Firm Value Formation Through Financial Performance and Capital Structure: Examining the Moderating Effect of Firm Size
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Abstract
Firm value is a central concern for investors and management alike, as it reflects the market's assessment of a company's performance and growth prospects. Fluctuations in profitability and financing choices among property and real estate companies in recent years have renewed interest in identifying the factors that drive firm value. This study examines how financial performance and capital structure contribute to firm value, and whether firm size moderates these relationships, using property and real estate companies listed on the Indonesia Stock Exchange (IDX) during 2021-2024. A purposive sampling method produced a final sample of 34 companies, and secondary data were drawn from audited annual financial statements. Hypotheses were tested using multiple linear regression and Moderated Regression Analysis (MRA). Financial performance was measured by Return on Assets (ROA), capital structure by the Debt-to-Equity Ratio (DER), firm value by Price-to-Book Value (PBV), and firm size by the natural logarithm of total assets. The results show that financial performance and capital structure both have a significant positive effect on firm value, while firm size has no significant direct effect. Firm size significantly strengthens the effect of financial performance on firm value, but does not significantly moderate the effect of capital structure on firm value. These findings suggest that improving profitability and managing capital structure remain essential for enhancing firm value, while the role of firm size depends on which relationship is examined.
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