The Effect of Liquidity and Solvency on the Firm Value of Consumer Non-Cyclicals Companies Listed on the Indonesia Stock Exchange: The Mediating Role of Profitability
DOI:
https://doi.org/10.59890/ijsas.v4i7.14Keywords:
liquidity, solvability, profitability, firm valueAbstract
The consumer non-cyclicals sector was chosen as the focus of this study because it represents one of the significant sectors contributing to Indonesia’s Gross Domestic Product (GDP) growth. Despite its important contribution to the national economy, the sector experienced a downward trend in firm value. Therefore, this study investigated the influence of liquidity and solvability on firm value among consumer non-cyclicals companies listed on the Indonesia Stock Exchange, while considering profitability as a mediating variable.
This study adopted a quantitative methodology using a causal research design. The research population included consumer non-cyclicals companies that satisfied the established criteria throughout the observation period. Companies were selected through purposive sampling based on specific requirements relevant to the study. The collected data were examined using panel data regression analysis supported by EViews software to assess both the direct and indirect effects between the variables.
The findings indicated that liquidity and solvability did not significantly affect firm value. In contrast, profitability was found to have a positive and significant influence on firm value. Liquidity also demonstrated a positive and significant effect on profitability, whereas solvability showed no significant impact on profitability. Additionally, profitability was proven to mediate the relationship between liquidity and firm value. However, profitability did not mediate the relationship between solvability and firm value.
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