COMPARATIVE ANALYSIS OF CAPITAL STRUCTURE AND REVENUE GROWTH IN DETERMINING COMPANY VALUE: A STUDY ON BUKALAPAK AFTER IPO

Abstract

This study aims to analyze the effect of capital structure comparison and revenue growth on firm value at PT Bukalapak Tbk during the 2019–2023 period. The research method used is comparative descriptive with a quantitative approach, using
secondary data obtained from annual reports and official publications of the Indonesia Stock Exchange. The variables analyzed include the Debt to Equity Ratio (DER), revenue growth rate, and Tobin's Q ratio as indicators of firm value. The results show that the DER ratio experienced a significant decrease from 0.77 in 2019 to 0.03 in 2023, indicating a shift towards a more conservative and equity-based funding structure after the Initial Public Offering (IPO). Meanwhile, revenue growth increased sharply, reaching approximately 93% in 2022, demonstrating the success of the company's digital expansion strategy. However, the decline in Tobin's Q from 1.93 in 2021 to 0.91 in 2023 reflects that market perception of the company's profitability remains cautious
despite the revenue increase. This study concludes that high revenue growth does not necessarily guarantee increased company value if it is not accompanied by stable profitability and operational efficiency. These findings emphasize the importance of financial stability and effective management strategies to strengthen investor confidence and increase company value in the long term