The Relationship between Profitability, Liquidity and Company Size and Company Value (Study of LQ45 Index Companies Listed on the Indonesia Stock Exchange 2020-2024)
Keywords:
Capital Market, Firm Size, Firm Value, Liquidity, Profitability
Abstract
Firm value is an important indicator reflecting investor perceptions of a company's prospects. Fluctuations in firm value among LQ45 index issuers during the 2020–2024 period indicate that fundamental factors still play a role in shaping market valuations. This study aims to analyze the relationship between profitability, liquidity, and firm size on firm value, with sales growth as a control variable for LQ45 index companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This study uses a quantitative approach with an associative research type. The study population consisted of 45 companies, using a purposive sampling technique, resulting in 25 companies or 125 observations. The data used were secondary data in the form of annual financial statements and annual reports. Data collection was conducted through documentation and literature review, while data analysis used multiple linear regression analysis. The results show that liquidity has a positive and significant relationship with firm value, while profitability and firm size have no significant relationship. Sales growth, as a control variable, has a significant and negative relationship with firm value. This study concludes that liquidity is the most influential factor in explaining company value in LQ45 index companies during the study period, while profitability and company size have not been the determining factors for company value.
References
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Fajriah, Idris, & Nadhiroh. (2022). Pengaruh pertumbuhan penjualan, pertumbuhan perusahaan, dan ukuran perusahaan terhadap nilai perusahaan.
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Jeremia, & Arif. (2024). Pengaruh leverage, profitabilitas, likuiditas dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan infrastruktur di Bursa Efek Indonesia tahun 2019–2023.
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. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
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Prasetya, T.M., Astuti, S.Y., Megasyara, I. and Putro, G.M.H. (2024), “The effect of return on asset, current ratio, debt to asset Ratio, and total asset on profit growth in the Healthcare Sector on the IDX in 2018-2022”, Progress Conference, Vol. 7 No. 1.
Putro, G.M.H., Astuti, S.Y., Mas’adah, N., Imawan, A., Febrianti, D., Megasyara, I. and Wany, E. (2023), “Faktor yang mempengaruhi harga saham: bukti empiris dari Indonesia”, Journal of Culture Accounting and Auditing, Vol. 2 No. 2.
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Putro, G.M.H., Imawan, A., Megasyara, I. and Febrianti, D. (2024), “Does firm value matter? empirical evidance from Indonesia”, Journal Ilmu Akuntansi Dan Bisnis Syariah, Vol. 6 No. 2, pp. 159–173.
Putro, G.M.H. and Wany, E. (2021), “Dividend policy sebagai intervening hubungan rasio keuangan terhadap firm value di BEI”, Jurnal Akuntansi Integratif, Vol. 7 No. 1, pp. 44–63.
Rahmi, F., Arfan, M., & Saputra, M. (2023). Assessing determinant of firm value: Indonesia conventional bank analysis. Jurnal Akuntansi dan Auditing Indonesia, 27(1). https://doi.org/10.20885/jaai.vol27.iss1.art2
Rahayu, A. M. A., & Waluyo, D. E. (2024). Pengaruh return on equity, current ratio, sales growth dan kebijakan dividen terhadap nilai perusahaan. Jurnal Ilmiah Global Education, 5(2), 1274–1287. https://doi.org/10.55681/jige.v5i2.2770
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Al’maliki Saliha Maza, A., Qurrota A’yun, Y., Febrianti, D., Marhaenis, G. and Putro, H. (2024), “The Effect Of Solvability, Profitability, And Institutional Ownership On Tax Avoidance In Coal Sub-Sector Mining Companies Listed On The Indonesia Stock Exchange In 2021-2023”, Proceeding 4th International Conference on Business & Social Sciences (ICOBUSS).
Amelia Nur Laili, D., Mas, N., Putro, G.M.H. and Megasyara, I. (2024), “Evaluasi harga saham ditinjau dari rasio keuangan pada perusahaan food and beverage”, Ecoducation: Economics & Education Journal, Vol. 6 No. 2.
Anggita, K. T. (2022). Pengaruh ukuran perusahaan, profitabilitas, likuiditas, dan leverage terhadap nilai perusahaan. Jurnal Ilmu dan Riset Akuntansi. https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/4587
Arumuninggar, M. (2022). Pengaruh profitabilitas, leverage, dan likuiditas terhadap harga saham pada perusahaan makanan dan minuman di Bursa Efek Indonesia. Jurnal Ilmu dan Riset Akuntansi. https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/4596
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Ayem, S., & Ina, C. R. T. (2023). Struktur modal dan likuiditas terhadap nilai perusahaan: Ukuran perusahaan sebagai variabel moderasi. Jurnal Literasi Akuntansi, 3(1), 47–57. https://doi.org/10.55587/jla.v3i1.48
Ayu, I., Fridayanti, W., Novitasari, G., & Widhiastuti, P. (2023). Pengaruh likuiditas, profitabilitas, pertumbuhan perusahaan, ukuran perusahaan dan struktur modal terhadap nilai perusahaan pada perusahaan LQ45 yang terdaftar di BEI tahun 2018–2021. Kumpulan Hasil Riset Mahasiswa Akuntansi (KHARISMA), 5(1), 13–23.
Cahyani, N. P., Pradnyani, N. L. P., & Artaningrum, R. G. (2023). The effect of profitability, liquidity, and company size on company value in the banking subsector. International Journal of Pertapsi, 1(1), 32–40. https://doi.org/10.9744/ijp.1.1.32-40
Cordiaz, Erlina, & Situmeang, I. L. (2021). The effect of profitability, liquidity, and capital structure on firm value with dividend policy as a moderating variable in mining companies listed on the Indonesia Stock Exchange. International Journal of Research and Review, 8(12), 328–337. https://doi.org/10.52403/ijrr.20211241
Damayanti, & Abas, F. (2023). Pengaruh profitabilitas, likuiditas dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan pertambangan. Jurnal Ilmiah Fokus Ekonomi, Manajemen, Bisnis & Akuntansi (EMBA), 2(2), 141–151. https://doi.org/10.34152/emba.v2i02.813
Fadhilah, S.A.N., Putro, G.M.H., Astuti, S.Y. and Mas’adah, N. (2025), “Faktor-faktor yang Mempengaruhi Minat Bertransaksi Fintech pada Generasi Z: Analisis Kemudahan, Efektivitas, dan Risiko”, Economic and Education Journal (Ecoducation), Vol. 7 No. 2, pp. 779–795, doi: 10.33503/ecoducation.v7i2.1804.
Fajri, M.B., Putro, G.M.H., Bait, J.F. and Megasyara, I. (2023), “What Factors Affect Hedging? Empirical Evidance from Indonesia”, MEC-J (Management and Economics Journal), Maulana Malik Ibrahim State Islamic University, Vol. 7 No. 1, pp. 21–42, doi: 10.18860/mec-j.v7i1.19277.
Fajri, M.B., Rochmah, S.M., Putro, G.M.H., Lailiyah, E.H., Zulyanti, N.R. and Syah, I. (2024), “Financial Technology: An Analysis of the Financial Performance and Growth of Banking Companies”, BALANCE : Economic, Business, Management, and Accounting Journal, Vol. XXI No. 2, pp. 160–187, doi: 10.30651/blc.v21i2.22960.
Fajriah, Idris, & Nadhiroh. (2022). Pengaruh pertumbuhan penjualan, pertumbuhan perusahaan, dan ukuran perusahaan terhadap nilai perusahaan.
Fitriana, A. (2024). Analisis laporan keuangan. CV Malik Rizki Amanah.
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (Edisi ke-10). Badan Penerbit Universitas Diponegoro.
Gujarati, D. N., & Porter, D. C. (2021). Essentials of econometrics (5th ed.). Sage Publications.
Harjanto, K. (2024). The analysis of financial reporting quality and firm value. Copernican Journal of Finance & Accounting, 12(3), 27–41. https://doi.org/10.12775/cjfa.2023.014
Indira, I., Nisa, L., Dedyansyah, A.F., Salukh, A. and Putro, G.M.H. (2024), “Ukuran perusahaan memoderasi pengaruh leverage pada tax avoidance”, Jurnal Ilmiah Raflesia Akuntansi, Vol. 10 No. 1, pp. 256–264.
Iman, C., Sari, F. N., & Pujiati, N. (2021). Pengaruh likuiditas dan profitabilitas terhadap nilai perusahaan. Jurnal Perspektif, 19(2). https://doi.org/10.31294/jp.v17i2
Investing.com. (2025). Jakarta Stock Exchange LQ45 (JKLQ45). https://id.investing.com/indices/jakarta-lq45
Investing.com. (2025). IHSG tembus 8.124, kapitalisasi pasar dekati 70 persen PDB. https://id.investing.com/news/stock-market-news/ihsg-tembus-8124-kapitalisasi-pasar-dekati-70-persen-pdb-2882723
Jannah, & Sartika. (2022). The effect of good corporate governance and company size on firm value. International Journal of Research in Business and Social Science, 11(2), 241–251. https://doi.org/10.20525/ijrbs.v11i2.1619
Jeremia, & Arif. (2024). Pengaruh leverage, profitabilitas, likuiditas dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan infrastruktur di Bursa Efek Indonesia tahun 2019–2023.
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. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Jonnius, & Setya. (2021). Profitability and the firm's value. Dinasti International Journal of Management Science, 3(1). https://doi.org/10.31933/dijms.v3i1
Kenny, C., Maryati, M., Fibrianti, I., Dosinta, N. F., Yunita, K., & Heniwati, E. (2024). Determinan nilai perusahaan LQ45 dengan ukuran perusahaan sebagai pemoderasi. Jurnal Akuntansi dan Keuangan, 12(1), 44–58. https://doi.org/10.29103/jak.v12i1.13113
Lilia, W., Situmeang, S. I. L., Verawaty, V., & Hartanto, D. (2020). Pengaruh profitabilitas, likuiditas, ukuran perusahaan terhadap struktur modal perusahaan property dan real estate yang terdaftar di BEI. Owner, 4(2), 627–638. https://doi.org/10.33395/owner.v4i2.259
Listiadi, A. (2023). The effect of financial performance on the Tobin's Q value of company investment. International Journal of Scientific Research and Management, 11(12), 5566–5574. https://doi.org/10.18535/ijsrm/v11i12.em07
Maza, A.A.S., A’yun, Y.Q., Febrianti, D. and Putro, G.M.H. (2024), “The effect of solvability, profitability, and institutional ownership on tax avoidance in coal sub-sector mining companies listed on the Indonesia Stock Exchange in 2021-2023”, Proceeding 4th International Conference on Business & Social Sciences (ICOBUSS).
Nabila. (2025). Bos OJK: Indeks bergengsi LQ45 anjlok 15,6% sepanjang 2024. Katadata.
Putri, Hermuningsih, S., & Wiyono, G. (2024). Pengaruh profitabilitas, leverage, ukuran perusahaan, dan pertumbuhan aset terhadap nilai perusahaan. Owner, 8(2), 1823–1838. https://doi.org/10.33395/owner.v8i2.1997
Putri, & Noor. (2022). Pengaruh earning per share, profitabilitas, leverage, dan sales growth terhadap nilai perusahaan pada industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia.
Prasetya, T.M., Astuti, S.Y., Megasyara, I. and Putro, G.M.H. (2024), “The effect of return on asset, current ratio, debt to asset Ratio, and total asset on profit growth in the Healthcare Sector on the IDX in 2018-2022”, Progress Conference, Vol. 7 No. 1.
Putro, G.M.H., Astuti, S.Y., Mas’adah, N., Imawan, A., Febrianti, D., Megasyara, I. and Wany, E. (2023), “Faktor yang mempengaruhi harga saham: bukti empiris dari Indonesia”, Journal of Culture Accounting and Auditing, Vol. 2 No. 2.
Putro, G.M.H., Fajri, M.B. and Indira, I. (2022), “Tax Aggressiveness: Peran Moderasi CSR pada Perusahaan Manufaktur”, Moneter: Jurnal Akuntansi Dan Keuangan, Vol. 9 No. 2.
Putro, G.M.H., Imawan, A., Megasyara, I. and Febrianti, D. (2024), “Does firm value matter? empirical evidance from Indonesia”, Journal Ilmu Akuntansi Dan Bisnis Syariah, Vol. 6 No. 2, pp. 159–173.
Putro, G.M.H. and Wany, E. (2021), “Dividend policy sebagai intervening hubungan rasio keuangan terhadap firm value di BEI”, Jurnal Akuntansi Integratif, Vol. 7 No. 1, pp. 44–63.
Rahmi, F., Arfan, M., & Saputra, M. (2023). Assessing determinant of firm value: Indonesia conventional bank analysis. Jurnal Akuntansi dan Auditing Indonesia, 27(1). https://doi.org/10.20885/jaai.vol27.iss1.art2
Rahayu, A. M. A., & Waluyo, D. E. (2024). Pengaruh return on equity, current ratio, sales growth dan kebijakan dividen terhadap nilai perusahaan. Jurnal Ilmiah Global Education, 5(2), 1274–1287. https://doi.org/10.55681/jige.v5i2.2770
Safitri, M., Putro, G.M.H., Astuti, S.Y. and Megasyara, I. (2024), “Mekanisme green accounting, corporate social responsibility (CSR), kinerja lingkungan dan kinerja keuangan”, Ecoducation: Economics & Education Journal, Vol. 6 No. 2.
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Published
2026-07-16
How to Cite
Mei Shofina Arisyanada, Ira Megasyara, Suryani Yuli Astuti, & Guruh Marhaenis Handoko Putro. (2026). The Relationship between Profitability, Liquidity and Company Size and Company Value (Study of LQ45 Index Companies Listed on the Indonesia Stock Exchange 2020-2024). International Journal of Economics, Business and Innovation Research, 5(04), 4290-4313. https://doi.org/10.63922/ijebir.v5i04.5099
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