The Effect of Current Ratio, Return on Assets, Debt-to-Equity Ratio, and Firm Size on Tobin’s Q (A Study of Plantation and Crops, Tobacco, and Processed Foods Sub-Sectors Listed on the Indonesia Stock Exchange from 2020 to 2024)
DOI:
https://doi.org/10.59890/ijsas.v4i10.74Keywords:
Current ratio, ROA, DER, Firm Size, Tobin’s QAbstract
This research aims to analyze the effect of Current Ratio, Return on Assets, Debt to Equity Ratio, and Firm Size on Tobin’s Q. The study was conducted on companies within the plantation and crop, tobacco, and processed food subsectors listed on the Indonesia Stock Exchange during 2020–2024. These three subsectors were selected due to their substantial contribution to the national economy through employment generation, food security, and export revenues, alongside an observed decline in corporate valuation as measured by Tobin’s Q, presenting a critical phenomenon for investigation. The study adopts a causal research design. Utilizing a purposive sampling method, 23 companies were selected, yielding a balanced sample for evaluation. Data analysis was executed via panel data regression modeling utilizing Eviews 13. The empirical findings demonstrate that Current Ratio has no statistically significant effect on Tobin’s Q, Return on Assets exerts a positive and statistically significant effect on Tobin’s Q, Debt to Equity Ratio displays a positive and statistically significant impact on Tobin’s Q, and Firm Size shows no statistically significant effect on Tobin’s Q.
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