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All Journal Jurnal Paradigma Akuntansi
Mikael Alvin Widarma
Accounting and Business Study Programme, Faculty of Economics and Business, Universitas Tarumanagara
Economics, Econometrics & Finance Social Sciences

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ANALISIS PENENTU NILAI PERUSAHAAN DI SEKTOR CONSUMER NON-CYLICALS PERIODE 2022-2024 Mikael Alvin Widarma; Rini Tri Hastuti
Jurnal Paradigma Akuntansi Vol. 8 No. 2 (2026): April 2026
Publisher : Fakultas Ekonomi, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/jpa.v8i2.37482

Abstract

This study examines the effect of profitability and liquidity on firm value, with dividend policy as a moderating variable, in consumer non-cyclical companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The consumer noncyclical sector was selected due to its defensive nature and relatively stable demand; however, prior studies report inconsistent findings regarding the effects of profitability, liquidity, and dividend policy on firm value, creating a research gap. The sample consists of 38 firms selected using purposive sampling, and the data were analyzed using Microsoft Excel 2019 and E-Views version 13. The results indicate that profitability has a positive and significant effect on firm value, while liquidity has no significant effect. Furthermore, dividend policy does not moderate the relationship between profitability and firm value, nor between liquidity and firm value. These findings suggest that, within the consumer non-cyclical sector, firm value is more strongly influenced by thecompany’s ability to generate profits than by liquidity conditions or dividend policy.
Co-Authors Rini Tri Hastuti