Abstract
Study aims to see the relationship between macroeconomic, liquidity , asset structure variables, on firm value with profitability and capital structure as an intervening variable in the in the Heavy Construction & Civil Engineering Sub-Sector on the Indonesia Stock Exchange 2019-2021 The types of research are quantitative, the number of samples is 15 and the sampling technique is purposive sampling . This study uses SEM (Structural) analysis. Equation Modeling) based on component or variance, namely Partial Least Square (PLS), using Smart PLS 3.0 software. According to the findings of the study, macroeconomic variables had positive effect on firm value and capital structure but not significant, macroeconomic variables had a negative effect on profitability but not significant. Assets structure variables had a positive effect on profitability and capital structure but not significant. Assets structure variables had a negative effect on firm value but not significant. Liquidity had a negative effect on profitability and firm value but not significant, Liquidity had a negative effect on capital structure but significant . Profitability had a positif effect on firm value but not significant. capital structure variables had a negative effect on firm value but significant
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