LEVERAGE AND FIRM SIZE ON FIRM VALUE IN LQ45 COMPANIES
DOI:
https://doi.org/10.53067/ije3.v6i1.467Keywords:
Leverage, Firm Size, Firm Value, LQ45Abstract
This study aims to analyze the effect of leverage and firm size on firm value in LQ45 companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Firm value in this study is measured using Price to Book Value (PBV). This research uses a quantitative approach with secondary data obtained from the annual financial statements of LQ45 companies published on the official website of the Indonesia Stock Exchange. The sampling technique used purposive sampling, resulting in 27 companies with a total of 108 observation data. Data analysis was conducted using panel data regression analysis with the assistance of EViews software. The results indicate that leverage has a positive but insignificant effect on firm value, while firm size has a negative and significant effect on firm value. These findings indicate that the use of debt has not been able to significantly increase investor confidence in company performance, while larger company size tends to reduce firm value due to inefficiency and increasing operational complexity.
Downloads
References
Anggrawati, N. M. L. P. S., Yuniarta, G. A., & Yudantara, I. G. A. P. (2025). Pengaruh Ukuran Perusahaan Dan Solvabilitas Terhadap Nilai Perusahaan Sektor Teknologi Yang Terdaftar Di Bursa Efek Indonesia Periode 2022–2024. JAKADARA: Jurnal Ekonomika, Bisnis, Dan Humaniora, 4(3), 57–68.
Fajriah, A. L., Idris, A., & Nadhiroh, U. (2022). Pengaruh pertumbuhan penjualan, pertumbuhan perusahaan, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Ilmiah Manajemen Dan Bisnis, 7(1), 1–12.
Lamba, A. B., & Atahau, A. D. R. (2022). Pengaruh Leverage Terhadap Nilai Perusahaan yang Dimediasi Profitabilitas. Reviu Akuntansi Dan Bisnis Indonesia, 6(1), 16–31.
Meifari, V. (2023). Pengaruh Ukuran Perusahaan Terhadap Nilai Perusahaan. Juremi: Jurnal Riset Ekonomi, 3(3), 265–268.
Nadhilah, F., Widjaja, H. S., & Kaban, R. F. (2022). Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan. Gorontalo Accounting Journal, 5(2), 174–185.
Nardo, R., & Sari, L. (2021). Peristiwa Ektrem Dari Profitabilitas, Leverage, Dan Implikasinya Terhadap Return Saham. Jurnal Apresiasi Ekonomi, 9(3), 310–321.
Putri, N. S. A., & Suprihhadi, H. (2025). PENGAruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Manajemen (JIRM), 14(4).
Santoso, B. A., & Junaeni, I. (2022). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Likuiditas, dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan. Owner: Riset Dan Jurnal Akuntansi, 6(2), 1597–1609.
Sari, L., Mary, H., Elfiswandi, E., Zefriyenni, Z., & Lusiana, L. (2021). Kinerja perusahaan dan BI rate terhadap return saham bank BUMN. Jurnal Ekonomi Manajemen Sistem Informasi, 2(4), 544–555.
Sari, L., & Septiano, R. (2023). Apakah Modal Mempengaruhi Nilai Perusahaan? Studi Kasus Pada Perbankan Yang Ada Di Indonesia. Journal of Social and Economics Research, 5(1), 99–107.
Yanah, F. S., & Sufiyati, S. (2025). Pengaruh Leverage, Profitabilitas, Likuiditas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Paradigma Akuntansi, 7(3), 1314–1322.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Laynita Sari, Fuji Rahayu Ningtia, Dewi Zulvia, Mike Kusuma Dewi
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Copyright @2021. This is an open-access article distributed under the terms of the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License (http://creativecommons.org/licenses/by-nc-sa/4.0/) which permits unrestricted non-commercial used, distribution and reproduction in any medium
