This study aims to determine the effect of profitabily and liquidity on firm value
through capital structure as an intervening variable. The object of this research
uses companies registered in EDX-MES BUMN 17. The data used are secondary
data in the form of financial statements for the first quarternof this year 2021. The
sample of this research is 45 observational data determined using purposive
sampling method. The data analysis method used is multiple linear regression
analysis. The result of the analysis showed that profitability has a positive effect
on firm value, liquidity has a negative effect on firm value, while capital structure
has no effect on firm value. Profitability has a negative effect and liquidity has no
effect on capital structure. Profitability has an effect on .firm value with capital
structure as an intervening variabel, meanwhile liquidity has no effect on firm
value with capital structure as an intervening variabel.