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Iskandar, Luis
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Economics, Econometrics & Finance

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Determinants of Firm Value in the Coal Industry: Stock Price, Firm Size, Profitability, and Leverage 2021-2023 Iskandar, Luis; Dwi Nur Arofah, Berliani; Dhea Parlina, Nurhana
Journal of Accounting and Finance Management Vol. 6 No. 2 (2025): Journal of Accounting and Finance Management (May - June 2025)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v6i2.1874

Abstract

This study had the aim to examine the influence of stock price, company size, profitability, along with leverage on firm value in coal mining sub-sector companies that are listed on the Indonesia Stock Exchange during 2021–2023 period. A quantitative method with a purposive sampling approach was employed, resulting in 51 observations from 17 companies. The variables analyzed include stock price (closing price), company size (SIZE), profitability (ROA), and leverage (DAR), with firm value proxied by the Price to Book Value (PBV) ratio. Data were analyzed through multiple linear regression with the assistance of IBM SPSS 25 software. The findings revealed that all independent variables collectively have a significant impact on firm value, with a coefficient of determination of 49.5%. However, on a partial basis, only profitability and leverage exhibit a significant influence, both showing a negative relationship with firm value. These findings highlight the importance of maintaining an efficient financial structure and closely monitoring internal financial performance to enhance firm value. This study offers practical insights for investors, corporate management, and regulators in understanding the key drivers of firm value within the coal mining industry.
Co-Authors Dwi Nur Arofah, Berliani Nurhana Dhea Parlina