Capital Structure, Financial Performance, Firm Size on Firm Value: the Moderating Role of the Independent Board of Commissioners

This research aims to examine the effects of capital structure, financial performance, and firm size on firm value, as well as the role of the independent board of commissioners as a moderator in this relationship. The data used comes from annual reports of companies in the mining sector listed on the Indonesia Stock Exchange (BEI) for the period 2018–2022. The method used is a quantitative approach using multiple linear regression as an analytical tool. Sampling was carried out using a purposive sampling method involving 85 companies. The research results show that capital structure has an effect on firm value, while financial performance has no effect on firm value and firm size has an effect on firm value. The independent board of commissioners moderates the relationship between capital structure and firm size on firm value but is unable to moderate the relationship between financial performance and firm value. The implications of this research are expected to make a positive contribution to investors and creditors in assessing company conditions and understanding reported profits.