The Influence of Liquidity and Investment Decisions on Company Value of Coal Subsector Issuers on the Indonesia Stock Exchange for the 2021-2025 Period

Muhammad Farhan Hafidz; Amthy Suraya

doi:10.63922/ijebir.v5i06.6582

Muhammad Farhan Hafidz Program Studi Manajemen Program Sarjana Fakultas Ekonomi Dan Bisnis Universitas Pamulang Tangerang Selatan
Amthy Suraya Program Studi Manajemen Program Sarjana Fakultas Ekonomi Dan Bisnis Universitas Pamulang Tangerang Selatan

DOI: https://doi.org/10.63922/ijebir.v5i06.6582

Keywords: Dividend Yield, Investment Decision, Liquidity, Tobin's Q, Firm Value

Abstract

The coal subsector plays a significant role in the Indonesian economy, but commodity price dynamics and market conditions cause differences in company value between issuers. This study aims to analyze the effect of liquidity and investment decisions on company value in coal subsector issuers listed on the Indonesia Stock Exchange for the 2021–2025 period. The study used a quantitative approach with an associative method and secondary data in the form of annual reports and financial statements. The study population consisted of 25 companies, with eight companies selected through purposive sampling. Data collection instruments included documentation and literature studies, while data analysis was conducted using descriptive statistics and panel data regression with EViews 13 using the Common Effect Model, Fixed Effect Model, Random Effect Model, Chow test, Hausman test, Lagrange Multiplier test, classical assumption test, coefficient of determination, t-test, and F-test. The results showed that liquidity had no significant effect on company value, while investment decisions had a negative and significant effect. Simultaneously, liquidity and investment decisions had a significant effect on company value. In conclusion, investment decisions had a more significant partial effect, while the combination of liquidity and investment decisions contributed significantly to company value.

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