Pengaruh Earnings Per Share, Current Ratio, dan Debt to Equity Ratio terhadap Nilai Perusahaan dengan Sustainable Growth Rate sebagai Variabel Moderasi: The Effect of Earnings Per Share, Current Ratio, and Debt to Equity Ratio on Company Value with Sustainable Growth Rate as a Moderating Variable

I Gusti Agung Arista Pradnyani (Universitas Mataram)
Tri Hanani (Universitas Mataram)
Paradisa Sukma (Universitas Mataram)
Novia Rizki (Universitas Mataram)

Al-Qalbu: Jurnal Pendidikan, Sosial dan Sains
Vol. 4 No. 2 (2026): Oktober 2026

This study aims to examine the effects of Earnings Per Share (EPS), Current Ratio (CR), and Debt to Equity Ratio (DER) on firm value and to test Sustainable Growth Rate (SGR) as a moderating variable among food and beverage subsector companies listed on the Indonesia Stock Exchange during 2022–2024. This quantitative associative study used purposive sampling to select 28 companies, resulting in 84 observations. Secondary data from financial statements and annual reports were analyzed using regression and Moderated Regression Analysis (MRA). The first model indicates that EPS and CR have significant effects on Price to Book Value (PBV), whereas DER does not have a significant effect. In the moderation model, SGR has no significant effect on PBV and does not significantly moderate the relationships of EPS, CR, or DER with PBV. These findings suggest that, for the sample and period examined, SGR has not been shown to change the relationships between the financial indicators and firm value.