PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS DAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MEDIASI (Studi Pada Perusahaan Sektor Manufaktur Periode 2021-2024)

This study aims to analyze the effect of capital structure on firm value with profitability and dividend policy as mediating variables in manufacturing companies listed on the Indonesia Stock Exchange. Capital structure is represented by the Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR), profitability by Return on Equity (ROE) and Return on Assets (ROA), dividend policy by Dividend Yield, and firm value by Price to Book Value (PBV) and Tobin's Q. This study uses secondary data for the period 2021-2024 obtained from annual financial reports. The research sample consists of 67 manufacturing companies selected based on certain criteria. The analytical method used is Structural Equation Modeling–Partial Least Square (SEM-PLS) to test the direct and indirect effects between variables. The results of the study indicate that 1) capital structure does not affect company value, 2) capital structure does not affect profitability, 3) capital structure affects dividend policy, 4) profitability affects company value, 5) dividend policy affects company value, 6) profitability does not have an influence in mediating the relationship between capital structure and company value, and 7) dividend policy is able to have an influence in mediating the relationship between capital structure and company value. The findings of this study indicate that dividend policy has an important role in explaining the relationship between capital structure and firm value, while the role of profitability as a mediating variable has not been able to significantly strengthen the relationship in the manufacturing companies that are the objects of the study.