Priviet Social Sciences Journal

Do profitability and liquidity drive market valuations? A study based on Tobin Q in LQ45 Firms (Q1 2021 – Q3 2024)

by Aditya Wardana ORCID , Rolan Mart Sasongko ORCID , Hafidh Rifky Adiyatna ORCID , Ryan Setya Budi ORCID , Ida Ayu Fatmayuni ORCID
Vol. 5 No. 9 (2025): September 2025

Abstract

This study aims to evaluate the effect of return on assets and current ratio on firm value in LQ45 indexed companies from Q1 2021 until Q3 2024. Quantitative causal-comparative design used and a census sampling of 45 companies (675 observations), This study employs Tobin’s Q as an indicator of firm value. The analysis reveals that ROA positively and significantly influences firm value, indicating that higher profitability improves investor valuation. In contrast, there is no statistically significant relationship between CR and firm value, suggesting that liquidity is not a primary driver of market valuation. Recommendations include focusing on profitability and asset efficiency to increase firm value, while future research should explore additional variables such as firm size or leverage. The limitations of this study relate to the use of Tobin's Q as a measure of firm value, whereas other methods can also be used.

References

  1. Afinindy, I., Salim, U., & Ratnawati, D. K. (2021). The Effect of Profitability, Firm Size, Liquidity, Sales Growth on Firm Value Mediated Capital Structure. International Journal of Business, Economics and Law, 24(4). https://www.ijbel.com/wp-content/uploads/2021/06/IJBEL24-704.pdf
  2. Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management 15 Edition. In Cengage Learning. https://ucsc-extension.simplesyllabus.com/api2/doc-pdf/zprb0z503/2023-Winter-BUSM-X405-%2811%29-.pdf
  3. Chaidir, R., Rosidi, R., & Andayani, W. (2022). The effect of policy on debt and profitability with firm values with corporate governance as moderate variables. International Journal of Research in Business and Social Science (2147- 4478), 10(8 SE-Strategic Approach to Business Ecosystem and Organizational Development), 39–46. https://doi.org/10.20525/ijrbs.v10i8.1492
  4. Dwipa, I. K. S., Kepramareni, P., & Yuliastuti, I. A. N. (2020). Pengaruh leverage, likuiditas, profitabilitas dan ukuran perusahaan terhadap nilai perusahaan. Kumpulan Hasil Riset Mahsiswa Akuntansi (KHARISMA), 2(2), 77–89. https://e-journal.unmas.ac.id/index.php/kharisma/article/view/735
  5. Dzahabiyya, J., Jhoansyah, D., & Danial, R. D. M. (2020). Analisis Nilai Perusahaan Dengan Model Rasio Tobin’s Q. JAD : Jurnal Riset Akuntansi & Keuangan Dewantara, 3(1), 46–55. https://doi.org/10.26533/jad.v3i1.520
  6. Enalia, F. (2021). Analisis Pengaruh Profitabilitas dan Struktur Modal terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi. (BIS-MA)Bisnis Manajemen, 6(12), 1847–1858. http://journal.widyadharma.ac.id/index.php/bisma/article/view/2541
  7. Fatmayuni, I. A., Sri Dwi Ari Ambarwati, & Hendro Widjanarko. (2024). Determinant Financial Distress: Evidence Manufacture Company in Indonesia Stock Exchange 2018 – 2022. Accounting and Finance Studies, 4(1), 1–16. https://doi.org/10.47153/afs41.8502024
  8. Gitman, L. J., & Zutter, C. J. (2019). Principles of Managerial Finance Fourteenth Edition. In Pearson Education Limited. https://books.google.com/books?hl=id&lr=&id=EQbiBAAAQBAJ&oi=fnd&pg=PP1&dq=Gitman,+L.+J.,+%26+Zutter,+C.+J.+(2019).+Principles+of+Managerial+Finance+Fourteenth+Edition.+In+Pearson+Education+Limited.&ots=uvoWzCM_0I&sig=30OtpuAHI3DyXv8DkTbfD9RAQVE
  9. Harjito, A., & Martono. (2014). Manajemen Keuangan.pdf. In Manajemen Keuangan.
  10. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4). https://doi.org/10.1016/0304-405X(76)90026-X
  11. Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2018). Intermediate Accounting Volume 1 IFRS Edition. New Jersey: John Wiley and Sons. https://books.google.com/books?hl=id&lr=&id=e07iDwAAQBAJ&oi=fnd&pg=PA1&dq=Kieso,+D.+E.,+Weygandt,+J.+J.,+%26+Warfield,+T.+D.+(2018).+Intermediate+Accounting+Volume+1+IFRS+Edition.+New+Jersey:+John+Wiley+and+Sons.&ots=wjxLs5w7Tg&sig=EQ8If4BGzUSjZ_4qWD61Dz3-hzU
  12. Kimsen, K., Kismanah, I., & Masitoh, S. (2019). Profitability, leverage, size of company towards tax avoidance. JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi), 4(1), 29–36. https://doi.org/10.34204/jiafe.v4i1.1075
  13. Lestari, I. D., Anggraeni, Y. P., & Octavia, A. N. (2023). Pengaruh return on assets, return on equity dan ukuran perusahaan terhadap nilai perusahaan. Solusi, 21(2), 153. https://doi.org/10.26623/slsi.v21i2.6355
  14. Modigliani, F., & Miller, M. H. (1958). American Economic Association The Cost of Capital, Corporation Finance and the Theory of Investment. Source: The American Economic Review, 48(3).
  15. Nasution, A. Z., Jamaluddin, Sihombing, J. C., & Sinulingga, C. A. A. B. (2020). Pengaruh struktur modal, current ratio, ukuran perusahaan, terhadap nilai perusahaan pada sektor makanan dan minuman di Bursa Efek Indonesia Pada Tahun 2013-2018. Jurnal Akuntansi AKTIVA, 1(04), 83–95.
  16. Putra, P., & Sari, E. P. (2023). Pengaruh ROA, CR, dan DER terhadap PBV Pada Sektor Manufaktur Sub Sektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia Periode 2018-2020. Manajemen Kreatif Jurnal, 1(4 SE-Articles). https://doi.org/10.55606/makreju.v1i4.2167
  17. Qotimah, K., & Kalangi, L. (2023). Pengaruh Analisa Fundamental Terhadap Return Investasi Pada Saham Second Liner Di Sektor Energi Periode 2019-2022 Yang Terdaftar Di Bursa Efek Indonesia The Effect Of Fundamental Analysis On Investment Return In Second Liner Share In The Energy Sector For. Korompis 12 Jurnal EMBA, 11(3), 12–26. https://ejournal.unsrat.ac.id/index.php/emba/article/view/48797
  18. Santoso, B. A., & Junaeni, I. (2022). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Likuiditas, dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan. Owner, 6(2). https://doi.org/10.33395/owner.v6i2.795
  19. Sari, M., & Mildawati, T. (2017). Pengaruh Keputusan Investasi, Kebijakan Dividen, Leverage dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 6(3). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/download/1008/1021
  20. Sigar, P., & Kalangi, L. (2019). Pengaruh Ukuran Perusahaan Dan Pertumbuhan Penjualan Terhadap Harga Saham Pada Perusahaan Manufaktur Sektor Industry Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal EMBA, 7(3), 3029–3039. https://ejournal.unsrat.ac.id/v3/index.php/emba/article/view/24054
  21. Sihombing, Y. P. (2021). Pengaruh return on asset (ROA), Debt to equity ratio (DER), ukuran perusahaan terhadap price to book value (PBV) (Studi Kasus Pada Perusahaan Sub Sektor Perdagangan Besar Yang Terdaftar Pada Bursa Efek Indonesia Tahun 2015 - 2019). Universitas Satya Negara Indonesia.
  22. Sugiyono. (2019). Metode Penelitian Kuantitatif,Kualitatif, dan R&D. Alfabeta.
  23. Suhatmi, E. C., Ambarsari, D., Maulany, S. C., & Sari, V. R. (2023). Analisis Kinerja Keuangan Untuk Mengukur Tingkat Kesehatan Keuangan Berdasarkan Rasio Profitabilitas Pada Beberapa Perusahaan Manufaktur. Seminar Nasional & Call For Paper HUBISINTEK 2023, 172–177. https://ojs.udb.ac.id/index.php/HUBISINTEK/article/download/2659/1937
  24. Tamba, S. M. (2023). Pengaruh profitabilitas, leverage dan likuiditas pada perusahaan manufaktur Sub Sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Journal Advancement Center for Finance and Accounting, 3(1).
  25. Utami, B. C. P. (2022). Analisis Implementasi Pengungkapan Informasi Laporan Keuangan Terintegrasi (Integrated Reporting) terhadap Harga Saham PT BFI Finance Indonesia Tbk. Jurnal Sistem Informasi Akuntansi (JASIKA), 2(1), 18–25. https://doi.org/10.31294/jasika.v2i01.1175