PENGARUH STRUKTUR MODAL, LEVERAGE, DAN INVESTMENT OPPORTUNITY SET (IOS) TERHADAP NILAI PERUSAHAAN DENGAN HARGA SAHAM SEBAGAI VARIABEL INTERVENING

Abstract

This study aims to test and analyze with parcial the effect of capital structure, leverage, and investment opportunity set (IOS) on company value with stock price as an intervening variable. The population in this study is pharmaceutical manufacturing companies listed on the Indonesia Stock Exchange (IDX) and publish their financial reports for the period 2018-2022. The sampling method uses purposive sampling technique so that a sample of 7 pharmaceutical companies is obtained that meet the researcher's criteria. The analysis method uses stepwise linear regression analysis and path analysis. The results of this study are (1) capital structure and IOS do not have a significant effect on stock prices, (2) leverage has a positive and significant effect on stock prices, (3) capital structure, leverage, and IOS simultaneously affect stock prices, (4) capital structure, leverage and stock prices have a positive and significant effect on company value, (5) IOS does not have a significant effect on company value, (6) stock prices do not mediate the effect of capital structure and IOS on company value, (7) stock prices mediate the effect of leverage on company value.
Keywords: Capital Structure, Leverage, IOS, Stock Price and Company Value