Pengaruh Struktur Modal, Likuiditas, dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Non-Perbankan LQ45

Dymas Kharafi Sugara; Willy Sri Yuliandhari

doi:10.61132/anggaran.v4i3.2563

Authors

Dymas Kharafi Sugara Universitas Telkom
Willy Sri Yuliandhari Universitas Telkom

DOI:

https://doi.org/10.61132/anggaran.v4i3.2563

Keywords:

Capital Structure, Firm Value, Liquidity, LQ45, Profitability

Abstract

Firm value served as a primary reflection of overall corporate performance and market perception, which was heavily influenced by underlying financial decisions. In modern capital markets, maintaining an optimal balance between financing risks and asset efficiency remained a critical challenge for large-scale enterprises listed on benchmark indices like the LQ45. This study aimed to examine the empirical effect of capital structure, liquidity, and profitability on firm value among non-banking companies consistently listed on the LQ45 Index during the 2020–2024 period. Employing a quantitative associative approach with purposive sampling, a final dataset of 17 companies yielding 85 balanced panel observations was analyzed using panel data regression, preceded by model selection procedures through the Chow and Hausman tests which established the Fixed Effect Model (FEM) as the optimal specification. The empirical results demonstrated that while capital structure (DER) and liquidity (CR) exhibited a negative yet statistically insignificant effect, profitability (ROE) showed a positive but statistically insignificant effect on firm value (PBV). Nevertheless, all independent variables simultaneously exerted a significant joint influence on firm value. These findings aligned with the Efficient Market Theory (semi-strong form), indicating that public fundamental indicators had been priced-in by market participants. This research contributed valuable insights to corporate finance literature by highlighting that financial ratios were evaluated holistically by investors rather than in isolation, suggesting that corporate management needed to focus on comprehensive long-term value creation strategies, while future studies were encouraged to incorporate broader external or macroeconomic indicators.

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