PENGARUH PROFITABILITAS, LEVERAGE DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN

Abstract

This research observed to test and analyze the effect of financial performance i.e., profitability measured by Return On Asset (ROA), leverage measured with Debt to Equity Ratio (DER) and liquidity measured by the Current Ratio (CR) on the firm value with the Price to Book Value (PBV). This research used a quantitative approach. Meanwhile, the research sample used census technique or total sampling with six samples from 6 populations of cement companies listed on the Indonesia Stock Exchange (IDX) during the 2016-2020 periods. Moreover, the analysis method used multiple linear regression analysis with SPSS program 26. The result of SPSS output showed that the variable of this research had fulfilled the assumption test and the regressions model was feasible to use. The research result showed that: 1) Profitability had negatively affected the firm value. It explained that the number of assets of a company did not give a profit, 2). Leverage did not affect the firm value. It explained that the fluctuation of leverage was not an indicator to affect the investors who saw the management perspective in managing its fund, 3). Liquidity had a positive effect on the firm value. It explained that a higher liquid gave a positive response on the market so that it was an opportunity for the investors.
Keywords: profitability, leverage, liquidity, firm value