This study aims to examine whether profitability, firm size, institutional ownership, growth affect the capital structure and whether profitability, firm size, institutional ownership, growth affect the value of the company through the capital structure. The sample used in this research is the tourism industry sector companies listed in Indonesia Stock Exchange 2007-2014 period, which has complete financial report and published in Indonesian Capital Market Directory (ICMD) as many as 19 companies. The data collected were analyzed using Path Analysis. Path analysis obtained that Return on Equity (ROE), Institutional Ownership (KIS), Growth Assets (GA) and Debt Asset Ratio (DAR) is the direction or positive with Value of the Firm (PRICE) where every increase ROE, KIS and GA followed by a rise in PRICE. On the other hand Firm Size (SIZE) has a negative relation to PRICE where every increase of SIZE is followed by decrease of PRICE.