À The Effect of the Debt to Equity Ratio (DER), Return on Assets (RoA), and Current Ratio (CR) on Firm Value (in the Coal Subsector of Companies Listed on the Indonesia Stock Exchange, 2018–2024) | Herdiana | Jurnal Ilmiah Universitas Batanghari Jambi

The Effect of the Debt to Equity Ratio (DER), Return on Assets (RoA), and Current Ratio (CR) on Firm Value (in the Coal Subsector of Companies Listed on the Indonesia Stock Exchange, 2018–2024)

Dhita Alifia Herdiana, Kasir Kasir, Devyanthi Syarif, Tjipto Sajekti

Abstract


This study aims to analyze the effect of ROA, DER, and CR on PBV in the coal sector for the period 2018-2024. The analysis uses panel data regression with the CEM method. The results show that, partially, ROA has no significant effect on PBV; DER shows a negative and significant effect on PBV; and CR shows no effect on PBV. However, simultaneously, ROA, DER, and CR were found to influence PBV. These findings indicate that although not all variables have a partial effect, the combination of profitability, leverage, and liquidity still plays a significant role in explaining variations in firm value. This study contributes to the knowledge of investors and management in considering the fundamental factors that influence a company's market value.

Keywords


ROA, DER, CR, PBV

Full Text:

PDF

References


Anggraini, P. N., Ridwan. 2024. Pengaruh Return on Asset, Debt To Asset Ratio, dan Total Asset Turnover Terhadap Price to Book Value pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2017-2023. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 10(4), 2740–2749. https://doi.org/10.35870/jemsi.v10i4.2899

Colline, F., 2022. The Mediating Effect of Debt Equity Ratio on The Effect of Current Ratio, Return on Equity and Total Asset Turnover on Price to Book Value. Jurnal Keuangan Dan Perbankan, 26(1), 75–90. https://doi.org/10.26905/jkdp.v26i1.6882

Fahmi, I., 2017. Analisis Kinerja Keuangan, Edisi Ke-4. Alfabeta.

Febe, M., Ardianti, M., 2026. Determinan Nilai Perusahaan Emiten Manufaktur Bei 2022-2024 Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Owner: Riset dan Jurnal Akuntansi, 10(2), 1876–1884. DOI: https://doi.org/10.33395/owner.v10i2.3361

Giffarina, R. A., Azwardi, Muizzudin. 2026. Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional terhadap Nilai Perusahaan melalui Kinerja Keuangan pada Perusahaan Indeks LQ45 Pasca Pandemi COVID-19. Owner: Riset dan Jurnal Akuntansi, 10(2), 1672–1685. DOI:10.33395/owner.v10i2.3302

Harmono. 2017. Manajemen Keuangan Berbasis Balanced Scorecard Pendekatan Teori, Kasus dan Riset Bisnis. Bumi Aksara.

Hery. 2018. Analisis Laporan Keuangan. Grasindo.

Indasyah, M. W., Syarif, D., 2024. Pengaruh Current Ratio, Return on Asset, Debt to Equity Ratio dan Firm Size terhadap Price to Book Value pada Perusahaan Consumer Cyclicals Subsektor Apparel and Luxury Goods yang Terdaftar di Bursa Efek Indonesia Periode 2015-2023. Economic Reviews Journal, 3(2). 1338-1352. https://doi.org/10.56709/mrj.v3i2.463

Kasmir. 2019. Analisis Laporan Keuangan. Raja Grafindo Persada.

Nurhalizah, L., Ridwan, 2025. Pengaruh Return On Asset, Institutional Ownership, Debt to Equity Ratio dan Public Share Ownership Terhadap Price to Book Value. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(3), 1903–1914. https://doi.org/10.31004/riggs.v4i3.2263

Purba, D. L., Kosadi, F., 2024. The Impact of Return on Asset, Debt to Equity Ratio, Current Ratio and Firm Size on Price to Book Value in Service Companies in the Property and Real Estate Sub-Sector Listed on the Indonesia Stock Exchange from 2015 to 2023. Economic Reviews Journal, 3(2). https://doi.org/10.56709/mrj.v3i2.464

Rismaya, Kasir. 2024. Pengaruh Return on Asset, Current Ratio, dan Debt to Asset Ratio Terhadap Nilai Perusahaan (Kasus Pada Perusahaan Manufaktur Sektor Industri Produk Konsumsi yang Sudah terdaftar di Bursa Efek Indonesia Pada Periode 2019-2023), Jurnal Bisnis Mahasiswa, 4(4), 785–794. DOI: https://doi.org/10.60036/jbm.v4i4.art28

Savitri, P. I., 2025. Harga batu bara periode I Desember turun lagi jadi 98,26 dolar AS, https://www.antaranews.com/berita/5284373/harga-batu-bara-periode-i-desember-turun-lagi-jadi-9826-dolar-as.

Surbakti, I. S. B., Febryanti, D., 2025. Pengaruh Current Ratio, Return on Asset, Debt to Asset Ratio dan Firm Size terhadap Price to Book Value (Pada Perusahaan Consumer Cyclicals Subsektor Apparel and Luxury Goods yang Terdaftar di Bursa Efek Indonesia Periode 2015-2023). JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(1), 291–301. https://doi.org/10.35870/jemsi.v11i1.3617

Sukmayanti, C. P., Sembiring, F. M., 2022. Pengaruh Current Ratio dan Debt to Equity Ratio Terhadap Price To Book Value dengan Return on Assets Sebagai Variabel Intervening (Studi pada Perusahaan Non Keuangan Kelompok Indeks LQ45 di Indonesia). INOBIS: Jurnal Inovasi Bisnis dan Manajemen Indonesia, 5(2), 202–215. https://doi.org/10.31842/jurnalinobis.v5i2.224

Sugiono, A., Untung, E., 2016. Panduan Praktis Dasar Analisa Keuangan Edisi Revisi. Gramedia Widiasarana Indonesia.

Zaenal, F. R., Ikawidjaja, N., Abidin, Z., Nugraha, I., Maharuddin. 2025. The Influence of Price to Earning Ratio (PER), Debt Equaity Ratio (DER), Return on Assets (RoA), and Return on Equity (RoE) on Company Value (PBV) in Marine Transportation Companies Listed on The Indonesia Stock Exchange (IDX) for The 2020-2024 Period. American International Journal of Business Management (AIJBM), 8(1), 144–152.




DOI: http://dx.doi.org/10.33087/jiubj.v26i2.6526

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

ADRESS JOURNAL

JURNAL ILMIAH UNIVERSITAS BATANGHARI JAMBI (JIUBJ)
Published by Lembaga Penelitian dan Pengabdian kepada Masyarakat
Adress: Jl.Slamet Ryadi, Broni-Jambi, Kec.Telanaipura, Kodepos: 36122, email: jiubj.unbari@gmail.com, Phone: 0741-670700

Creative Commons License This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.