PENGARUH STRUKTUR MODAL DAN PERPUTARAN MODAL KERJA TERHADAP HARGA SAHAM DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING

Abstract

This study aims to determine the effect of capital structure on profitability, the effect of working
capital turnover on profitability, the effect of profitability on stock prices, the effect of capital
structure on stock prices, working capital turnover on stock prices, the effect of capital structure on
stock prices through profitability as an intervening variable, the effect of working capital turnover on
stock prices through profitability as an intervening variable. The research method used is
quantitative. The research locations selected in this study are manufacturing companies in the
various industrial sectors listed on the Indonesia Stock Exchange. This research was conducted in
August-September 2021. The results showed: (1) there is a positive effect of capital structure on
profitability, (2) there is a positive effect of working capital turnover on profitability, (3) there is a
negative effect of profitability on stock prices, (4) there is a negative effect of capital structure on
stock prices, (5) there is a negative effect of working capital turnover on stock prices, (6) indirectly
there is a negative effect of capital structure on stock prices through profitability as an intervening
variable, (7) there is a direct negative effect of working capital turnover on stock prices through
profitability as intervention variable.