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All Journal Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management Dinasti Accounting Review
Sufiyati Sufiyati
Universitas Tarumanagara, Jakarta, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Faktor-faktor yang Mempengaruhi Nilai Perusahaan Khoirunnisaa’ Nadia Azzahra; Sufiyati Sufiyati
Dinasti Accounting Review Vol. 4 No. 1 (2026): Dinasti Accounting Review (July - August 2026)
Publisher : Dinasti Research & Yayasan Dharma Indonesia Tercinta (DINASTI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dar.v4i1.3516

Abstract

Nilai perusahaan merupakan indikator penting yang mencerminkan persepsi investor terhadap kinerja dan prospek perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh risiko keuangan, profitabilitas, dan kebijakan dividen terhadap nilai perusahaan pada perusahaan sektor konsumsi primer yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder yang diperoleh dari laporan keuangan tahunan perusahaan. Sampel dipilih menggunakan metode purposive sampling dan menghasilkan 138 observasi. Analisis data dilakukan menggunakan regresi data panel dengan bantuan aplikasi EViews 12. Berdasarkan hasil uji Chow dan uji Hausman, model terbaik yang digunakan adalah Fixed Effect Model (FEM). Hasil penelitian menunjukkan bahwa risiko keuangan yang diproksikan dengan Debt to Equity Ratio (DER) berpengaruh positif dan signifikan terhadap nilai perusahaan. Profitabilitas yang diproksikan dengan Return on Assets (ROA) juga berpengaruh positif dan signifikan terhadap nilai perusahaan. Sementara itu, kebijakan dividen yang diproksikan dengan Dividend Payout Ratio(DPR) tidak berpengaruh signifikan terhadap nilai perusahaan. Temuan ini menunjukkan bahwa investor lebih mempertimbangkan kemampuan perusahaan dalam mengelola pendanaan dan menghasilkan laba dibandingkan kebijakan pembagian dividen dalam menilai perusahaan
Profitability, Leverage, Activity, And Liquidity as Determinants of Financial Distress in Property and Real Estate Companies Listed on the IDX Vallesca Irene Thejatirta; Sufiyati Sufiyati
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.706

Abstract

The continuity of a company’s operations depends on maintaining a stable financial condition. One of the critical risks that may disrupt business sustainability is financial distress, a situation in which a company experiences severe financial pressure that may lead to bankruptcy. The potential occurrence of financial distress can be identified through financial statements, where financial ratios are used to evaluate the company’s ability to generate profits, meet obligations, and manage its assets and liabilities. This study aims to examine the effect of profitability, leverage, activity, and liquidity on financial distress in property and real estate companies listed on the Indonesian Stock Exchange (IDX) during the 2021-2024 period. Financial distress is measured using the Altman Z-Score model. The sample was selected using a purposive sampling method based on predetermined criteria, resulting in 170 financial statement observations. Data processing and analysis were performed using multiple linear regression through SPSS software. The results show that profitability and liquidity have significant effects in reducing financial distress, while leverage has a significant positive effect on financial distress. Meanwhile, activity does not have a significant effect on financial distress. These findings highlight that managing profitability and liquidity is crucial for minimizing financial distress risk, whereas excessive debt levels may worsen a company’s financial condition.
Profitability, Leverage, Activity, And Liquidity as Determinants of Financial Distress in Property and Real Estate Companies Listed on the IDX Vallesca Irene Thejatirta; Sufiyati Sufiyati
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.706

Abstract

The continuity of a company’s operations depends on maintaining a stable financial condition. One of the critical risks that may disrupt business sustainability is financial distress, a situation in which a company experiences severe financial pressure that may lead to bankruptcy. The potential occurrence of financial distress can be identified through financial statements, where financial ratios are used to evaluate the company’s ability to generate profits, meet obligations, and manage its assets and liabilities. This study aims to examine the effect of profitability, leverage, activity, and liquidity on financial distress in property and real estate companies listed on the Indonesian Stock Exchange (IDX) during the 2021-2024 period. Financial distress is measured using the Altman Z-Score model. The sample was selected using a purposive sampling method based on predetermined criteria, resulting in 170 financial statement observations. Data processing and analysis were performed using multiple linear regression through SPSS software. The results show that profitability and liquidity have significant effects in reducing financial distress, while leverage has a significant positive effect on financial distress. Meanwhile, activity does not have a significant effect on financial distress. These findings highlight that managing profitability and liquidity is crucial for minimizing financial distress risk, whereas excessive debt levels may worsen a company’s financial condition.
Co-Authors Khoirunnisaa’ Nadia Azzahra Vallesca Irene Thejatirta