The Influence of Capital Structure, Profitability, and Company Growth on Company Value

https://doi.org/10.35912/gaar.v4i1.5282
Published: Nov 7, 2025

Abstract:

Purpose: The purpose of this study is to examine the effect of capital structure, profitability, and company growth on firm value in transportation and logistics companies listed on the Indonesia Stock Exchange for the period 2020–2024.

Methodology/Approach: This study was conducted using a quantitative approach. The data was collected from the financial reports of transportation and logistics companies listed on the Indonesia Stock Exchange. The analysis was carried out using Microsoft Excel and SPSS 27 software. The method used for testing was multiple linear regression analysis.

Results/Findings: The results showed that capital structure and profitability had a significant positive effect on firm value, while company growth did not have a significant effect on firm value.

Conclusions: It can be concluded that firm value in transportation and logistics companies is more influenced by how efficiently they manage capital and generate profits than by growth opportunities.

Limitations: This study is limited to secondary data from financial statements and does not consider qualitative factors or macroeconomic variables that may influence firm value.

Contribution: This research contributes to the field of financial management, especially in helping investors and company management understand which internal financial factors most influence firm value in the transportation and logistics sector in Indonesia.

Keywords:
1. Capital Structure
2. Company Growth
3. Profitability
Authors:
1 . Sevira Adellia ludwiga
2 . Anita Kusuma Dewi
3 . Nurmala Nurmala
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How to Cite
ludwiga, S. A., Dewi, A. K., & Nurmala, N. (2025). The Influence of Capital Structure, Profitability, and Company Growth on Company Value. Goodwood Akuntansi Dan Auditing Reviu, 4(1), 61–71. https://doi.org/10.35912/gaar.v4i1.5282
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Issue & Section
Vol. 4 No. 1 (2025): November
Articles
References

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    Chika, O. V., Promise, E., U, I. S., & Werikum, E. V. (2022). Influence of Liquidity and Profitability on Profits Growth of Nigerian Pharmaceutical Firms. Goodwood Akuntansi dan Auditing Reviu, 1(1), 1-13. doi:https://doi.org/10.35912/gaar.v1i1.1318

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    Sari, H., Yuniarti, E., & Rachman, AA (2021). The Effect of Asset Growth, Company Size, and Company Profitability on Tax Avoidance in Mining Sector Companies. Journal of Business, Economics, and Science , 1 (2), 166–176. https://doi.org/10.33197/bes.vol1.iss2.2021.833

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  2. Arifin. (2005). Financial Theory and Capital Markets . Ekonisia. Yogyakarta.
  3. Bhaduri, Saumitra N. (2002). Determinants Of Corporate Borrowing: Some Evidence from the Indian Corporate Structure. Journal of Economics and Finance .
  4. Chynthiawati, L. (2024). The Effect of Profitability, Leverage, Company Size, and Liquidity on Company Value. Journal of Accounting Paradigms , 6 (3), 1330–1340. https://doi.org/10.24912/jpa.v6i3.31420
  5. Chika, O. V., Oshiogwemoh, D., & Promise, E. (2022). Impact of Tax Reforms on Economic Growth of Nigeria (2000-2021). Goodwood Akuntansi dan Auditing Reviu, 1(1), 79-95. doi:https://doi.org/10.35912/gaar.v1i1.1506
  6. Chika, O. V., Promise, E., U, I. S., & Werikum, E. V. (2022). Influence of Liquidity and Profitability on Profits Growth of Nigerian Pharmaceutical Firms. Goodwood Akuntansi dan Auditing Reviu, 1(1), 1-13. doi:https://doi.org/10.35912/gaar.v1i1.1318
  7. Darmawan, J., & Roba’in, H. (2022). Pengaruh Keberagaman Gender dan Pengungkapan Risiko Terhadap Efisiensi Investasi. Goodwood Akuntansi dan Auditing Reviu, 1(1), 29-47. doi:https://doi.org/10.35912/gaar.v1i1.1484
  8. Damayanti, NME, & Darmayanti, NPA (2022). The Effect of Company Size, Liquidity, Profitability, and Capital Structure on the Value of Transportation and Logistics Companies. E-Journal of Management, Udayana University , 11 (8), 1462. https://doi.org/10.24843/ejmunud.2022.v11.i08.p02
  9. Dewa Kadek Oka, K. (2011). The Influence of Capital Structure and Company Growth on Profitability and Company Value in Manufacturing Companies on the Indonesia Stock Exchange. Unpublished Thesis. Udayana University , 1–132.
  10. Efendi, A., & Rivandi, M. (2024). The Effect of Capital Structure, Liquidity, and Profitability on Company Value in Transportation and Logistics Sector Companies Listed on the Indonesia Stock Exchange for the 2018-2022 Period. Jurnal Media Akademik , 2 (5), 1–23. https://doi.org/10.62281/v2i5.300
  11. Fauziah, HD, & Wardoyo, DU (2024). The Effect of Institutional Ownership, Profitability, and Capital Structure on Firm Value (A Study of Property and Real Estate Companies Listed on the Indonesia Stock Exchange in 2017-2022). E-Proceedings of Management , 11 (1), 639–648. 10.33395/owner.v8i1.1840
  12. Firdaus, RA, & Artati, D. (2023). The Effect of Capital Structure, Profitability, and Company Size on Company Value in Transportation Sector Companies Listed on the IDX for the 2019-2021 Period. Scientific Journal of Management, Business, and Accounting Students (JIMMBA) , 5 (4), 409–420. https://doi.org/10.32639/jimmba.v5i4.469
  13. Ghozali, I. (2021). Multivariate Analysis Application with IMB SPSS 25 Program. 8th Edition . Diponegoro University Publishing Agency.
  14. Gustian, D. (2017). The Influence of Company Growth, Investment Decisions, and Financing Decisions on Company Value. Journal of Accounting. , 3 (2), 84–100. https://doi.org/10.31955/mea.v6i3.2430
  15. Hadiwibowo, F., & Sufina, L. (2022). The Influence of Capital Structure, Profitability, and Company Growth on Company Value (An Empirical Study of Basic Industry and Chemical Companies Listed on the Indonesia Stock Exchange for the 2015-2019 Period). Journal of Economics, Management, and Banking , 8 (1), 18. https://doi.org/10.35384/jemp.v8i1.265
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  20. Lestari, S., Patria, A., & Saputra, E. (2025). Stock Returns: The Effect of Profitability and Dividend Policy with Capital Structure Moderation. Goodwood Accounting and Auditing Review , 3 (2), 87–96. https://doi.org/10.35912/gaar.v3i2.4659
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  22. Myers. (2001). Fundamentals of Corporate Finance (3 Edition) .
  23. Najmudin. (2011). Financial Management for Managers .
  24. Rifai. (2018). Analysis of Capital Structure and Company Growth on Company Value in Transportation Companies Listed on the IDX. Bongaya Journal of Research in Management , 7 , 56–65. https://doi.org/10.37888/bjrm.v7i1.548
  25. Rosa, E., & Hermanto, H. (2024). The Effect of Capital Structure, Profitability, Company Size, and Company Growth on Company Value. Scientific Journal of Global Education , 5 (1), 404–415. https://doi.org/10.55681/jige.v5i1.2247
  26. Salsa, SS, & Nugraha, DS (2022). The Effect of Company Age, Company Growth, Profitability, Capital Structure, and Company Size on Company Value. Indonesian Accounting Literacy Journal , 2 (3), 692–703. https://doi.org/10.35313/ialj.v2i3.3974
  27. Sari, H., Yuniarti, E., & Rachman, AA (2021). The Effect of Asset Growth, Company Size, and Company Profitability on Tax Avoidance in Mining Sector Companies. Journal of Business, Economics, and Science , 1 (2), 166–176. https://doi.org/10.33197/bes.vol1.iss2.2021.833
  28. Sari, W., & Wiyanto, H. (2022). The Effect of Capital Structure, Company Size, and Profitability on Company Earnings Quality. Journal of Managerial and Entrepreneurship , 4 (3), 701–711. https://doi.org/10.24912/jmk.v4i3.19764
  29. Silalahi, E., & SIHOTANG, V. (2021). The Effect of Capital Structure, Company Growth, and Company Size on Company Value in Consumer Goods Companies Listed on the Indonesia Stock Exchange. Journal of Accounting & Finance Research , 7 (2), 153–166. https://doi.org/10.54367/jrak.v7i2.1381
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