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Maiyaliza Maiyaliza
Universitas Swadaya Gunung Jati, Cirebon, Indonesia
Economics, Econometrics & Finance

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The Role of Profitability in Mediating the Effect of Leverage on Firm Value at PT Indofarma Tbk Ahmad Faishal Huffazd; Hafiz Dwi Prastian; Maiyaliza Maiyaliza
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.7011

Abstract

The purpose of this study is to investigate how much profitability can mediate the connection between firm value and leverage at PT Indofarma Tbk between 2019 and 2023. The route analysis method was utilized in this study's quantitative methodology, and SPSS version 22 software was used for data processing. The annual study's companies' financial statements period served as the data source. With a coefficient value of -3.251 and a significance level of p = 0.000, the findings of the analysis show that leverage significantly reduces firm value; however, no real impact of leverage on profitability was found (coefficient = 0.000; p = 0.904). On the other hand, the findings demonstrates that profitability raises the worth of the company, but this relationship is not statistically significant (coefficient = 19.125; p = 0.288). These results indicate that how leverage and corporate value are related is not significantly mediated by profitability. In terms of theory, this study confirms that capital structure, especially in the form of leverage, has a direct impact on firm value without involving profitability as an intermediary channel. The practical implication of this result is the importance of controlling the debt structure so as not to cause a decrease in firm value, as well as the need for management to remain focused on improving the efficiency of asset performance. This study expands academic understanding of the dynamics between leverage, profitability, and firm value, and provides strategic insights for decision makers, especially in terms of optimal capital structure management.
The Impact of LDR, NIM, and Car on the Stock Price Performance of State-Owned Bank: A Study for the 2015-2024 Period Muhammad Thirofa Zain Ma'ruf; Muhammad Habib; Maiyaliza Maiyaliza
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 3 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i3.8265

Abstract

This study aims to examine the partial impact of Loan to Deposit Ratio (LDR), Net Interest Margin (NIM), and Capital Adequacy Ratio (CAR) on the stock price performance of state-owned banks (SOEs) in Indonesia during the 2015–2024 period. The research employs a quantitative approach using multiple linear regression analysis based on secondary data from the financial statements of four SOEs listed on the Indonesia Stock Exchange. The results show that the Loan to Deposit Ratio (LDR) has a negative but insignificant effect on stock prices, indicating that liquidity efficiency does not directly influence investor assessments of bank performance. The Net Interest Margin (NIM) has a significant negative effect, suggesting that a higher interest margin may reflect increased credit risk or reduced competitiveness, which is perceived negatively by the market. Meanwhile, the Capital Adequacy Ratio (CAR) has a significant positive effect, demonstrating that stronger capital adequacy increases investor confidence and supports higher stock valuations. These findings imply that not all financial ratios consistently affect stock prices and that investor perceptions depend on broader market conditions and bank-specific strategies.
Co-Authors Ahmad Faishal Huffazd Hafiz Dwi Prastian Muhammad Habib Muhammad Thirofa Zain Ma'ruf