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M. Yunus
Universitas Islam Negeri Sulthan Thaha Saifuddin Jambi

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PENGARUH STRUKTUR MODAL, LIKUIDITAS DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII) TAHUN 2020-2024 Ayu Wulandari; M. Yunus; Puteri Anggi Lubis
E-Jurnal Manajemen Vol. 15 No. 3 (2026)
Publisher : Program Studi Sarjana Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJMUNUD.2026.v15.i3.p06

Abstract

Penelitian ini bertujuan untuk memastikan dan mengkaji pengaruh struktur modal, likuiditas, dan profitabilitas terhadap nilai perusahaan yang terdaftar di Jakarta Islamic Index (JII) pada Tahun 2020-2024. Analisis data panel merupakan teknik analisis data yang digunakan dalam penelitian ini, dengan menggunakan metodologi kuantitatif. Sampel penelitian terdiri dari sembilan perusahaan selama periode lima tahun, menghasilkan empat puluh lima titik data. Price to Book Value (PVB) adalah rasio yang digunakan untuk menentukan nilai perusahaan; Debt to Equity Ratio (DER) digunakan untuk struktur modal; Current Ratio (CR) digunakan untuk likuiditas; dan Return on Equity (ROE) digunakan untuk profitabilitas. Studi ini menemukan bahwa struktur modal, likuiditas, dan profitabilitas merupakan tiga faktor terpenting dalam menentukan nilai perusahaan. Secara bersamaan, penelitian ini menunjukkan bahwa struktur modal, likuiditas, dan profitabilitas memiliki dampak yang substansial terhadap nilai perusahaan yang tercatat di JII pada periode 2020–2024. Nilai perusahaan dipengaruhi secara signifikan oleh profitabilitas, likuiditas, dan struktur modal  dengan koefisien determinasi sebesar 98,92 persen). Sisanya, sebesar 1,08 persen, dipengaruhi oleh faktor-faktor lain yang tidak dimasukkan dalam penelitian ini.   This study aims to ascertain and examine the influence of capital structure, liquidity, and profitability on the value of companies listed on the Jakarta Islamic Index (JII) in 2020-2024. Panel data analysis is the data analysis technique used in this study, using a quantitative methodology. The research sample consists of nine companies over a five-year period, resulting in forty-five data points. Price to Book Value (PVB) is the ratio used to determine company value; Debt to Equity Ratio (DER) is used for capital structure; Current Ratio (CR) is used for liquidity; and Return on Equity (ROE) is used for profitability. This study found that capital structure, liquidity, and profitability are three important factors in determining company value. Together, this study shows that capital structure, liquidity, and profitability have a significant impact on the value of companies listed on the JII in the 2020-2024 period. Company value is significantly influenced by profitability, liquidity, and capital structure (with a coefficient of determination of 98.92 percent). The remainder, 1.08 percent, is influenced by other factors not included in this study.
FAKTOR-FAKTOR YANG MEMPENGARUHI RETURN SAHAM PADA PT ADARO ENERGY INDONESIA TBK Fauzan Ramli; M. Yunus; Mutiara Ramadani Efendi
E-Jurnal Manajemen Vol. 15 No. 6 (2026)
Publisher : Program Studi Sarjana Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJMUNUD.2026.v15.i6.p06

Abstract

Investing in stock instruments aims to obtain optimal returns, but there is often a discrepancy between economic theory and market reality. This study was prompted by the phenomenon of a gap between fluctuations in macroeconomic variables and fundamental performance and stock return movements at PT Adaro Energy Indonesia Tbk. This study aims to examine the effect of inflation, benchmark interest rates, the rupiah exchange rate, return on assets (ROA), debt to equity ratio (DER), and coal prices on stock returns. The population of this study consists of quarterly data from PT Adaro Energy Indonesia Tbk for the period 2016 to 2024. This secondary data was collected using non-participant observation techniques through the documentation of financial reports and official records available on the websites of Bank Indonesia and the Central Statistics Agency (BPS). The results of the analysis using R version 4.5.0 show that the rupiah exchange rate has a negative and significant effect, while ROA and coal prices have a positive and significant effect on stock returns. Simultaneously, all independent variables had a significant effect with an R-squared value of 39.06%. The results of this study can practically help investors pay more attention to exchange rate factors and fundamental performance in predicting stock returns in the mining sector. Keywords: return on equity; inflation; benchmark interest rate; rupiah exchange rate; ROA; DER; coal price