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This research is aiming at discovering the direct and indirect effects of capital structure and sales growth on share price with profitability as the mediating variable. This research studied 26 companies listed in LQ45 index from 2016–2017. They were selected by using purposive sampling method. Fifty-two observation data were analyzed using path analysis. The hypothesis testing on the first substructure equation results in the conclusion that both capital structure and sales growth have no significant effects on profitability. On the second substructure equation, capital structure and sales growth also have no significant effects on share price. However, profitability has significant positive effects on share price. By using Sobel test, the mediating effects of profitability on the effects of capital structure and sales growth on share price could not be confirmed.

Determinants of Indonesian Share Price: Do Capital Structure, Sales Growth, and Profitability Matter?