Liquidity, Activity, Solvency, Profitability on Company Value Mediated by Investment Decision

Authors

  • Sandy Budiarti Faculty of Economics and Business, Universitas Brawijaya, Malang, East Java
  • Moeldjadi Moeldjadi Faculty of Economics and Business, Universitas Brawijaya, Malang, East Java
  • Risna Wijayanti Faculty of Economics and Business, Universitas Brawijaya, Malang, East Java

DOI:

https://doi.org/10.55324/ijoms.v2i11.605

Keywords:

liquidity, activity, solvency, profitability, investement decision, company value

Abstract

A country with high economic potential in the international community is Indonesia. Indonesia is one of the countries with positive economic growth amidst the current global uncertainty. Indonesia's current economic growth is quite high in the region of other ASEAN countries. This study discussed liquidity, solvency, and profitability on company value with investment decisions as a mediating variable. This research used a quantitative approach with a descriptive quantitative design carried out at the Investment Gallery, Faculty of Economics and Business, Brawijaya University in 2018-2022. This study shows that investment decisions do not mediate the effect of liquidity, activity, and solvency on company value. However, investment decisions can mediate the effect of profitability on company value.

References

Agusti, I. T., Nadhiroh, U., & Soetapa, H. (2022). Pengaruh Rasio Aktivitas dan Keputusan Pendanaan Terhadap Nilai Perusahaan Melalui Kinerja Keuangan Sebagai Variabel Intervening Pada Perusahaan Sub Sektor Farmasi Yang Terdaftar Di BEI Periode 2015 - 2020. Akuntansi, 1(3). https://doi.org/10.55606/jurnalrisetilmuakuntansi.v1i3.48

Anggara, L., Toni, N., Simorangkir, E. N., & Sitepu, W. R. B. (2021). The Influence Of Solvency And Profitability On Company Value With Company Size As A Moderating Variable In Property And Real Estate Companies Registered On The IDX in the 2016-2018 period. South East Asia Journal of Contemporary Business, Economics and Law, 24(3).

Bahrun, M. F., Tifah, T., & Firmansyah, A. (2020). Pengaruh Keputusan Pendanaan, Keputusan Investasi, Kebijakan Dividen, Dan Arus Kas Bebas Terhadap Nilai Perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 8(3). https://doi.org/10.37641/jiakes.v8i3.358

Brigham, E. F., & Houston, J. F. (2021). Fundamentals of financial management: Concise. Cengage Learning.

Damayanti, H. O., & Nurasik, N. (2023). Liquidity, Capital Structure, Investment Decisions and Investment Opportunity Set (IOS) on Company Value. Indonesian Journal of Innovation Studies, 21. https://doi.org/10.21070/ijins.v21i.764

Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. Journal of Corporate Accounting and Finance, 30(1). https://doi.org/10.1002/jcaf.22371

Dewantari, N. L. S., Cipta, W., & Susila, G. P. A. J. (2020). Pengaruh Ukuran Perusahaan Dan Leverage Serta Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Food And Beverages Di BEI. Prospek: Jurnal Manajemen Dan Bisnis, 1(2). https://doi.org/10.23887/pjmb.v1i2.23157

Efni, Y. (2017). The mediating effect of investment decisions and financing decisions on the effect of corporate risk and dividend policy against corporate value. Investment Management and Financial Innovations, 14(2). https://doi.org/10.21511/imfi.14(2).2017.03

Erviana, M. (2021). Pengaruh Keputusan Investasi, Keputusan Pendanaan, Dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Pada Perusahaan Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya, 9(2).

Fajri, A., & Munandar, A. (2022). Pengaruh kinerja keuangan terhadap nilai perusahaan pada industri infrastruktur telekomunikasi tahun 2017-2021. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(4). https://doi.org/10.32670/fairvalue.v5i4.2582

Febianty, K., Nisa, C. N., & Yustisiana, R. (2023). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Keputusan Investasi Sebagai Variabel Mediasi. JIMP: Jurnal Ilmiah Manajemen Pancasila, 3(1), 31–41.

Furqoni, M. I. (2019). Implication of Profitability, Capital Structure and Liquidity to The Value of The Company. Indonesian Journal of Business, Accounting and Management, 2(01). https://doi.org/10.36406/ijbam.v2i2.597

Gunawan, J., Funny, F., Marcella, C., Evelyn, E., & Sitorus, J. S. (2020). Pengaruh CR (Current Ratio), DER (Debt to Equity Ratio), EPS (Earning Per Share) dan Financial Distress (Altman Score) Terhadap Harga Saham Pada Perusahaan Sektor Industri Dasar dan Kimia Yang Terdaftar Di Bursa Efek Indonesia. Owner, 4(1). https://doi.org/10.33395/owner.v4i1.176

Hartono, E., & Wahyuni, D. U. (2017). Analisis Faktor-Faktor Keputusan Investasi Pada Perusahaan Property Dan Real Estate. Jurnal Ilmu Dan Riset Manajemen, 42(4).

Husnan, S. (2018). Dasar-dasar teori portofolio dan analisis sekuritas. UPP AMP YPKN.

Kay, S., & Pamungkas, L. D. (2022). Analisis Pengaruh Rasio Leverage, Aktivitas Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Sektor Industri Dasar Dan Kimia yang Terdaftar di BEI Dalam Kurun Waktu 2018-2020). Journal Competency of Business, 6(01). https://doi.org/10.47200/jcob.v6i01.1310

Khikmah, N., Yusuf, M., & Yohani, Y. (2020). Pengaruh Profitabilitas, Solvabilitas, Rentabilitas, Likuiditas, Ukuran Perusahaan Dan Keputusan Investasi Terhadap Nilai Perusahaan. Neraca, 16(1), 40–57.

Kurniawan, N., & Mawardi, W. (2017). Analisis Pengaruh Profitabilitas Keputusan Investasi Keputusan Pendanaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi pada Perusahaan yang Terdaftar di Jakarta Islamic Index Tahun 2011-2015). Diponegoro Journal of Management, 6(2).

Kusaendri, D., & Mispiyanti, M. (2022). Pengaruh Profitabilitas, Keputusan Investasi, dan Keputusan Pendanaan Terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi. Jurnal Ilmiah Mahasiswa Manajemen, Bisnis Dan Akuntansi (JIMMBA), 4(5). https://doi.org/10.32639/jimmba.v4i5.152

Kusumawati, V. C., Robiyanto, R., & Harijono, H. (2021). Profitability and Dividend Policy Affects Firm Value in The Infrastructure, Utility and Transportation Sector. International Journal of Social Science and Business, 5(1). https://doi.org/10.23887/ijssb.v5i1.29822

Mariana, W. I., Kamaliah, & Indrawati, N. (2019). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Keputusan Investasi sebagai Variabel Mediasi (Studi pada Perusahaan Sektor Pertambangan yang Listing di Bursa Efek Indonesia Tahun 2012 – 2016). Jurnal Ekonomi, 27(1).

Muslim, M., & Ahmad, H. (2022). Several Factors Affecting Firm Value Manufacturing in Indonesia. Jurnal Akuntansi, 26(1). https://doi.org/10.24912/ja.v26i1.821

Musliq, M. A., & Biduri, S. (2022). Effect of Profitability, Liquidity, Leverage, Size, and Stock Price on Investment Decisions by Investors. Academia Open, 7. https://doi.org/10.21070/acopen.7.2022.3281

Nila, L., & Suryanawa, I. K. (2018). Pengaruh Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility sebagai Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 23(3).

Nur, T., & Novitasari, W. (2017). Pengaruh Struktur Modal, Likuiditas, Profitabilitas, Dan Firm Size Terhadap Keputusan Investasi. Esensi, 20(3).

Patricia, Bangun, P., & Tarigan, M. U. (2018). Pengaruh Profitabilitas, Likuiditas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia). Manajemen Bisnis, VOL. 13, N(1).

Pertiwi, A. N., & Sukoco, A. (2022). Effect of Profitability Ratio, Solvency Ratio, and Liquidity Ratio to Price Book Value (Pbv) on Food and Beverage Sub-Sector Companies Listed on the Idx in 2017-2021. Journal of World Conference (JWC), 4(6), 317–323.

Prawironegoro, D. (2016). Manajemen Keuangan: Pendekatan Praktis Kajian Pengambilan Keputusan Bisnis Berbasis Analisis Keuangan. Nusantara Consulting.

Putri, L. R., & Iswara, U. S. (2022). PENGARUH PROFITABILITAS, LIKUIDITAS, SOLVABILITAS DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 11(4).

Rosa, E., & Mukhibad, H. (2022). Fundamental Factors of Financial Ratios and Discretionary Accruals in Influencing the Companies’ Fixed-Asset Investment Decisions. Journal of Accounting and Investment, 23(2). https://doi.org/10.18196/jai.v23i2.14337

Rustan, D. M. (2022). Interaksi Antara Profitabilitas, Likuiditas dan Aktivitas Pada Keputusan Investasi. Jurnal Mirai Manajemen, 7(1).

Sahyu, A., & Maharani, N. K. (2023). Pengaruh Profitabilitas, Solvabilitas, Dan Aktivitas Terhadap Nilai Perusahaan. Komitmen: Jurnal Ilmiah Manajemen, 4(1), 260–271.

Samiun, A. A., Abbas, S., & Hadia, F. La. (2021). Pengaruh Profitabilitas, Leverage dan Likuiditas Terhadap Nilai Perusahaan (Studi Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2018- 2020). Jurnal Sains, Sosial Dan Humaniora (JSSH), 2(1).

Saragih, F. M., & Hakiman, D. M. (2021). Effect of TATO, DER, ROE and Size on Company Value (Study on Manufacturing Companies Listed in IDX. International Journal of Innovative Science and Research Technology, 6(3).

Sari, N. R., & Wahidahwati, W. (2018). Pengaruh Keputusan Investasi, Keputusan Pendanaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Gcg Sebagai …. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 7(6).

Sawir, A. (2015). Analisis Kinerja Keuangan dan Perencanaan Keuangan Perusahaan. Gramedia Pustaka Utama.

Simorangkir, B., & Nurhasanah, N. (2021). Analisis Pengaruh Rasio Likuiditas, Solvabilitas, Profitabilitas, dan Aktivitas Terhadap Nilai Perusahaan pada Perusahaan yang Tergabung dalam Indeks LQ45 Di Bursa Efek Indonesia Periode 2012 – 2015. Syntax Literate?; Jurnal Ilmiah Indonesia, 6(4). https://doi.org/10.36418/syntax-literate.v6i4.2234

Sudana, I. M. (2015). Manajemen Keuangan Perusahaan: Teori dan Praktek. Erlangga.

Sugandhi, G. V., Gisella, V., & Dara, S. R. (2022). Pengaruh Likuiditas, Solvabilitas dan Aktivitas terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. STREAMING, 1(2), 63–76.

Sulistiono, S., & Yusna, Y. (2020). Analysis of the Effect of Funding Decision and Dividend Policy on the Firm Value and Investment Decision as Mediation (Study on Manufacturing Companies in Indonesia Stock Exchange). https://doi.org/10.2991/aebmr.k.200415.035

Surasmi, I. A., Putra, I. B. U., & Warmana, G. O. (2021). Pengaruh Leverage dan Kebijakan Dividen terhadap Investasi Perusahaan. WACANA EKONOMI (Jurnal Ekonomi, Bisnis Dan Akuntansi), 20(2). https://doi.org/10.22225/we.20.2.2021.138-143

Syahputra, B., Marlina, E., & Azhari, I. P. (2021). Pengaruh Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi. ECOUNTBIS: Economics, Accounting and Business Journal, 1(1), 109–120.

Wibowo, B. S., & Jusmansyah, M. (2019). Analisis Pengaruh Current Ratio (CR), Debt To Equity Ratio (DER), Total Assets Turn Over (TATO), Dan Return On Equity (ROE) Terhadap Price Earning Ratio (PER). Financial Marketing Operational Human Resources, 2(01).

Widiani, N. K. S., Bisma, I. D. G., & Muhdin. (2022). Pengaruh Return On Equity, Debt To Equity Ratio Dan Total Asset Turnover Terhadap Price Earning Ratio (Studi Pada Perusahaan Lq45 Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2020). Urgentrev Management Review, 2(2).

Yunita, M. D., & Yuniningsih, Y. (2020). Analisis Keputusan Investasi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Cakrawala Management Business Journal, 3(1). https://doi.org/10.30862/cm-bj.v3i1.63

Downloads

Published

2023-08-25

Issue

Vol. 2 No. 11 (2023): Indonesian Journal of Multidisciplinary Science

Section

Articles

License

Copyright (c) 2023 Sandy Budiarti, Moeldjadi Moeldjadi, Risna Wijayanti

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  • Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International (CC-BY-SA). that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
  • Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  • Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.