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All Journal Jurnal Media Ekonomi International Journal of Education, Social Studies, And Management (IJESSM) Studi Akuntansi, Keuangan, dan Manajemen Co-Creation : Jurnal Ilmiah Ekonomi Manajemen Akuntansi dan Bisnis Journal of Artificial Intelligence and Digital Business Ahsana: Jurnal Penelitian dan Pengabdian kepada Masyarakat Journal of Multidisciplinary Academic Business Studies Journal of Multidisciplinary Academic and Practice Studies Global Academy of Business Studies
CN, Yudhinanto
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Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Electrical & Electronics Engineering Engineering Languange, Linguistic, Communication & Media Social Sciences Other

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Financial Ratios as Determinants of Firm Value in the Jakarta Islamic Index Diana Anggraini, Diana; Desmon, Desmon; Alie, Maria Septijantini; WA, Armalia Reny; CN, Yudhinanto; Indriyani, Susi; Surya, M. Renandi Ekatama
Studi Akuntansi, Keuangan, dan Manajemen Vol 5 No 4 (2026): April
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v5i4.5484

Abstract

Purpose: This study investigates the influence of Current Ratio (CR), Debt-to-Equity Ratio (DER), and Return on Equity (ROE) on firm value, proxied by Price-to-Book Value (PBV), among companies listed in the Jakarta Islamic Index (JII) during 2020–2024. Methodology/Approach: Using a quantitative approach, the study analyzes secondary data from annual financial reports of JII-listed companies on the Indonesia Stock Exchange. From a population of 30 firms (150 firm-year observations), purposive sampling selected 16 companies, yielding 80 firm-year data. Multiple linear regression analysis was conducted using SPSS. Results/Findings: The results show that CR has a significant positive effect on PBV, DER has a significant negative effect, and ROE has a significant positive effect. Simultaneously, CR, DER, and ROE significantly influence PBV, highlighting the combined importance of liquidity, leverage, and profitability in determining firm value. Conclusions: Liquidity and profitability enhance firm value, while higher leverage reduces it. Maintaining optimal financial ratios is essential for improving market valuation and competitiveness in the Islamic capital market. Limitations: The study focuses only on three financial ratios and JII-listed firms during 2020–2024, excluding other potential factors such as macroeconomic conditions. Contributions: This study provides empirical insights for financial management and Islamic capital market research, offering practical value for investors, analysts, and managers in making informed financial and investment decisions.
Co-Authors Adri, Indah Ramadhoniyah Alie, Maria Septijantini Andi Surya, Andi Bakti, Umar CINDY CINDY Desmon , Desmon Desmon, Desmon Dewi, Ariska Citra Diana Anggraini, Diana Harun, Nia Kurniawati Hasbullah Hasbullah Helmita, Helmita Heriyanto, Tyfani Hermansyah Hermansyah Kumalasari, Nety Megasari , Megasari Megasari, Megasari Meidasari, Evi Nurmayasari, Wulan Oktaria, Eka Travilta Sagita, Holdin Surya, M. Renandi Ekatama Susi Indriyani WA, Armalia Reny Yulistina Yulistina