Relationship of Asset Structure, Capital Structure, Asset Productivity, Operating Activities and Their Impact on the Value of Manufacturing Companies Listed on the Indonesia Stock Exchange

Abstract

This study examines the relationship between asset structure, capital structure, asset productivity, and operating activities and their impact on firm value. This research was conducted because so far many studies have been conducted in a partial nature, and generally only examined the effect of capital structure on company financial performance or on firm value, the effect of financial performance on firm value. In company operations, the function of financial management, namely investment decisions, funding decisions, asset management to achieve financial management objectives cannot be separated and influences each other. The research object is a manufacturing company listed on the Indonesia Stock Exchange from 2010 to 2018. The number of samples studied was 109 companies with a total of 981 data. The research variables are asset structure (FATA), capital structure (TDR), asset productivity (FATO), operating activities (ROI), and firm value (Tobin's q). The data analysis tool is path analysis using structural equation modeling (SEM). The test results show that FATA has a positive effect on Tobin's q with TDR, FATO, and ROI as the mediating variables