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Dian Ayu Andriani
Universitas Asahan
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PENGARUH LEVERAGE, LIKUIDITAS DAN ROA (RETURN ON ASSET) TERHADAP FIRM VALUE PADA PERUSAHAAN INDEKS LQ45 YANG TERDAFTAR DI BEI PERIODE 2021-2023 Adilla Fitri; Dian Ayu Andriani
JOURNAL OF SCIENCE AND SOCIAL RESEARCH Vol. 9 No. 2 (2026): April 2026
Publisher : Smart Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54314/jssr.v9i2.6219

Abstract

Abstract: This study aims to examine the effect of Leverage measured by Debt to Equity Ratio (DER), Liquidity measured by Current Ratio (CR), and Return On Asset (ROA) on Firm Value measured by Price to Book Value (PBV) in LQ45 Index companies listed on the Indonesia Stock Exchange for the period 2021–2023. The research method applied is descriptive quantitative with multiple linear regression analysis using SPSS version 27. The research population consisted of 45 companies, and through purposive sampling, 25 companies were selected as samples with 3 years of observation, producing 75 data observations. Classical assumption test results indicate that data are normally distributed (Asymp.Sig = 0.200 > 0.05), free from multicollinearity, free from heteroscedasticity, and no autocorrelation occurred (DW = 1.045). The Ftest results show that simultaneously DER, CR, and ROA have a significant effect on PBV with Fcount (20.750) > Ftable (2.73) and significance value 0.000 < 0.05. Partial ttest results show that DER has a negative and significant effect on PBV (tcount -2.123 < ttable -1.99346; sig. 0.037 < 0.05), while CR and ROA partially have no significant effect on PBV. The Adjusted R Square value is 0.467, meaning DER, CR, and ROA are able to explain 46.7% of the variation in PBV, while the remaining 53.3% is explained by other variables outside this research model. Keywords: Leverage (DER), Liquidity (CR), Return On Asset (ROA), Firm Value (PBV), LQ45 Index.   Abstrak: Penelitian ini bertujuan untuk menguji pengaruh Leverage yang diukur dengan Debt to Equity Ratio (DER), Likuiditas yang diukur dengan Current Ratio (CR), dan Return On Asset (ROA) terhadap Firm Value yang diukur dengan Price to Book Value (PBV) pada perusahaan Indeks LQ45 yang terdaftar di Bursa Efek Indonesia periode 2021–2023. Metode penelitian yang digunakan adalah kuantitatif deskriptif dengan analisis regresi linear berganda menggunakan bantuan perangkat lunak SPSS versi 27. Populasi penelitian sebanyak 45 perusahaan, dan dengan teknik purposive sampling diperoleh 25 perusahaan sebagai sampel dengan periode pengamatan 3 tahun, sehingga menghasilkan 75 data observasi. Hasil uji asumsi klasik menunjukkan data terdistribusi normal (Asymp.Sig = 0,200 > 0,05), bebas multikolinearitas, bebas heteroskedastisitas, dan tidak terjadi autokorelasi (DW = 1,045). Hasil uji F menunjukkan bahwa secara simultan DER, CR, dan ROA berpengaruh signifikan terhadap PBV dengan nilai Fhitung (20,750) > Ftabel (2,73) dan signifikansi 0,000 < 0,05. Hasil uji t secara parsial menunjukkan bahwa DER berpengaruh negatif dan signifikan terhadap PBV (thitung -2,123 < ttabel -1,99346; sig. 0,037 < 0,05), sedangkan CR dan ROA secara parsial tidak berpengaruh signifikan terhadap PBV. Nilai Adjusted R Square sebesar 0,467, artinya DER, CR, dan ROA mampu menjelaskan variasi PBV sebesar 46,7%, sementara 53,3% dijelaskan oleh variabel lain di luar model penelitian ini. Kata Kunci: Leverage (DER), Likuiditas (CR), Return On Asset (ROA), Firm Value (PBV), Indeks LQ45.
Co-Authors Abdul Jailani Manurung Adilla Fitri Ahmad Zulkifli ARIS SIREGAR Aris Siregar Aris, Siregar Azizah Siregar Batubara, Zulfa Khairina Dandy Gunawan Sinaga Dicky Apdilah Dila Mawarsih Emiel Salim Siregar Erwin Christian Tampubolon H Aly, Moustafa Harmayani Hendi Setiawan Hsb Hilmiatus Sahla Hilmiatussahla, Hilmiatussahla Hsb, Hendi Setiawan Ikhwan, Ali Khairani, Liza Khulsum, Umi Larasati Andini Lindi Amara Nasution Liza Khairani Lubis, Alweni Khoiriyah M Reno Ramadhana Siregar Mayzura Mayzura Mayzura, Mayzura Nasution, Lindi Amara Nisfu Fhitri Nurmala Nurmala Putri Rahmadani Marpaung R. Rusli Rusli Rusli Sahla, Hilmiatus Sartika Sartika Simanjuntak, Helmina Sinambela, Nur Isnaini Siregar, Azizah Siregar, M Reno Ramadhana Sri Wahyuni Suci Imelda Syahputri Anggraini Taopik Hidayat Widya Ayu Pratiwi Windi Massari ZULFA KHAIRINA BATUBARA