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Desmiza
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Economics, Econometrics & Finance

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The Effect of Macroeconomic, Microeconomic, and Systematic Risk on Firm Value in the Jakarta Islamic Index 30 (JII30) Hilmi, Muhammad Irfan; Desmiza
Moneta : Journal of Economics and Finance Vol. 3 No. 3 (2025): July 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i3.724

Abstract

This research examines the influence of macroeconomic, microeconomic, and systematic risk factors on firm value inside the Jakarta Islamic Index 30 (JII30) from 2019 to 2023. The imperative is to comprehend investor perception in Sharia-compliant capital markets, where investment choices are influenced by ethical standards and a long-term perspective. This study analyzes inflation and interest rates (macroeconomic factors), ROE and TATO (microeconomic indicators), and beta (systematic risk), chosen for their significance in indicating corporate performance and investor appeal. The population comprises 52 companies listed in the JII30 during 2019–2023. Using purposive sampling, 21 firms were selected, producing 105 observations. Data were analyzed through panel data regression with the Random Effect Model (REM), determined by the Chow, Hausman, and Lagrange Multiplier tests. Results show that all variables simultaneously have a significant effect on firm value, while only ROE and TATO individually have a significant positive influence. Inflation, interest rates, and beta are insignificant. These findings indicate that Sharia investors focus more on internal performance, such as profitability and asset efficiency, rather than reacting to short-term macroeconomic changes. Practically, management should prioritize strategies that enhance efficiency and profitability, while regulators can encourage transparent disclosure of internal performance indicators to sustain investor trust and support long-term market stability.
The Effect of Return on Assets, Current Ratio, Debt to Equity Ratio, and Company Size on Firm Value : A Study on Telecommunications Sub-Sector Companies in Indonesia Kroy, Monica; Desmiza
Moneta : Journal of Economics and Finance Vol. 3 No. 4 (2025): October 2025
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v3i4.726

Abstract

This research examines the worth of businesses in Indonesia's telecommunications industry, a crucial area of the economy that has seen considerable expansion. Changes in company value within this field, frequently tied to fluctuating stock prices, prompt inquiries into the key factors at play. The aim of this research is to evaluate how return on assets (ROA), cash-to-assets ratio (CR), debt-to-equity ratio (DER), and company size affect the value of telecommunications firms listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Employing a descriptive associative quantitative method, this study investigates panel data from 12 telecommunications firms chosen using purposive sampling from a total of 22. Panel data regression analysis was performed utilizing EViews 13 software. The findings reveal that return on assets (ROA) has a meaningful positive effect on company value. In contrast, the debt-to-equity ratio (DER) significantly harms company value. The liquidity ratio (CR) and company size, however, do not exhibit significant partial impacts. Overall, ROA, CR, DER, and company size do affect firm value. This research concludes that ROA and capital structure (DER) are vital elements in influencing the worth of telecommunications companies. It is recommended that these companies enhance ROA through efficient asset use and effectively manage DER to boost investor trust and company value in a competitive environment.
Co-Authors Kroy, Monica Muhammad Irfan Hilmi