Determinasi Valuasi Perusahaan melalui Likuiditas, Leverage, dan Profitabilitas pada Perusahaan Food and Beverage di Bursa Efek Indonesia

Jansen Zanetti Kifli (Universitas Tarumanagara)
Indra Widjaja (Universitas Tarumanagara)

Jurnal Tirtayasa Ekonomika (Tirtayasa Economica Journal)
Vol 1, No 1 (2026)

This study investigates the effect of liquidity, leverage, and profitability on firm valuation of food and beverage companies listed on the Indonesia Stock Exchange during 2021-2024. Firm valuation is measured using Price to Book Value, while liquidity, leverage, and profitability are proxied by Current Ratio, Debt to Equity Ratio, and Return on Equity respectively. Secondary data from 26 companies over four years were analyzed using panel data regression with Fixed Effect Model. The findings reveal that liquidity has a significant positive effect on firm valuation, leverage has a significant negative effect, and profitability has the strongest significant positive effect. These results indicate that companies with adequate liquidity, low leverage, and high profitability tend to receive premium valuation from investors. The practical implication is that management needs to maintain liquidity balance, manage capital structure prudently, and focus on enhancing profitability to maximize shareholder value. Keywords: Firm Valuation, Liquidity, Leverage, Profitability, Food and Beverage Industry ABSTRAK Penelitian ini menginvestigasi pengaruh likuiditas, leverage, dan profitabilitas terhadap valuasi perusahaan food and beverage yang tercatat di Bursa Efek Indonesia periode 2021-2024. Valuasi perusahaan diukur menggunakan Price to Book Value, sementara likuiditas, leverage, dan profitabilitas masing-masing diproksikan dengan Current Ratio, Debt to Equity Ratio, dan Return on Equity. Data sekunder dari 26 perusahaan selama empat tahun dianalisis menggunakan regresi data panel dengan Fixed Effect Model. Hasil penelitian menemukan bahwa likuiditas berpengaruh positif signifikan terhadap valuasi perusahaan, leverage berpengaruh negatif signifikan, dan profitabilitas berpengaruh positif signifikan dengan dampak terkuat. Temuan ini mengindikasikan bahwa perusahaan dengan likuiditas memadai, leverage rendah, dan profitabilitas tinggi cenderung mendapat valuasi premium dari investor. Implikasi praktis penelitian ini adalah manajemen perlu menjaga keseimbangan likuiditas, mengelola struktur modal secara prudent, dan fokus meningkatkan profitabilitas untuk memaksimalkan nilai pemegang saham. Kata kunci: Valuasi Perusahaan, Likuiditas, Leverage, Profitabilitas, food and beverage.