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All Journal Multidisciplinary Indonesian Center Journal
Mohamad Agus Salim Monoarfa
Gorontalo State University
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EXCHANGE RATE AS A MODERATOR IN THE RELATIONSHIP BETWEEN LIQUIDITY AND LEVERAGE ON STOCK RETURNS Sohipa Asazdia Abdullah; Mohamad Agus Salim Monoarfa; Idham Masri Ishak
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 3 No. 3 (2026): Vol. 03 No. 3 Mei - Juli 2026
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v3i3.2465

Abstract

This study aims to examine the effect of the Current Ratio (CR) and Debt to Equity Ratio (DER) on stock returns, with the exchange rate as a moderating variable, in retail sub-sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. This research employed a quantitative approach using secondary data obtained from annual financial reports and stock price data. The sampling technique used purposive sampling, resulting in 25 companies with 125 observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA). The results indicate that the Current Ratio has a negative and significant effect on stock returns, meaning that excessively high liquidity tends to reduce stock returns. Debt to Equity Ratio also has a negative and significant effect on stock returns, indicating that higher leverage increases financial risk and lowers investor confidence. Simultaneously, Current Ratio and Debt to Equity Ratio significantly affect stock returns. However, the exchange rate has no effect on stock returns.  Furthermore, the exchange rate is unable to moderate the relationship between Current Ratio and stock returns, as well as between Debt to Equity Ratio and stock returns. These findings imply that internal company factors, particularly liquidity management and capital structure, are more dominant in influencing stock returns than external macroeconomic factors such as exchange rate fluctuations. Therefore, investors are advised to pay closer attention to financial fundamentals when making investment decisions in the retail sector.
LIQUIDITY, PROFITABILITY, AND CAPITAL STRUCTURE: THEIR ROLE IN SHAPING FIRM VALUE IN FOOD & BEVERAGE (2021–2023) Nur Indah Novita Dama; Hais Dama; Mohamad Agus Salim Monoarfa
Multidisciplinary Indonesian Center Journal (MICJO) Vol. 3 No. 3 (2026): Vol. 03 No. 3 Mei - Juli 2026
Publisher : PT. Jurnal Center Indonesia Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62567/micjo.v3i3.2469

Abstract

This study aims to analyze the effect of liquidity, profitability, and capital structure on firm value in Food and Beverage companies listed on the Indonesia Stock Exchange during 2021–2023. Firm value is proxied by Price to Book Value (PBV) and Tobin’s Q. Liquidity is measured using Current Ratio (CR) and Quick Ratio (QR), profitability is measured using Return on Assets (ROA) and Return on Equity (ROE), while capital structure is measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER). This research employed a quantitative approach using secondary data obtained from annual financial reports of Food and Beverage companies listed on the Indonesia Stock Exchange The sampling technique used in this study was purposive sampling, with a sample size of 38 companies. Data were analyzed using multiple linear regression with classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that CR has a positive and significant effect on PBV and Tobin’s Q. QR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. ROA has a positive and significant effect on both PBV and Tobin’s Q. ROE has a positive and significant effect on PBV, but a negative and significant effect on Tobin’s Q. DAR has a negative and significant effect on PBV, but no significant effect on Tobin’s Q. DER has no significant effect on both proxies of firm value. Simultaneously, liquidity, profitability, and capital structure significantly affect firm value. These findings indicate that firm value is determined by the combined role of financial stability, profitability, and financing decisions.
Co-Authors Hais Dama Idham Masri Ishak Nur Indah Novita Dama Sohipa Asazdia Abdullah