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All Journal Multidisciplinary Indonesian Center Journal
Idham Masri Ishak
Gorontalo State University
Religion Humanities Earth & Planetary Sciences Education Other

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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.
THE EFFECT OF CAPITAL STRUCTURE ON FIRM VALUE WITH PROFITABILITY AS A MODERATING VARIABLE (Case Study of Consumer Non-Cyclical Sector Companies Listed on the Indonesia Stock Exchange for the 2021–2024 Period) Fauzia Naningsi Ibrahim; Hais Dama; 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.v3i3.2468

Abstract

This study aims to analyze the effect of capital structure on firm value with profitability as a moderating variable in consumer non-cyclical sector companies listed on the Indonesia Stock Exchange during 2021–2024. Capital structure was measured using Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER), firm value was proxied by Price to Book Value (PBV), while profitability was measured using Return on Assets (ROA). This research applied a quantitative approach using secondary data obtained from annual financial reports. The sample consisted of 154 observations selected through purposive sampling. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS software. The results show that DAR has a positive and significant effect on firm value, while DER has a negative but insignificant effect on firm value. Simultaneously, DAR and DER significantly affect firm value. Furthermore, profitability (ROA) is proven to strengthen the relationship between DAR and firm value as well as between DER and firm value. These findings indicate that an optimal capital structure supported by strong profitability can increase firm value. Therefore, companies should maintain a balanced financing composition and improve profitability to enhance market valuation.
QUICK RATIO, DEBT TO ASSET RATIO, AND RETURN ON ASSETS DETERMINING FACTORS ON: FIRM VALUE (PBV) Mohamad Yudiansyah Pratama; Hais Dama; 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.v3i3.2470

Abstract

This study aims to analyze the effect of Quick Ratio (QR), Debt to Asset Ratio (DAR), and Return on Assets (ROA) on firm value as measured by Price to Book Value (PBV) in consumer non-cyclical sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The consumer non-cyclical sector was selected because it consists of companies producing essential goods with relatively stable demand, making it an important sector in the national economy. This research employed a quantitative approach using secondary data obtained from the annual financial statements of companies listed on the Indonesia Stock Exchange. The sampling technique used purposive sampling, resulting in 196 observations. Data analysis was conducted using multiple linear regression analysis with SPSS software, preceded by classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests. The results show that partially, Quick Ratio has no significant effect on firm value, indicating that short-term liquidity is not the main consideration for investors in assessing company value. Debt to Asset Ratio also has no significant effect on firm value, meaning that the level of debt dependence does not directly determine market valuation. Meanwhile, Return on Assets has a positive and significant effect on firm value, indicating that profitability is the main factor influencing investor confidence and market value. Simultaneously, Quick Ratio, Debt to Asset Ratio, and Return on Assets have a significant effect on firm value. The coefficient of determination (R²) value of 0.510 indicates that 51.0% of firm value variation can be explained by the three independent variables, while the remaining 49.0% is explained by other factors outside this study.
Co-Authors Fauzia Naningsi Ibrahim Hais Dama Mohamad Agus Salim Monoarfa Mohamad Yudiansyah Pratama Sohipa Asazdia Abdullah