Pengaruh Profitabilitas dan Likuiditas terhadap Nilai Perusahaan Subsektor Makanan dan Minuman di Bursa Efek Indonesia Periode 2022–2025

The Effect of Profitability and Liquidity on the Value of Food and Beverage Subsector Companies on the Indonesia Stock Exchange Period 2022–2025

Abstract

This study examines profitability and liquidity in relation to firm value among food and beverage companies listed on the Indonesia Stock Exchange during 2022–2025. A quantitative descriptive-verificative design uses secondary financial statements and share-price data. Purposive sampling selected ten companies, yielding 40 firm-year observations; the main analysis retained 37 observations after excluding three extreme observations. Profitability is measured by return on assets (ROA), liquidity by the current ratio (CR), and firm value by price to book value (PBV). SPSS 27 was used for descriptive statistics, assumption checks, multiple linear regression, t-tests, an F-test, and coefficients of determination. ROA had a positive significant coefficient (B = 0.280; t = 7.151; p < 0.001), whereas CR had a negative significant coefficient (B = −0.479; t = −5.328; p < 0.001). The overall model was significant (F = 28.029; p < 0.001), with R² of 0.622 and adjusted R² of 0.600. The findings highlight asset efficiency and balanced liquidity management. Interpretation is limited by sample selection, extreme-observation exclusions, and pooled regression without firm and year effects.