The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia |
JIHADI, M.
(Faculty of Economics and Business, Universitas Muhammadiyah Malang)
VILANTIKA, Elok (Postgraduate Programs, Universitas Muhammadiyah Malang) HASHEMI, Sayed Momin (Postgraduate Programs, Universitas Muhammadiyah Malang) ARIFIN, Zainal (Faculty of Economics and Business, STIE Indonesia Banjarmasin) BACHTIAR, Yanuar (STIE Indonesia Banjarmasin) SHOLICHAH, Fatmawati (Faculty of Economics and Business, STIKES Bhakti Al-Qodiri) |
1 | Hafez, H. M. (2016). Corporate social responsibility and firm value: An empirical study of an emerging economy. Journal of Governance and Regulation, 5(4), 40-53. https://doi.org/10.22495/jgr_v5_i4_p3 DOI |
2 | Harningsih, S., Agustin, H., & Setiawan, M. A. (2019). The effect of financial performance on firm value with CSR disclosure and dividend policy as moderation variables. Ranah Research: Journal of Multidisciplinary Research and Development, 1(2),199-209. https://jurnal.ranahresearch.com/index.php/R2J/article/view/41 |
3 | Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174-191. https://pdfs.semanticscholar.org DOI |
4 | Husna, A., & Satria, I. (2019). Effects of return on asset, debt to asset ratio, current ratio, firm size, and dividend payout ratio on firm value. International Journal of Economics and Financial Issues, 9(5), 50. https://doi.org/10.32479/ijefi.8595 DOI |
5 | Ibrahim, U. A., & Isiaka, A. (2020). Effect of financial leverage on firm value: Evidence from selected firms quoted on the Nigerian stock exchange. European Journal of Business and Management, 12(3), 3-16. https://doi.org/10.7176/EJBM/12-3-16 DOI |
6 | Ifada, L. M., Faisal, F., Ghozali, I., & Udin, U. (2019). Company attributes and firm value. Evidence from companies listed on Jakarta Islamic index. Revista Espacios, 40(37), 11. https://www.revistaespacios.com/a19v40n37/19403711.html |
7 | Itsnaini, H. M., & Subardjo, A. (2017). The effect of profitability and solvency on firm value is moderated by corporate social responsibility. Journal of Accounting Science and Research (JIRA), 6(6), 41-63. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/490 |
8 | Kasmir. (2016). Financial statement analysis. Jakarta, Indonesia: PT. Raja Grafindo Persada. |
9 | Widagdo, B., M. Jihadi, Y. B., Oky, E. S., & Sanju, K. S. (2020). Financial ratio, macroeconomy, and investment risk on Sharia stock return. Journal of Asian Finance, Economics, and Business, 7(12), 919-926. https://doi.org/10.13106/jafeb.2020.vol7.no12.919 DOI |
10 | Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinants of profitability and firm value: Evidence from Indonesian banks. IRA-International Journal of Management & Social Sciences, 7(1), 84-95. https://doi.org/10.21013/jmss.v7.n1.p10 DOI |
11 | Winarso, E., & Christina, M. V. C. (2019). The influence of profitability to the company value with corporate social responsibility as a variable moderation. Journal of International Conference Proceedings, 2(1), 4-16. https://doi.org/10.32535/jicp.v2i1.420 |
12 | Wulandari, N. M. I., & Wiksuana, I. G. B. (2017). The role of corporate social responsibility in moderating the influence of profitability, leverage, and company size on firm value. Management E-Journal of Udayana University, 6(3), 1278-1311. |
13 | Muamar, Y. (2019). Sadistic! 5 LQ 45 shares give more than 50% Cuan. CNBC Indonesia. https://www.cnbcindonesia.com/market/20191217111346-17-123666/sadis-5-saham-lq-45-beri-cuanlebih-dari-50 |
14 | Kim, W. S., Park, K., & Lee, S. H. (2018). Corporate social responsibility, ownership structure, and firm value: Evidence from Korea. Sustainability, 10(7), 2497. https://doi.org/10.3390/su10072497 DOI |
15 | Kristi, N. M., & Yanto, H. (2020). The Effect of Financial and NonFinancial Factors on Firm Value. Accounting Analysis Journal, 9(2), 131-137. https://doi.org/10.15294/aaj.v9i2.37518 DOI |
16 | Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. Journal of Asian Finance, Economics, and Business, 7(12), 223-231. https://doi.org/10.13106/jafeb.2020.vol7.no12.223 DOI |
17 | Luthfiah, A. A., & Suherman, S. (2018). The effects of financial performance toward firm value with ownership structure as moderating variable: The study on manufacturing companies listed in Indonesia stock exchange in the period of 2012-2016). Journal of Business and Behavioural Entrepreneurship, 2(1), 18-27. https://doi.org/10.21009/JOBBE.002.1.03 DOI |
18 | Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297. https://www.jstor.org/stable/1809766 |
19 | Nguyen, T., Duong, H. N., & Singh, H. (2016). Stock market liquidity and firm value: An empirical examination of the Australian market. International Review of Finance, 16(4), 639-646. https://doi.org/10.1111/irfi.12082 DOI |
20 | Nurlaela, S., Mursito, B., Kustiyah, E., Istiqomah, I., & Hartono, S. (2019). Asset turnover, capital structure, and financial performance consumption industry company in Indonesia Stock Exchange. International Journal of Economics and Financial Issues, 9(3), 297 -301. https://doi.org/10.32479/ijefi.8185. DOI |
21 | Putra, A. A. N. D. A., & Lestari, P. V. (2016). The effect of dividend policy, liquidity, profitability, and company size on firm value. Management E-Journal of Udayana University, 5(7), 4044-4070. https://media.neliti.com/media/publications/253133-pengaruhkebijakan-dividen-likuiditas-pr-3fa88dfa.pdf |
22 | Nyeadi, J. D., Ibrahim, M., & Sare, Y. A. (2018). Corporate social responsibility and financial performance nexus. Journal of Global Responsibility, 9(4), 2041-2068. https://doi.org/10.1108/JGR-01-2018-0004. DOI |
23 | Paramitha, P. D. P. (2020). The role of profitability in mediating the effect of capital structure and liquidity on firm value in food and beverage sub-sector in Indonesian stock exchange. Journal of Economics & Business, 7(2), 80-91. |
24 | Putra, A. A. N. D. A., & Astika, B. (2019). The effect of corporate social responsibility disclosure on company value with liquidity as a moderation variable. E-Journal of Accounting, 26(1), 30-57. |
25 | Rafid, A., Pohan, A., & Noor, I. (2017). The effect of financial performance on firm value with disclosure of corporate social responsibility as a moderating variable. Accounting Journal of Trisakti, 4(2), 245-258. doi: http://dx.doi.org/10.25105/jat.v4i2.4838 DOI |
26 | Rizki, Z. W., Mochammad, D., & Mangesti, R. S. (2018). The effects of profitability, liquidity on capital structure and firm value: A study of property and real estate companies listed on Indonesia stock exchange in 2013-2015. Eurasia: Economics & Business, 2(8). https://doi.org/10.18551/econeurasia.2018-02 DOI |
27 | Rudangga, I. G. N. G., & Sudiarta, G. M. (2016). The influence of company size, leverage, and profitability on firm value. Management E-Journal of Udayana University, 5(7), 18-27. https://ojs.unud.ac.id/index.php/Manajemen/article/view/21920 |
28 | Batten, J., & Vo, X. V. (2019). Liquidity and firm value in an emerging market. The Singapore Economic Review, 64(2), 365-376. https://doi.org/10.1142/S0217590817470063 DOI |
29 | Adenugba, A. A., Ige, A. A., & Kesinro, O. R. (2016). Financial leverage and firms' value: A study of selected firms in Nigeria. European Journal of Research and Reflection in Management Sciences, 4(1), 14-32. dpublications.org/wp-content/uploads/2016/01 |
30 | Al-Slehat, Z. A. F. (2020). Impact of financial leverage, size and assets structure on firm value: evidence from the industrial sector, Jordan. International Business Research, 13(1), 109-120. https://doi.org/10.5539/ibr.v13n1p109 DOI |
31 | Brigham, E. F., & Houston, J. F. (2010). Fundamentals of financial management (11th ed.). Mason, OH: Cengage Learning. |
32 | Dewi, N. M. L., & Suputra, I. D. G. D. (2019). The effect of profitability and leverage on company value with corporate social responsibility as a moderating variable. E-Journal of Accounting, 28, 26-54. https://doi.org/10.24843/EJA.2019.v28.i01.p02. DOI |
33 | El-Dalabeeh, A. (2013). The role of financial analysis ratio in evaluating performance: A case study of the national chlorine industry. Interdisciplinary Journal of Contemporary Research In Business, 13-28. https://journal-archieves33.webs.com/13-28.pdf |
34 | Siregar, I. F., Roekhudin, R., & Purwanti, L. (2018). Firm value predictor and the role of corporate social responsibility. Journal of Finance and Banking, 22(3), 475-485. https://doi.org/10.26905/jkdp.v22i3.1804 DOI |
35 | Fajaria, A. Z., & Isnalita, N. (2018). The effect of profitability, liquidity, leverage, and firm growth of firm value with its dividend policy as a moderating variable. International Journal of Managerial Studies and Research, 6(10), 55-69. http://repository.unair.ac.id/76444/ |
36 | Fatihudin, D., Jusni, & Mochklas, M. (2018). How to measure financial performance. International Journal of Civil Engineering and Technology (IJCIET), 6(9), 553-557. http://www.iaeme.com/MasterAdmin/UploadFolder/IJCIET_09_06_063/IJCIET_09_06_063.pdf |
37 | Santosa, P. W. (2020). The moderating role of firm size on financial characteristics and Islamic firm value at the Indonesian equity market. Business: Theory and Practice, 21(1), 391-401. https://doi.org/10.3846/btp.2020.12197 DOI |
38 | Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and liquidity on firm value and capital structure as an intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116-127. https://doi.org/10.21744/irjmis.v7n1.828 DOI |
39 | Setiadharma, S., & Machali, M. (2017). The effect of asset structure and firm size on firm value with capital structure as an intervening variable. Journal of Business & Financial Affairs, 6(4), 1-5. https://doi/org/10.4172/2167-0234.1000298 DOI |
40 | Sondakh, R. (2019). The effect of dividend policy, liquidity, profitability, and firm size on firm value in financial service sector industries listed on the Indonesia stock exchange 2015-2018 period. Accountability, 8(2), 91-101. https://doi.org/10.32400/ja.24760.8.2.2019.91-101 DOI |
41 | Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants of firm value and profitability: Evidence from Indonesia. The Journal of Asian Finance, Economics, and Business (JAFEB), 7(11), 769-778. https://doi.org/10.13106/jafeb.2020.vol7.no11.769 DOI |
42 | Syamsuddin, L. (2009). Corporate financial management: Application concepts in planning, supervision, and decision making. Jakarta, Indonesia: Garfindo Persada. |
43 | Tan, A., Benni, D., & Liani, W. (2016). Determinants of corporate social responsibility disclosure and investor reaction. International Journal of Economics and Financial Issues, 6(4S), 11-17. https://www.econjournals.com/index.php/ijefi/article/view/2683 |
![]() |