Effects of Capital Structure, Liquidity, and Operational Efficiency on Firm Value in Indonesian Consumer Goods Companies, 20212025
DOI:
https://doi.org/10.24905/icobis.v2i1.69Keywords:
Capital Structure, Liquidity, Operational Efficiency, Firm Value, Consumer GoodsAbstract
This study analyzes the effects of capital structure, liquidity, and operational efficiency on firm value in consumer goods companies listed on the Indonesia Stock Exchange (IDX) during 2021–2025. Firm value is measured by price to book value (PBV), capital structure by the debt to equity ratio (DER), liquidity by the current ratio (CR), and operational efficiency by total asset turnover (TATO). The study employs a quantitative descriptive method using secondary data from annual financial reports. Purposive sampling produced 41 consumer goods companies observed over five years, yielding 205 panel data observations, which were analyzed using multiple linear regression in SPSS. The results show that capital structure, liquidity, and operational efficiency each have a positive and significant partial effect on firm value. Simultaneously, the three variables also have a positive and significant effect, with an adjusted R² of 0.676, meaning that 67.6% of the variation in firm value is explained by the three independent variables, while the remaining 32.4% is explained by other factors outside the model. Operational efficiency is the most dominant variable affecting firm value.
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