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THE INFLUENCE OF CAPITAL STRUCTURE, PROFITABILITY

AND COMPANY SIZE ON COMPANY VALUE (STUDY ON
TOURISM SECTOR COMPANIES LISTED ON THE INDONESIAN
STOCK EXCHANGE, 2019-2022)

PROPOSAL

Submitted as one of the requirements for taking part in the thesis trial
In the Bachelor of Accounting Study Program, Faculty of Economics
Singaperbangsa University Karawang

By :
CINDY PERMATASARI
NPM. 2010631030065

FACULTY OF ECONOMICS
SINGAPERNATION UNIVERSITY KARAWANG
KARAWANG
2024
 PIG

INTRODUCTION

1.1 Background of the problem

The tourism sector plays an important role in the Indonesian economy, not only
being a source of state income through taxes and foreign exchange, but also
creating jobs and encouraging economic growth in tourist areas.(Afdi, 2015).
Tourism is one of the main contributors to the Indonesian economy.
StudySaputra et al., (2022)shows that the tourism sector contributes significantly
to Indonesia's Gross Domestic Product (GDP), employment and foreign exchange
earnings. Apart from that, the research also highlights the importance of the
tourism sector for regional development and community welfare. According
toWTTC (2023), in 2022, the tourism sector directly contributes 6.1% to global
GDP and is projected to increase to 8.8% in 2032. In Indonesia, tourism
contributes 5.4% to national GDP in 2023(Central Statistics Agency, 2023). The
tourism sector is also one of the largest employment providing sectors in the
world. According to WTTC, in 2022, the tourism sector will directly employ 289
million people worldwide and is projected to increase to 334 million people in
2032. In Indonesia, the tourism sector will provide 13.6 million jobs in
2023(Ministry of Tourism and Creative Economy, 2023). The tourism sector is
also an important source of foreign exchange earnings for many countries.
According to WTTC, in 2022, the tourism sector globally will generate USD 6.1
trillion in foreign exchange and is projected to increase to USD 8.6 trillion in
2032. In Indonesia, the tourism sector will generate USD 15.8 billion in foreign
exchange in 2023(Bank Indonesia, 2023).

Indonesia's tourism sector has experienced significant growth in recent years.

Factors such as government support, infrastructure development and increasing
tourist income are the main drivers of this growth(Keni, 2020). The trend of
religious tourism which is increasingly popular and occupies an important
segment in international tourism, and is experiencing substantial growth, also
adds to the potential of the Indonesian tourism sector(Timothy & Olsen, 2023).

With its diverse natural and cultural riches, Indonesia has great potential to
develop the tourism industry. This is proven by the growth in investment
realization in the tourism sector which reached an average of 20% per year over
the last five years (2013-2017) according to data from the Investment
Coordinating Board (BKPM). This growth attracts investors' interest in investing
in the tourism sector, increasing demand and share prices of related companies.
Ultimately, this increase in company value will bring prosperity to shareholders
and help achieve the company's long-term goals. However, the COVID-19
pandemic that hit in early 2020 had a negative impact on the tourism sector. The
implementation of the Large-Scale Social Restrictions (PSBB) policy by the
government has had a significant impact on the tourism industry, causing a
decline in the financial performance and market value of tourism companies.

The success of tourism companies in Indonesia is influenced by various internal

factors such as capital structure, profitability and company size. In this case,
company value is an important indicator in assessing the performance and
success of a company. High company value reflects investor confidence and good
growth potential in the future(Damoran, 2012). Therefore, understanding the
factors that influence company value is important for stakeholders, including
company management, investors and regulators. In the midst of this challenging
situation, a good understanding of the factors that determine the value of a
tourism company is becoming increasingly important. This will help companies
formulate effective recovery and growth strategies.

Company value is an important aspect in the business world. Companies with

high value will increase prosperity for their shareholders, as shown byHouston
(2007). This can be seen from share prices which are stable and increase in the
long term, in line with opinionSudana (2009). The higher the share price, the
higher the company value. This research analyzes the influence of capital
structure, profitability and company size on company value, by referring to
research(Alfredo, 2011)about the factors that influence it, such as funding
decisions, dividend policy, investment decisions, capital structure, company
growth, and company size.

Capital structure, which refers to the proportion of own capital and debt, has a
significant impact on the value of a tourism company because it affects the cost
of capital and financial risk(Damoran, 2012; Richard et al., 2017; Westerfield et
al., 2018). A tourism company with an optimal capital structure will have lower
capital costs and more diversified financial risks, thereby increasing the value of
the company.

Profitability reflects a tourism company's ability to generate profits, and is also

an important factor in determining company value(Damoran, 2012; Zutter, 2018;
Penman, 2019). Tourism companies that have high profitability demonstrate
operational efficiency and good management, as well as attractiveness for
investors.

Company size can also influence the value of a tourism company. Larger tourism
companies often have better access to broader resources and markets, and have
economies of scale that can increase profitability(Damoran, 2012; Richard et al.,
2017; Westerfield et al., 2018).

During 2019-2022, the average growth in the value of tourism sector companies
listed on the Indonesia Stock Exchange was not optimal, fluctuated and tended
to decrease every year. In this research, company value growth is proxied by
Price to Book Value (PBV) which can be seen in the following table

Capital Company
Issuer Profitability Company
Year Structure Value
Code (ROE) Size (Ln)
(DER) (PBV)
2019 0.86 0.11 27.43 0.95
2020 0.75 0.01 27,26 1.01
BAYU
2021 0.61 0.01 27.32 0.88
2022 0.90 0.10 27.40 0.85
 2019 0.37 0.03 29.55 0.26
2020 0.37 0.01 29.54 0.24
JIHD
2021 0.38 0.02 29.52 0.21
2022 0.39 0.03 29.51 0.17
2019 0.24 0.01 3.98 0.53
2020 0.26 0.01 31.01 0.41
KPIG
2021 0.26 0.01 31.06 0.34
2022 0.25 0.01 31.09 0.25
2019 0.57 0.15 28.38 2.10
2020 0.93 0.08 28.43 1.84
PZZA
2021 0.90 0.05 28.42 1.76
2022 1.14 0.02 28.55 1.67
2019 0.58 0.10 28.02 4.14
2020 0.62 0.10 27.98 3.33
SHID
2021 0.65 0.09 27.93 1.07
2022 0.66 0.07 27.89 3.29

In table 1.1, it can be seen that the company value as proxied by Price to Book
Value (PBV) in tourism sector companies over the last four years from 2019-2022
has fluctuated and tends to decrease every year. It can be seen that companies
with the issuer code PZZA (PT Sarimelati Kencana Tbk) and SHID (PT Hotel Sahid
Jaya International Tbk) experience a decline every year, but their value is above
1. Meanwhile, companies with the issuer code BAYU (PT Bayu Buana Tbk), JIHD
(PT Jakarta International Hotels & Development Tbk), and KPIG (PT MNC Land
Tbk) tend to have values below 1 (one), which indicates that the stock market
value is smaller than the company's book value. According to Martikarini (2012),
a company can be said to have good company value if the Price to Book Value
(PBV) value is above 1 (one), which indicates that the stock market value is
greater than the company's book value.

In table 1.1, it can be seen that the capital structure proxied by Debt to Equity
(DER) in tourism sector companies in 2019-2022 changes every year. The Debt to
Equity (DER) value of companies with issuer codes JIHD (PT Jakarta International
Hotels & Development Tbk), PZZA (PT Sarimelati Kencana Tbk), and SHID (PT
Hotel Sahid Jaya International Tbk) experiences an increase every year, while for
BAYU ( PT Bayu Buana Tbk) and KPIG (PT MNC Land Tbk) experienced
fluctuations. A high Debt to Equity value indicates that the company's debt is
greater than the company's equity, while a low Debt to Equity value indicates
that the company's debt is smaller than the company's equity (Noviani et al.,
2019).

In table 1.1 it can also be seen that profitability as proxied by Return on Equity
(ROE) in tourism sector companies in 2019-2022 experienced fluctuating
movements. Return on Equity from the companies BAYU (PT Bayu Buana Tbk)
and JIHD (PT Jakarta International Hotels & Development Tbk) experienced
fluctuations, the company KPIG (PT MNC Land Tbk) was consistent every year,
while the companies PZZA (PT Sarimelati Kencana Tbk) and SHID ( PT Hotel Sahid
Jaya International Tbk) experiences a decline every year. A high Return on Equity
reflects a company's high ability to generate profits, thus having a good impact
on company value. So shareholders view the company as profitable and
encourage shareholders to buy more (Hasania et al., 2016).

Increasing company value will benefit the prosperity of its shareholders. In

general, investors will look for companies that have the opportunity to provide
them with high profits, so that every company tries to maximize company value
which is a benchmark for the success of a company.

Although much research has been conducted regarding the factors that influence
company value, there is still no clear consensus regarding the relationship
between capital structure, profitability, company size, and company value in the
context of the tourism sector in Indonesia. Previous research has shown mixed
results regarding the influence of these factors on firm value. Some studies find
that capital structure and profitability have a positive relationship with firm
value, while other studies find inconsistent results. Likewise, the influence of
company size on company value is still unclear. Some studies show that larger
companies have higher values, while other studies show that there is no
significant relationship between company size and company value.
By understanding the factors that influence company value in the tourism sector,
company management and other stakeholders can make better decisions in
managing the company and increase the value of their company.(Damoran,
2012; Richard et al., 2017; Westerfield et al., 2018). The results of this research
can also provide insight for regulators and policy makers in designing strategies
and policies that support the growth of the tourism sector in Indonesia(Ministry
of Tourism and Creative Economy, 2023).

Therefore, this research aims to fill this knowledge gap by analyzing the influence
of capital structure, profitability and company size on company value in tourism
sector companies listed on the Indonesia Stock Exchange in the 2019-2023
period.

From the statements and theories expressed above, researchers are interested in
conducting research entitled "The Influence of Capital Structure, Profitability and
Company Size on Company Value (Study of Tourism Sector Companies Listed on
the Indonesian Stock Exchange 2019-2022)".

1.2 Formulation of the problem

Based on the research background, the research problem is formulated as

follows:

1) How does Capital Structure influence Company Value in tourism sector

companies listed on the Indonesia Stock Exchange for the 2019-2022
period?
2) How does profitability affect company value in tourism sector companies
listed on the Indonesia Stock Exchange for the 2019-2022 period?
3) How does company size influence company value in tourism sector
companies listed on the Indonesia Stock Exchange for the 2019-2022
period?
 4) Do Capital Structure, Profitability and Company Size simultaneously
influence the Company Value of tourism sector companies listed on the
Indonesia Stock Exchange for the 2019-2022 period?

1.3 Research purposes

Based on the problem formulation, the research objectives are as follows:
1) Partially analyzing the influence of Capital Structure on Company Value in
tourism sector companies listed on the Indonesia Stock Exchange for the
2019-2022 period.
2) Analyzing the partial influence of Profitability on Company Value in
tourism sector companies listed on the Indonesia Stock Exchange for the
2019-2022 period.
3) Partially analyzing the influence of company size on company value in
tourism sector companies listed on the Indonesia Stock Exchange for the
2019-2022 period.
4) Analyzing the influence of Capital Structure, Profitability and Company
Size simultaneously on Company Value in tourism sector companies listed
on the Indonesia Stock Exchange for the 2019-2022 period.

1.4 Usefulness of Research Results

The usefulness of this research is expected to produce research that has both
theoretical and practical uses, namely as follows:
1. Theoretical Uses
It is hoped that the results of this research can be used as literature or
reference and increase knowledge for researchers and readers regarding
theories related to the influence of Capital Structure, Profitability and
Company Size on Company Value.

2. Practical Uses

1. For Investors
 It is hoped that the results of this research will provide useful information
for investors in making investment decisions in tourism sector companies.
2. For Companies
It is hoped that the results of this research will provide useful information
for tourism sector company managers in making optimal financial
decisions.
3. For the General
It is hoped that the results of this research will increase insight into the
factors that influence company value, especially in tourism sector
companies.

1.5 Place and time of research

The object of this research is tourism sector companies that are listed on the
Indonesia Stock Exchange and have published annual financial reports for the
2019-2023 period. Data collection for annual financial reports is carried out
online via the official website of the Indonesian Stock Exchange. This research is
expected to be carried out over 6 (six) months from March to August 2024 with
the following schedule.

Research time
N
Activity Augus
o Feb Mar Apr May Jun Jul
t
Proposal
1
Writing
2 Proposal
Guidance
Proposal
3
Approval
Proposal
4
Seminar
Proposal
5 Improveme
nts
Data
6
collection
7 Data
 Manageme
nt
Thesis
8
preparation
Thesis
9
guidance
Thesis
10
Approval
Thesis
11
Defence
 CHAPTER II

LITERATURE REVIEW

2.1 Literature review

2.1.1 Accountancy

According toNanu Hasanuh, SE, (2011:1), accounting is an art and science,

in fact a process consisting of three main activities, namely identifying all
economic transactions, recording which separates economic and non-
economic transactions, and communicating information in the form of
reports for distribution to external and internal parties who need
information. Just as stated byKieso et al. (2015:4)that accounting consists
of three basic activities, namely identification, recording and
communication of the delivery of an entity's financial information to
interested parties. According toChristine Jonick (2017:1), accounting can
be defined as the process of analyzing, classifying, recording,
summarizing and interpreting business transactions. Kartikahadi et al
(2016:3) define accounting as an information system that produces
financial information and reports financial information to interested
parties regarding economic activities and company conditions. On the
other hand, according to Warren, et al (2017:3), accounting can be
interpreted as an information system that provides reports to
stakeholders regarding economic activities and company conditions.
From several definitions put forward by the experts above, it can be
concluded that accounting is a company activity that provides
information about the company's financial condition.

According to Purwaji, Wibowo, & Murtanto (2016:9) accounting is

classified into 7 fields, namely financial accounting, cost accounting,
management accounting, tax accounting, corporate accounting,
accounting information systems, and accounting inspection (auditing).
According toNanu Hasanuh, SE, (2011:5-6), the field of accounting is
divided into financial accounting, management accounting, cost
accounting, inspection accounting, accounting systems, tax accounting,
budget accounting, and non-profit organization accounting.

2.1.2 Financial Accounting

According to Kieso, Weygandt, and Warfield (2019), financial accounting

is a process that culminates in the preparation of company financial
reports that will be used by internal and external parties. Users of these
financial reports include investors, creditors, managers and government
institutions. Financial accounting is a field of accounting that provides
information in the form of financial reports for external parties. Financial
reports must be presented periodically based on generally accepted
accounting principles (GAAP – Generally Accepted Accounting Principles).
Because Financial Accounting Standards (SAK) serve as guidelines for
preparing financial reports, these reports are presented using the same
language, terms, procedures and methods. According to Kieso (2013),
financial accounting is a series of processes related to financial reporting
by users of financial reports that comply with accounting standards for
the benefit of third parties. The function of financial accounting is to
provide financial information about a company. This information can be
used to see the financial situation that occurs within it and also for
management this information is very useful for decision making.
According toNanu Hasanuh, SE, (2011:5), financial accounting is a field of
accounting for an economic entity that produces financial reports that
will be used by parties who need them.

2.1.3 Financial Ratio Analysis

According to Suhardi (2018: 245) that financial ratio analysis is an analysis

technique carried out by comparing certain financial variables with other
financial variables in order to obtain information regarding various
company financial conditions, activity levels, business results and
company growth rates. to be used as a reference for assessing future
opportunities. According to Siswanto (2021:25) that financial ratio
analysis is a method used in analyzing financial reports. Ratio analysis is
designed to explain the relationship between items in the financial
statements (balance sheet and profit and loss). According to Siswanto
(2021:26) financial ratios are grouped into five categories, namely
liquidity ratios, asset management ratios, debt ratios, profitability ratios
and market ratios which will be explained as follows:

1. Liquidity ratio

Liquidity ratios are ratios used to measure a company's ability to

meet short-term (current) financial obligations that are due in less
than one year. This ratio is divided into current ratio, quick ratio,
cash ratio.

2. Leverage ratio

The leverage ratio is a ratio used to measure the amount of debt

in company activities. This ratio is divided into Debt Ratio, Debt to
Equity Ratio, Long-term Debt to Equity Ratio, Time Interest Earned
Ratio, and Cash Coverage Ratio.

3. Activity Ratio (Asset Management)

The activity ratio is a ratio used to measure the effectiveness and

efficiency of company asset management. This ratio is divided into
Inventory Turnover, Average day in Inventory, Receivable
Turnover, Day Sales Outstanding (DSO), Total Assets Turnover,
and Fixed Assets Turnover.

4. Profitability Ratio

The profitability ratio is a ratio used to measure a company's

ability to generate profits using proprietary resources such as
 assets, capital or sales. This ratio is divided into Return On Assets,
Return On Equity, Profit Margin Ratio, and Basic Earning Power.

5. Market Ratio

Market ratios are financial ratios that are used as a measuring tool
to measure the performance of a public company's shares. This
ratio is divided into Price Earning Ratio, Dividend Yield, Dividend
Payout Ratio, Market to Book Ratio, and Market Value Ratio.

2.1.4 Understanding Company Value

Company value is the price that prospective buyers are willing to pay in a
company sales scenario. Company value is also an investor's perception in
assessing the company, the higher the assessment, the better the
company value which will make investors confident in investing their
funds. A high level of value reflects greater prosperity for shareholders. In
the context of evaluating company value, the company's share price is
often the main indicator, depicting investors' overall perception of the
company's value. Price to Book Value (PBV), a metric proposed by(John
Fred Weston, 1992), effectively serves as a proxy for assessing a
company's value. PBV shows the comparison between the share price
and the company's book value, helping determine whether the share
price is above or below its intrinsic value. This PBV interpretation,
according to(Hardianto, 2001), can provide an overview of the extent to
which financial markets value management performance and an
organization's ability to create value. A high PBV ratio reflects the
company's achievement in creating value for shareholders relative to the
amount of capital invested, indicating operational efficiency and strong
growth potential. Therefore, the higher the PBV, the more successful the
company is in creating value for shareholders.

2.1.5 Understanding Capital Structure

Capital structure refers to the proportion of debt and equity used by a
company to finance its assets(Ehrhardt, 2022). This concept reflects the
balance between foreign capital or debt and own capital. Capital
Structure Theory analyzes whether changes in a company's capital
structure will have an impact on company value. The importance of this
theory lies in several factors. First, any changes in the capital structure
can affect the overall cost of capital, because each type of capital has a
different cost of capital. Second, the overall cost of capital is used as the
minimum rate of return that must be met on the selected investment.
Thus, the capital structure policy chosen by companies can influence their
investment decisions(Sutrisno, 2000).

Trade-off theory shows that companies choose the optimal capital

structure by considering the trade-off between the benefits and costs of
using debt(BDJ Stephen A. Ross, Randolph W. Westerfield, 2017). The
benefit of using debt is a lower cost of capital, which can increase
company value. However, excessive use of debt can increase a company's
financial risk, which can reduce company value. Meanwhile, the pecking
order theory shows that companies choose their capital structure based
on an order of preference(French, 2002). The first preference is to use
internal funds, then debt, and finally equity.

Factors influencing capital structure:

 Cost of capital: A lower cost of debt compared to the cost of equity

may encourage a company to use more debt.
 Risk: Higher risk can encourage a company to use less debt.
 Tax advantages: The tax advantages of using debt can encourage
companies to use more debt.
 Information asymmetry: Information asymmetry between companies
and investors can encourage companies to use less equity.
2.1.6 Understanding Profitability

Profitability is a measure that shows a company's ability to generate

profits(Ehrhardt, 2022). A high level of profitability reflects the company's
ability to generate stable and sustainable cash flows. Profitability is a
description of the company's performance in generating profits and is a
benchmark for management performance in managing company assets.
In the context of this research, profitability ratios are measured using
Return on Assets (ROA), namely a ratio that describes how much a
company's ability to generate profits from the assets it owns. Company
profitability is one of the main criteria in assessing potential investment
returns. If a company is considered profitable or has the potential for
future profits, investors will tend to invest their capital in the form of
shares in that company. This drives up share prices and creates added
value for shareholders. Investors buy shares with the aim of obtaining
returns, which consist of dividends (yield) and increases in share prices
(capital gains). The higher the company's ability to generate profits, the
greater the return expected by investors, thereby increasing the overall
value of the company.

Factors influencing profitability:

 Operational efficiency: High operational efficiency can increase

profitability.
 Product price: Higher product prices can increase profitability.
 Production costs: Lower production costs can increase profitability.
 Competition: Lower competition can increase profitability.

2.1.7 Understanding Company Size

This research uses total assets as an indicator to measure company size.

Differences in company size often correlate with its working capital
requirements. Company size can be seen from various aspects, including
 total assets, sales, and market capitalization. The greater the total value
of a company's assets, sales, and market capitalization, the greater the
size of the company. This indicates that as the value of the company's
total assets increases, the company's equity will also increase, increasing
sales will encourage greater turnover, and increasing market
capitalization will indicate higher growth and value. Company size
influences the company's financial ratios significantly(Horrigan, 1965).
Companies that have a larger scale tend to have higher value because
they can take advantage of economies of scale, have greater access to
resources, and diversify better.

2.2 Previous Research Results

Several studies that have been carried out previously revealed similarities
and differences in the results that have been studied. In this research, the
objects studied are tourism sector companies listed on the Indonesia
Stock Exchange in 2019-2022. The independent variables in this research
are Capital Structure, Profitability and Company Size, while the
dependent variable used is Price Book Value (PBR) as a proxy for
Company Value.

Research conducted byClara (2023)with the aim of determining the

influence of capital structure, profitability and company size on company
value in food and beverage sector manufacturing companies listed on the
IDX in 2018-2021. The research results show that capital structure has a
significant effect on company value, profitability has a significant positive
effect on company value, and company size has no effect on company
value.

Research conducted byNatio and Viriany (2022)with the aim of

determining the influence of capital structure, profitability, company size
and company growth on the value of manufacturing companies listed on
the IDX for the 2017-2019 period. The research results show that capital
structure and company size have a significant effect on company value,
while profitability and company growth do not have a significant effect on
company value.

Research conducted byRahmasari (2017)with the aim of knowing the

effect of capital structure, profitability and company size on company
value in LQ-45 companies listed on the IDX. The research results show
that capital structure and company size have an insignificant negative
effect on company value, while profitability has a significant positive
effect on company value.

Research conducted byAnggraini (2021)with the aim of knowing the

effect of capital structure, profitability and company size on company
value in the tourism, hotel and restaurant sector on the IDX in 2015-2017.
The research results show that capital structure and company size have a
significant negative effect on company value, while profitability has no
effect on company value.

Research conducted byVeronica (2020)with the aim of knowing the

influence of capital structure, profitability, company size and liquidity on
the value of companies listed on the Indonesia Stock Exchange (BEI) in
2016-2018. The research results show that capital structure has a
significant effect on company value, profitability and liquidity have a
significant positive effect on company value, while company size has no
effect on company value.

Research conducted byYanti (2020)with the aim of determining the

influence of capital structure, profitability, company size and liquidity on
the value of manufacturing companies listed on the IDX in 2015-2017.
The research results show that profitability has an effect on company
value, while capital structure, company size and liquidity have no effect
on company value.
 Research conducted byDang Thi et al. (2019)with the aim of determining
the influence of capital structure, profitability, company size and
company growth on company value in Vietnam. The research results
show that capital structure, profitability and company growth have a
significant positive effect on company value, while company size does not
have a significant effect on company value.

Research conducted byWidyantari (2017)with the aim of knowing the

effect of capital structure, profitability and company size on company
value in food and beverage sector companies listed on the BEI in 2013-
2015. The research results show that capital structure has an insignificant
negative effect on company value, profitability has a significant positive
effect on company value, and company size has an insignificant positive
effect on company value.

The following is a table of previous research that can support research

related to the influence of capital structure, profitability and company
size on company value in tourism sector companies on the IDX in 2019-
2022.

Research Research Equation Research

No Research Title Research result
er/Year Differences
1 Clara The Influence 1. Capital structure Indicators used: Research period
Florensit of Capital has a significant 1. Capital Structure: 2018-2021. Locus
a Yulisa Structure, effect on company Debt to Equity of research for food
(2023) Profitability value Ratio (DER) and beverage
and Company 2. Profitability has a 2. Profitability: sector
Size on significant positive Return on Equity manufacturing
Company effect on Company (ROE) companies.
Value in Food Value 3. Company Size:
and Beverage 3. Company size Natural logarithm
Manufacturin has no effect on of total assets
g Companies company value 4. Company Value:
Listed on the 4. Simultaneously Price to Book Value
Indonesia Capital Structure, (PBV)
Stock Profitability and
Exchange Company Size
 Research Research Equation Research
No Research Title Research result
er/Year Differences
2018-2021 influence Company
Value
2 Natio The Influence 1. Capital structure Indicators used: Indicators used:
and of does not have a 1. Capital Structure: 1. Company Growth
Viriany Profitability, significant effect on Debt to Equity (Growth Rate)
(2022) Company Size, company value Ratio (DER)
Capital 2. Profitability has a 2. Profitability: Research period
Structure and significant positive Return on Equity 2017-2019.
Company effect on Company (ROE) Research locus of
Growth on Value 3. Company Size: manufacturing
Company 3. Company size Natural logarithm companies. Grand
Value has a significant of total assets theory uses agency
positive effect on 4. Company Value: theory.
company value Price to Book Value
4. Company growth (PBV)
has a significant
positive effect on
company value
3 AnandaR The Influence 1. Capital structure Indicators used: Research period
ahmasari of Capital has a negative and 1. Capital Structure: 2011-2015. LQ-45
Limbong Structure, insignificant effect Debt to Equity company research
(2017) Profitability, on company value Ratio (DER) locus.
and Company 2. Profitability has a 2. Profitability:
Size on positive and Return on Equity
Company significant effect on (ROE)
Value in Lq-45 Company Value 3. Company Size:
Companies 3. Company size Natural logarithm
Listed on the has a negative and of total assets
Indonesian insignificant effect 4. Company Value:
Stock on company value Price to Book Value
Exchange 4. Simultaneously, (PBV)
Capital Structure,
Profitability and
Company Size have
a significant effect
on Company Value
4 Dewi The Influence 1. Capital structure Indicators used: Indicators used:
Anggraini of Capital has a significant 1. Capital Structure: 1. Profitability
(2021) Structure, negative effect on Debt to Equity (ROA)
Profitability company value Ratio (DER)
and Company 2. Profitability has 2. Company Size: Research period
Size on no effect on Natural logarithm 2015-2017.
Company company value of total assets
Value: Study 3. Company size 3. Company Value:
of the has a significant Price to Book Value
Tourism, Hotel negative effect on (PBV)
and company value
Restaurant 4. Simultaneously, Locus of research
Sector on the Capital Structure, for tourism, hotel
Indonesian Profitability and and restaurant
Stock Company Size do sector companies.
Exchange not have a
 Research Research Equation Research
No Research Title Research result
er/Year Differences
(2015-2017) significant influence
on Company Value
5 Veronica The Influence 1. Capital Structure Indicators used: 1. Indicators used:
(2020) of has a significant Company size: 1. Profitability:
Profitability, positive effect on Natural logarithm Return on Assets
Capital Company Value of total assets (ROA)
Structure, 2. Profitability has a 2. Liquidity: Debt to 2. Capital Structure:
Liquidity, and significant positive Equity (DER) Curret Ratio (CR)
Company Size effect on Company 2. Company Value:
on the Value Value Price to Book Value Research period
of 3. Company size (PBV) 2016-2018. The
Manufacturin has a significant grand theory used
g Companies: positive effect on is agency theory.
An Empirical company value
Study of 4. Liquidity does
Manufacturin not have a
g Companies significant effect on
Listed on the company value
Indonesia
Stock
Exchange (BEI)
for the 2016-
2018 Period
6 Novianti The Influence 1. Capital structure Indicators used: Indicators used:
(2020) of Company has no effect on 1. Capital Structure: 1. Profitability:
Size, Capital company value Debt to Equity Current Ratio (CR)
Structure, 2. Profitability Ratio (DER)
Profitability influences company 2. Profitability: Research period
and Liquidity value Return on Equity 2015-2017. Locus
on Company 3. Company size (ROE) of research in
Value has no effect on 3. Company Size: manufacturing
company value Natural logarithm sector companies.
4. Liquidity has no of total assets The grand theory
effect on company 4. Company Value: used is agency
value Price to Book Value theory.
(PBV)
7 Dang Thi Study The 1. Capital Structure Indicators used: Indicators used:
Thu Ha, Impact Of has a significant 1. Capital Structure: 1. Growth (Growth
Nguyen Growth, Firm positive effect on Debt to Asset Ratio Ratio)
Thi Thu Size, Capital Company Value (DAR) 2. Company Value:
Hien Structure, And 2. Profitability has a 2. Profitability: EV (Tobin's Q)
(2019) Profitability significant positive Return on Equity
On Enterprise effect on Company (ROE), Return on Research period
Value: Value Assets (ROA) 2012-2016. Locus
Evidence Of 3. Company size 3. Company Size: of company
Enterprises In does not have a Natural logarithm research in
Vietnam significant effect on of total assets Vietnam. The grand
company value theories used are
4. Company growth agency theory and
has a significant the theory of
positive effect on information
company value asymmetry.
 Research Research Equation Research
No Research Title Research result
er/Year Differences
8 Widyant The Influence 1. Capital Structure Indicators used: Research period
ari & of Capital has a significant 1. Capital Structure: 2013-2015. Locus
Yadnya Structure, positive effect on Debt to Equity of research for food
(2017) Profitability Company Value Ratio (DER) and beverage
and Company 2. Profitability has a 2. Profitability: sector companies.
Size on significant positive Return on Equity Grand theory uses
Company effect on Company (ROE) trade-off theory.
Value in Food Value 3. Company Size:
and Beverage 3. Company size Natural logarithm
Companies on has a significant of total assets
the positive effect on 4. Company Value:
Indonesian company value Price to Book Value
Stock (PBV)
Exchange

2.3 Framework

According toSugiyono (2013:60), the framework of thinking is a summary

of variables synthesized from the various theories explained. The theory
is analyzed critically and systematically, thus leading to a synthesis of the
relationships between the variables studied. This research analyzes the
influence of capital structure, profitability and company size variables on
company value which will be explained as follows:

2.3.1 The Influence of Capital Structure on Company Value

Signal theory is an action used by management to provide signals or

information to investors regarding capital structure, especially how
management provides information to investors about how large the
company's capital structure is, so that investors can explore future
prospects in determining capital investment. The results of previous
research which proves that capital structure influences company value is
research conducted byV. Viriany (2020),Dang Thi Thu Ha (2019),
AndWidyantari (2017)stated that the results of the analysis produce a
positive and significant influence on company value, this means that
companies with high financial capital structures tend to have high
 company value too. Conversely, if the capital structure value is low then
the company value is low.

2.3.2 The Effect of Profitability on Company Value

Signal theory is an action used by a company to provide signals or

information to investors or investors regarding profitability, namely
management provides information to investors regarding the rate of
return on profits obtained so that investors can know the future
prospects of the company in which they invest. Return on Equity (ROE) is
an indicator that measures a company's efficiency in using available
economic resources to generate profits. The profitability ratio is used as a
measuring tool for investors to find out how well a company produces a
return on the investment it will make. On that basis, profitability is
considered to have a positive effect on company value. Research
conducted byN. and Viriany (2022),Rahmasari (2017),V. Viriany
(2020),Dang Thi Thu Ha (2019), AndWidyantari (2017)confirms that
profitability has a positive and significant effect on company value. This
states that the higher the profitability, the higher the company value.

2.3.3 The Effect of Company Size on Company Value

Signal theory is an action used by management to provide signals or

information to investors or investors regarding the size of the company,
regarding how the company provides information regarding the extent of
the company's size to make it easier for investors to see future prospects
regarding the company in which they will invest capital. Company size is
an indicator that can be classified as the size of a company. The size of a
company can be seen from the total assets owned by the company. If the
company's asset value is large, this can illustrate good operational
performance. This encourages investors to invest thereby affecting the
value of the company. Previous research has proven that company size
influences company value, namelyViriany (2022),V. Viriany (2020),
 AndWidyantari (2017). This research shows that company size has a
positive effect on company value.

From the description given above, the framework of thought can be

described as follows

The Influence of Capital Structure, Profitability,

and Company Size on Company Value

Accountanc

Financial Accounting

Signaling Theory

Fundamental Analysis

Capital Structure Profitability

(Debt to Equity) (Return on Equity)

Company Size
(Ln Total Assets)

Company Value (Price

to Book Value)

2.3.4 Research Model

 Capital Structure (X1)
(Debt to Equity) H1

H2
Profitability (X2) Company Value (Y)
(Return on Equity) (Price to Book Value)
H3

Company Size (X3)

(Ln Total Assets)

H4

Based on the research paradigm picture above, it can be explained that

this research uses three independent variables, namely Capital Structure
(DER), Profitability (ROE), and Company Size (Ln total assets) with the
dependent variable being Company Value (PBV). The research paradigm
describes the relationship between the variables studied, namely the
influence of Capital Structure (X1) on Company Value (Y), the influence of
Profitability (X2) on Company Value (Y), the influence of Company Size
(X3) on Company Value (Y) and the influence of (X1), (X2), (X3)
simultaneously (simultaneously) to Company Value (Y).

2.4 Research Hypothesis

According toSugiyono (2013:64), a hypothesis is a temporary answer to
the formulation of a research problem. Hypotheses can also be stated as
theoretical answers to research problem formulations. Thus the
hypothesis in this research is as follows
1. H1: There is a partial influence between Capital Structure and
Company Value
2. H2: There is a partial influence between Profitability and Company
Value
3. H3: There is a partial influence between Company Size and Company
Value
4. H4: There is a simultaneous influence between Capital Structure,
Profitability and Company Size on Company Value
 CHAPTER III

RESEARCH METHODS

3.1 Research design

This research uses a quantitative approach with a descriptive research
type to analyze and explain the relationship between capital structure,
profitability and company size on the value of companies in the tourism
sector listed on the Indonesia Stock Exchange in 2019-2022.
The quantitative approach was chosen because it allows objective
measurement and analysis of numerical data, testing predetermined
hypotheses, and drawing generalizable and verifiable conclusions.
(Sugiyono, 2013). The research data is in the form of figures obtained
from the company's annual financial reports which have been tested
statistically.
This type of descriptive research was chosen because data processing
aims to provide an overview of the data in terms of the mean, median,
mode, standard deviation, variance, deciles, percentiles and quartiles.

3.2 Conceptual Variables

According toSugiyono (2013:38), a conceptual variable is an attribute,
characteristic, or value attached to a particular individual, object, or
activity that is determined to be studied and conclusions drawn. This
research focuses on the influence of the independent variable (X), namely
capital structure, profitability and company size on the dependent
variable (Y), namely Company Value. The relationship between these
variables is causal or cause-effect, where the independent variable is
considered as the cause or influencing variable and the dependent
variable as the effect or dependent variable that is influenced.
3.2.1 Conceptual Definition
Conceptual definitions in research are explanations of the meaning and
nature of research variables from a theoretical perspective. This
definition refers to the abstraction value of the variable to be studied.
Based on the theoretical basis that has been described, the conceptual
definition of each variable can be stated as follows

1. The value of the company

Company value is an indicator used by the market or investors to
assess the company. The increase in the value of a company is
reflected in the share price: the higher the share value, the higher
the welfare of shareholders.
2. Capital Structure
Capital structure is a comparison between foreign capital or long-
term debt and its own capital which is the source of financing for a
company.
3. Profitability
Profitability is a ratio that can measure the level of effectiveness
and efficiency of a company's management to reflect the
company's success in generating profits.
4. Company Size
Company size is an indicator that can reflect the condition or
characteristics of a company. A scale that can be classified as the
size of a company, this can be seen from total assets, total capital
and total sales.

3.2.2 Operational definition

Operational definition is the process of changing abstract concepts
(constructs) into variables that can be concretely measured. This is done
by defining the concept clearly and in detail, so that it can be measured
through measurable and observable indicators.
1. Operational Definition of Corporate Value
 According toIndrarini (2019:2)that company value is investors'
perception of how successful managers are in managing company
resources and is often linked to share prices. The measurement of
the company value variable in this research uses price book value
(PBV), PBV calculations can be measured using the following
formula:
Market Value Per Share
PBV =
Book Value Per Share

2. Operational Definition of Capital Structure

According toFahmi (2017:176), capital structure is a description of
the form of a company's financial proportions, namely between
the capital owned which comes from long-term liabilities and its
own capital (shareholders' equity) which is the source of financing
for a company. The ratio used to measure the value of the capital
structure is the Debt to Equity Ratio (DER) which is a ratio used to
show the proportion of equity in guaranteeing total debt. The
formula for calculating DER is as follows:
Total Liabilities
Debt ¿ Equity Ratio=
Total Equity

3. Operational Definition of Profitability

According toSiswanto (2021:35)that profitability is a ratio used to
measure a company's ability to generate profits. The profitability
ratio used in this research is return on equity (ROE). ROE is a ratio
that calculates a company's ability to use its own capital to
generate profits after tax. The formula used to find the return on
equity value is as follows:
Earning after Tax
Returnon Equity=
Total Equity

4. Operational Definition of Company Size

 According toEffendi & Ulhaq (2021)that company size describes
the size of a company expressed in total assets, total income and
total workforce. The greater the value, the greater the size of the
company. The formula used to measure company size is as
follows:
¿ ln Total Asset

3.2.3 Research Instrument

According toHardani (2020:116)There are two important things that can
influence the quality of research data, one of which is the quality of
instruments relating to validity and reliability. According toSugiyono
(2013:31)Research instruments must be tested for validity and reliability
so that they can be used to measure predetermined research variables.
The following are the variable instruments used in this research

N Dimensi
Variable Indicator Scale
o ons
1 Capital Debt to Total Liabilities Ratio
DER=
Structure Equity Total Equity

2 Profitability Return Ratio

Earning after Tax
on ROE=
Total Equity
Equity
3 Company Size Ratio
¿ ln Total Asset
Size
4 The value of Price to Ratio
Market Value Per Share
the Book PBV =
Book Value Per Share
company Value

3.3 Method of collecting data

3.3.1 Population, Sample, and Sampling Techniques
a. Population
According toSugiyono (2013:80), population is the totality of objects or
subjects that have certain characteristics and qualities determined by the
researcher to be studied and then conclusions drawn. The population in
this study includes tourism sector companies listed on the Indonesia
Stock Exchange during the 2019-2022 period.
b. Sample
The sample is a representative part of the population that the researcher
wants to study. According toSugiyono (2013:81), a sample is a part of a
population that describes the characteristics of that population. If the
population is large, it is not possible for the researcher to research as a
whole, so a sample is needed to represent the population for research
and conclusions to be drawn.
c. Sampling Techniques
According toSugiyono (2013:81), sampling technique is a technique used
to determine the sample in research. The sampling technique used in this
research is nonprobability sampling: purposive sampling. Purposive
sampling is a sampling technique using certain criteria or
considerations(Sugiyono, 2013:85). The sample criteria in this study are
as follows:
1. Tourism sector companies that have been listed on the Indonesian
Stock Exchange during 2019-2022.
2. The Company publishes and presents complete Financial Reports and
Annual Reports for 2019-2022.

No Information Amount
1 Tourism sector companies listed on the 29
Indonesian Stock Exchange in 2019-2022
2 Companies that do not publish complete (7)
annual reports from 2019 to 2022
 Total Research Sample 22
Total Observations (22 x 4 years of research) 88

Based on the criteria above, the researcher determined the number of

sample companies for this research to be 22 companies which can be
seen in the table below:

Company
No Company name
Code
1 AKKU PT Anugerah Kagum Karya Utama Tbk
2 ARTA PT Arthavest Tbk
3 BAYU PT Bayu Buana Tbk
4 BLTZ PT Graha Layar Prima Tbk
5 BUVA PT Bukit Uluwatu Villa Tbk
6 DFAM PT Dafam Property Indonesia Tbk
7 FAST PT Fast Food Indonesia Tbk
8 JGLE PT Graha Andrasentra Propertindo Tbk
9 JIHD PT Jakarta International Hotels & Development Tbk
10 JSPT PT Jakarta Setiabudi Internasional Tbk
11 KPIG PT MNC Land Tbk
12 MAPB PT MAP Boga Adiperkasa Tbk.
13 MINA PT Sanurhasta Mitra Tbk
14 PANR PT Panorama Sentrawisata Tbk
15 PDES PT Destinasi Tirta Nusantara Tbk
16 PGLI PT Pembangunan Graha Lestari Indah Tbk
17 PJAA PT Pembangunan Jaya Ancol Tbk
18 PNSE PT Pudjiadi & Sons Tbk
19 PSKT PT Red Planet Indonesia Tbk
20 PZZA PT Sarimelati Kencana Tbk
21 SHID PT Hotel Sahid Jaya International Tbk
22 SOTS PT Satria Mega Kencana Tbk

3.3.2 Data source

The type of data used in this research is quantitative data. In quantitative

methods, research data is in numerical form and analysis uses statistics.
Quantitative data is taken from financial reports and 5-year company
annual reports sourced from the Indonesia Stock Exchange in the 2019-
 2022 period. The data source used in this research is secondary data.
According toSugiyono (2013:137)that secondary data is a data source that
indirectly provides data for data collection, for example through other
people or documents. Secondary data in this research was obtained from
the financial reports and annual reports of the companies studied for the
2019-2022 period and downloaded via the official website of the
Indonesian Stock Exchange, namely www.idx.co.id and other stock
exchange sites.

3.3.3 Data collection technique

According toSugiyono (2013:137), data collection is an important aspect

because it will affect the quality of research data. Data collection is
carried out to obtain information needed by researchers as a form of
effort to achieve research objectives. The data source for this research
uses secondary sources where the data is not provided directly by the
source, but through third parties or in the form of documents(Sugiyono,
2013:137). The technique used in this research is a documentation
technique, namely taking data obtained from documents and then
recording it. This technique aims to obtain the data and information
needed by researchers through the company's annual report published
by the Indonesian Stock Exchange through its official website,
namelywww.idx.co.id. Documentation techniques are carried out by
collecting, recording and reviewing secondary data in order to be able to
provide a comprehensive picture of the topic and problem being
researched. Data collection in this research was carried out using the
above documentation(Hardani, 2020).

3.4 Data analysis technique

According toSugiyono (2013:244), data analysis techniques are the
process of systematically searching and compiling data which is done by
organizing data into categories, describing it into units, arranging it into
patterns, selecting what is important to study, and making conclusions so
that it can be understood by the reader. In this research, the data analysis
techniques used are directed at answering the problem formulation or
testing the hypotheses that have been put forward.

3.4.1 Data Validity Testing

3.4.2.1 Classic assumption test

According toSujarweni (2014:223)that the multiple linear regression

model can be called a good model if the model meets the assumptions of
data normality and is free from classical statistical assumptions such as
multicollinearity, heteroscedasticity, autocorrelation. This classic
assumption test is used to find out whether the regression model used in
this research is worth testing or not.

1. Normality test

According toSujarweni (2014:68)that the normality test aims to

determine the distribution of data in the variables that will be used in
the research. Data that is good and suitable for use in research is data
that has a normal distribution. The normality of the data can be seen
using the Kolmogorov – Smirnov Normality test:

a. If Sig > 0.05 then Ho is accepted and the data is normally

distributed
b. If Sig < 0.05 then Ho is not accepted and the data is not normally
distributed
2. Multicollinearity Test

According toSujarweni (2014:230)Sujarweni (2016:230) states that

the multicollinearity test is needed to determine whether there are
independent variables that are similar between the independent
variables in a model. Similarities between independent variables will
 result in very strong correlations. Apart from that, to avoid habits in
the decision making process regarding the influence of the partial test
of each independent variable on the dependent variable.Sujarweni
(2014:231)states that to test whether or not there is multicollinearity
in the regression model, it can be seen from the tolerance value or
variance inflation factor (VIF) with the following conditions:

a. If the tolerance value is > 0.1 and the VIF value is < 10, it can be
concluded that there is no multicollinearity between the
independent variables in the regression model.
b. If the tolerance value is <0.1 and the VIF value is > 10, it can be
concluded that there is multicollinearity between the independent
variables in the regression model.
3. Heteroscedasticity test

According toSujarweni (2014:232)that the heteroscedasticity test

tests the difference in residual variance from one observation period
to another observation period. One way to predict whether there is
heteroscedasticity in a model can be seen with the Glejser test, a
regression in which heteroscedasticity does not occur if the significant
value is greater than 0.05.

4. Autocorrelation Test

According toSujarweni (2014:231)that the autocorrelation test aims

to determine whether or not there is a correlation between
confounding variables in a certain period and previous variables. How
to test autocorrelation using the Durbin Watson value to see whether
the multiple linear regression model is free from autocorrelation. The
decision-making criteria for whether there is autocorrelation are as
follows:

a. If 0 < d < dL, it means there is positive autocorrelation.

b. If 4 – dL < d < 4, it means there is negative autocorrelation.
 c. If 2 < d < 4 – dU or dU < d < 2 means there is no positive or
negative autocorrelation.
d. If dL ≤ d ≤ dU or 4 – dU ≤ d ≤ 4 – dL, the test is inconclusive. For
this reason, other tests can be used or additional data can be
used.

3.4.2 Data analysis method

3.4.2.1 Descriptive Statistical Analysis
According toSugiyono (2013:147-148)that descriptive statistics aims to
analyze data by describing or describing the data that has been collected,
the form of presentation can be in the form of graphs, tables, diagrams,
mean, mode, median, deciles, percentiles, quartiles, or standard
deviation. Descriptive statistics through correlation analysis can be used
to determine the strength and weakness of relationships between
variables, while regression analysis is used to predict the influence
between variables. This research processes data using SPSS software or
Statistical Package for the Social Science.

3.4.2.2 Verification Analysis

According toSugiyono (2013), verification analysis is a method for finding
out the relationship between variables and knowing the validity of the
hypothesis by testing the data using statistical calculations. Verification
analysis is used by researchers as a way to determine the size of the
influence of the independent variable on the dependent variable.

3.4.2.2.1 Multiple Regression Analysis

This research uses multiple regression analysis methods to test the

established hypotheses. According toSugiyono (2013:277), multiple
regression analysis was carried out with the aim of finding out the
relationship or extent of influence between the independent variable and
the dependent variable. Multiple linear regression is used to test the
influence of two or more independent variables on one dependent
variable(Ghozali, 2017:53). The following is the equation form of multiple
linear regression:

Y =a+b 1 x 1+ b2 x 2 +b 3 x 3 + ⅇ

Information :

Y = Dividend Payout Ratio (DPR)

a = constant

b 1 , b2 , b3= regression coefficient of each independent variable

x 1= Debt to Equity

x 2= Return on Equity

x 3= Ln Total Assets

ⅇ= error term

3.4.2.2.2 Coefficient of Determination

According toGhozali & Ratmono (2017:55), the coefficient of

determination is carried out with the aim of measuring the extent of the
research model's ability to describe variations in the dependent variable.
The coefficient of determination (value between zero and one, the value
of the coefficient of determination can be said to be good if it is greater
than 0.5. The results of the coefficient of determination test can be seen
based on the following provisions: R2 ¿
1. When the value ( is small, the ability of the independent variable to
explain variations in the dependent variable is limited R2 ¿
2. When the value ( approaches one then the independent variable
provides sufficient information to predict variations in the dependent
variable. R2 ¿

3.4.3 Hypothesis test

3.4.3.1 Partial Significant Test (t Statistical Test)

According toGhozali & Ratmono (2017:57), partial test of

significance testing to determine the effect of each independent
variable individually on the dependent variable. The results of the
t test can be seen through the regression results using a significant
level of 0.05 (α = 5%) as follows:

1. If the Sig value is > 0.05 then it can be concluded that it has no
significant effect
2. If the Sig value is <0.05 then it can be concluded that it has a
significant effect.

Apart from that, the partial significance test can also be seen
through the following provisions:

1. If -t ≤ t count ≤ t table, then there is no partially significant

influence between the independent variables on the
dependent variable.
2. If -t count < -t table or t count > t table, then it can be said that
there is a partially significant influence between the
independent variable on the dependent variable.

3.4.3.2 Simultaneous Significant Test (F Statistical Test)

According toGhozali (2017:56)that the simultaneous significance

test is a significance test carried out to determine the influence of
all independent variables together or simultaneously on the
dependent variable. The results of the simultaneous significance
test can be seen through the following provisions:

3. If F count > F table and significance < 0.05, it can be concluded

that there is a significant influence between the independent
variable and the dependent variable.
4. If F count < F table and significance > 0.05, then it can be
concluded that there is no significant influence between the
independent variable and the dependent variable.
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