Scientium Management Review

ISSN : 2962-8328
E-ISSN : 2962-6323
Pp : 343-355
Volume 1 No 3. 2022

ASSET STRUCTURE, DEBT MANAGEMENT AND EFFICIENCY ON

COMPANY VALUE THROUGH PROFIT PERFORMANCE
(Case Study of a Manufacturing Company Listed on the Indonesian Stock
Exchange)

Nur Itha Fatimah1, Abd. Rakhman Laba2, Mursalim Nohong3

1Hasanuddin University, Makassar, Indonesia.E-mail: ithafatimah98@gmail.com
2Hasanuddin University, Makassar, Indonesia.E-mail: jeneponto2000@yahoo.com
3Hasanuddin University, Makassar, Indonesia.E-mail: mursalim1906nohong@gmail.com

Abstract
This study aims to analyze the effect of asset structure, debt management and efficiency on
firm value with earnings performance as an intervening variable in manufacturing
companies listed on the Indonesia Stock Exchange. The data analysis technique uses SPSS
and the Sobel Test and the data source used is secondary data in the form of financial reports
of manufacturing companies for the 2014-2021 period. The type of data used is quantitative
data with data collection techniques, namely documentation. The results of this study
indicate that in the model 1 test it can be concluded that asset structure has no effect on
earnings performance, while debt management has a negative and significant effect on
earnings performance and efficiency has a positive and significant effect on earnings
performance. And the results for the model 2 test, namely asset structure and efficiency have
no effect on firm value while debt management and earnings performance have a positive
and significant effect on firm value. For model 3 test results, namely asset structure has no
effect on firm value when mediated by earnings performance. Meanwhile, debt management
and efficiency have an influence on firm value when mediated by earnings performance.

Keywords: Asset Structure, Debt Management, Efficiency, Profit Performance, Firm Value

A. PRELIMINARY
The prospect of world economic recovery has been held back by the outbreak of
the Covid-19 or Corona Virus Disease 2019 in the Wuhan area, China. Initially, it was
thought that Covid-19 was transmitted from bats and snakes to humans. However,
during its development, this virus mutated and spread from human to human. The
Covid-19 outbreak then spread very quickly to various countries. As a result, several
countries have implemented lockdown policies that prohibit people from leaving or
entering an area. Meanwhile, Indonesia implements a policy of maintaining social
distance between people. However, this policy also put the Indonesian economy
under pressure due to restrictions on office activities, places to eat or restaurants,
tourist attractions, shopping centers and other restrictions.
According to Indra Satria et al (2021) Due to the Covid-19 outbreak, Indonesia's
economic growth contracted by 2.07 (YoY) in 2020. The economic crisis hit 11 out of
17 business sectors in Indonesia, as stated in the Official Statistical Gazette of

Scientium Management Review Vol. 1 no. 3. 2022 343

Indonesia (2021; 07). However, according to the Ministry of Industry of the Republic
of Indonesia, the manufacturing industry made the largest contribution to the
increase in Indonesia's economic growth which reached 7.07% in the second quarter
of 2021. This sector is the highest source of growth, namely 1.35%. In this period, the
manufacturing sector itself recorded growth of 6.91% despite being under pressure
due to the Covid-19 pandemic. The manufacturing sector also made the largest
contribution to the national Gross Domestic Product (GDP) in the second quarter of
2021, namely 17.34%. The top five contributors to GDP in this period were the food
and beverage industry with 6.66%, the chemical, pharmaceutical and traditional
medicine industries with 1.96%, the metal goods, computer, electronic goods, optical
and electrical equipment industries with 1.57%, the transportation equipment
industry 1.46%, and the textile and apparel industry 1.05%.
The main objective of the establishment of the company is to obtain profitability,
maximize profit or wealth and maximize the value of the company. (Rahmawati Budi
Utami and Prasetiono, 2016). Firm value is very important because it can reflect
company performance which can affect investors' perceptions of the company
associated with stock prices. According to Sari & Baskara (2019: 13) The price of
shares traded on the capital market is a reference in paying attention to company
value. If the stock price is high then it shows that the company value is also high,
conversely if the stock price is low it can be said that the company value is low. One
indicator that can measure the value of the company is the Price to Book Value (PBV).
𝑠𝑡𝑜𝑐𝑘 𝑝𝑟𝑖𝑐𝑒
𝑃𝐵𝑉 =
𝑏𝑜𝑜𝑘 𝑣𝑎𝑙𝑢𝑒 𝑜𝑓 𝑒𝑞𝑢𝑖𝑡𝑦 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

One indicator that can calculate profit performance or profitability is Return On

Assets (ROA) which is used to analyze the results (return) on the total assets owned
by the company. The higher the value of Return On Assets will show the better
performance of a company. However, if the value of Return On Assets is small (low),
the possibility of achieving the company's goal of generating the maximum possible
profit will decrease and even threaten the survival of the company.
𝑒𝑎𝑟𝑛𝑖𝑛𝑔 𝑎𝑓𝑡𝑒𝑟 𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑡𝑎𝑥
𝑅𝑂𝐴 = × 100%
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠
Companies that are able to achieve the most efficient performance possible are
companies that are able to manage their assets optimally. On the other hand, the
inefficiency of a company in managing and using its assets will only add to the
company's burden because the investments made are not profitable and will have a
negative impact on Return On Assets. According to Rudianto (2021: 167-168) The
asset turnover ratio (Total Asset Turnover) is a ratio that shows the company's
ability to manage assets in obtaining income.
𝑛𝑒𝑡 𝑠𝑎𝑙𝑒𝑠
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 =
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠
To carry out its operations, every company has various needs, especially those
related to funds so that the company can run as it should. Funds are always needed to
cover all or part of the necessary costs, both short term and long term funds (Kasmir:
2021, 152). Companies that lack funds will seek funds to be able to cover the existing
deficiencies. These funds can be obtained by entering new capital from the owner of
the company or by making loans to parties outside the company. The Debt to Asset

344 Scientium Management Review Vol. 1 no. 3. 2022

Ratio is a ratio that compares the amount of debt and total assets of a company. This
illustrates the proportion of the use of funds from creditors to obtain company assets.
𝑇𝑜𝑡𝑎𝑙 𝑑𝑒𝑏𝑡
𝐷𝑒𝑏𝑡 𝑡𝑜 𝐴𝑠𝑠𝑒𝑡 𝑅𝑎𝑡𝑖𝑜 = × 100%
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠
Fixed assets can be used as collateral or collateral in corporate debt. Companies
that have large amounts of fixed assets can also use large amounts of debt because of
their scale it is easier for large companies to obtain sources of funds compared to
small companies. An indicator to find out how much the fixed assets owned by the
company is the asset structure.
𝑓𝑖𝑥𝑒𝑑 𝑎𝑠𝑠𝑒𝑡𝑠
𝐴𝑠𝑠𝑒𝑡 𝑆𝑡𝑟𝑢𝑐𝑡𝑢𝑟𝑒 =
𝑡𝑜𝑡𝑎𝑙 𝑎𝑠𝑠𝑒𝑡𝑠
B. METHODOLOGY
In general, this study aims to provide an overview of the effect of asset structure,
debt management and efficiency on firm value with earnings performance as the
intervening variable. This study uses secondary data, namely data that is already
available and collected by institutions and has been published in the user community.
This type of research is quantitative, because it is arranged with numbers. The data
taken is from the financial reports of manufacturing companies listed on the
Indonesia Stock Exchange for the 2014-2021 period.The sampling technique in this
study was a purposive sampling technique. According to Sugiyono (2017: 85)
purposive sampling is a data sampling technique with certain considerations. The
criteria are:
1. Manufacturing companies listed on the Indonesia Stock Exchange consecutively
during 2014-2021.
2. Manufacturing companies that are included in the consumer goods industry
sector.
3. Manufacturing companies that present complete annual financial reports for the
2014-2021 period.
4. Manufacturing companies that have complete data used in research.
The following company manufacturers included in the sample of this study.

Table 1.1
Research Sample
Stock code Company name
Food and Beverage Industry Sub Sector
AISA PT Tiga Pilar Sejatera Food Tbk
ALTO PT Tri Banyan Tirta Tbk
CHECK PT Wilmar Cahaya Indonesia Tbk
DLTA PT Delta Djakarta Tbk
ICBP PT Indofood CBP Sukses Makmur Tbk
INDF PT Indofood Sukses Makmur Tbk
MLBI PT Multi Bintang Indonesia Tbk
MYOR PT Mayora Indah Tbk
PSDN PT Prashida Aneka Niaga Tbk
Stock code Company name
BREAD PT Nippon IndoSari Corpindo Tbk
SKBM PT Sekar Bumi Tbk

Scientium Management Review Vol. 1 no. 3. 2022 345

 SKLT PT Sekar Laut Tbk
STTP PT Siantar Top Tbk
ULTJ PT Ultrajaya Milk Industry And Trading Company Tbk
Cigarette Sub Sector
GGRM PT Gudang Garam Tbk
HMSP PT Handjaya Mandala Sampoerna Tbk
RMB PT Bentoel International Investama Tbk
Pharmaceutical Sub Sector
DVLA PT Darya Varia Labotaria Tbk
INAF PT Indofarma (Persero) Tbk
KAEF PT Kimia Farma (Persero) Tbk
KLBF PT Kalbe Farma Tbk
BRAND PT Merck Indonesia Tbk
PYFA PT Pyridam Farma Tbk
SIDO PT Industry Jamu & Pharmacy Sido Muncul Tbk
TSPC PT Tempo Scan Pacific Tbk
Cosmetics and Household Goods Sub Sector
ADES PT Akasha Wira International Tbk
MBTO PT Martina Berto Tbk
MRAT PT Mustika Ratu Tbk
TCID PT Mandom Indonesia Tbk
UNVR PT Unilever Indonesia Tbk
Household Appliances Sub-sector
KETCH PT Kedaung Indah Cant Tbk
LMPI PT Langgeng Makmur Tbk
The data is processed and analyzed using financial ratios, then the effect will be
seen through path analysis, also known as regression analysis using intervening
variables using the SPSS program. Hypothesis testing is used to answer
predetermined hypotheses. The analytical method used is path analysis. The
regression model in this study is:
a. Model 1
𝑍 = 𝛼 + 𝛽1 𝑋1 + 𝛽2 𝑋2 + 𝛽3 𝑋3 + 𝜀
This first model is to see the direct effect of independent variables on intervening
variables, namely asstes structure, debt management and efficiency on earnings
performance.
b. Model 2
𝑌 = 𝛼 + 𝛽1 𝑋1 + 𝛽2 𝑋2 + 𝛽3 𝑋3 + 𝛽4 𝑍 + 𝜀
The second model is to see the direct effect of the independent variables on the
dependent variable, namely assets structure, debt management, efficiency and
earnings performance on firm value.
c. Model 3
𝑌 = 𝛼 + 𝛽1 𝑋1 𝑍 + 𝛽2 𝑋2 𝑍 + 𝛽3 𝑋3 𝑍 + 𝜀
The third model is to see the indirect effect of the independent variable on the
dependent through intervening variables, namely assest structure, debt management
and efficiency on firm value through profit performance. The magnitude of the
indirect effect of the independent variable on the dependent through the intervening

346 Scientium Management Review Vol. 1 no. 3. 2022

variable must be calculated by multiplying the indirect coefficient obtained from
direct testing between variables. To test the significant indirect effect, the Sobel test
was used. The following is the formula for the Sobel test.
𝑆𝑎𝑏 = √𝑏 2 𝑆𝑎2 + 𝑏 2 𝑆𝑏 2 + 𝑆𝑎2
to test the significant indirect effect partially, it is calculated by the following
formula:
𝑎𝑏
𝑍=
𝑆𝑎𝑏
C. ANALYSIS AND DISCUSSION

3.1. Test Model 1

Table 1.2
Model 1 Determination Test
Summary models
Adjusted R std. Error of the
Model R R Square Square Estimate
1 .298a 089 .078 .12939
a. Predictors: (Constant), Efficiency, Debt Management, Asset Structure

Based on Table 1.2 it can be concluded that in the model 1 test the R-Square
value is 0.089, this indicates that the contribution of asset structure, debt
management with the DAR indicator and efficiency with the TATO indicator to profit
performance with the ROA indicator is 8.9% while the rest 91.1% is the contribution
of other variables not examined.

Table 1.3
Test Model 1
Coefficientsa
Standardized
Unstandardized Coefficients Coefficients
Model B std. Error Betas Q Sig.
1 (Constant) .037 .033 1,114 .266
Asset Structure 048 057 058 .836 .404
Debt Management -.079 .033 -.160 -2,442 .015
Efficiency 059 014 .263 4.133 .000
a. Dependent Variable: Profit Performance

1. Effect of Asset Structure on Profit Performance

Referring to Table 1.3, namely the output of the model 1 test in the coefficient
section, it can be seen that the significance value of the asset structure (X1) is 0.404
greater than 0.05. This result means that asset structure has no effect on earnings
performance with the ROA (Z) indicator. This means that fluctuations in the asset
structure will not affect the fluctuations in asset returnswhichobtained by a
manufacturing company listed on the Indonesia Stock Exchange. In this case, the
composition of the asset structure is not able to support the creation of increased
sales so that the company's performance can increase. This research is in line with
Slamet Mudjijah and Amin Hikmanto (2018) stating that ownership of fixed assets
has no impact on profitability as measured by ROA. This research is not in line with
the results obtained by Erdelia Novita Putri (2021), Fitri Rahmiyatun and Kaman
Nainggolan (2021), Ade Sasqia Batu Bara (2021) and Tika Silvana and Paulus
Kindangen (2022)

Scientium Management Review Vol. 1 no. 3. 2022 347

2. Effect of Debt Management on Profit Performance
Referring to Table 1.3, namely the output of the model 1 test in the coefficient
section, it can be seen that the significance value in debt management with the DAR
indicator (X2) is 0.015. This significant value is less than 0.05, this means that debt
management has a negative and significant effect on earnings performance with the
ROA (Z) indicator. This shows that the lower the DAR, the higher the ROA owned by
the company. This is because debt has a negative impact on financial performance,
because the higher the debt, the greater the interest expense, thereby reducing
profits when the company is unable to pay off the debt.This research is in line with
Novia Wandasari, Dimas Sumitra Danisworo and Djoni Djatnika (2021) which states
that companies that use more debt to finance assets so that the percentage of DAR
obtained is quite high. The high percentage of the company's DAR will impact on the
reduced profits earned.Agree with Kasmir (2021: 158), if the DAR is high, it means
that funding with more debt, it will be more difficult for companies to obtain
additional loans because the company is unable to cover its debts with its assets. This
research is not in line with Meilani Luckieta, Ali Imran and Doni Purnama Alamsyah
(2021) and Zuliana Zulkarnaen (2018).

3. Effect of Efficiency on Profit Performance

Referring to Table 1.3, namely the output of the model 1 test in the coefficient
section, it can be seen that the significance value for efficiency with the TATO
indicator (X3) is 0.000. This significant value is less than 0.05, this means that
efficiency has a positive and significant effect on earnings performance indicator ROA
(Z). This means that the more efficient the company is in managing its assets, the
more profit performance or profitability of a company will increase. TATO shows
how far assets have been used in company activities. The bigger the TATO, the better,
because all the assets used to support sales activities are more efficient. The faster
the asset turnover rate, the net profit generated will increase because the company
has utilized these assets to increase sales. An increase in sales can increase net profit,
so that it will have an impact on increasing the value of ROA. The results of this study
are in line with Ayva Nadila and Mega Tunjung Hapsari (2022) and Heri Sasono and
Muhammad Hendra Apriwarto (2022) stating that TATO has a positive and
significant effect on ROA. This research is not in line with Olija Sinaga et al (2020)
and Fitri Rizki Astuti and Sri Utiyati (2018).
3.2. Test Model 2
Table 1.4
Test Determination Test Model 2
Summary models
Adjusted R std. Error of the
Model R R Square Square Estimate
1 .383a .147 .133 6.23459
a. Predictors: (Constant), Profit Performance, Asset Structure, Efficiency,
Debt Management

Based on Table 1.4 it can be concluded that in the model 2 test the R-Square
value is 0.147, this indicates that the contribution of asset structure, debt
management with the DAR efficiency indicator with the TATO indicator and profit
performance with the ROA indicator to company value with the PBV indicator is 14
.7% while the remaining 85.3% is contributed by other variables not examined
Table 1.5

348 Scientium Management Review Vol. 1 no. 3. 2022

 Test Model 2
Coefficientsa
Standardized
Unstandardized Coefficients Coefficients
Model B std. Error Betas t Sig.
1 (Constant) -1,039 1,606 -.647 .518
Asset Structure 3,572 2,770 086 1,289 .198
Debt Management 3,793 1,585 .154 2,394 .017
Efficiency .183 .715 .016 .256 .798
Profit Performance 17,672 3035 .356 5,822 .000
a. Dependent Variable: Company Value

1. The Influence of Asset Structure on Firm Value

Referring to Table 1.5, namely the output of the model 2 test in the coefficient
section, it can be seen that the significance value of the asset structure variable (X1)
is 0.198 greater than 0.05. This result means that the asset structure has no effect on
firm value with PBV (Y) indicators. This means that the high or low asset structure
cannot affect the value of the company. Companies that have large amounts of fixed
assets can be used as collateral to use large amounts of debt as well. This research is
in line with Wafiq Septia Rukmana, Burhanuddin and Alamsyah Ab (2022) and
Murah (2017). However, this research is not in line with Andri Sutira (2019) and
Arini Novandalina et al (2022).
2. Effect of Debt Management on Firm Value
Referring to Table 1.5, namely the output of the model 2 test in the coefficient
section, it can be seen that the significance value in debt management with the DAR
indicator (X2) is 0.017. This significant value is less than 0.05, this means that debt
management has a positive and significant effect on firm value with the PBV (Y)
indicator. This is because the company needs debt to support operational activities
that will be carried out by the company in the future. Companies that have large
capital will be able to make the company grow and survive in the business world so
that it can generate profits and increase the value of the company as well.PBV. And
this research is not in line with Elita Yuni Setyarini and Muhammad Azhari (2019).
3. Effect of Efficiency on Firm Value
Referring to Table 1.5, namely the output of the model 2 test in the coefficient
section, it can be seen that the significance value for efficiency with the TATO
indicator (X3) is 0.798. This significant value is greater than 0.05, this means that
efficiency has a positive and insignificant effect on firm value with the PBV (Y)
indicator. This means that the rise and fall of TATO will not affectridedecrease in
PBV. Usually this can happen because low asset turnover will not be able to increase
company sales which will have an impact on the profitability that will be drilled. The
low profit earned will affect the company's stock price so that the level of investor
confidence is also lower in the company's prospects so that it cannot increase the
value of the company. In addition, in making investment decisions, the TATO value is
not the only ratio seen and considered by investors. This research is in line with
Wahyu Adi Sutrisno and Yulianeu (2017) and Hamizar (2016) and Bosar
Hasibuan(2016). This research is not in line with Dwi Astutik (2017) and Noor
Faidzah Rachmawati et al (2022)
4. Effect of Profit Performance on Firm Value
Referring to Table 1.5, namely the output of the model 2 test on the coefficient
section, it can be seen that the significance value on earnings performance with the
ROA (Z) indicator of 0.000 is smaller than 0.05. This result means that earnings

Scientium Management Review Vol. 1 no. 3. 2022 349

performance has a positive effect on firm value with PBV (Y) indicators. This means
that the rise and fall of ROA will affect the rise and fall of the company's value. This
means that the higher the profit earned, the more likely it is to be able to provide a
high return and can influence investor interest so as to increase firm value. This
research is in line with Kevin Rizky Dwiputra and Silvi Reni Cusyana (2022), Sheila
Atrianingsih and M Hendri Yan Nyale (2022) and Jessica Artamevia and Yuliana
Almalita (2021) which state that ROA has a positive and significant effect on PBV.
This research disagrees with Febri Indra Farizky, Suhendro and Endang Masitoh
(2021) and Wildan Dzulhijar, Leni Nur Partiwi and Banter Laksana (2021).
a. Test Model 3
Table 1.4
Sobel test
Asset Debt Management Coefficient -0.079
Structure Profit Performance Coefficient 17,672
Against Debt Management Error Standard 0.033
Company Earnings Performance Standard 3035
Value Error
Through Sobel Test Statistics -2,214
Profit One-tailed Probability 0.013
Performance Two-tailed probability 0.026
Debt Debt Management Coefficient -0.079
Management Profit Performance Coefficient 17,672
Against Debt Management Error Standard 0.033
Corporate Earnings Performance Standard 3035
Value Error
Through Sobel Test Statistics -2,214
Profit One-tailed Probability 0.013
Performance Two-tailed probability 0.026
Efficiency Efficiency Coefficient 0.059
Against Profit Performance Coefficient 17,672
Company Efficiency Error Standard 0.014
Value Earnings Performance Standard 3035
Through Error
Profit Sobel Test Statistics 3,414
Performance One-tailed Probability 0.00
Two-tailed probability 0.00

1. Asset Structure Against Company Value Through Profit Performance

From the results of the calculation of the Sobel test of 0.833 which is smaller
than the Z-table of 1.96. In addition, the probability value is 0.202 which means it is
greater than 0.05, this means that profit performance as measured by ROA cannot
mediate the asset structure against company value as measured by PBV.It is possible
that this may occur because staff are less competent in utilizing fixed assets, so that
the use of fixed assets cannot increase returns and does not succeed in increasing
company value. it can be said that the proportion of asset structure determined by
management cannot reflect the profitability of a company, so that the high asset
structure cannot be a signal to stakeholders that the company has high profitability
and firm value as well. This research is in line with Dwi Maryati (2017) which states

350 Scientium Management Review Vol. 1 no. 3. 2022

that profitability cannot mediate the relationship between asset structure and firm
value.
2. Debt Management Against Corporate Value Through Profit Performance
From the results of the calculation of the Sobel test of -2,214 which is greater
than the z-table of 1.96. In addition, the probability value is 0.013 which means it is
less than 0.05, this means that profit performance as measured by ROA can mediate
the relationship between debt management as measured by DAR and company value
as measured by PBV. This research is in line with Ni Putu Ira Katika Dewi and
Nyoman Abundanti (2019) who state that profitability significantly mediates the
effect of leverage on firm value. Meanwhile, this research is not in line with Ayu
Ocatviany, Syamsul Hidayat and Miftahuddin (2019).
3. Efficiency Against Company Value Through Profit Performance
From the results of the calculation of the Sobel test, which is equal to 3.414
which is greater than the z-table of 1.96. In addition, the probability value is 0.00,
which means it is smaller than 0.05, this means that profit performance as measured
by ROA can mediate the relationship between efficiency as measured by TATO and
firm value as measured by PBV.This research is in line with Rahmawati Budi Utami
and Prasetiono (2016) and Muliyati and Fitra Mardiana (2021) who state that ROA
can mediate the effect between TATO and PBV. This research is not in line with Medy
Misran and Mochamad Chabachib (2017) who stated that ROA cannot mediate the
relationship between TATO and PBV.

D. CONCLUSION
Based on the results of data analysis and discussion that has been done, it
can be concluded as follows.
1. Changes in asset structure were not able to increase profit performance or asset
structure did not affect profit performance in manufacturing companies listed
on the Indonesia Stock Exchange
2. Changes in debt management can reduce profit performance, if not
accompanied by the ability to pay it or debt management has a negative and
significant effect on profit performance in manufacturing companies listed on
the Indonesia Stock Exchange.
3. Changes in efficiency will affect the rise and fall of profit performance or
efficiency has a positive and significant effect on profit performance in
manufacturing companies listed on the Indonesia Stock Exchange.
4. Changes in asset structure have no ability to increase company value or asset
structure has no effect on the value of manufacturing companies listed on the
Indonesia Stock Exchange.
5. A change in debt management will affect the ups and downs of company value
or debt management has a positive and significant effect on the value of
manufacturing companies listed on the Indonesia Stock Exchange.
6. Changes in efficiency are not able to affect the ups and downs of company value
or efficiency does not significantly affect the value of manufacturing companies
listed on the Indonesia Stock Exchange.
7. Changes in profit performance will affect the ups and downs of company values
or profit performance have a positive and significant effect on the value of
manufacturing companies listed on the Indonesia Stock Exchange.

Scientium Management Review Vol. 1 no. 3. 2022 351

 8. Profit performance is not able to mediate the relationship between asset
structure and the value of manufacturing companies listed on the Indonesia
Stock Exchange.
9. Profit performance is not able to mediate the relationship between debt
management and the value of manufacturing companies listed on the Indonesia
Stock Exchange.
10. Profit performance is not able to mediate the relationship between efficiency
and the value of manufacturing companies listed on the Indonesia Stock
Exchange.

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