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All Journal Jurnal Ekonomika Dan Bisnis Jurnal Ekonomika Manajemen Dan Bisnis
Dewi Sutjahyani
Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas 17 Agustus 1945 Surabaya
Economics, Econometrics & Finance Education

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Pengaruh Likuiditas Dan Leverage Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Sub Sektor Farmasi Di Bursa Efek Indonesia Febrika Nurfianti; Dewi Sutjahyani
Jurnal Ekonomi Manajemen dan Bisnis (JEMB) Vol. 5 No. 1 (2026): Januari - Juni
Publisher : CV. ITTC INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47233/jemb.v5i1.4231

Abstract

This study examines pharmaceutical companies—business entities engaged in the research, development, production, and distribution of medicines, vaccines, supplements, and other healthcare products—listed on the Indonesia Stock Exchange during the 2021–2024 period. The study aims to analyze the effect of liquidity and leverage on firm value, with profitability serving as an intervening variable. The analysis using the PLS-SEM method indicates that: (1) liquidity has no significant effect on profitability; (2) leverage has a negative and significant effect on profitability; (3) liquidity has no significant effect on firm value; (4) leverage has no significant direct effect on firm value; (5) profitability has no significant effect on firm value; and (6) profitability does not mediate the relationship between liquidity and leverage and firm value. These findings indicate that in the context of the Indonesian pharmaceutical industry, investor valuation is not based solely on historical profit performance or short-term liquidity conditions. Investors tend to place greater emphasis on long-term strategic factors unique to the pharmaceutical sector, such as research and development (R&D) pipelines, product portfolio strength, market expansion strategies, and resilience to regulatory environments. The implications suggest that pharmaceutical company management should be more cautious in taking on debt due to its negative impact on profitability and should more actively communicate long-term strategies and non-financial value drivers to the market.
Pengaruh Likuiditas Dan Profitabilitas Terhadap Return Saham Pada Perusahaan Subsektor Migas Uci Oktavia; Dewi Sutjahyani
Jurnal Ekonomika Dan Bisnis (JEBS) Vol. 6 No. 1 (2026): Januari - Februari
Publisher : CV. ITTC INDONESIA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47233/jebs.v6i1.4285

Abstract

This study aims to examine the effect of liquidity and profitability on stock returns of oil and gas subsector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Stock return is a crucial indicator for investors in evaluating investment performance, particularly in the oil and gas subsector, which is characterized by high volatility due to fluctuations in global energy prices, macroeconomic conditions, and geopolitical dynamics. Liquidity in this study is proxied by the Current Ratio (CR) and Quick Ratio (QR), while profitability is measured using Return on Assets (ROA) and Return on Equity (ROE). This research adopts a quantitative approach using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method and is analyzed with SmartPLS software. The research sample consists of 10 oil and gas subsector companies selected through purposive sampling based on consistent listing status and the availability of complete financial reports throughout the observation period. The analysis results indicate that liquidity has a negative and significant effect on stock returns, suggesting that excessively high liquidity may reflect inefficient utilization of current assets in generating shareholder value. Meanwhile, profitability shows a positive but insignificant effect on stock returns, indicating that higher profitability does not necessarily lead to higher stock returns. Simultaneously, liquidity and profitability explain 45.1% of the variation in stock returns, while the remaining proportion is influenced by other factors outside the research model. These findings imply that stock returns in the oil and gas subsector are not solely determined by internal financial performance but are also strongly affected by external factors such as global oil price movements, macroeconomic conditions, and market sentiment. This study is expected to contribute empirical evidence to financial literature and provide practical insights for investors in making informed investment decisions.
Co-Authors Febrika Nurfianti Uci Oktavia