Analisis Pengaruh Likuiditas dan Profitabilitas terhadap Nilai Perusahaan Menggunakan Pendekatan Regresi Berganda
Studi Kasus pada PT Nippon Indosari Corpindo Tbk Periode 2017–2024
DOI:
https://doi.org/10.55606/jurrie.v4i2.6366Keywords:
Firm Value, Price to Book Value, Return on Assets, Return on Equity, Current Ratio, Multiple Linear Regression.Abstract
This study investigates the impact of liquidity and profitability on firm value at PT Nippon Indosari Corpindo Tbk over the 2017–2024 period. Liquidity is measured using the Current Ratio, while profitability is represented by Return on Assets (ROA) and Return on Equity (ROE). Firm value is proxied by the Price to Book Value (PBV). A multiple linear regression model is employed, complemented by univariate and bivariate analyses to mitigate potential multicollinearity between ROA and ROE. The findings reveal that neither the Current Ratio nor ROA significantly affects PBV, with an R-squared value of 0.175 and an F-statistic of 0.5315 (p = 0.618). An alternative model incorporating ROE yields similar results. While the model satisfies the assumptions of residual normality (Jarque-Bera p = 0.654) and shows no indication of significant autocorrelation (Durbin-Watson = 1.458), its explanatory power remains limited. These results suggest that external factors—such as market sentiment and long-term growth expectations—may have a more substantial influence on firm value than internal financial indicators.
Downloads
References
Sari, S. N., & Sisdianto, E. (2024). ANALISIS PENGARUH LIKUIDITAS DAN STRUKTUR MODAL TERHADAP PROFITABILITAS PERUSAHAAN. Jurnal Media Akademik (JMA), 2(12).
Giovanni, A., Utami, D. W., & Yuzevin, T. (2020). Leverage dan profitabilitas dalam memprediksi financial distress perusahaan pertambangan periode 2016-2018. Perbanas Journal of Business and Banking, 10(1), 151-167.
PT Nippon Indosari Corpindo Tbk. (n.d.). Financial highlights. Sari Roti. Retrieved April 22, 2025, https://www.sariroti.com/en/investor-relation/financial-highlights
PT Nippon Indosari Corpindo Tbk. (2024). Laporan keuangan konsolidasian interim tanggal 30 September 2024 dan untuk periode sembilan bulan yang berakhir pada tanggal tersebut. https://www.indopremier.com/xdir/news/LAPORAN%20KEUANGAN/2024/q3///ROTI_Q3_2024.pdf
Agrivina, W., & Lutfi, A. M. (2025). PENGARUH DEBT TO EQUITY RATIO (DER) DAN RETURN ON EQUITY (ROE) TERHADAP PRICE TO BOOK VALUE (PBV) PADA PT NIPPON INDOSARI CORPINDO TBK PERIODE 2014-2023. Jurnal Nusa Manajemen, 2(1), 84-104.
Permana, K. W. A., Saleh, R., Sari, L., & Sutandi, S. (2021). Analisis Return On Assets (ROA), Return On Equity (ROE), Net Profit Margin (NPM) Dan Gross Profit Margin Untuk Mengukur Kinerja Keuangan Pada PT Raje Baginda Jurai Di Palembang. JURNAL EKOBIS Kajian Ekonomi dan Bisnis, 5(1), 53-70.
Dhani, I. P., & Utama, A. G. S. (2017). Pengaruh pertumbuhan perusahaan, struktur modal, dan profitabilitas terhadap nilai perusahaan. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(1), 135-148.
Sapiri, M. (2024). Analisis Pengaruh Likuiditas Dan Profitabilitas Terhadap Nilai Perusahaan. Management Studies and Entrepreneurship Journal (MSEJ), 5(2), 5778–5784. https://doi.org/10.37385/msej.v5i2.6688
Dewi, R., & Soedaryono, B. (2023). Pengaruh profitabilitas, leverage dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan sektor property dan real estate yang terdaftar di bursa efek indonesia periode 2017-2021. Jurnal Ekonomi Trisakti, 3(1), 1831-1840.
Iman, C., Sari, F. N., & Pujiati, N. (2021). Pengaruh likuiditas dan profitabilitas terhadap nilai perusahaan. Jurnal Perspektif, 19(2), 191-198.
Wildan, Munira, M., & Astuti, T. (2024). PENGARUH LIKUIDITAS, LEVERAGE DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR INFRASTRUKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2018-
2022. Jurnal Ilmiah Akuntansi Pancasila (JIAP), 4(127-42. https://doi.org/10.35814/jiap.v4i1.6340
Sukarya, I. P., & Baskara, I. G. K. (2018). Pengaruh profitabilitas, leverage, dan likuiditas terhadap nilai perusahaan sub sektor food and beverages (Doctoral dissertation, Udayana University).
Ariani, Y., & Diandra, P. K. (2024). Pengaruh Likuiditas, Profitabilitas dan Penerapan Tata Kelola terhadap Nilai Perusahaan. Journal of Accounting, Finance, Taxation, and Auditing (JAFTA), 6(1). https://doi.org/10.28932/jafta.v6i1.8154
Apriadi, D., Lestari, E. B., Utami, E. Y., & Wendy, W. (2024). PENGARUH RASIO KEUANGAN TERHADAP PERTUMBUHAN LABA PERUSAHAAN TAMBANG BATUBARA YANG TERDAFTAR DI BURSA EFEK INDONESIA. JURNAL ILMIAH EDUNOMIKA, 8(2).
Lumoly, S., Murni, S., & Untu, V. N. (2018). Pengaruh likuiditas, ukuran perusahaan dan profitabilitas terhadap nilai perusahaan (studi pada perusahaan logam dan sejenisnya yang terdaftar di Bursa Efek Indonesia). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 6(3).
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The effect of liquidity, leverage, and profitability on firm value: Empirical evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 8(3), 423-431.
Abdullah, K., Jannah, M., Aiman, U., Hasda, S., Fadilla, Z., Ardiawan, K. N., & Sari, M. E. (2023). Metodologi penelitian kuantitatif. Aceh: Yayasan Penerbit Muhammad Zaini.
Creswell, J. W., & Creswell, J. D. (2017). Research design: Qualitative, quantitative, and mixed methods approaches. Sage publications.
Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2006). Multivariate data analysis 6th Edition.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Riset Rumpun Ilmu Ekonomi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
