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All Journal Indonesian Journal of Taxation and Accounting Jurnal Literasi Indonesia
Rizal Indra Tjahya
Universitas Muhammadiyah Bekasi Karawang, Indonesia
Economics, Econometrics & Finance Education Social Sciences

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Pengaruh Likuiditas dan Profitabilitas Terhadap Nilai Perusahaan Rizal Indra Tjahya; Amanda Tazkiatussalamah
⁠⁠Jurnal Literasi Indonesia Vol. 3 No. 1 (2026): Jurnal Literasi Indonesia
Publisher : Sekolah Tinggi Agama Islam Kuningan

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Abstract

Penelitian ini dirancang untuk mengkaji keterkaitan antara likuiditas dan profitabilitas terhadap nilai perusahaan pada entitas yang bergerak di sektor properti dan real estate yang tercatat di Bursa Efek Indonesia sepanjang periode 2021–2023. Dalam kerangka penelitian ini, likuiditas direpresentasikan melalui Current Ratio (CR), sementara profitabilitas diukur menggunakan Return on Assets (ROA). Adapun nilai perusahaan diproksikan dengan Tobin’s Q sebagai indikator penilaian pasar terhadap kinerja perusahaan. Pendekatan penelitian yang digunakan adalah kuantitatif dengan memanfaatkan data sekunder berupa laporan keuangan tahunan perusahaan. Penentuan sampel dilakukan melalui metode purposive sampling berdasarkan kriteria tertentu yang telah ditetapkan, sehingga diperoleh sebanyak 21 perusahaan yang dinilai layak untuk dianalisis. Seluruh data kemudian diolah menggunakan teknik regresi data panel dengan bantuan perangkat lunak statistik EViews 13. Proses pemilihan model estimasi dilakukan secara bertahap melalui uji Chow, uji Hausman, dan uji Lagrange Multiplier. Hasil dari rangkaian pengujian tersebut menunjukkan bahwa Random Effect Model merupakan model yang paling sesuai dengan karakteristik data penelitian. Temuan empiris memperlihatkan bahwa secara parsial likuiditas tidak menunjukkan pengaruh yang signifikan terhadap nilai perusahaan, sedangkan profitabilitas terbukti memiliki pengaruh signifikan. Sementara itu, pengujian simultan mengindikasikan bahwa likuiditas dan profitabilitas secara bersama-sama berpengaruh terhadap nilai perusahaan, meskipun kemampuan model dalam menjelaskan variasi nilai perusahaan masih tergolong terbatas. Secara keseluruhan, hasil penelitian ini mengonfirmasi bahwa selama periode pengamatan, faktor profitabilitas memiliki peranan yang lebih dominan dalam pembentukan nilai perusahaan dibandingkan likuiditas pada sektor properti dan real estate.
Audit Committee Financial Expertise, Disclosure-Evidenced Corporate Digitalization, and Disclosure-Evidenced ESG Profile: Transparency and Firm Value Atika Rahmi; Riska Franita; Rizal Indra Tjahya
Indonesian Journal of Taxation and Accounting Vol 4, No 3 (2026): September 2026
Publisher : Academic Bright Collaboration

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.66053/ijota.v4i3.1214

Abstract

Purpose – This study investigates whether audit committee financial expertise (ACFE), disclosure-evidenced corporate digitalization (DIG), and a disclosure-evidenced environmental, social, and governance (ESG) profile (ESGP) are associated with firm value (FV), directly and statistically through accounting transparency (AT). ESGP represents evidence in corporate reports rather than independently verified sustainability performance. Methods – An unbalanced panel of 306 Indonesian listed non-financial firms, comprising 1,782 firm-year observations from 2018–2024, was analyzed using firm and year fixed effects and company-clustered standard errors. Three indirect associations were assessed with 5,000 bootstrap resamples clustered by company. Findings – ACFE, DIG, and ESGP were positively associated with AT (β = 0.073, 0.215, and 0.128, respectively). AT was positively associated with FV (β = 0.184). The estimated indirect associations through AT were 0.013 for ACFE (95% confidence interval [CI]: [0.004, 0.026]), 0.040 for DIG (95% CI [0.021, 0.065]), and 0.024 for ESGP (95% CI [0.010, 0.044]). Positive conditional direct associations remained after AT entered the valuation model. Research implications – The findings suggest that the specificity and interpretability of financial information merit attention when firms report governance, digital, and ESG-related activities. Their practical relevance is limited by the shared corporate-report source of DIG, ESGP, and AT. Originality – The integrated model distinguishes the coded content of ESGP from AT and examines three parallel statistical transmission paths in Indonesian firms. The observational, contemporaneous design does not establish causal mediation, investor responses, or underlying sustainability outcomes.
Co-Authors Amanda Tazkiatussalamah Atika Rahmi Riska Franita