Economic and Business Horizon
Vol. 5 No. 3 (2026): May

The Effect of Capital Structure, Liquidity, and Asset Efficiency on Company Value

Arfie Yasrie (STIMI Banjarmasin)
Rina Sumarni (STIMI Banjarmasin)
Fanlia Prima Jaya (STIMI Banjarmasin)
Diana (STIMI Banjarmasin)
Rezti (STIMI Banjarmasin)



Article Info

Publish Date
31 May 2026

Abstract

Increasing economic uncertainty, fluctuations in interest rates, and evolving business dynamics have compelled companies to optimize their financial policies to enhance company value. This study aims to examine the effects of capital structure, liquidity, and asset efficiency on company value. Employing a quantitative approach with a causal-associative research design, this study utilizes secondary data obtained from the company’s annual financial statements covering the period of 2015–2024. The variables examined include capital structure, liquidity, and asset efficiency as independent variables, while company value serves as the dependent variable. Data were analyzed using multiple linear regression with the assistance of SPSS version 25, following a series of classical assumption tests. The findings indicate that capital structure has a significant negative effect on company value, whereas liquidity and asset efficiency have significant positive effects on company value. Furthermore, the three independent variables simultaneously exert a significant influence on company value and collectively explain a substantial proportion of its variation. These results suggest that maintaining an optimal financing structure, preserving adequate liquidity, and improving asset utilization efficiency are essential for enhancing long-term company value and competitiveness.

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Journal Info

Abbrev

ebh

Publisher

Subject

Economics, Econometrics & Finance

Description

Economic and Business Horizon (EBH) is an open access journal that publishes multidisciplinary economic and business research in an inclusive scope and format. It allows academics, scholars, and researchers with different backgrounds to share useful research results in the fields of management, ...