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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Irananda Sihombing, Putri Ayu Lestari, Erlina, Iskandar Muda
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DOI:10.17265/1548-6583/2025.03.0014
Department of Accounting, Universitas Sumatera Utara, Medan Campus, Sumatera, Indonesia
This study analyzes the impact of profitability, firm size, and capital structure on firm value within the manufacturing sector. Utilizing a descriptive literature-based method, this research synthesizes various findings from previous studies to provide a comprehensive overview of the relationships among these variables. Profitability, often measured by Return on Assets (ROA) or Return on Equity (ROE), is expected to have a positive relationship with firm value as it reflects a company’s ability to generate profits. Firm size, measured by total assets or the logarithm of sales, is also assumed to influence firm value, both through economies of scale and better access to capital markets. Meanwhile, capital structure, measured by Debt to Equity Ratio (DER) or Debt to Asset Ratio (DAR), has a complex impact; while debt can enhance firm value through tax shields, excessive debt levels can increase financial risk and potentially decrease firm value. The synthesis of literature indicates a general consensus on the importance of profitability and firm size in shaping firm value, though there is variation in the significance and direction of the relationship for capital structure variables. This study provides important implications for company managers and investors in making strategic decisions related to resource allocation and selecting an optimal capital structure to enhance firm value.
firm value, profitability,
firm size, capital structure, manufacturing sector
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