Dinamika Nilai Perusahaan Perbankan: Peran Debt-To-Equity Ratio Dalam Memoderasi Pengaruh Return On Assets

Authors

  • Benny Cuaca Universitas Sains dan Teknologi Komputer Semarang Author
  • Bambang Widjanarko Susilo Universitas Sains dan Teknologi Komputer Semarang Author
  • Edy Susanto Universitas Sains dan Teknologi Komputer Semarang Author
  • Ayu Miranti Kusumaningrum Universitas Sains dan Teknologi Komputer Semarang Author
  • Rezky Eko Prasetyo Universitas Sains dan Teknologi Komputer Semarang Author
  • Wesly Tumbur ML Tobing Universitas Sains dan Teknologi Komputer Semarang Author

DOI:

https://doi.org/10.64365/muanomi.v2i3.493

Keywords:

Return on Assets, Debt-to-Equity Ratio, Firm Value, Moderated Regression Analysis, Banking, PLS-SEM.

Abstract

This study aims to examine the effect of profitability (ROA) on firm value (PBV) with capital structure (DER) as a moderating variable in Indonesian banking companies. Using panel data from 15 banking companies for the 2015-2020 period, this study reveals an anomalous phenomenon where an increase in ROA is not always linear with an increase in firm value, and vice versa. Using Partial Least Squares - Structural Equation Modeling (PLS-SEM) with SmartPLS 3 software, the results show that DER significantly moderates the effect of ROA on firm value, but with an asymmetric effect depending on macroeconomic conditions. The novelty of this study is the proposition of the concept of "Conditional Leverage Moderation" which explains how debt acts as a double-edged sword when profitability contracts. This study provides theoretical contributions to the integration of Trade-off Theory and Signaling Theory, as well as practical contributions for bank management in formulating optimal debt limits during crises.

References

. E., & Dewi Syarif, A. (2024). The Intervention Role of Profitability in the Relationship between Liquidity and Intellectual Capital to Firm Value in Digital Banks on the IDX. International Journal of Innovative Science and Research Technology (IJISRT), 1098–1105. https://doi.org/10.38124/ijisrt/ijisrt24jul878

Albagli, E., Hellwig, C., & Tsyvinski, A. (2023). Imperfect Financial Markets and Investment Inefficiencies. American Economic Review, 113(9), 2323–2354. https://doi.org/10.1257/aer.20170725

Angreni, N. K. A., & Hutnaleontina, P. N. (2024). Pengaruh Return On Assets, Debt Equity Ratio Terhadap Nilai Perusahaan. Hita Akuntansi Dan Keuangan, 5(3), 1–13. https://doi.org/10.32795/hak.v5i3.5712

ANTILL, S., & HUNTER, M. (2026). Consumer Choice and Corporate Bankruptcy. The Journal of Finance, 81(3), 1485–1529. https://doi.org/10.1111/jofi.70030

Anton, S., & Afloarei Nucu, A. E. (2024). The impact of digital finance and financial inclusion on banking stability: International evidence. Oeconomia Copernicana, 15(2), 563–593. https://doi.org/10.24136/oc.3046

Bintara, R. (2020). The Effect of Working Capital, Liquidity and Leverage on Profitability. Saudi Journal of Economics and Finance, 04(01), 28–35. https://doi.org/10.36348/sjef.2020.v04i01.005

Bro de Comères, Q. (2025). Predicting European banks distress events: Do financial information producers matter? International Review of Financial Analysis, 105, 104417. https://doi.org/10.1016/j.irfa.2025.104417

Budastra, A. (2023). RASIO KEUANGAN DAN HARGA SAHAM: BUKTI EMPIRIS DARI INDONESIA. Jurnal Akuntansi Manado (JAIM), 38–51. https://doi.org/10.53682/jaim.vi.6113

Carolin, J. Y., & Susilawati, C. (2024). PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS, DAN LEVERAGE TERHADAP NILAI PERUSAHAAN. Jesya, 7(1), 588–597. https://doi.org/10.36778/jesya.v7i1.1447

CHANG, H., D’AVERNAS, A., & EISFELDT, A. L. (2024). Bonds versus Equities: Information for Investment. The Journal of Finance, 79(6), 3893–3941. https://doi.org/10.1111/jofi.13396

Davis, J., & Gondhi, N. (2024). Learning in Financial Markets: Implications for Debt-Equity Conflicts. The Review of Financial Studies, 37(5), 1584–1639. https://doi.org/10.1093/rfs/hhad083

Devi, S., Warasniasih, N. M. S., Masdiantini, P. R., & Musmini, L. S. (2020). The Impact of COVID-19 Pandemic on the Financial Performance of Firms on the Indonesia Stock Exchange. Journal of Economics, Business, & Accountancy Ventura, 23(2), 226–242. https://doi.org/10.14414/jebav.v23i2.2313

Dr Amadi Ngozi Eleba, & Dr. Jack Obiazi Tubotamuno-Ojas. (2024). CAPITAL EXPENDITURE DECISIONS AND MARKET VALUE OF QUOTED FOOD AND BEVERAGES FIRMS IN NIGERIA. Finance & Accounting Research Journal, 6(4), 556–566. https://doi.org/10.51594/farj.v6i4.1023

Eka Eka, Jumawan Jasman, & Asriany Asriany. (2023). Pengaruh Kebijakan Dividen, Kebijakan Hutang, dan Profitabilitas terhadap Nilai Perusahaan. Student Research Journal, 1(1), 396–409. https://doi.org/10.55606/sjryappi.v1i1.203

Fadly Bahrun, M., Tifah, T., & Firmansyah, A. (2020). Pengaruh Keputusan Pendanaan, Keputusan Investasi, Kebijakan Dividen, Dan Arus Kas Bebas Terhadap Nilai Perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 263–276. https://doi.org/10.37641/jiakes.v8i3.358

Firdhaus, A., & Akbar, F. S. (2022). Pengaruh Penerapan Sistem Informasi Akuntansi Dan Pemanfaatan Teknologi Informasi Terhadap Kinerja Umkm Di Kecamatan Gubeng Surabaya. Jurnal Proaksi, 9(2), 173–187. https://doi.org/10.32534/jpk.v9i2.2632

GRAHAM, J. R., KIM, H., LI, S., & QIU, J. (2023). Employee Costs of Corporate Bankruptcy. The Journal of Finance, 78(4), 2087–2137. https://doi.org/10.1111/jofi.13251

Hsu, S.-C., Wu, K.-T., Wang, Q., & Chang, Y. (2023). Is capital structure associated with corporate social responsibility? International Journal of Corporate Social Responsibility, 8(1), 6. https://doi.org/10.1186/s40991-023-00081-9

Kadim, A., Sunardi, N., & Husain, T. (2020). The modeling firm’s value based on financial ratios, intellectual capital and dividend policy. Accounting, 859–870. https://doi.org/10.5267/j.ac.2020.5.008

Kong Chantha, Kol Sovanvatthana, Lorm Nathana, Roeung Jeny, Voeun Danit, & Yorn Nary. (2024). Impact of asset quality on financial health of commercial banks in Cambodia. Finance & Accounting Research Journal, 6(8), 1375–1390. https://doi.org/10.51594/farj.v6i8.1382

Markonah, M., Salim, A., & Franciska, J. (2020). EFFECT OF PROFITABILITY, LEVERAGE, AND LIQUIDITY TO THE FIRM VALUE. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 83–94. https://doi.org/10.38035/dijefa.v1i1.225

Mutiara, T., & Septyanto, D. (2022). Analisis Faktor-Faktor yang Mempengaruhi Tingkat Financial Distress Sebelum dan Selama Pandemi Covid-19. Jurnal Bisnis Dan Manajemen, 69–87. https://doi.org/10.23960/jbm.v18i2.397

Onoyenure George (MSC Canadidacy), & Ebiaghan Orits Frank, P. (2023). AN ASSESSMENT OF THE DETERMINANTS OF EARNINGS MANAGEMENT IN NIGERIA. International Journal of Management & Entrepreneurship Research, 5(9), 681–694. https://doi.org/10.51594/ijmer.v5i9.550

ONUORAH, A.C. (PhD; F, C. (2023). ANALYSIS OF THE MACRO AND MICRO DETERMINANTS OF PROFITABILITY OF DEPOSIT MONEY BANKS IN NIGERIA. International Journal of Management & Entrepreneurship Research, 5(5), 242–253. https://doi.org/10.51594/ijmer.v5i3.474

Popov, A. A., Barbiero, F., & Wolski, M. (2018). Debt Overhang and Investment Efficiency. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3299969

Pratama, V. Y., & Rohmawati, A. (2022). ANALISIS PENGARUH RASIO SOLVABILITAS DAN EFISIENSI PERBANKAN TERHADAP PROFITABILITAS BANK UMUM SYARIAH PERIODE 2016-2020. Studia Economica : Jurnal Ekonomi Islam, 8(1), 152. https://doi.org/10.30821/se.v8i1.12731

Putri, I. G. A. P. T. (2020). Effect of capital structure and sales growth on firm value with profitability as mediation. International Research Journal of Management, IT and Social Sciences. https://doi.org/10.21744/irjmis.v7n1.833

Sari, N., Luthan, E., & Syafriyeni, N. (2020). Pengaruh Profitabilitas, Leverage, Komisaris Independen, Kepemilikan Institusional, dan Ukuran Perusahaan terhadap Penghindaran Pajak pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia pada Tahun 2014-2018. Jurnal Ilmiah Universitas Batanghari Jambi, 20(2), 376. https://doi.org/10.33087/jiubj.v20i2.913

Sherlita, E., Solihin, D., & Fauzi, M. (2023). IMPLIKASI RETURN ON ASSETS (ROA), RETURN ON EQUITY (ROE), DAN EARNING PER SHARE (EPS) TERHADAP HARGA SAHAM PERUSAHAAN MANUFAKTUR SUB-SEKTOR ROKOK. KOMITMEN: Jurnal Ilmiah Manajemen, 3(2), 140–147. https://doi.org/10.15575/jim.v3i2.23273

Suhartono, S., Nauval, R. R., Kuspriyono, T., Hakim, L., & Yanti, V. A. (2024). Pengaruh Leverage dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Perspektif, 22(2), 7–14. https://doi.org/10.31294/jp.v22i2.22286

Widarjo, W. (2011). PENGARUH MODAL INTELEKTUAL DAN PENGUNGKAPAN MODAL INTELEKTUAL PADA NILAI PERUSAHAAN YANG MELAKUKAN INITIAL PUBLIC OFFERING. Jurnal Akuntansi Dan Keuangan Indonesia, 8(2), 157–170. https://doi.org/10.21002/jaki.2011.10

Yuvia, W., & Wijaya, H. (2023). PENGARUH PROFITABILITAS, LIKUIDITAS, DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN. Jurnal Paradigma Akuntansi, 5(1), 491–501. https://doi.org/10.24912/jpa.v5i1.22435

Downloads

Published

2026-07-31

Issue

Vol. 2 No. 3 (2026): Juli : Jurnal Ilmiah Ilmu Ekonomi, Manajemen & Bisnis

Section

Articles

License

Copyright (c) 2026 MUARA EKONOMI : Jurnal Ilmiah Ilmu Ekonomi, Manajemen & Bisnis

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.