Pengaruh Return On Assets (ROA), Debt to Equity Ratio (DER), Current Ratio (CR) terhadap Nilai Perusahaan pada PT Indofood Sukses Makmur Tbk Tahun 2017-2024

Earliana Meyvada Subiantoro; Lolwa Sukmawati Al Zamron

doi:10.61132/maeswara.v4i3.2577

Authors

Earliana Meyvada Subiantoro Universitas Islam Kadiri
Lolwa Sukmawati Al Zamron Universitas Islam Kadiri

DOI:

https://doi.org/10.61132/maeswara.v4i3.2577

Keywords:

Current Ratio, Debt to Equity Ratio, Firm Value, PT Indofood Sukses Makmur Tbk, Return on Assets

Abstract

This research intends to examine how Return on Assets (ROA), Debt to Equity Ratio (DER), and Current Ratio (CR) influence the value of the company at PT Indofood Sukses Makmur Tbk from 2017 to 2024. The value of a firm is a crucial measure that shows how the market views the performance and potential of a business. The study employs a quantitative method with an associative causal framework, using time-series data sourced from the company’s yearly financial reports. Multiple linear regression analysis was carried out, which included t-tests, F-tests, and coefficient of determination (R²) evaluations. The findings indicate that ROA, DER, and CR do not significantly impact firm value, whether considered alone or together. The significance levels for each variable were higher than 0.05, and the overall test revealed no notable influence. Nonetheless, the coefficient of determination indicated that the model could account for 55.5% of the changes in firm value, leaving 44.5% affected by other factors not included in the model. These results suggest that both investors and company executives should not depend only on profitability, debt levels, and liquidity ratios to evaluate firm value; they should also take into account external and non-financial elements.

Downloads

Download data is not yet available.

References

Ani, D. A. (2025). Kinerja keuangan dan nilai perusahaan: Bukti empiris dari pengaruh ROA, ROE, NIM, dan DER. Jurnal …, 3(2). https://doi.org/10.61132/moneter.v3i2.1819

Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management. Cengage Learning.

Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset (3rd ed.). Wiley.

Fahmi, I. (2018). Analisis kinerja keuangan. Alfabeta.

Firmansyah, T., Fauzan, F. F., & Dhevyanto, B. (2025). The effect of ROA, CR, and DER on company value in the consumer goods industry, food and beverage packaging sub-sector, 2018–2023 period. Jurnal …, 4(6), 611–626. https://doi.org/10.55927/ijar.v4i6.14677

Gitman, L. J., & Zutter, C. J. (2020). Principles of managerial finance. Pearson.

Hery. (2017). Analisis laporan keuangan. Grasindo.

Kasmir. (2008). Analisis laporan keuangan. RajaGrafindo Persada.

Kasmir. (2019). Analisis laporan keuangan. RajaGrafindo Persada.

Munawir. (2014). Analisis laporan keuangan. Liberty.

Nurlia, & Juwari. (2016). Pengaruh return on asset, return on equity, earning per share, dan current ratio terhadap harga saham pada perusahaan sub sektor terdaftar di bursa. Jurnal …, 73–90.

Saputro, I. F. E., & Kamaluddin, N. (2025). Determinan nilai perusahaan di Bursa Efek Indonesia. Jurnal …, 17(1), 117–126. https://doi.org/10.31937/akuntansi.v17i1.4179

Sari, T. C., & Panjaitan, H. P. (2021). The effect of company size and DER on ROA and company value in the food and beverage sub-sector on the Indonesia. Journal of Applied Business and Technology, 2(2), 134–141. https://doi.org/10.35145/jabt.v2i2.69

Setiadi, S. O. (2022). Pengaruh current ratio, debt to equity ratio, return on asset, earning per share dan price earning ratio terhadap harga saham perusahaan barang konsumsi sub sektor farmasi yang terdaftar di BEI 2016–2020. Jurnal …, 1(2). https://doi.org/10.54259/akua.v1i2.725

Sugiyono. (2021). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.