THE EFFECT OF PROFITABILITY AND LIQUIDITY ON FIRM VALUE WITH CAPITAL STRUCTURE AS A MODERATING VARIABLE: A STUDY DURING THE ECONOMIC RECOVERY PERIOD OF TRANSPORTATION AND LOGISTICS SECTOR 2021-2024.
Keywords:
Profitability, Liquidity, Firm Value, Capital Structure, Transportation and Logistics SectorAbstract
This study aims to analyze the effect of profitability and liquidity on firm value with capital structure as a moderating variable in transportation and logistics sector companies listed on the Indonesia Stock Exchange during the economic recovery period of 2021–2024. This research uses a quantitative approach with secondary data obtained from the financial statements of companies in the transportation and logistics sector. The sampling technique used is purposive sampling, and the data are analyzed using panel data regression and Moderated Regression Analysis (MRA). Profitability is measured using Return on Assets (ROA), liquidity using the Current Ratio (CR), firm value using Tobin’s Q, and capital structure using the Debt to Equity Ratio (DER), with firm size as a control variable. The results indicate that profitability has a positive and significant effect on firm value, while liquidity does not have a significant effect on firm value. Furthermore, capital structure is able to moderate the relationship between profitability and firm value, but does not moderate the relationship between liquidity and firm value. These findings indicate that companies with strong profitability and optimal capital structure tend to have higher firm value. In addition, effective financial management plays an important role in strengthening investor confidence and improving company performance during the economic recovery period.
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