Analisis Saham Pada Indeks Saham Syariah Indonesia (ISSI) Terkait Proyeksi Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Interveningnya

Abstract

The construction, real estate, and property industries are crucial to the Indonesian economy. However, during the last two years, 2021–2023, there has been a notable drop in the stock price index of the group's real estate enterprises. Investors evaluate the company's overall prospects using its value as a key metric. A firm's value is said to be influenced by a number of elements, including capital structure, asset structure, profitability, and company size. With capital structure (DER) acting as an intervening variable, the study aims to investigate the effects of profitability (ROE), company size (Size), and asset structure on firm value (PBV) in real estate, construction, and property companies listed on the Indonesia Sharia Stock Index (ISSI) between 2018 and 2023. The research sample was chosen from 18 companies using the purposive sampling technique. Among the data analysis methods employed are route analysis, hypothesis testing, mediation testing, descriptive analysis, and the Sobel test. The findings of the study demonstrate that capital structure is positively and significantly impacted by asset structure, profitability, and company size. While firm size and asset structure have little bearing on a company's value, profitability and capital structure have a positive and considerable impact. The capital structure can partially or completely mediate the impact of profitability on the company's value. According to this study, in the real estate, construction, and property industries listed on the ISSI, capital structure is a key mediator between the impact of company attributes and business value. Businesses must consider the elements that affect their capital structure if they wish to maximize its worth.