PENGARUH STRUKTUR ASET, LEVERAGE, DAN RETURN ON EQUITY TERHADAP HARGA SAHAM DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR DI BEI TAHUN 2022-2024

Abstract

This study aims to analyze the influence of Asset Structure, Leverage, and Return on Equity on Firm Value, with Stock Price as an intervening variable, in energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. Firm value is a key indicator of a company's success, reflected through investor perceptions in the capital market. Therefore, companies need to consider factors that can influence firm value, both directly and through stock price. This study used a quantitative method with a purposive sampling technique to determine the sample. The sample consisted of 16 energy sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. The data analysis technique used was Smart PLS 3.0. The results show that Asset Structure has a negative but insignificant effect on Stock Price, but a significant positive effect on Firm Value. Leverage has a negative and significant effect on Stock Price, but an insignificant positive effect on Firm Value. Return on Equity has a positive and significant effect on Stock Price, but a positive and insignificant effect on Firm Value. Stock price also has a negative but insignificant effect on firm value. The results of the indirect hypothesis test indicate that asset structure and leverage have a positive but insignificant effect on firm value through stock price. Return on equity, on the other hand, has a negative but insignificant effect on firm value through stock price