THE EFFECT OF SALES GROWTH AND PROFITABILITY ON STOCK PRICES THROUGH CAPITAL STRUCTURE AS INTERVENING VARIABLES

PENGARUH PERTUMBUHAN PENJUALAN DAN PROFITABILITY PADA HARGA SAHAM MELALUI CAPITAL STRUCTURE SEBAGAI VARIABEL INTERVENING

Abstract

This study aims to assess the influence of revenue expansion and profitability on stock prices through the mediation of capital structure as an intermediary variable within the property sector listed on the Indonesia Stock Exchange. The research employs a quantitative approach, utilizing secondary data obtained from observations and documented records sourced from the Indonesia Stock Exchange. The data spans a time frame from 2020 to 2023 and involves a sample of 21 companies, selected using a purposive sampling technique. Data analysis was conducted using path analysis, facilitated by AMOS 26 software.

The findings of this research indicate that revenue growth exerts a positive but statistically insignificant impact on both capital structure and stock prices. Profitability, on the other hand, demonstrates a negative yet statistically significant influence on capital structure while showing a positive and substantial effect on stock prices. Capital structure, however, exhibits a negative but statistically insignificant effect on stock prices. Consequently, capital structure does not serve as a mediating variable between the impacts of revenue growth and profitability on stock prices.