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All Journal Jurnal Ilmiah Edunomika (JIE) Priviet Social Sciences Journal
Aditya Wardana
Universitas Pembangunan Nasional "Veteran" Yogyakarta
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Do profitability and liquidity drive market valuations? A study based on Tobin Q in LQ45 Firms (Q1 2021 – Q3 2024) Aditya Wardana; Rolan Mart Sasongko; Hafidh Rifky Adiyatna; Ryan Setya Budi; Ida Ayu Fatmayuni
Priviet Social Sciences Journal Vol. 5 No. 9 (2025): September 2025
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/pssj.v5i9.587

Abstract

This study aims to evaluate the effect of return on assets and current ratio on firm value in LQ45 indexed companies from Q1 2021 until Q3 2024. Quantitative causal-comparative design used and a census sampling of 45 companies (675 observations), This study employs Tobin’s Q as an indicator of firm value. The analysis reveals that ROA positively and significantly influences firm value, indicating that higher profitability improves investor valuation. In contrast, there is no statistically significant relationship between CR and firm value, suggesting that liquidity is not a primary driver of market valuation. Recommendations include focusing on profitability and asset efficiency to increase firm value, while future research should explore additional variables such as firm size or leverage. The limitations of this study relate to the use of Tobin's Q as a measure of firm value, whereas other methods can also be used.
Survival Strategy under Pressure: Expenses Retrenchment, Assets Retrenchment and Free Assets on Financial Turnaround of Negative Equity Companies on the IDX (2022-2024) Ida Ayu Fatmayuni; Sri Dwi Ari Ambarwati; Dorothea Ririn Indriastuti; Aditya Wardana
JURNAL ILMIAH EDUNOMIKA Vol. 10 No. 2 (2026): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jie.v10i2.19490

Abstract

This study aims to analyze the effects of expense retrenchment, asset retrenchment, and free assets on the probability of financial turnaround in companies with negative equity listed on the Indonesia Stock Exchange (IDX) during the period 2022–2024. The research begins by identifying firms with negative equity, followed by classifying those experiencing financial distress using the Altman Z-Score model. The sample comprises 46 companies selected through purposive sampling, based on the criterion of having published at least one annual report within the study period. Panel logistic regression is employed in this model using STATA software. The findings demonstrate that free assets have a statistically significant and positive influence on the likelihood of a financial turnaround. This suggests that firms with a higher proportion of unencumbered or readily available assets are better positioned to respond flexibly and swiftly to financial distress without resorting to cost-cutting or asset liquidation. Conversely, expense and asset retrenchment strategies do not show a significant impact, indicating that such measures alone may be insufficient to drive recovery in the absence of adequate financial buffers. This study is limited to financial variables and does not incorporate qualitative factors such as CEO characteristics. Future research is encouraged to include non-financial dimensions to enrich the understanding of effective turnaround strategies in distressed firms.
Co-Authors Ambarwati, Sri Dwi Ari Dorothea Ririn Indriastuti Hafidh Rifky Adiyatna Ida Ayu Fatmayuni Rolan Mart Sasongko Ryan Setya Budi