STUDI LITERATUR MENGENAI PERAN STRUKTUR MODAL DALAM MENINGKATKAN NILAI PERUSAHAAN

Abstract

This study aims to examine the role of capital structure in enhancing firm value through a literature review of various national and international research findings from 2013 to 2023. Capital structure refers to the composition of debt and equity used by companies to finance their operations. Firm value reflects investors' perceptions of a company's performance and future prospects. This study discusses key financial theories, including Modigliani-Miller, Trade-Off Theory, Pecking Order Theory, and Agency Theory, to explain the relationship between capital structure and firm value. The review reveals that most studies found a significant influence of capital structure on firm value, although some results show inconsistencies due to factors such as industry type, market conditions, and managerial policies. These findings highlight the importance of optimal capital structure management to sustainably increase firm value.