PENGARUH TOTAL ASSETS TURNOVER, STRUKTUR MODAL, DAN BIAYA OPERASIONAL TERHADAP PENDAPATAN OPERASIONAL TERHADAP NILAI PERUSAHAAN MELALUI PROFITABILITAS SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BEI PERIODE 2022–2024

Abstract

This study aims to analyze the effect of Total Assets Turnover (TATO), Capital Structure, and Operating Expenses to Operating Income (BOPO) on Firm Value through Profitability as an intervening variable in mining companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. This research employed a quantitative approach using secondary data obtained from the annual financial statements of mining companies listed on the IDX. The population consisted of 43 mining companies, while the sample was selected using purposive sampling, resulting in 10 companies as research samples. The data were analyzed using the Structural Equation Modeling-Partial Least Square (SEM-PLS) method with SmartPLS 3.0 software.

            The results indicate that Total Assets Turnover has a positive but insignificant effect on profitability, Capital Structure has a negative but insignificant effect on profitability, and BOPO has a negative but insignificant effect on profitability. Furthermore, Total Assets Turnover and Capital Structure have negative but insignificant effects on firm value, while BOPO has a positive but insignificant effect on firm value. Profitability, however, has a positive and significant effect on firm value. In addition, profitability is unable to mediate the relationship between Total Assets Turnover, Capital Structure, and BOPO on firm value because all indirect effects are statistically insignificant. These findings suggest that the increase in firm value in the mining sector is primarily influenced by the company's ability to generate profits rather than by asset utilization efficiency, capital structure decisions, or operational cost efficiency.