Pengaruh Struktur Modal, Profitabilitas, dan Likuiditas terhadap Nilai Perusahaan dengan Variabel Moderasi Asset Turnover Ratio

Abstract

This study aims to examine the influence of capital structure, profitability, and liquidity on firm value, with the asset turnover ratio serving as a moderating variable. The study population consists of companies listed on the Jakarta Islamic Index (JII) for the 2021–2025 period. A quantitative approach was employed using purposive sampling; based on specific criteria, a final dataset of 138 observations was obtained. Data analysis was conducted using SPSS version 27 software via multiple linear regression. The results demonstrate that capital structure and liquidity do not influence firm value. Furthermore, the asset turnover ratio does not moderate the relationship of capital structure, profitability, or liquidity with firm value. However, profitability was found to influence firm value. This study focuses on the Jakarta Islamic Index, an area that has received limited attention from researchers. The findings indicate that the management of Sharia-compliant companies needs to prioritize effective profitability enhancement as a strategic measure to strengthen firm value. Additionally, this study is expected to provide conceptual insights for investors and future researchers regarding the valuation patterns of companies listed on the Jakarta Islamic Index.