The Influence of Profitability, Debt Policy, and Investment Decisions on Company Value in Lq45 Companies Listed on the Indonesia Stock Exchange Period 2021-2024

Dwi Anggreini; Karmelia Emi Trimiati

doi:10.63922/ijebir.v5i05.5684

Dwi Anggreini Accounting Study Program, AKI University Semarang
Karmelia Emi Trimiati Accounting Study Program, AKI University Semarang

DOI: https://doi.org/10.63922/ijebir.v5i05.5684

Keywords: Debt Policy, Firm Value, Investment Decisions, Profitability

Abstract

This study aims to analyze the influence of profitability, debt policy, and investment decisions on firm value among companies included in the LQ45 index listed on the Indonesia Stock Exchange during the 2021-2024 period. This study employs a quantitative approach with an associative research design. The research population consists of all LQ45 companies listed on the Indonesia Stock Exchange during the 2021-2024 period. Purposive sampling was used, resulting in a sample of 33 companies and a total of 132 observations over the four-year study period. Following data processing and normality testing involving outlier analysis, the final dataset used for analysis consisted of 112 observations. Analytical techniques employed include analysis classical assumption testing, multiple linear regression analysis, partial testing (t-test), simultaneous testing (F-test), and the coefficient of determination test (R²), using SPSS software. The research results indicate that profitability, proxied by Return on Assets (ROA), has a positive and significant effect on firm value. Meanwhile, debt policy, proxied by the Debt to Equity Ratio (DER), and investment decisions, proxied by the Price-Earnings Ratio (PER), do not have a significant effect on firm value. Simultaneously, profitability, debt policy, and investment decisions collectively influence firm value. However, the coefficient of determination indicates that the ability of these three independent variables to explain variations in firm value remains relatively limited, suggesting that other factors outside the research model also influence firm value.

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