PENGARUH LEVERAGE, LIKUIDITAS, DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Abstract

This research aims to examine the effect of leverage, liquidity, and firm growth on the firm value. The population consists of Pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) during 2019-2023. The data collection technique used purposive sampling. In line with that, there were 9 Pharmaceutical companies as the sample. Furthermore, the data analysis technique used multiple linear regression. In addition, the result indicates that: (a) leverage has a negative effect on the firm value. It means that the excessive use of debt will increase risk and reduce the firm value due to a high interest rate and financial stress; (b) liquidity has a positive effect on the firm value. This means that investors can consider the level of liquidity of a company when making investment decisions because good liquidity reflects the company's ability to meet short-term obligations, and (c) firm growth does not affect the firm value. In other words, investors do not always respond to firm growth as the main indicator in assessing a company. This is because growth is not always followed by an increase a profitability or stable financial performance.