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All Journal E-Bisnis : Jurnal Ilmiah Ekonomi dan Bisnis Infotech Journal Jurnal Masharif al-Syariah: Jurnal Ekonomi dan Perbankan Syariah Journal of Student Research Journal of Multidisciplinary Science: MIKAILALSYS Jurnal Kajian Dan Penalaran Ilmu Manajemen Santri : Jurnal Ekonomi dan Keuangan Islam Jurnal Inovasi Ekonomi Syariah dan Akuntansi E-Jurnal Manajemen Jurnal Publikasi Sistem Informasi dan Manajemen Bisnis
Puteri Anggi Lubis
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PENGARUH STRUKTUR MODAL, LIKUIDITAS DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII) TAHUN 2020-2024 Wulandari, Ayu; M. Yunus; Puteri Anggi Lubis
E-Jurnal Manajemen Vol. 15 No. 3 (2026)
Publisher : Program Studi 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.
Firm Size, Liquidity, and Capital Structure as Determinants of Firm Value Putri Delimah; Usdeldi; Puteri Anggi Lubis
Journal of Multidisciplinary Science: MIKAILALSYS Vol 4 No 3 (2026): Journal of Multidisciplinary Science: MIKAILALSYS
Publisher : Darul Yasin Al Sys

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58578/mikailalsys.v4i3.11721

Abstract

Firm value remains a central consideration for investors; however, empirical evidence regarding the effects of firm size, liquidity, and capital structure among Sharia-compliant automotive companies remains inconsistent. This study aims to examine the partial and simultaneous effects of firm size, liquidity, and capital structure on firm value. A quantitative approach with an associative explanatory design was employed using data from 12 automotive companies listed in the Indonesian Sharia Stock Index during 2020–2024. Purposive sampling yielded 60 firm-year observations. Secondary data were collected from financial statements and market information and analyzed using panel data regression with EViews 12. The findings indicate that firm size has a negative and significant effect on firm value, whereas liquidity has a positive and significant effect. Capital structure has a negative but statistically insignificant effect on firm value. Simultaneously, the three variables significantly affect firm value, although the model explains only 15.39% of its variation. These findings extend the application of signaling theory by showing that investors interpret corporate financial information based on asset utilization, short-term financial capacity, and financing risk. The study contributes empirical evidence on the determinants of firm value in the context of Sharia-compliant automotive companies. Practically, companies should improve asset productivity, maintain efficient liquidity levels, and align debt decisions with their cash-flow capacity. Future research should incorporate additional determinants, including profitability, dividend policy, corporate governance, and macroeconomic conditions. Keywords: Capital Structure; Firm Size; Firm Value; Liquidity; Sharia-Compliant Companies
Co-Authors Ahsan Putra Hafiz Annastasya Annastasya Anzu Elvia Zahara Ayu Wulandari Edo Ferdian Nugraha Erwin Saputra Siregar Faridatul Islami Faturahman M. Yunus Maulana Yusuf Nisa Gistia Ningsih Nur Aisyah Nureni Wildayani Putri Delimah Rafidah Salsabila Putri Silviani Titin Agustin Nengsih Uci Liati Usdeldi, Usdeldi Wahyu Toni Hidayat