Determinasi Nilai Perusahaan dengan Moderasi Pertumbuhan pada Sektor Basic Materials

Abstract

This study aims to examine the effect of firm size and capital structure 
on firm value, with firm growth as a moderating variable in basic 
materials sector companies listed on the Indonesia Stock Exchange 
during the 2020–2024 period. This research employs a quantitative 
approach using purposive sampling, resulting in 145 observations. Data 
were analyzed using multiple linear regression with the assistance of 
SPSS version 26. The results indicate that firm size and capital structure 
have a significant effect on firm value. Furthermore, firm growth is 
found to moderate the relationship between firm size and firm value. 
However, firm growth does not moderate the relationship between 
capital structure and firm value. These findings suggest that firm size 
plays a crucial role in enhancing firm value, particularly when 
supported by positive growth. These findings indicate that firm size plays 
a more substantial role in enhancing firm value, particularly when 
supported by growth. This study contributes to corporate finance 
literature and provides practical insights for managerial decision
making regarding capital structure and growth strategies.