Pengaruh Current Ratio, Cash Holding, dan Leverage terhadap Nilai Perusahaan
DOI:
https://doi.org/10.30640/digital.v5i2.6757Keywords:
Cash Holding, Current Ratio, Firm Value, Fixed Effect Model, LeverageAbstract
This study examines firm value determinants in the strategic basic chemical goods sub-industry on the Indonesia Stock Exchange during the challenging 2020–2024 period. It aims to analyze the partial and simultaneous effects of Current Ratio, Cash Holding, and Leverage on firm value. A quantitative approach was applied using the Fixed Effect Model estimation method via EViews 14 software. Based on strict sampling criteria, 11 healthy companies were selected, yielding 55 observational data points over five years. The findings indicate that the regression model satisfies the goodness-of-fit test exceptionally well. However, partial testing yielded varied results. The Current Ratio has a negative relationship and no significant effect on firm value. Cash Holding exhibits a positive relationship but lacks a significant impact. Meanwhile, Leverage demonstrates a negative relationship and has no significant effect on firm value at the five percent significance level. Consequently, variations in firm value within this sub-industry are more dominantly driven by the unique internal characteristics of each specific firm rather than individual financial ratios. Company management is therefore advised to focus on optimizing internal operational efficiency to enhance capital market competitiveness.
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