Profitability, Leverage, and Size as Drivers of Firm Value: A Study of Indonesian Manufacturing Companies
Keywords:
Profitability, Leverage, Firm Size, Firm Value
Abstract
This analyze aims to evaluate impact of profit, debt ratio, and firm size on the value of a manufacturing company the in processed food subsector itemized at the Indonesia Stock Exchange span period from 2022 to 2024. This research plan uses a causal associative study approach. In this study, trial was taken untilizing the purposive approach sampling. The analyzed data in this study includes 101 companies, of which 55 companies were selected as samples for a three-year observation period (2022-2024). The technique used to analyze the data is multiple linear regression. Centered the on test outcome, it able to be concluded data that from this study match necessary classical presumptions, including normality, and are available no are issues of multicollinearity, heteroscedasticity, and autocorrelation. The outcome of the fractional hypothesis assessment that donate profitability impacts the of firm value. From the outcome findings, can it deduced be that profitability performs crucial an part in influencing the firm value, indicating that capability the company's to create surplus a key is factor in increasing firm value. Meanwhile, leverage and firm size had no impact, indicating that debt levels and firm size are not determining factors in determining firm value.
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Vidyana, N. E., & Buchory, H. A. (2024). Industri Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia ( Bei ) Dan Masuk Indeks Lq45 Periode 2018-2023. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 8(3), 2434–2454.
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Angela, A., & Yanti, Y. (2022). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 4(4), 1555-1565.
Arpan, Y., & Odjan, M. A. C. (2020). Faktor Penentu yang Berdampak Terhadap Nilai Perusahaan: Studi Perusahaan Manufaktur di Bursa Efek Indonesia. eCo-Fin, 2(2), 81-91.
Arsyad, M., Haeruddin, S. H., Muslim, M., & Pelu, M. F. A. (2021). The effect of activity ratios, liquidity, and profitability on the dividend payout ratio. Indonesia Accounting Journal, 3(1), 36. https://doi.org/10.32400/iaj.30119
Diewantra, Y. D., & Oetomo, H. W. (2019). Pengaruh Perputaran Persediaan, Ukuran Perusahaan, dan Inflasi terhadap Profitabilitas dan Nilai Perusahaan. Jurnal Ilmu Dan Riset Manajemen, 8(8), 1–19.
Dividen, P. K., Ukuran, D., & Terhadap, P. (2022). ETNIK : Jurnal Ekonomi – Teknik. 1(10), 707–715.
Fajriani, A., Nurhayati, I., & Aminda, R. S. (2023). Pengaruh Kebijakan Hutang dan Kebijakan Dividen terhadap Nilai Perusahaan ( Perusahaan Makanan dan Minuman Tahun 2017-2021 ). Jurnal Akuntansi Keuangan Dan Bisnis, 01(02), 176–184.
Irsad, M., Sudarsi, S., & Kartika, A. (2023). The Impact of Capital Structure, Firm Size, Growth, And Profitability on Firm Value. EconBank: Journal of Economics and Banking, 5(2), 202-213.
Kurniawan, C. and Suryaningsih, R. (2019). Pengaruh Konservatisme Akuntansi, Debt to Total Assets Ratio, Likuiditas, Profitabilitas, Dan Ukuran Perusahaan Terhadap Kualitas Laba. Equity, 21(2), 163-180. https://doi.org/10.34209/equ.v21i2.642
Lailiyah, C. Z., Massela, A., Yulianto, A., & Khalid, A. A. (2024). Impact of corporate social responsibility, profitability, leverage, and capital intensity on tax aggressiveness: The moderating role of firm size in Indonesian manufacturing sector.
M. Nevina, & Anandha Sartika Putri. (2024). Determinan Cash Holding Pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia. Jurnal Bisnis, Manajemen, Dan Keuangan, 4(2), 382–395. https://doi.org/10.21009/jbmk.0402.06
Mardiana, V., & Manda, G. S. (2026). Pengaruh Struktur Modal, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmiah Wahana Pendidikan, 12(2. C).
Mardiah, A., Satriana, D. P., & Syahriati, E. (2017). Peranan Dukungan Sosial Dalam Mencegah Kekerasan Dalam Pacaran: Studi Korelasi Pada Remaja Di Jakarta. Jurnal Psikologi Ulayat, 4(1), 29. https://doi.org/10.24854/jpu12017-78
Markonah, M., Salim, A., & Franciska, J. (2020). Effect of Profitability, Leverage, and Liquidity to the Firm Value. Dinasti International Journal of Economics Finance & Accounting, 1(1), 83-94. https://doi.org/10.38035/dijefa.v1i1.225
Mayasari, T., , Y., & Yulianto, A. (2018). Pengaruh Return on Equity, Net Profit Margin, dan Ukuran Perusahaan terhadap Underpricing. Jurnal Kajian Akuntansi, 2(1), 41. https://doi.org/10.33603/jka.v2i1.1271
Mita, S., Saharah, S., & Yulianto, A. (2024). The role of corporate governance mecanism in enhancing firm value with CSR as moderating variable. International Journal Of Humanities Education and Social Sciences (IJHESS), 3(6), 3337-3346.
Ningsih, E. widianti, Rafidah, & Fustifa, N. (2022). Terhadap profitabilitas pada perusahaan syariah sektorkesehatan. Jurnal Ilmiah Manajemen, Ekonomi, Akuntansi, 2(2), 12.
Odunayo, J., Folajimi, A. F., & Aguguom, T. A. (2023). Environmental Accounting Practice and Firm Value of Quoted Oil and Gas Companies in Nigeria. International Journal of Medical Science and Health Research, 07(04), 149-165. https://doi.org/10.51505/ijebmr.2023.7811
Okelo, K. O., Nyamita, M., & Odondo, A. J. (2021). Effects of Debt Financing on Financial Performance of Small and Medium-Sized Enterprises in Homa Bay Town, Kenya. The International Journal of Business & Management, 9(12). https://doi.org/10.24940/theijbm/2021/v9/i12/bm2112-022
Pratiwi, Y., Prihatiningsih, P., & Savitri, I. (2022). Analisis Pengaruh Dividend Payout Ratio, Return on Equity, Fixed Asset Turnover, Dan Sales Growth Terhadap Kebijakan Hutang (Der). Jurnal Aktual Akuntansi Keuangan Bisnis Terapan (AKUNBISNIS), 5(2), 245. https://doi.org/10.32497/akunbisnis.v5i2.4065
Profitabilitas, P., Herawan, F., & Dewi, P. (2021). Pengaruh profitabilitas, leverage , likuiditas, dan ukuran perusahaan terhadap nilai perusahaan. III(1), 137–145.
Rahayu, R., & Siddi, P. (2025). FAKTOR-FAKTOR YANG MEMPENGARUHI NILAI PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR TERDAFTAR DI BEI. OIKOS: Jurnal Kajian Pendidikan Ekonomi dan Ilmu Ekonomi, 9(2), 639-648.
Rahman, R. H. (2021). Pengaruh Profitabilitas, Cash Flow, Likuiditas dan Net Working Capital terhadap Cash Holding dengan Ukuran Perusahaan sebagai Variabel Moderating pada Perusahaan Real Estate dan Properti di Indonesia. Jurnal Ekonomi Kiat, 32(1). https://doi.org/10.25299/kiat.2021.vol32(1).7405
Vidyana, N. E., & Buchory, H. A. (2024). Industri Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia ( Bei ) Dan Masuk Indeks Lq45 Periode 2018-2023. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 8(3), 2434–2454.
Wijaya, H., Tania, D., & Cahyadi, H. (2021). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan. Jurnal Bina Akuntansi, 8(2), 109–121. https://doi.org/10.52859/jba.v8i2.148
Published
2026-02-19
How to Cite
Yahya, H. A. R., & Yulianto, A. (2026). Profitability, Leverage, and Size as Drivers of Firm Value: A Study of Indonesian Manufacturing Companies. International Journal of Economics, Business and Innovation Research, 5(02), 380-399. https://doi.org/10.63922/ijebir.v5i02.2991
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