PENGARUH PROFITABILITAS, PAJAK DAN GROWTH OPPORTUNITY TERHADAP NILAI PERUSAHAAN MELALUI STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING

Abstract

This study aims to analyze the direct effects on profitability, taxes and growth opportunity on firm value as well as the indirect influence for profitability, tax and growth opportunity to firm value through a capital structure oncompanies and mining companies listed in Indonesia Stock Exchange in 2011-2014 period. The results showed that (i) profitability and growth opportunity ha da positive effect on the capital structure, (ii) taxes ha da negative effect on the capital structure, (iii) profitability and capital structure ha da positive effect on firm value, (iv) taxes and growth opportunity ha dno effect on firm value, (v) profitability and growth opportunity affect ed firm value through a capital structure as an intervening variable.Multinational companies and mining companies in Indonesia Stock Exchange tr ied to use external funding to run their operations to shrink the tax paid in order to obtain large profits and to increase firm value.