PERAN PROFITABILITAS DALAM MEMODERASI PENGARUH STRUKTUR MODAL DAN KECUKUPAN MODAL TERHADAP NILAI PERUSAHAAN

Previous studies have reported inconsistent findings regarding
the effects of capital structure and capital adequacy on firm
value. Limited attention has been given to the contingent role of
profitability, particularly in the banking sector. Addressing this
gap, this study examines the influence of capital structure and
capital adequacy on firm value, as well as the role of profitability
as a moderating variable in banking companies. The study
employs a quantitative research design using the annual
financial statements of 12 banking companies listed on the
Indonesia Stock Exchange during the 2020–2024 period. The
findings reveal that capital structure does not have a significant
effect on firm value, whereas capital adequacy positively and
significantly enhances firm value. Furthermore, profitability
significantly moderates the relationships between capital
structure and firm value as well as between capital adequacy
and firm value, indicating that the effectiveness of financing
decisions and regulatory capital depends on banks' ability to
generate sustainable profits. The study contributes to the
corporate finance literature by providing updated evidence from
the Indonesian banking sector during the post-pandemic
period.