The effect of leverage and liquidity on the value of the firm with age as a moderating variable on companies in Indonesia
Article Sidebar
Main Article Content
Abstract
This study aimed  to examine  whether there is an effect of leverage and liquidity on the value of the firm with age as moderating variable in companies listed on the Indonesia Stock Exchange in 2019-2021. The sample in the study was 15 companies for 5 years. The data analysis used in this study was carried out quantitatively, with Statistical Product and Service Solutions-23. The results of this study prove that partially leverage has a negative and significant effect on the value of the firm, liquidity ratios have no impact on the value of the firm, age is proven to moderate the leverage ratio to the value of the firm, and age is not proven to mediate the liquidity ratio to the value of the firm. Based on the coefficient of determination that the leverage ratio and the liquidity ratio affect the value of the firm by 81.7%. For comparison, the remaining 18.3% is influenced by other models of variables from.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who submit a manuscript understand that if the manuscript is accepted for publication, the copyright of the article shall be assigned to Jurnal Ekonomi Modernisasi (JEM).
References
Agustia, Y. P., & Suryani, E. (2018). Pengaruh ukuran perusahaan, umur perusahaan, leverage, dan profitabilitas terhadap manajemen laba (Studi Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2014-2016). Jurnal ASET (Akuntansi Riset), 10(1), 71–82. https://doi.org/10.17509/jaset.v10i1.12571
Ambarwati, J. (2021). Pengaruh likuiditas dan profitabilitas terhadap nilai perusahaan. COMPETITIVE Jurnal Akuntansi Dan Keuangan, 5(2), 128–131. https://doi.org/10.31000/competitive.v5i2.4313
Brigham, E. F., & Houston, J. F. (2011). Financial Management Eighth Edition. Jakarta: Erlangga.
Chasanah, A. N. (2018). Pengaruh rasio likuiditas, profitabilitas, struktur modal dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bei tahun 2015-2017. Jurnal Penelitian Ekonomi Dan Bisnis, 3(1), 39–47. https://doi.org/10.33633/jpeb.v3i1.2287
Cheng, M., & Tzeng, Z. (2014). The Effect of Leverage on Firm Value and How The Firm Financial Quality Influence on This Effect. October 2011, 29–53.
Damayanti, N. M. E., & Darmayanti, N. P. A. (2022). Pengaruh ukuran perusahaan, likuiditas, profitabilitas, dan struktur modal terhadap nilai perusahaan transportasi dan logistik. E-Jurnal Manajemen, 11(8), 1462–1482. https://doi.org/10.24843/EJMUNUD.2022.v11.i08.p02
Hamdani, M. (2020). Pengaruh Kinerja Keuangan, Kebijakan Dividen dan Umur Perusahaan Terhadap Nilai Perusahaan di Moderasi Ukuran Perusahaan. Jurnal Akuntansi Dan Ekonomika, 10(2), 188–197. https://doi.org/10.37859/jae.v10i2.2042
Harfani, A. N., & Nurdiansyah, D. H. (2021). Pengaruh Likuiditas, Solvabilitas, dan Profitabilitas Terhadap Nilai Perusahaan. COSTING: Journal of Economic, Business and Accounting, 5(1), 497–505. https://doi.org/10.31539/costing.v5i1.2818
Hidayat, W. W. (2018). Dasar-dasar analisa laporan keuangan. Uwais Inspirasi Indonesia.
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. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Kashmir, K. (2017). Financial Statement Analysis. Jakarta: PT Bajagrafindo Persada.
Kolamban, D. V, Murni, S., & Baramuli, D. N. (2020). Analisis Pengaruh Leverage, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Industri Perbankan Yang Terdaftar Di Bei. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 8(3).
Lambey, R., Tewal, B., Sondakh, J. J., & Manganta, M. (2021). The effect of profitability, firm size, equity ownership and firm age on firm value (leverage basis): evidence from the Indonesian manufacturer companies. Archives of Business Review–Vol, 9(1).
Nainggolan, M. N., Sirait, A., Nasution, O. N., & Astuty, F. (2022). Pengaruh Ukuran Perusahaan, Pertumbuhan penjualan, dan leverage terhadap profitabilitas melalui rasio Roa pada sektor Food & Beverage dalam BEI periode 2015-2019. Owner: Riset Dan Jurnal Akuntansi, 6(1), 948–963. https://doi.org/10.33395/owner.v6i1.440
Nugroho, R. D. (2020). Analisa pengaruh likuiditas, profitabilitas dan leverage terhadap nilai perusahaan dan implikasinya terhadap kebijakan deviden pada consumer service industry, hotels, restaurant and liesure sector di bursa efek Singapura. Jurnal Semarak, 3(3), 66–81. https://doi.org/10.32493/smk.v3i3.7100
Oktrima, B. (2017). Pengaruh profitabilitas, likuiditas, dan struktur modal terhadap nilai perusahaan. Jurnal Sekuritas, 1(1), 98–107.
Pambudi, A. S., Ahmad, G. N., & Mardiyati, U. (2022). Pengaruh Profitabilitas, Likuiditas dan Kebijakan Dividen Terhadap Nilai Perusahaan: Studi pada Industri Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. Jurnal Bisnis, Manajemen, Dan Keuangan-JBMK, 3(1), 257–269. https://doi.org/10.24843/bse.2020.v25.i02.p05
Priyoko, D., Syaifuddin, D. T., & Sujono, S. (2019). Pengaruh Likuiditas, terhadap Nilai Perusahaan (Studi Pada Bank Devisa Yang Terdaftar Di Bursa Efek Indonesia). JPEP (Jurnal Progres Ekonomi Pembangunan), 4(1), 159–169. https://doi.org/10.33772/jpep.v4i1.6798
Putra, A. P., Agustiningsih, S. W., & Purwanto, P. (2017). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan BUMN di Bursa Efek Indonesia Tahun 2011-2015. Manajemen Dewantara, 1(2), 25–37.
Putra, H. S. (2020). Pengaruh Current Ratio dan Total Assets Turnover Terhadap Price to Book Value Dengan Dimediasi Oleh Return On Equity Pada Perusahaan Sub Sektor Farmasi Yang Terdaftar Di Bursa Efek Indonesia. Maneggio: Jurnal Ilmiah Magister Manajemen, 3(1), 92–106. https://doi.org/10.30596%2Fmaneggio.v3i1.4856
Putri, V. R., & Rachmawati, A. (2017). The effect of profitability, dividend policy, debt policy, and firm age on firm value in the non-bank financial industry. Jurnal Ilmu Manajemen & Ekonomika, 10(1), 14–21.
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of liquidity, profitability, and size of companies on firm value. UtopÃa y Praxis Latinoamericana, 25(6), 325–332.
Santosa, P. W. (2020). The moderating role of firm size on financial characteristics and Islamic firm value at Indonesian equity market. Verslas: Teorija Ir Praktika/Business: Theory and Practice, 21(1), 391–401.
Septiana, V., & Gustyana, T. T. (2021). The influence of dividend policy, debt policy, profitability and firm age on firm value on cement subsectors listed on the IDX for the period 2015-2019. International Journal of Advanced Research in Economics and Finance, 3(1), 80–86.
Soleman, M. R., Van Rate, P., & Maramis, J. B. (2022). Pengaruh umur perusahaan, likuiditas, ukuran perusahaan dan leverage terhadap Nilai Perusahaan Textil dan Garmen yang terdaftar di BEI periode 2013-2018. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 10(2). https://doi.org/10.35794/emba.v10i2.39614
Sutama, D., & Lisa, E. (2018). Pengaruh Leverage Dan Profitabilitas Terhadap Nilai Perusahaan. JSMA (Jurnal Sains Manajemen Dan Akuntansi), 10(1), 21–39.
Tunggal, C. A., & Ngatno, N. (2018). Pengaruh Struktur Modal Terhadap Nilai Perusahaan dengan Ukuran dan Umur Perusahaan sebagai Variabel Moderator (Studi Kasus Tahun 2014-2016) pada Perusahaan Sub-Sektor Makanan dan Minuman yang Terdaftar di BEI. Jurnal Ilmu Administrasi Bisnis, 7(2), 141–157.
Utami, P., & Welas, W. (2019). Pengaruh Current Ratio, Return On Asset, total Asset Turnover dan Debt To Equity Ratio terhadap nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur Sub Sektor Properti dan Real Estate yang terdaftar di Bursa efek Indonesia periode 2015-2017). Jurnal Akuntansi Dan Keuangan, 8(1), 57–76. https://doi.org/10.36080/jak.v8i1.840