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All Journal International Journal of Business, Economics, and Social Development Indonesian Journal Economic Review (IJER)
Krisdiana
Universitas Swadaya Gunung Jati
Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences

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The Effect of Solvency and Profitability on Firm Value with Dividend Policy as a Moderating Variable in the Infrastructure Sector for the Period 2020–2024 Ismi Indrian; Krisdiana
Indonesian Journal Economic Review (IJER) Vol. 6 No. 2 (2026): June
Publisher : Divisi Riset, Lembaga Mitra Solusi Teknologi Informasi (L-MSTI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59431/ijer.v6i2.797

Abstract

This study aims to analyze the impact of solvency and profitability on firm value, with dividend policy as a moderating variable, among infrastructure sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. Solvency is measured using the Debt to Equity Ratio (DER), profitability using Return on Equity (ROE), firm value using Price to Book Value (PBV), and dividend policy using the Dividend Payout Ratio (DPR). This study employs a quantitative approach using the Moderated Regression Analysis (MRA) method. The research data was sourced from the companies’ annual financial reports, and 18 companies were selected through purposive sampling, resulting in 90 observations. The results indicate that, partially, the DER does not have a significant effect on PBV with a coefficient of -0.002 and a significance level of 0.550 > 0.05. ROE also does not have a significant effect on PBV with a coefficient of 0.254 and a significance level of 0.548 > 0.05. Meanwhile, DPR has a negative and significant effect on PBV with a coefficient of -0.676 and a significance level of 0.008 < 0.05. The interaction results indicate that DER×DPR has a significant positive effect on PBV with a significance level of 0.002 < 0.05, and ROE×DPR also has a significant positive effect on PBV with a significance level of 0.000 < 0.05. These findings suggest that dividend policy moderates the effects of solvency and profitability on firm value in the infrastructure sector.
The Effect of Leverage on Financial Distress: Liquidity as a Moderating Variable in Transportation and Logistics Companies 2020–2024 Regita Purwaningsih; Krisdiana
International Journal of Business, Economics, and Social Development Vol. 7 No. 3 (2026): International Journal of Business, Economics, and Social Development (IJBESD)
Publisher : Rescollacom (Research Collaborations Community)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijbesd.v7i3.1236

Abstract

This research seeks to examine how leverage influences financial distress while considering liquidity as an interaction variable among transportation and logistics firms listed on the Indonesia Stock Exchange during 2020–2024. The background of this research is the high capital intensity and debt dependency within the sector, which can heighten the probability of financial distress, especially when liquidity management is not carried out effectively. Companies in the transportation and logistics sector generally require substantial capital to support operational activities, infrastructure development, and fleet procurement, which often leads to a high reliance on external financing sources such as debt. When the proportion of debt becomes excessive and is not balanced with adequate liquidity, companies may experience difficulties in meeting their short-term and long-term obligations, increasing the risk of financial distress. This study uses a quantitative research approach with purposive sampling criteria, resulting in 11 companies and 39 annual financial statement observations during the research period. The data were analyzed using multiple regression analysis and moderated regression analysis (MRA) with the assistance of SPSS software to examine the interaction effect of liquidity in the relationship between leverage and financial distress. The findings indicate that leverage has a positive influence on financial distress, implying that higher levels of debt increase the likelihood of companies experiencing financial difficulties. Liquidity also shows a positive relationship with financial distress and strengthens the relationship between leverage and financial distress as a moderating variable. These findings provide practical implications for managers and investors in determining optimal capital structures and improving liquidity management to reduce financial risk and maintain company stability.
The Effect of Profitability, Liquidity, And Solvency on Firm Value With Firm Size As A Moderating Variable Salsabilla Azzahra Hanafi; Krisdiana
Indonesian Journal Economic Review (IJER) Vol. 6 No. 2 (2026): June
Publisher : Divisi Riset, Lembaga Mitra Solusi Teknologi Informasi (L-MSTI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59431/ijer.v6i2.855

Abstract

This study aims to analyze the effects of profitability, liquidity, and solvency on firm value and to examine the role of firm size as a moderating variable among energy sector companies listed on the Indonesia Stock Exchange (IDX). The study population consists of 29 energy sector companies with a total of 87 observations over the 2022–2024 observation period. The analytical methods used are panel data regression and Moderated Regression Analysis (MRA) to test the relationships among variables and the moderating effects. The results indicate that profitability (ROE) has a positive and significant effect on firm value (PBV), while liquidity (CR) and solvency (DER) do not have a significant effect. The moderation test proves that firm size is only able to moderate the effect of profitability on firm value, but does not moderate the effects of liquidity or solvency. The conclusion of this study confirms that profitability is the main factor considered by investors in evaluating energy sector firms, while liquidity and solvency are not yet significant considerations without being supported by good profit performance.
Co-Authors Ismi Indrian Regita Purwaningsih Salsabilla Azzahra Hanafi