The Influence of Sales Growth, Capital Structure, and Profitability on Firm Value with Firm Size as a Moderating Variable (A Study of Healthcare Sector Companies Listed on the Indonesia Stock Exchange for the 2021–2025 Period)

Abstract

This study aims to analyze the influence of sales growth, capital structure, and profitability on firm value, with firm size as a moderating variable, among healthcare sector companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2025. The study population consists of 38 companies. A purposive sampling method with specific criteria was employed, resulting in a sample of 12 companies and a total of 60 data points across the 2021–2025 period. The results indicate that sales growth, capital structure, profitability, and firm size simultaneously influence firm value. Individually, capital structure, profitability, and firm size have an impact on firm value, whereas sales growth does not. Firm size does not moderate the effect of sales growth on firm value; however, it does moderate the effects of capital structure and profitability on firm value