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Journal Of Economich, Technology and Business (JETBIS)

Volume 3, Number 2 Februari 2024

p-ISSN 2964-903X; e-ISSN 2962-9330

THE EFFECT OF CAPITAL STRUCTURE AND PROFITABILITY ON COMPANY

VALUE IN THE FOOD AND BEVERAGE SECTOR IN INDONESIA

Lia Yunita

, Siti Ridloah

, Hanina Humaira

Universitas Negeri Semarang

*e-mail: liayunita206@gmail.com

, siti.ridloah@mail.unnes.ac.id

*Correspondence: haninahumaira@students.unnes.ac.id

KEYWORDS:

firm value, capital structure,

profitability.

ABSTRACT

The value of the company has a direct impact on the maximum shareholder

prosperity if the company's share price increases and this value also reflects

the extent to which the company is recognized by the public. This study aims

to examine the effect of capital structure and profitability on firm value. The

population of this research is the manufacturing companies in the food and

beverage sub-sector which are listed on the Indonesia Stock Exchange for

the 2017-2021 period, while the sample is 33 companies using purposive

sampling technique, so the number of observations was 165 data. The data

analysis method used panel data regression analysis with an analytical tool

in the form of Eviews 10. The results of this study indicate that capital

structure (DER) has a negative and significant effect on firm value, then

profitabily (ROE) has a positive and significant effect on firm value.

INTRODUCTION

The company's goal is to get maximum profits, prosper the company owners as well as

shareholders and optimize the company value which can be seen from the share price.(Wijaya &

Sedana, 2015). The company's value reflects the value of the desired income in the future and is an

indicator for the market in assessing the company as a whole. The importance of company value

makes investors and creditors more selective in investing and extending credit to companies.

According to Brigham and Ehrahardt (2005), company value will give a positive signal to

investors to invest in a company, while for creditors the company value reflects the company's ability

to pay its debts, so that creditors never feel worried about giving loans to these companies.

The food and beverage industry sector is one of the business sectors that continues to

experience growth. As the population growth in Indonesia increases, the volume of food and

beverage needs continues to increase. The tendency of the Indonesian people to enjoy food has

caused many new companies to emerge in the food and beverage sector. Therefore, competition

between companies is getting stronger. This increasingly intense competition requires companies to

strengthen their fundamentals so that companies can compete with other companies(Lisda &

Kusmayanti, 2021).

Competition in the manufacturing industry makes every company in order increasingly

improve its performance in order to achieve all its goals (Sartono, 2010). One of the goals is to

maximize shareholder wealth by maximizing the value of the company. Increasingly competitive

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competition makes the financial manager's task even more complicated, namely to find funding

alternatives that can minimize the cost of capital that will allow companies to create competitive

advantages.

The company value of food and beverage manufacturing companies listed on the Indonesia

Stock Exchange for the 2017-2021 period shows fluctuations every year. In addition, there is a gap

phenomenon in manufacturing companies in the food and beverage sub-sector, so the authors found

several manufacturing companies in the food and beverage sub-sector, which can be seen from the

following table.

Table 1

Company Capital Structure (DER)

Code

2017

2018

2019

2020

2021

ADES

0.990

0.829

0.448

0.369

0.340

BUDI

1,460

1,766

1,334

1,240

1.157

CAMP

0.445

0.134

0.131

0.130

0.150

CLEO

1.218

0.312

0.625

0.470

0.346

INDF

0.883

0.934

0.775

1,060

1,070

Source: Secondary Data Processed, 2022

Table 2

Company Profitability (ROE)

Code

2017

2018

2019

2020

2021

ADES

0.094

0.110

-0.019

0.194

0.204

BUDI

0.034

0.391

0.048

0.047

0.060

CAMP

0.052

0.070

0.082

0.046

0.098

CLEO

0.168

0.100

0.171

0.148

0.180

INDF

0.109

0.084

0.091

0.082

0.088

Source: Secondary Data Processed, 2022

Table 2

Corporate Value (PBV)

Code

2017

2018

2019

2020

2021

ADES

0.094

0.110

-0.019

0.194

0.204

BUDI

0.034

0.391

0.048

0.047

0.060

CAMP

0.052

0.070

0.082

0.046

0.098

CLEO

0.168

0.100

0.171

0.148

0.180

INDF

0.109

0.084

0.091

0.082

0.088

Source: Secondary Data Processed, 2022

According to the data in table 1, the capital structure variable proxied by the debt to equity

ratio shows fluctuations every year. It is known that the DER for INDF companies from 2017 to

2018 has increased from 0.883 or 88.3% to 0.934 or 93.4%, while in table 3, PBV for INDF

companies has decreased from 1,350x to 1,190x. This is not in line with the trade off theory which

states that if a company's capital structure increases, it will tend to increase the value of the company.

Capital structure is a company's funding that must be managed properly so as to maximize the value

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of a company (Irawan & Kusuma, 2017). This explains the gap phenomenon in 2017 -2018 between

the variables of capital structure and company value. The trade off theory explains that the capital

structure can benefit the company and attract more investors. This is caused by a high level of capital

structure, indicating a high level of corporate debt, which means the company uses external funds.

According to the data in table 2, it is known that the profitability variable proxied by return on

equity tends to be unstable every year. It is known that ROE for CLEO companies from 2018 to

2019 has increased from 0.100 or 10% to 0.171 or 17.1%, while in table 3, PBV for CLEO

companies has decreased from 5,250x to 5,070x. This is not in line with the signaling theory which

states that if the company's profitability increases, it will tend to increase the value of the company

because there is an increase in the company's ability to generate profits for shareholders (Putra &

Sedana, 2019). This explains the gap phenomenon in 2018 -2019 between the variables of

profitability and company value.

The capital structure is an illustration of the form of the company's financial proportions, namely

between owned capital sourced from long-term debt and own capital (Fahmi, 2017). The capital

structure, which is the ratio between own capital and external capital, can be influenced by several

factors. Regarding the relationship between capital structure variables and company value conducted

by Nopianti and Suparno (2021); Priya et al. (2015);Hirdini (2019);Effendi (2019);Sianipar

(2017)states that capital structure has a positive and significant effect on firm value. Meanwhile,

research conducted by Dewi and Badjra (2017) states that capital structure has a negative effect on

firm value. These results are reinforced by the results of the study Widyantari and Yadnya

(2017)which states that capital structure has a negative influence on firm value.

Profitability is known as the management effectiveness ratio that arises from the company's

profits from sales and investment activities. According to Dewi and Wirajaya (2013), that the

profitability obtained by a company can have an impact on firm value and is in line with the motives

of investors in carrying out investments. The profitability ratio is the ratio to assess the company's

ability to make a profit. Potential investors will carefully analyze the smooth running of a company

and its ability to make a profit, because they expect dividends and the market price of its shares. A

good profitability ratio then illustrates the company's ability to obtain high profits is also good

(Kasmir, 2015). Regarding the relationship between profitability and firm value, there is research

conducted bySianipar (2017);Baihaqi et al. (2021); Nopianti and Suparno (2021) which state that

profitability has a positive effect on company value. Meanwhile, research conducted by Manoppo

and Arie (2016) suggests that profitability has a negative effect on firm value. This is reinforced by

research conducted by Meivinia (2018) which suggests that profitability has a negative effect on

firm value.

Hypothesis Development

The Relationship between Capital Structure (Debt to Equity Ratio) and Firm Value

Debt to Equity Ratio(DER) is the ratio used to measure debt to equity. The DER ratio will

affect firm value (PBV) where investors will choose a low DER value because it shows the small

financial risk borne by the company. This is in accordance with research conducted by Sianipar

(2017) which shows that ratios regarding capital structure have a positive and significant effect on

firm value. This result is reinforced by the results of a study conducted by Khoirunnisa et al. (2018);

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Ha1(+)

Ha2(+)

Hirdinis (2019); Nopianti and Suparno (2021); Dang et al. (2021) which shows the results of capital

structure research have a positive influence on firm value.

H1: Capital structure has a positive and significant effect on firm value

The Relationship between Profitability (Return on Equity) and Firm Value

With high profits generated, it means that the company's prospects for carrying out its

operations in the future are also high so that the company's value, which is reflected in the company's

stock price, will also increase. A positive coefficient value indicates that the higher the profitability

or the level of the company's ability to generate profits, the higher the value of its Price Book Value.

The results of research conducted by Sianipar (2017) show that profitability has a significant effect

on firm value. These results are reinforced by the results of the studyWidyantari and Yadnya (2017);

Baihaqi et al. (2021); Nopianti and Suparno (2021) which show that profitability has a positive effect

on company value.

H2: Profitability has a positive and significant effect on firm value.

Fig 1. Research Model

RESEARCH METHOD

This type of research is a quantitative research. The data in this study is secondary data sourced

from the company's financial statements and accessed via www.idx.co.id or the company's official

website. This study aims to examine the effect of capital structure and profitability on firm

valuemanufacturing sub-sector of food and beverageslisted on the IDX for the 2017-2021 period.

The total population in this study is as many as 62 companies. The sample selection in this

study used a purposive sampling technique with the following criteria:(1) Food and beverage sub-

sector manufacturing companies listed on the Indonesia Stock Exchange for the 2017-2021 period,

(2) Food and beverage sub-sector manufacturing companies listed on the IDX (Indonesia Stock

Exchange) for the 2017-2021 period, ( 3) Food and beverage sub-sector manufacturing companies

that publish financial reports on the IDX (Indonesian Stock Exchange) for the 2017-2021 period, (4)

Food and beverage sub-sector manufacturing companies listed on the Indonesian Stock Exchange

that experience profits for the 2017-2021 period, ( 5) Food and beverage sub-sector manufacturing

companies listed on the Indonesia Stock Exchange that do not use the rupiah currency for the 2017-

2021 period.Based on these criteria, a sample of 33 companies was obtained, so that with a five-year

research period, a total of 165 observations were obtained.

The variables used in this study are capital structure (DER), profitability (ROE), and firm value

(PBV). A summary of the variables in this study can be seen in table 4.

Table 4

Summary of Research Variables

Profitability (X

)

Capital Structure (X

)

Firm Value (Y)

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Variable

Measurement

Scale

The value of the

company

PBV =

𝑚𝑎𝑟𝑘𝑒𝑡 𝑝𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

𝑏𝑜𝑜𝑘 𝑣𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

Ratio

Capital Structure

DER =

𝑡𝑜𝑡𝑎𝑙 𝑜𝑓 𝑓𝑖𝑛𝑎𝑛𝑐𝑖𝑛𝑔 𝑑𝑒𝑏𝑡

𝑡𝑜𝑡𝑎𝑙 𝑜𝑓 𝑒𝑞𝑢𝑖𝑡𝑦

Ratio

Profitability

ROE =

𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡 (𝑃𝐴𝑇)

𝑠ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟𝑠′ 𝑒𝑞𝑢𝑖𝑡𝑦

Ratio

Source: Secondary Data Processed, 2022

The analytical method used in this study is analysis multiple linear regression. The data processing

tool used to test the hypothesis is Eviews 10. The equation of the multiple linear regression model

in this study is as follows:

Y = a + b1X1 + b2X2 + e

Information:

Y : Price to Book Value (PBV)

a : Constant

X1 : Debt to Equity Ratio(DER)

X2 : Return on Equity(ROE)

b1 : Coefficient of Variable X1

b2 : Coefficient of Variable X2

e : Standard Error

RESULT AND DISCUSSION

Descriptive Statistical Analysis

This descriptive statistical analysis is used to describe and provide an overview of the data on

the dependent variable, namely firm value (PBV) and the independent variablesnamely capital

structure (DER) and profitability (ROE).The results of the descriptive statistical analysis test in this

study can be seen in table 5.

Table 5

Descriptive Statistical Test Results

PBV

DER

ROE

Means

2.668939

1.174824

0.099733

Median

1.480000

0.900000

0.099000

Maximum

32.30000

14.96300

2.059000

Minimum

0.195000

0.003000

-1.253000

std. Dev.

4.251620

1.745056

0.287133

Observations

165

Source: Output Eviews 10 Data Processed, 2022

In table 5, the results of the descriptive statistical test for the firm value variable (PBV) in this

study have a maximum value of 32.30000 and a minimum value of 0.195000. Overall, the average

value of the firm value variable is 2.668939 with a standard deviation of 4.251620. The largest value

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was obtained from the MLBI company (PT. Multi Bintang Indonesia Tbk) in 2018, while the lowest

value was obtained from the MAIN company (PT. Malindo Feedmil Tbk) in 2017.

The descriptive statistical test results for the capital structure variable (DER) in this study have

a maximum value of 14.96300 and a minimum value of 0.003000. Overall, the average value of the

capital structure variable is 1.174824 with a standard deviation of 1.745056. The largest value was

obtained from the JAWA company (PT. Jaya Agra Wattie Tbk) in 2021, while the lowest value was

obtained from the SSMS company (PT. Sawit Sumbermas Sarana Tbk) in 2019.

The results of the descriptive statistical test for the variable profitability (ROE) in this study

have a maximum value of 2.059000 and a minimum value of -1.253000. Overall, the average value

of the profitability variable is 0.099733 with a standard deviation of 0.287133. The largest value was

obtained from the PALM company (PT. Provident Investasi Bersama Tbk) in 2021, while the lowest

value was obtained from the JAWA company (PT. Jaya Agra Wattie Tbk) in 2020.

Estimation Model Selection

Chow test

The chow test is used to select a better model between the common effect model and the fixed

effect model. The hypothesis used:

H0: Common Effect Model

Ha: Fixed Effects Model

If the Chi-square Cross-section probability value < 0.05, then H0 is rejected and Ha is

accepted, and vice versa. The results of the chow test can be seen in table 6.

Table 6

Chow Test Results

Effect Test

Statistics

Prob.

Cross-section F

20.468755

(32,130)

0.0000

Chi-square cross-sections

296.694664

0.0000

Source: Output Eviews 10 Data Processed, 2022

Based on table 6, the Chi-square Cross-section probability value is 0.0000 <0.05, so that H0

is rejected and Ha is accepted. This shows that between the common effect model and the fixed

effect model, the selected model that is more appropriate to use to estimate panel data is the fixed

effect model.

Hausman test

The Hausman test was carried out to determine the best model used in the panel regression

model between the fixed effect model and the random effect model (Ghozali & Ratmono, 2013).

The hypothesis used:

H0: Random Effects Model

Ha : Fixed Effects Model

If a random cross-section probability value is obtained <0.05, then H0 is rejected and Ha is

accepted and vice versa. The results of the Hausman test can be seen in table 7.

Table 7

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Hausman test

Test Summary

Chi-Sq.

Statistics

Chi-Sq. df

Prob.

Random cross-sections

23.126423

0.0000

Source: Output Eviews 10 Data Processed, 2022

Based on table 7,the results of the Hausman test for food and beverage sub-sector

manufacturing companies listed on the Indonesia Stock Exchange have a Cross-section random

value >αie with a value of 0.0000 <0.05. This shows that between the fixed effect model and the

random effect model, the chosen model is more appropriate for estimating panel data, namely the

fixed effect model.

Classic assumption test

Multicollinearity Test

The multicollinearity test aims to test whether or not there is a correlation between the

independent variables (profitability, liquidity, activity, leverage, dividend policy, and investment

decisions) in the regression model. The regression model is good and is said to be free from

multicollinearity problems if the coefficient between the independent variables is <0.90. Following

are the results of the multicollinearity test in the study. The results of the multicollinearity test in this

study are presented in table 8.

Table 8

Multicollinearity Test Results

DER

ROE

DER

1.000000

0.116622

ROE

0.116622

1.000000

Source: Output Eviews 10 Data Processed, 2022

In table 8, the correlation value between capital structure and profitability variables is still

below the condition for the presence of multicollinearity symptoms, which is lower than 0.90, so it

can be concluded that in this research model there are no multicollinearity symptoms.

Heteroscedasticity Test

The heteroscedasticity test functions to test the variance inequality that comes from the

residuals of one observation to another in the regression model(Ghozali, 2016). It is said that there

is heteroscedasticity, that is, when the variance of the residuals (disturbing variables) of observations

is different from one another, whereas it is said that there is homoscedasticity, that is, when the

variances of the residuals are the same. The regression model is said to be good if it does not occur

or there are no symptoms of heteroscedasticity. This is indicated by the absence of a pattern in the

results of the scatterplot graph and the points spread below and above the Y axis. The results of the

heteroscedasticity test are presented in table 9.

Table 9. Heteroscedasticity Test Results

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Variables

coefficient

std. Error

t-Statistics

Prob.

0.674634

0.095399

7.071736

0.0000

DER

0.051718

0.039032

1.325035

0.1880

ROE

0.056897

0.039824

1.428719

0.1561

Source: Output Eviews 10 Data Processed, 2022

Based on table 9, it can be seen that the probability value of the capital structure variable which

is proxied by DER and profitability which is proxied by ROE is worth more than 0.05, so it can be

concluded that there are no symptoms or problems of heteroscedasticity.

Goodness of Fit test

Determination Coefficient Test (R2)

The coefficient of determination functions to measure the ability of the regression model to

explain the effect of the independent variables on the dependent variable. In this study, the dependent

variable used is firm value, while the independent variables are capital structure and profitability.

The results of testing the coefficient of determination are presented in table 10.

Table 10

Test Results for the Coefficient of Determination (R2)

R-squared

0.419524

Adjusted R-squared

0.231560

Source: Output Eviews 10 Data Processed, 2022

The coefficient of determination is between 0 and 1. Results close to 0 indicate that the

independent variable has a low ability to explain the dependent variable, while results close to 1

indicate that the independent variable has a high ability to explain the dependent variable. Based on

table 10, the R Square result is 0.419524 or 41.9524% which means that the independent variable

has a relatively low ability to explain the dependent variable. The percentage of 41.9524% indicates

that the value of food and beverage sub-sector manufacturing companies listed on the Indonesia

Stock Exchange (IDX) for the 2017-2021 period is influenced by capital structure and profitability

variables. While the percentage is 58.0476%, the company's value is influenced by other factors.

Hypothesis testing

Multiple Linear Regression Analysis

Table 11

Results of Multiple Linear Regression Analysis

Variables

coefficient

std. Error

t-Statistics

Prob.

1.664771

0.192599

8.643718

0.0000

DER

-0.254137

0.078801

-3.225069

0.0017

ROE

0.529198

0.080400

6.582053

0.0000

Source: Output Eviews 10 Data Processed, 2022

Based on table 11, the multiple linear regression equation in this study is as follows:

PBV=1.664771 – 0.254137DER + 0.529198ROE + e

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The constant is 1.664771, indicating that if the DER and ROE variables are equal to zero

(constant), then the PBV is 1.664771.

The capital structure variable coefficient (DER) is equal to-0.254137, shows that if the DER

increases by 1 unit, it will be accompanied by a decrease in the value of the company

by0.254137units assuming that the other independent variables are constant or fixed. A negative

coefficient value indicates that the capital structure variable (DER) has a negative effect on firm

value.

The variable coefficient of profitability (ROE) is equal to0.529198, shows that if ROE

increases by 1 unit, it will be accompanied by an increase in firm value by0.529198units assuming

that the other independent variables are constant or fixed. A positive coefficient value indicates that

the profitability variable (ROE) has a positive effect on firm value.

Individual Parameter Significant Test (t test)

The use of the t test serves to determine the extent to which the independent (free) variable

explains the dependent (dependent) variable individually. The results of the t statistical test in this

study are presented in table 12, while a summary of the results of the hypothesis testing is presented

in table 12.

Table 12

Summary of Hypothesis Test Results

Variable

Koef.

Sig.

hypothesis

Results

1.664771

0.0000

Capital Structure

(DER)

-0.254137

0.0017

H1: Capital Structure (DER) has a

negative and significant effect on

firm value.

Rejected

Profitability

(ROE)

0.529198

0.0000

H2: Profitability (ROE) has a

positive and significant effect on

firm value.

Accepted

Source: Secondary Data Processed, 2022

Discussion

Effect of Capital Structure on Firm Value

The first hypothesis tests the effect of capital structure on firm value. The results show that

capital structure has a negative and significant effect on firm value, so that hypothesis one (H1) is

rejected.

Capital structure has a negative and significant effect indicating that companies must be able

to decide properly on the use of debt, because it can affect the company and result in a decrease in

company value. The trade off theory explains that before reaching the maximum point, debt will be

cheaper than selling shares because of the tax shield. The implication is that the higher the debt, the

higher the value of the company. The results of this study are in line with research conducted by

Dewi and Badjra (2017), Widyantari and Yadnya (2017), and Anggraini et al. (2019), which states

that capital structure has a negative and significant effect on company value.

Effect of Profitability on Firm Value

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The second hypothesis tests the effect of profitability on firm value. The results show that

profitability has a positive and significant effect on firm value, so hypothesis two (H2) is accepted.

The results of this study are in accordance with the signaling theory which states that if a company

manages its assets well and experiences an increase, there will be an increase in the company's ability

to pay dividends, thus providing a positive signal for shareholders to invest and earn profits.The high

level of profitability is one measure of the company's prospects in the future. The higher the

profitability, the future prospects of the company will also increase. This happens because the

company is able to run the company's operations based on the level of net profit after tax with

personal capital effectively and efficiently, so that the company's income level can be maintained.

If the company's income is maintained, the company's survival will also be good. This can increase

the company's stock price due to increased demand for shares by investors, so that a higher level of

profitability will increase the value of the company.The results of this study are in line with research

conducted bySianipar (2017), Baihaqi et al. (2021), and Nopianti and Suparno (2021)which states

that profitability has a positive and significant effect on firm value.

CONCLUSION

This research was conducted to find empirical evidence regarding the effect of capital

structureand profitability of the value of manufacturing companies in the food and beverage sub-

sector listed on the Indonesia Stock Exchange for the 2017-2021 period.The results showed that

capital structure had a negative and significant effect on firm value, while profitabilityhave a positive

and significant effect on firm value, and capital structure and profitability together have a positive

and significant effect on firm value.

The limitation in this study is that the research results can only explain 0.419524 or 41.9524%

of the factors that influence firm value, while the rest are influenced by other variables. Therefore,

further researchers are advised to add or use other variables in examining factors that influence firm

value, such as company growth, dividend policy, and investment decisions. In addition, it is

recommended for future researchers to conduct tests with a longer research period in manufacturing

companies in the food and beverage sub-sector and other sub-sectors.

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Edition, South Western Cengage Learning, Ohio.

Dang, HN, Vu, VTT, Ngo, XT, & Hoang, HTV (2019). Study the Impact of Growth, Firm Size,

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