The effect of capital structure on stock prices with profitability as an intervening variable in mining sector companies listed on the Indonesian stock exchange for the 2020-2024 period
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Abstract
This research aimed to investigate whether capital structure affects stock prices, with Profitability as an intervening variable, in the mining sector listed on the Indonesian Stock Exchange from 2002 to 2024. In this research, capital structure is measured by the debt-to-equity ratio, and the return on equity measures Profitability. The population used in this research, listed on the Indonesia Stock Exchange for the 2020-2024 period, is from the mining sector. The research sample consisted of 26 companies from a total population of 43. Sampling used purposive sampling. The analysis methods used in this study include classical assumption tests, partial tests (t-tests), path analysis, and the Sobel test for mediation analysis. The result of this research showed that: (1) Capital structure has a negative and insignificant effect on stock prices, (2) Capital structure has a negative and insignificant effect on Profitability, (3) Profitability has a positive and significant effect on stock prices, (4) Profitability can mediate the relationship between capital structure and stock prices.
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How to Cite
Uyun, L., & Fitriah, F. (2025). The effect of capital structure on stock prices with profitability as an intervening variable in mining sector companies listed on the Indonesian stock exchange for the 2020-2024 period. Indonesia Accounting Research Journal, 13(2), 159–167. https://doi.org/10.35335/iacrj.v13i2.561
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Dewi, V. I., Kesaulya, F. A., Parlindungan, S., & Abdulhakim, M. F. (2023). Do Macroeconomic Factors Affect the Idx Composite Price Index in the Period 2017-2021. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 7(2), 487–499. https://doi.org/10.24912/jmieb.v7i2.27299
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Fahmi, A. H., Adam, M., Widiyanti, M., & Isnurhadi, I. (2021). The influence of capital structure, its size, and the growth of the company's value, along with its Profitability, as variables intervening in the company's LQ45 listing on the Indonesia Stock Exchange. International Journal of Business, Economics & Management, 4(4), 487–493. https://doi.org/10.21744/ijbem.v5n1.1805
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Mubarok, M. K. (2024). Determinan Faktor-Faktor Yang Mempengaruhi Harga Saham Dengan Profitabilitas Sebagai Variabel Intervening (Studi Empiris Pada Sektor Industri Barang Konsumsi yang Terdaftar di BEI Tahun 2020 – 2022). Innovation, Theory & Practice Management Journal, 3(1), 31–49. https://doi.org/10.56444/jitpm.v2i2.1342
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Pasaribu, M., Pasaribu, D., Silitonga, I., Arthur Simanjuntak, & Damanik, D. P. P. (2023). Pengaruh Perataan Laba, Ukuran Perusahaan, dan Leverage terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2017-2021. Jurnal Bisnis Mahasiswa, 3(3), 223–239. https://doi.org/10.60036/jbm.v3i3.135
Pratama, A. B., & Laksmiwati, M. (2023). The Influence of Current Ratio, Debt to Equity Ratio, Total Asset Turnover, and Earnings Per Share on Stock Prices. Dynamic Management Journal, 7(4), 614. https://doi.org/10.31000/dmj.v7i4.9453
Rahayuningsih, S., & Subadriyah, S. (2024). Analisis Faktor Yang Mempengaruhi Perubahan Harga Saham. Jurnal Ekonomi Bisnis Antartika, 2(1), 28–39. https://doi.org/10.70052/jeba.v2i1.281
Sulistianingsi, N., Nofal, M., & Hatma, R. (2022). Capital Structure Analysis in Mining Companies Listed on the Indonesian Stock Exchange. Tadulako International Journal of Applied Management, 4(2), 9–17. https://doi.org/10.59769/tajam.v4i2.30
Syifa, A. R., & Handri. (2025). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Struktur Aset terhadap Struktur Modal pada Perusahaan Subsektor Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2018-2023. Bandung Conference Series: Business and Management, 5(1), 479–488. https://doi.org/10.29313/bcsbm.v5i1.17778
Wicaksono, F., Aminah, M. S., Sopiani, L., & Mardiyani, M. (2024). Analysis Stock Price: Earnings per Share as Moderating Variable. International Journal of Business, Economics, and Social Development, 5(1), 120–129. https://doi.org/10.46336/ijbesd.v5i1.593
Yanti, Y., & Eny Purwaningsih. (2024). Pengaruh Faktor Keuangan Terhadap Harga Saham: Studi Kasus pada Perbankan Konvensional di IDX Tahun 2021-2023. Sketsa Bisnis, 11(1), 160–177. https://doi.org/10.35891/jsb.v11i1.5491
Yasmi, Y., Novita, D., & Usman, A. (2023). Teori Pecking Order: Pilih Utang atau Ekuitas? YUME : Journal of Management, 6(1), 275. https://doi.org/10.37531/yum.v6i1.3587
Batubara, M., Yuni Lubis, S., & Wati, P. (2023). Pengaruh Rasio Keuangan Terhadap Harga Saham Syariah pada PT. Akr Corporindo. Rayah Al-Islam, 7(3), 1495–1513. https://doi.org/10.37274/rais.v7i3.863
Chandra, A., & Setyawan, I. R. (2023). Pengaruh Ukuran Perusahaan, Likuiditas, dan Profitabilitas terhadap Struktur Modal Perbankan Tahun 2017-2021. Jurnal Manajerial Dan Kewirausahaan, 5(4), 838–847. https://doi.org/10.24912/jmk.v5i4.26924
Dewi, V. I., Kesaulya, F. A., Parlindungan, S., & Abdulhakim, M. F. (2023). Do Macroeconomic Factors Affect the Idx Composite Price Index in the Period 2017-2021. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 7(2), 487–499. https://doi.org/10.24912/jmieb.v7i2.27299
Fahlefi, M. R. A. F., Jamal, S. W., & Anshari, R. (2024). Dampak Profitabilitas dan Komposisi Aktiva terhadap Keputusan Struktur Modal. Mandiri : Jurnal Akuntansi Dan Keuangan, 3(1), 178–185. https://doi.org/10.59086/jak.v3i1.634
Fahmi, A. H., Adam, M., Widiyanti, M., & Isnurhadi, I. (2021). The influence of capital structure, its size, and the growth of the company's value, along with its Profitability, as variables intervening in the company's LQ45 listing on the Indonesia Stock Exchange. International Journal of Business, Economics & Management, 4(4), 487–493. https://doi.org/10.21744/ijbem.v5n1.1805
Farida, F., Purwantini, A. H., & Nurpitasari, D. (2021). An Analysis of the Determinants of Stock Price: An Empirical Study of Indonesian Commercial Banks. Proceedings of the 2nd Borobudur International Symposium on Humanities and Social Sciences, BIS-HSS 2020, 18 November 2020, Magelang, Central Java, Indonesia. https://doi.org/10.4108/eai.18-11-2020.2311704
Fitri, R. A., & Nurdin. (2025). Pengaruh Growth Opportunity, Pertumbuhan Penjualan, dan Struktur Aset Terhadap Struktur Modal (Studi Pada Perusahaan yang Terdaftar di Indeks IDX80 Periode 2021-2023). Bandung Conference Series: Business and Management, 5(2). https://doi.org/10.29313/bcsbm.v5i2.21209
Irvandi, W. O. (2023). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Harga Saham Pada Perusahaan Sektor Pertambangan. Jurnal Ilmiah Manajemen Dan Kewirausahaan, 2(2), 76–82. https://doi.org/10.55606/jimak.v2i2.1839
Kamiliya, M. A. N., & Helliana. (2025). Pengaruh Kebijakan Dividen, Profitabilitas, dan Leverage terhadap Volatilitas Harga Saham. Bandung Conference Series: Accountancy, 5(1), 243–252. https://doi.org/10.29313/bcsa.v5i1.16451
Larasati, S. M., & Sunarto, S. (2023). Pengaruh Earning Per Share, Profitabilitas, Struktur Modal, Dan Likuiditas Terhadap Harga Saham. Bilancia : Jurnal Ilmiah Akuntansi, 7(4), 823. https://doi.org/10.35145/bilancia.v7i4.2798
Makrevska, T. (2023). Financing and Capital Structure. Knowledge - International Journal, 58(1), 87–91. https://doi.org/10.35120/kij5801087m
Mubarok, M. K. (2024). Determinan Faktor-Faktor Yang Mempengaruhi Harga Saham Dengan Profitabilitas Sebagai Variabel Intervening (Studi Empiris Pada Sektor Industri Barang Konsumsi yang Terdaftar di BEI Tahun 2020 – 2022). Innovation, Theory & Practice Management Journal, 3(1), 31–49. https://doi.org/10.56444/jitpm.v2i2.1342
Nazhiifah, R. Y., & Handri. (2025). Pengaruh Struktur Aset, Ukuran Perusahaan, Growth Opportunities, Profitabilitas Dan Likuiditas Terhadap Struktur Modal (Studi Kasus Pada Perusahaan Sektor Energi yang Terdaftar di Bursa Efek Indonesia 2018-2024). Bandung Conference Series: Business and Management, 5(2). https://doi.org/10.29313/bcsbm.v5i2.19478
Nisa, I. S., & Nawawi, A. (2025). Pengaruh Profitabilitas, Likuiditas, Struktur Aktiva, Dan Ukuran Perusahaan Terhadap Struktur Modal Pada Perusahaan Kontruksi Bangunan. Bilancia : Jurnal Ilmiah Akuntansi, 9(2), 171. https://doi.org/10.35145/bilancia.v9i2.4846
Pasaribu, M., Pasaribu, D., Silitonga, I., Arthur Simanjuntak, & Damanik, D. P. P. (2023). Pengaruh Perataan Laba, Ukuran Perusahaan, dan Leverage terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2017-2021. Jurnal Bisnis Mahasiswa, 3(3), 223–239. https://doi.org/10.60036/jbm.v3i3.135
Pratama, A. B., & Laksmiwati, M. (2023). The Influence of Current Ratio, Debt to Equity Ratio, Total Asset Turnover, and Earnings Per Share on Stock Prices. Dynamic Management Journal, 7(4), 614. https://doi.org/10.31000/dmj.v7i4.9453
Rahayuningsih, S., & Subadriyah, S. (2024). Analisis Faktor Yang Mempengaruhi Perubahan Harga Saham. Jurnal Ekonomi Bisnis Antartika, 2(1), 28–39. https://doi.org/10.70052/jeba.v2i1.281
Sulistianingsi, N., Nofal, M., & Hatma, R. (2022). Capital Structure Analysis in Mining Companies Listed on the Indonesian Stock Exchange. Tadulako International Journal of Applied Management, 4(2), 9–17. https://doi.org/10.59769/tajam.v4i2.30
Syifa, A. R., & Handri. (2025). Pengaruh Profitabilitas, Ukuran Perusahaan, dan Struktur Aset terhadap Struktur Modal pada Perusahaan Subsektor Farmasi yang Terdaftar di Bursa Efek Indonesia Periode 2018-2023. Bandung Conference Series: Business and Management, 5(1), 479–488. https://doi.org/10.29313/bcsbm.v5i1.17778
Wicaksono, F., Aminah, M. S., Sopiani, L., & Mardiyani, M. (2024). Analysis Stock Price: Earnings per Share as Moderating Variable. International Journal of Business, Economics, and Social Development, 5(1), 120–129. https://doi.org/10.46336/ijbesd.v5i1.593
Yanti, Y., & Eny Purwaningsih. (2024). Pengaruh Faktor Keuangan Terhadap Harga Saham: Studi Kasus pada Perbankan Konvensional di IDX Tahun 2021-2023. Sketsa Bisnis, 11(1), 160–177. https://doi.org/10.35891/jsb.v11i1.5491
Yasmi, Y., Novita, D., & Usman, A. (2023). Teori Pecking Order: Pilih Utang atau Ekuitas? YUME : Journal of Management, 6(1), 275. https://doi.org/10.37531/yum.v6i1.3587
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