The Effect of Liquidity and Leverage on Firm Value with Profitability as an Intervening Variable (A Study of the Mining Sector Listed on the Indonesia Stock Exchange)

Naufal Karuna Bumi Adhiatmiko; Iwan Firdaus

doi:10.55927/fjas.v5i5.62

Authors

Naufal Karuna Bumi Adhiatmiko Universitas Mercu Buana
Iwan Firdaus Universitas Mercu Buana

DOI:

https://doi.org/10.55927/fjas.v5i5.62

Keywords:

Liquidity, Leverage, Profitability, Enterprise Value

Abstract

This study aims to examine the impact of liquidity and leverage on firm value, with profitability as the control variable, among mining companies listed on the Indonesia Stock Exchange during the 2020–2024 period. A total of 8 companies were selected as the units of analysis using a saturated sampling technique. Data sources were derived from annual financial reports analyzed using a panel data regression approach. The study’s findings indicate that liquidity has a negative impact on firm value, while leverage was not found to have a significant effect. On the other hand, profitability demonstrates a positive and significant influence on firm value. In relation to profitability, liquidity was found to have a significant positive effect, whereas leverage again showed no significant influence. Furthermore, profitability was found to act as a mediating variable in the relationship between liquidity and firm value, but not in the relationship between leverage and firm value.

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