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All Journal JURNAL PENDIDIKAN TAMBUSAI Journal of International Conference Proceedings Philology: Journal Of English Language and Literature
Fadhillah, Rizka
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Humanities Decision Sciences, Operations Research & Management Electrical & Electronics Engineering Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences

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Journal : Journal of International Conference Proceedings

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Do Financial Ratios Send Value-Relevant Signals in Sharia Markets? (Evidence from IDX Sharia Growth) Marpaung, Arif Pratama; Fadhillah, Rizka; Radiman, Radiman
Journal of International Conference Proceedings Vol 8, No 1 (2025): 2025 ICPM Malaysia Proceeding
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32535/jicp.v8i1.3889

Abstract

This study aims to empirically examine the effect of financial performance indicators on firm value in companies listed on the IDX Sharia Growth Index during the 2021–2023 period. Specifically, the research investigates whether Liquidity, Leverage, Profitability, Asset Growth, and the Investment Opportunity Set individually and simultaneously influence firm value, as measured by Price to Book Value (PBV). The sample consists of 30 companies consistently listed in the IDX Sharia Growth Index, observed over a three-year period, resulting in 90 firm-year observations. Data were collected using the documentary method, drawing from secondary sources such as financial statements and IDX official reports. Panel data regression analysis was employed using EViews 10 as the data processing tool. The findings reveal that Leverage, Profitability, and the Investment Opportunity Set have a significant positive effect on firm value. Conversely, Liquidity and Asset Growth do not show a statistically significant influence. Moreover, all five variables simultaneously have a significant effect on firm value. These results highlight the importance of financial structure, operational efficiency, and growth expectations in determining firm value, particularly within the context of sharia-compliant firms.
Co-Authors Afdal Afdal, Afdal Arif Pratama Marpaung Radiman, Radiman Sopha, Diana Vera Kristiana