PENGARUH STRUKTUR MODAL DAN MANAJEMEN ASET TERHADAP PROFITABILITAS SERTA DAMPAKNYA TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR INFRASTRUKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020-2024

Saputra, Pratama Hadi (2026) PENGARUH STRUKTUR MODAL DAN MANAJEMEN ASET TERHADAP PROFITABILITAS SERTA DAMPAKNYA TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR INFRASTRUKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2020-2024. Tesis (S2) - thesis, Universitas Bakrie.

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Abstract

Infrastructure is one of the strategic sectors that plays an important role in supporting Indonesia’s economic growth. The development of the infrastructure sector during the 2020–2024 period showed considerable dynamics influenced by changes in national and global economic conditions. These conditions make capital structure and asset management important aspects in determining corporate profitability and firm value. This study aims to analyze the effects of capital structure and asset management on profitability and their implications for firm value among infrastructure sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Capital structure is proxied by the Debt to Equity Ratio (DER), asset management by Total Asset Turnover (TATO), profitability by Return on Equity (ROE), and firm value by Price to Book Value (PBV). This study employs a quantitative approach with a positivist paradigm involving 20 infrastructure sector issuers. Secondary data obtained from annual reports were analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS. The results show that asset management (TATO) has a positive and significant effect on profitability (ROE), whereas capital structure (DER) has no significant effect on profitability (ROE). Capital structure (DER) and profitability (ROE) have positive and significant effects on firm value (PBV), while asset management (TATO) has a negative and significant effect on firm value (PBV). Profitability (ROE) is found to positively and significantly mediate the effect of asset management (TATO) on firm value (PBV), but does not mediate the effect of capital structure (DER) on firm value (PBV). Overall, the research model explains 48.2% of the variation in PBV and 4.4% of the variation in ROE. These findings indicate that ROE plays an important role in linking asset management effectiveness to firm value. This study contributes to the development of research on the relationships among capital structure, asset management, profitability, and firm value, while also providing practical implications for management in improving asset utilization and profitability, for investors in evaluating corporate performance, and for regulators in supporting the strengthening of the infrastructure sector

Item Type:	Thesis (Tesis (S2) - )
Uncontrolled Keywords:	Capital Structure, Asset Management, Profitability, Firm Value, Mediation Variable
Subjects:	Finance > Finance Management > Corporation Finance Finance Thesis > Thesis (S2)
Divisions:	Fakultas Ekonomi dan Ilmu Sosial > Program Studi Magister Management
Depositing User:	Pratama Hadi Saputra
Date Deposited:	10 Sep 2026 07:05
Last Modified:	10 Sep 2026 07:05
URI:	https://repository.bakrie.ac.id/id/eprint/14436

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