims to analyze the effect of capital structure and profitability on firm value at PT Kalbe Farma Tbk during the 2015-2024 period. Capital structure is measured using the Debt-to-Equity Ratio (DER), profitability is measured using Return on Equity (ROE), while firm value is measured using Price to Book Value (PBV). This study employs a quantitative approach with an associative analysis method based on ten years of secondary time-series data obtained from the company's annual financial statements published through the Indonesia Stock Exchange. The data analysis techniques include classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation), multiple linear regression analysis, hypothesis testing (t-test and F-test), and the coefficient of determination test, processed using SPSS software. The results show that, partially, capital structure has no significant effect on firm value (t = -1.222; sig. = 0.225), whereas profitability has a positive and significant effect on firm value (t = 3.614; sig. = 0.000). Simultaneously, capital structure and profitability significantly affect firm value (F = 6.842; sig. = 0.004), with the model explaining 19.2 percent of the variation in firm value (R Square = 0.192). These findings indicate that profitability is a far more dominant determinant than capital structure in shaping firm value at PT Kalbe Farma Tbk, suggesting that management should prioritize improving earnings efficiency to enhance market valuation, without neglecting a conservative capital structure policy as a safeguard for long-term financial stability.
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