Capital structure, profitability, sales growth: Firm value with managerial ownership as a moderating variable

Ramadhani, Zahra Rizqia and Nawirah, Nawirah ORCID: https://orcid.org/0000-0002-2720-3612 (2026) Capital structure, profitability, sales growth: Firm value with managerial ownership as a moderating variable. Gorontalo Accounting Journal, 9 (1). pp. 36-52. ISSN 2614-2066

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Abstract

This study aims to determine how capital structure, profitability, and sales growth affect firm value, with managerial ownership as a moderating factor, in food and beverage companies listed on the Indonesia Stock Exchange from 2021 to 2024. From a total sample of forty-four food and beverage companies, one hundred and seventy-six were selected as observation locations. The quantitative approach uses moderation analysis and a panel-data regression model (Random Effects Model) for data analysis. The results of this study indicate that sales growth does not affect firm value. In contrast, capital structure and profitability have a partial effect. Managerial ownership factors can moderate the relationship between capital structure and profitability variables on firm value. Still, they cannot moderate the relationship between sales growth and firm value

Item Type:	Journal Article
Keywords:	capital structure; profitability; sales growth
Subjects:	14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics
Divisions:	Faculty of Economics > Department of Accounting
Depositing User:	Nawirah nn Nawirah
Date Deposited:	20 May 2026 15:49

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