Manajemen keuangan perusahaan dan nilai perusahaan: Peran profitabilitas, likuiditas, dan efisiensi aset pada sektor energi di Indonesia

Rachel Oktavia Audina (Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya)
Emeralda Ayu Kusuma (Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya)

Journal of Management and Digital Business
Vol. 6 No. 2 (2026): Journal of Management and Digital Business

Firm value reflects investors’ perceptions of a company’s performance and prospects, particularly in the capital-intensive energy sector. This study examines the effect of profitability, liquidity, and activity ratios on firm value in energy companies listed on the Indonesia Stock Exchange during 2020–2024. A quantitative approach with multiple linear regression is applied using purposive sampling, resulting in 7 firms and 35 observations. Profitability is proxied by Return on Assets (ROA), liquidity by Current Ratio (CR), activity ratio by Total Asset Turnover (TATO), and firm value by Price to Book Value (PBV). The results show that ROA, CR, and TATO have a positive and significant effect on firm value. These findings indicate that efficient asset utilization, adequate liquidity, a strong activity ratio, and strong profitability serve as important signals for investors in assessing firm performance and increasing firm value in the capital market.