Pengaruh Struktur Modal dan Likuiditas terhadap Nilai Perusahaan: Studi Kasus pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia Tahun 2020–2024

Seven Dewira Zai; Nanny Artatina Bu’ulolo; Dedi Irawan Zebua; Idarni Harefa

doi:10.55606/jupsim.v5i3.8115

Authors

Seven Dewira Zai Universitas Nias
Nanny Artatina Bu’ulolo Universitas Nias
Dedi Irawan Zebua Universitas Nias
Idarni Harefa Universitas Nias

DOI:

https://doi.org/10.55606/jupsim.v5i3.8115

Keywords:

Capital Structure, Firm Value, Indonesia Stock Exchange, Liquidity, LQ45 Index

Abstract

This study aims to analyze the effect of capital structure and liquidity on firm value among companies included in the LQ45 Index listed on the Indonesia Stock Exchange during 2020–2024. The research employed a quantitative associative approach using secondary data obtained from companies’ financial statements and Indonesia Stock Exchange publications. Capital structure was measured using the Debt to Equity Ratio (DER), liquidity using the Current Ratio (CR), and firm value using the Price to Book Value (PBV). The sample was determined through purposive sampling, resulting in 173 observations after data screening and removal of outliers. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, t-test, F-test, correlation analysis, and coefficient of determination with the assistance of SPSS. The regression results show that DER has a negative and significant effect on PBV, while CR has a positive and significant effect on PBV. Simultaneously, DER and CR significantly affect PBV. The coefficient of determination indicates that 41.3% of the variation in firm value can be explained by capital structure and liquidity, while the remaining 58.7% is explained by other factors outside the research model. These findings indicate that optimal debt management and effective working-capital management are important in supporting market valuation of LQ45 companies.

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