This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license.

The purpose of this study is to examine the direct effect of capital structure and firm size on firm value and the indirect effect through the profitability. The population in this study were companies listed on the IDX in 2017 – 2020. The sample was taken using a purposive sampling technique with a total sample of 97 companies. The analytical technique used in this research is multiple regression analysis and Sobel test. The results showed that the capital structure and firm size had a significant positive effect on profitability. The results also show that capital structure, firm size and profitability have a significant positive effect on firm value. The results of the Sobel test show that profitability can mediate the effect of capital structure and firm size on firm value. However, the coefficient of determination has a low value in both equations.

Penelitian ini bertujuan meneliti pengaruh daya tarik, kualitas layanan dan persepsi kualitas destinasi wisata terhadap motivasi berkunjung kembali melalui kepuasan pengunjung Kota Lama Semarang. Teknik pengambilan sampel menggunakan teknik purposive sampling, didapatkan jumlah sampel sebanyak 280 responden. Metode analisis data menggunakan analisis regresi berganda dan uji sobel. Hasil penelitian menunjukan bahwa daya tarik tempat wisata dan persepsi kualitas berpengaruh positif signifikan terhadap kepuasan pengunjung, namun kualitas layanan tidak berpengaruh terhadap kepuasan pengunjung. Hasil lainnya menunjukan bahwa kepuasan pengunjung berpengaruh positif signifikan terhadap motivasi berkunjung kembali, namun kepuasan pengunjung hanya menjelaskan 10,2% dari motivasi berkunjung kembali. Berdasarkan hasil penelitian dapat disimpulkan bahwa kepuasan pengunjung bukan faktor utama yang membangkitkan motivasi berkunjung kembali wisatawan ke Kawasan Kota Lama Semarang.