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Analysis of the Effect of Cash Holding and Liquidity on Company Value: The Role of Company Size as a Moderating Variable Nur Aini Rojabiyah; Syaiful Syaiful
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 3 (2026): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i3.10579

Abstract

The purpose of this study is to investigate how cash holdings and liquidity affect firm value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2023 and 2024, using firm size as a moderating variable. This study adopts a quantitative approach utilizing secondary data sourced from corporate annual reports. The sample was determined through purposive sampling, yielding 176 observations. The data were examined using multiple linear regression and Moderated Regression Analysis (MRA), with all variables converted into natural logarithmic form to satisfy classical assumption criteria. The findings indicate that cash holdings exert a positive and significant influence on firm value, and liquidity likewise has a significant impact on firm value. The moderation analysis further reveals that firm size amplifies the effect of cash holdings on firm value. In contrast, firm size does not moderate the relationship between liquidity and firm value. These findings suggest that effective cash management is essential for improving firm value, especially in larger firms, while the contribution of liquidity to firm value is not contingent upon firm size. This study implies that corporate management should place greater emphasis on efficient cash management strategies to enhance firm value and investor confidence.
INFLUENCE OF EARNING PER SHARE (EPS), PRICE TO BOOK VALUE (PBV) AND NET PROFIT MARGIN (NPM). ON THE PRICES OF MINING SECTOR SHARES LISTED ON THE IDX 2020 -2023 Mohammad Adam Roykhani; Syaiful Syaiful
International Journal of Economic Integration and Regional Competitiveness Vol. 1 No. 8 (2024): International Journal of Economic Integration and Regional Competitiveness
Publisher : Antis Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/ijeirc.v1i8.184

Abstract

This research discusses the role of the mining sector in driving Indonesia's economic growth. The mining sector makes a major contribution to exports and government income. Investment in the mining sector is an alternative choice for people to manage and plan their finances. Share prices in the capital market are very important because they reflect the issuer's achievements. This research uses financial ratios such as Net Profit Margin (NPM), Earning per Share (EPS), and Price to Book Value (PBV) as dependent variables, and share price as an independent variable. The aim of this research is to understand how Earning Per Share (EPS), Net Profit Margin (NPM), and Price Book Value (PBV) influence share prices in mining companies listed on the IDX from 2020 to 2023. The results of this research are expected to contribute to theory and practice in developing effective financial strategies to increase fair prices shares in mining companies in Indonesia.