The Influence Of Capital Structure And Asset Growth On Firm Value With Managerial Ownership as A Moderator
DOI:
https://doi.org/10.32832/neraca.v21i1.23360Keywords:
Capital Structure, Firm Value, managerial ownership, asset growth, moderated regression analysisAbstract
This study aims to analyze the effect of capital structure and asset growth on firm value, as well as to examine the role of managerial ownership as a moderating variable in these relationships. Firm size is also included as a control variable. This study employs a quantitative approach using Moderated Regression Analysis (MRA) with the Least Squares estimation method. The data were processed using EViews 13 software, with a total of 225 observations. The results show that capital structure has a positive and significant effect on firm value, indicating that appropriate management of funding structure can contribute to increasing firm value. Meanwhile, asset growth does not have a significant effect on firm value. Managerial ownership does not significantly moderate the relationship between capital structure and firm value, nor the relationship between asset growth and firm value. Firm size as a control variable is also not proven to have a significant effect on firm value. Overall, this study confirms that capital structure is a more dominant factor in explaining firm value compared to asset growth and managerial ownership.
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