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All Journal Research of Economics and Business Taxation and Public Finance
Perdana Wahyu Santosa
Faculty of Economics and Business, YARSI University, Jakarta
Economics, Econometrics & Finance

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Market Valuation of Indonesian Listed Firms: The Impact of Economic Growth, Profitability, Political Connections, and Firm Size Maudi Intan Nadila; Perdana Wahyu Santosa
Taxation and Public Finance Vol. 3 No. 2 (2026): JUNE 2026
Publisher : Santoso Academy Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/tpf.v3i2.379

Abstract

This study examines the influence of economic, financial, and political factors on firm value among non-financial companies listed in the LQ45 Index of the Indonesia Stock Exchange during 2019–2023. The research addresses inconsistent findings regarding the effects of macroeconomic conditions, profitability, political connections, and firm characteristics on firm value in emerging markets. It also incorporates an Islamic perspective by evaluating whether these determinants align with the principles of transparency, accountability, and value creation emphasized in Islamic business ethics. Using a quantitative approach and panel data regression analysis, this study analyzes secondary data from non-financial LQ45 companies. Firm value is assessed in relation to Gross Domestic Product (GDP), Return on Equity (ROE), political connections, and firm size. The results show that GDP and political connections do not significantly affect firm value. Conversely, ROE has a positive and significant effect, indicating that greater profitability enhances market valuation. Firm size has a significant negative effect on firm value, suggesting that larger firms may encounter efficiency challenges. These findings imply that managers should focus on improving profitability and operational efficiency. From an Islamic perspective, the results highlight the importance of accountability and performance-based value creation.
Uncovering the Relationship between Profitability and Firm Value: Are Interest Rates a Strengthener or a Hindrance? Fadilla Lisfi Oktavia; Perdana Wahyu Santosa
Research of Economics and Business Vol. 4 No. 1 (2026): MARCH 2026
Publisher : SAN Scientific

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58777/reb.v4i1.423

Abstract

This study examines the influence of firm profitability on firm value, with interest rates as a moderating variable, and reviews the findings from an Islamic perspective. The research problem stems from inconsistencies in prior empirical findings regarding the effect of profitability indicators on firm value, as well as the role of macroeconomic factors, particularly interest rates, in strengthening or weakening this relationship. Therefore, the study aims to analyze the effects of profitability measured by Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE) on firm value, and to test the moderating role of interest rates. The sample consists of 18 non-financial companies included in the LQ-45 Index and listed on the Indonesia Stock Exchange during 2017–2022, selected using purposive sampling. Data were collected from financial statements and analyzed using panel data regression. The results show that NPM has a negative but insignificant effect on firm value, while ROA has a significant negative effect. In contrast, ROE has a significant positive effect. Interest rates do not directly affect firm value but strengthen the relationship between profitability variables and firm value, indicating a moderating effect. These findings suggest investors prioritize equity efficiency.
Co-Authors Fadilla Lisfi Oktavia Maudi Intan Nadila