Determinants of Corporate Value in Several Industrial Sectors in Indonesia
Article Sidebar
-
Determinants, Company Value, Signal Theory, Financial, Business Strategy
Abstract
The value of companies engaged in various fields is influenced by many factors, therefore this study aims to determine the influence of profitability, activities, solvency, liquidity, company size, business strategy and intellectual capital on the value of companies listed in the Non Consumer Cyclical, Consumer Cyclical, Property & Real Estate, Transportation & Logistics sectors and the Healthcare sector listed on the IDX for the 2017-2022 period. This research is an explanatory research with a quantitative approach. Sample selection using purposive sampling The results of this study are that profitability has a significant positive effect on the Non Consumer Cyclical and Consumer Cyclical sectors, but in the Transportation & Logistics sector it has a negative effect while in the other 2 sectors it has a negative effect on the other 2 sectors. Activity had a negative effect on the Consumer Cyclical and Property & Real Estate sectors, while other sectors had a negative impact. Solvency has a significant positive effect only on the Non Consumer Cyclical and Consumer Cyclical sectors, but in the Transportation & Logistics sector the effect is not significant, while in the Property and Real Estate and Healthcare sectors it has a negative effect. The value of the company is not affected by Liquidity in all industrial sectors. The company's growth had a positive and significant effect on the Property & Logistics sector and the Transportation & Logistics sector, but in the Non-Consumer Cyclical sector it had a negative effect and on the other 2 sectors it had a insignificant effect. Business strategy has a negative effect on the Non Consumer Cyclical and Healthcare sectors, while the other 3 sectors have a negative effect. Furthermore, intellectual capital has a significant positive effect only on the Non-Consumer Cyclical sector and the Transportation & Logistics Sector and has a significant positive effect on the other 3 sectors.
Full text article
References
[1] F. Anggraini, Y. Yunilma, R. Desiyanti, and L. Hakim, “The impacts of intellectual capital and entrepreneurship orientation on business performance,” Jurnal Ekonomi Dan Bisnis, vol. 26, no. 2, 2023.
[2] S. A. Amimakmur, S. M. Rahayu, C. R. Damayanti, and B. Hutahayan, “A systematic literature review: determinant of company value in financial companies,” WSEAS Transactions on Business and Economics, vol. 21, pp. 475–487, 2024.
[3] A. S. Bist, U. Rahardja, N. Lutfiani, R. N. Muti, and S. Ramirez, “Heart attacks and brain strokes in early, mid and late age: Study from data science perspective,” Health, Empathy, and AI Learning (HEAL), vol. 1, no. 2, pp. 94–101, 2026.
[4] O. Ferli, N. A. Achsani, T. Andati, and Z. Asikin, “Sustainable business innovation in indonesian firms esg disclosure profitability and greenwashing,” Aptisi Transactions on Technopreneurship (ATT), vol. 8, no. 2, pp. 405–419, 2026, https://doi.org/10.34306/att.v8i2.854.
[5] E. P. Harahap, E. Sediyono, Z. A. Hasibuan, U. Rahardja, and M. T. Dayanti, “Thematic analysis smart tourism ecosystems: A decade of technological advancement and sustainable impact,” Human Behavior and Emerging Technologies, vol. 2026, no. 1, p. 8688311, 2026.
[6] E. Alexandrina, U. Sumarwan, L. N. Yuliati, and P. Nurhayati, “Trust and perceived value as strategic drivers in indonesia omnichannel beautypreneurship,” Aptisi Transactions on Technopreneurship (ATT), vol. 8, no. 2, pp. 443–454, 2026, https://doi.org/10.34306/att.v8i2.738.
[7] I. Adamu and H. Hamidah, “Assessing the impact of capital structure on firm value: A quantitative study of financial ratios and stock prices of nigeria food and beverage companies,” The Indonesian Journal of Accounting Research, vol. 26, no. 3, pp. 483–516, 2024.
[8] S. Hermawan, S. Biduri, E. Maryati, M. E. Widiana, and A. Gunardi, “Enterprise risk management, intellectual capital, and investment opportunity set on firm value through financial performance as an intervening variable,” Journal of Islamic Accounting and Business Research, 2025.
[9] D. K. Sari, S. Hermawan, H. Fitriyah, and N. Nurasik, “Does profitability, firm size, and intellectual capital affect firm value?” Jurnal Riset Akuntansi Terpadu, vol. 15, no. 2, pp. 195–209, 2022.
[10] D. Suhartini, B. Tjahjadi, and Y. Fayanni, “Impact of sustainability reporting and governance on firm value: insights from the indonesian manufacturing sector,” Cogent Business & Management, vol. 11, no. 1, p. 2381087, 2024.
[11] P. P. Sianita, Y. Harwani, D. Permana, and E. S. Imaningsih, “Driving hospital revisit intentions through a technopreneurship approach to ewom care quality and patient experience,” Aptisi Transactions on Technopreneurship (ATT), vol. 8, no. 2, pp. 469–477, 2026, https://doi.org/10.34306/att.v8i2.730.
[12] S. A. Amimakmur, M. Saifi, C. R. Damayanti, and B. Hutahayan, “Assessing the moderating effect of it innovation on the interplay among company size, financial performance, and company value,” Journal of Open Innovation: Technology, Market, and Complexity, vol. 10, no. 3, p. 100318, 2024.
[13] D. D. Putri and R. A. Hidayat, “The effect of profitability, leverage, and liquidity on company value with dividend policy as a moderating variable,” Majapahit Journal of Islamic Finance and Management, vol. 5, no. 1, pp. 835–852, 2025.
[14] S. F. Bon and S. Hartoko, “The effect of dividend policy, investment decision, leverage, profitability, and firm size on firm value,” European Journal of Business and Management Research, vol. 7, no. 3, pp. 7–13, 2022.
[15] E. Lukmawati and M. Hariasih, “Dividend policy, liquidity and company growth on company value in pharmaceutical companies: Kebijakan dividen, likuiditas dan pertumbuhan perusahaan terhadap nilai perusahaan pada perusahaan farmasi,” Indonesian Journal of Innovation Studies, vol. 21, pp. 10–21 070, 2023.
[16] T. H. Pustika, D. Hariyanto, and H. Safitri, “The effect of der, firm size, and cr on pbv with roe as an intervening variable,” Jurnal Manajemen Bisnis, vol. 13, no. 2, pp. 289–305, 2022.
[17] R. Silkoset, Pricing: a guide to pricing decisions. De Gruyter, 2023.
[18] T. Astuti, R. Amyulianthy, and R. Kaniati, “Green accounting, financial performance toward firm value,” Asian Journal of Accounting and Finance, vol. 4, no. 1, pp. 1–12, 2022.
[19] M. G. Purnama, S. Yuniarti, K. Terdpaopong, E. Subiyantoro, and U. Khouroh, “Determinants of company value: Empirical evidence from consumer goods industrial companies in indonesia,” Jurnal Manajemen Bisnis, vol. 15, no. 1, pp. 203–225, 2024.
[20] H. O. Melawati and N. Q. S. Nirwana, “Determinants of company value: Evidence from indonesia’s basic and chemical industries: Determinan nilai perusahaan: Bukti dari sektor industri dasar dan kimia indonesia,” Indonesian Journal of Law and Economics Review, vol. 20, no. 4, pp. 10–21 070, 2025.
[21] L. Meria, M. S. Gunawan, S. Solahudin, U. Rahardja, and A. Patel, “Enhancing digital business students competence through ui/ux design training for digital product development,” ADI Pengabdian Kepada Masyarakat, vol. 6, no. 2, pp. 133–144, 2026.
[22] P. Nugraheni and A. Risman, “The determinants of firm value: Commodity prices, exchange rates, in flation, and business risk as intervening variable,” International Journal of Indonesian Business Review, vol. 4, no. 1, pp. 76–87, 2025.
[23] C. Nikmah and R.-J. Hung, “The impact of asean economic community, firm characteristics and macroeconomics on firm performance and firm value: An investigation of shariah-compliant firms in indonesia,” Heliyon, vol. 10, no. 11, 2024.
[24] S. O. Khalifaturofi’ah and R. Setiawan, “Profitability’s impact on firm value in indonesia’s real estate firms: a panel data investigation,” Property Management, vol. 43, no. 2, pp. 169–186, 2025.
[25] A. I. Yustina, C. N. Dewi, H. Mahmudah, and H. Andreanantenaina, “Corporate governance mechanism for carbon emission disclosure: evidence from state-owned enterprises in indonesia,” Global Business & Finance Review (GBFR), vol. 29, no. 4, pp. 28–42, 2024.
[26] D. R. Intan, L. R. E. Malau, K. R. Rambe, and M. Damanik, “Factors affecting the financial perfomance of agricultural company’s: Evidence from the indonesia stock exchange,” Agrisocionomics: Jurnal Sosial Ekonomi Pertanian, vol. 8, no. 2, pp. 457–470, 2024.
[27] T. Pujiati, M. Kamil, N. Silawati, and R. S. Ikhsan, “Integrating ai-driven predictive analytics and smart contracts for data-driven supply chain risk management,” ADI Journal on Recent Innovation, vol. 7, no. 1, pp. 50–61, 2025.
[28] D. S. Rini and A. Frimayasa, “Analysis of the influence of profitability, leverage and liquidity on company value (case study on the listed food and beverage industry sub-sector on the indonesia stock exchange for the period 2018-2022),” Jurnal Stagflasi: Ekonomi, Manajemen dan Akuntansi, vol. 1, no. 02, pp. 63–73, 2023.
[29] G. Ngoc, “Determinants of voluntary ifrs application: Evidence from listed firms in vietnam,” Journal of Infrastructure, Policy and Development, vol. 8, no. 14, p. 9998, 2024.
[30] A. Rozi, J. Junengsih, S. Alam, A. Pawar, W. Sumarjo, and D. Sunarsi, “Impact of hr management on ai implementation and data protection in indonesian manufacturing,” International Journal of Cyber and IT Service Management (IJCITSM), vol. 6, no. 1, pp. 51–64, 2026.
[31] I. Dewanto, D. Crestofel Lantu, A. F. Hendarman, and A. Wicaksono, “What makes millennial leaders succeed in indonesian companies? an integrated mixed-methods study,” Cogent Business & Management, vol. 13, no. 1, p. 2595341, 2026.
[32] Q. Aini, M. Hardini, A. Faturahman, D. Apriliasari, and A. C. Kiboy, “Analyzing user acceptance of ai based water quality monitoring through the utaut2 framework,” Smart Human-centered Emerging Research in Machine Intelligence, vol. 1, no. 2, pp. 65–73, 2025.
[33] M. Hassaan and A. Yaseen, “Factors influencing customers’ adoption of mobile payment in pakistan: application of the extended meta-utaut model,” Journal of Science and Technology Policy Management, vol. 17, no. 3, pp. 687–709, 2026.
[34] H. ˙Islamo˘glu, E. Bakır, Y. Yalc¸ın, and ¨O. F. Ursavas¸, “Digital collaboration, competence, and community: Perspectives from higher education students and faculty,” Anadolu Journal of Educational Sciences International, vol. 16, no. 1, pp. 279–299, 2026.
[35] R. E. Indrajit, M. V. A. Sin, E. A. Nabila, W. N. Wahid, and N. Septiani, “Optimizing business process efficiency through artificial intelligence integration in industry 4.0,” Smart Human-centered Emerging Research in Machine Intelligence, vol. 1, no. 2, pp. 47–55, 2025.
[36] D. Rahmayanti, Z. Arifah, and P. Jamilah, “How do islamic corporate social responsibility and environmental performance relate to company value?” Jurnal Ekonomi & Keuangan Islam, pp. 115–130, 2025.
[37] R. Reniati, B. Susantyo, N. R. Irmayani, F. Sabri, and W. Widiastuti, “The influence of leadership strategies and social capital on the business performance and resilience of indonesian msmes,” Journal of the Knowledge Economy, vol. 16, no. 2, pp. 9932–9971, 2025.
Authors
Copyright (c) 2026 Rilla Gantino, Agung Mulyo Widodo, Endang Ruswanti, Lukman Cahyadi, Desy Prastyani
This work is licensed under a Creative Commons Attribution 4.0 International License.
This journal permits and encourages authors to post items submitted to the journal on personal websites while providing bibliographic details that credit its publication in this journal.
Authors are permitted to post their work online in institutional/disciplinary repositories or on their own websites. Pre-print versions posted online should include a citation and link to the final published version in Journal of Librarianship and Scholarly Communication as soon as the issue is available; post-print versions (including the final publisher's PDF) should include a citation and link to the journal's website.