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 proftability, taxes and growth opportunity on frm value as well as the indirect influence for proftability, tax and growth opportunity to frm value through a capital structure oncompanies and mining companies listed in Indonesia Stock Exchange in 2011-2014 period. The results showed that (i) proftability and growth opportunity hada positive effect on the capital structure, (ii) taxes hada negative effect on the capital structure, (iii) proftability and capital structure hada positive effect on frm value, (iv) taxes and growth opportunity hadno effect on frm value, (v) proftability and growth opportunity affected frm value through a capital structure as an intervening variable.Multinational companies and mining companies in Indonesia Stock Exchange tried to use external funding to run their operations to shrink the tax paid in order to obtain large profts and to increase frm value. Keywords: frm value, capital structure, proftability, taxes, growth opportunity