Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 11 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

The Effect of Liquidity, Activity, and Profitability on Firm Value in the Consumer Non-Cyclicals Sector Listed on the Indonesia Stock Exchange During 2020-2024

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  • Nayla Nur Azizah,
  • Tri Wahyono
Nayla Nur Azizah
Universitas Mercu Buana, Indonesia
Tri Wahyono
Universitas Mercu Buana, Indonesia

Published 2026-10-04

Keywords

  • Liquidity,
  • Activity,
  • Profitability,
  • Firm Value,
  • Consumer Non-Cyclicals

How to Cite

The Effect of Liquidity, Activity, and Profitability on Firm Value in the Consumer Non-Cyclicals Sector Listed on the Indonesia Stock Exchange During 2020-2024. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(11). https://journal.cib.institute/index.php/musytari/article/view/4838

Abstract

This study examines the effect of liquidity, activity, and profitability on firm value among Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange during 2020-2024. Firm value is proxied by Price to Book Value (PBV), liquidity by Current Ratio (CR), activity by Total Asset Turnover (TATO), and profitability by Return on Equity (ROE). Using a causal quantitative design, the study analyzes 35 firm-year observations from seven companies and processes panel data with EViews 12. The regression results show CR has a negative and insignificant effect on PBV (p=0.4575), TATO has a positive and significant effect (p=0.0006), and ROE has a positive but insignificant effect (p=0.4638). Simultaneously, the three variables significantly affect PBV (p=0.000285), with adjusted R-squared of 0.398702. The findings indicate that asset-use efficiency is the clearest financial factor associated with market valuation in the observed sample.
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References

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