Analysis of Current Ratio and Debt to Equity Ratio to Price to Book Value with Return on assets as a mediation variable (Financial Studies in the industrial sector listed on the Indonesia Stock Exchange)
Keywords:
Current Ratio, Debt to Equity Ratio, Return on Asset, Price to Book Value.
Abstract
This research is grounded in the increasingly intense and competitive business landscape, which compels companies to enhance firm value in order to sustain their competitive position. Firm value functions as a key indicator of corporate success fron an investor’s perspective. This study aims to examine the effect of current ratio and debt to equity ratio on price to book value, both directly and indirectly through return on asset as a mediating variable, within the industrial sector listed on the Indonesia Stock Exchange (IDX) during the 2023-2024 period. This study employs a quantitative research method with and explanatory research design. The sample was determined through a purposive sampling technique, yielding 92 obeservations derived from 46 companies. Data were analyzed using multiple linear regression and path analysis, processed with SPSS. The findings reveal that current ratio has a positive and significant effect on return on asset, whereas debt to equity ratio has a positive but insignificant effect on return on asset. Current ratio and debt to equity ratio has a positif but insignificant effect on price to book value, while return on asset has a positive and significant effect on price to book value.
References
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Matruty, D., Loppies, L., & Lawalata, J. (2023). The Effect of Return on Asset, Debt to Equity Ratio and Current Ratio on Price to Book Value (Case Study on Food and Beverage Subsector Companies Listed on The Indonesian Stock Exchange Period 2019-2021). Jurnal Ekonomi , 12(4).
Mubarok, F. (2025, January 2). Rapor IHSG 2024: Fundamental hingga Kinerja Tiap Sektor.
Muharrom, A. R. dan H. S. (2024). The Effect of Bank Efficiency, Industry Specification, and Macroeconomic on Banking Profitability in Indonesia. Journal of Economics, Finance and Management Studies, 7(3), 1492–1500. https://doi.org/DOI:10.47191/jefms/v7-i3-11,ImpactFactor:8.044
Nofriyani, F., Halawa, R., & Hayati, K. (2021). Pengaruh Struktur Modal, Aktivitas, Current Ratio, dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur . ARBITRASE: Journal of Economics and Accounting, 1(3), 136–144.
Nugraha, M., & Wirama, D. (2021). Pengaruh ROA dan DER pada Rasio PBV dengan VAICTM sebagai Pemoderasi . E-Jurnal Akuntansi, 31(6), 1467–1480.
Nugroho, K., Supriyadi, D., & Chaerudin. (2023). Pengaruh Rasio Keuangan Terhadap Nilai Perusahaan . Gorontalo Accounting Journal , 6(1).
Oktaviani, D., Satriansyah, A., & Widianingrum, E. (2024). The Effect of Profitability, Company Size and Leverage on Company Value . Jurnal Ilmiah Akuntansi Kesatuan, 12(2), 207–218.
Purnomo, A., Sari, U., & Nuralizah, A. (2024). Pengaruh Return on Asset (ROA) dan Debt to Equity Ratio (DER) Terhadap Price to Book Value (PBV) Pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2022. Owner: Riset & Jurnal Akuntansi , 8(2).
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. Jurnal Ilmiah Magister Manajemen , 3(1), 92–106. https://doi.org/DOI:https://doi.org/10.30596/maneggio.v3i1.4856
Putra, P., & Sari, E. (2023). Pengaruh ROA, CR, dan DER terhadap PBV Pada Sektor Manufaktur Sub Sektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia Periode 2018-2020 . Manajemen Kreatif Jurnal (MAKREJU) , 1(4), 189–202.
Qamara, T., Wulandari, A., Sukoco, A., & Suyono, J. (2020). The Influence of Current Ratio, Debt to Equity Ratio, and Total Asset Turnover Ratio on Profitability on Transportation Companies Listed on the Indonesia Stock Exchange 2014-2018. International Journal of Integrated Education, Engineering Business (IJEEB), 3(2), 81–93. https://doi.org/DOI:10.29138/ijieeb.v3i2.1169
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Published
2026-07-07
How to Cite
Salma Anas A, Dicky Jhoansyah, & Tetty Sufianty Zafar. (2026). Analysis of Current Ratio and Debt to Equity Ratio to Price to Book Value with Return on assets as a mediation variable (Financial Studies in the industrial sector listed on the Indonesia Stock Exchange) . International Journal of Economics, Business and Innovation Research, 5(04), 3430-3451. https://doi.org/10.63922/ijebir.v5i04.5021
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