THE EFFECT OF CAPITAL STRUCTURE AND OWNERSHIP STRUCTURE ON FIRM VALUE COAL MINING COMPANIES IN INDONESIA: FINANCIAL PERFORMANCE AS A MEDIATING VARIABLE

Abstract

This study aims to determine the effect of Capital Structure, Managerial Ownership Structure, and Institutional Ownership Structure on Firm Value with Financial Performance as a Mediating Variable. The population in this study were 33 coal industry companies listed on the Indonesia Stock Exchange in 2019-2023. With sample criteria that issue annual reports and issue managerial and institutional ownership structures in 2019-2023. Then obtained the sample of this study is as many as 9 companies with a research duration of 5 years. The data used is secondary data derived from annual reports for 2019-2023 issued on the Indonesia Stock Exchange. Literature data collection techniques, as well as access to the official website of the Indonesia Stock Exchange and the websites of each company. While the data analysis technique is partial regression analysis, and path test analysis used to test the mediating variables in this study. The results showed that Capital Structure has a negative effect on Firm Value, Managerial Ownership Structure has a positive effect on Firm Value, Managerial Ownership Structure has a negative effect on Firm Value, Capital Structure has no effect on financial performance. Managerial Ownership Structure has no effect on financial performance. Institutional Ownership Structure has a negative effect on financial performance. Financial Performance  can mediate the effect of Capital Structure on firm value. Financial Performance cannot mediate the effect of Managerial Ownership Structure on firm value. Financial Performance can mediate the effect of Institutional Ownership Structure on firm value.