The Indirect Effect of Liquidity and Activity on Company Value with Profitability as an Intervening Variable

The infrastructure sector has a strategic role as a wheel of regional to national development to drive the country's economic growth. Although as a driving force of development, the value of Infrastructure sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period has decreased significantly. This study aims to determine the role of profitability as an intervening variable from the indirect effect of liquidity and activity on the value of Infrastructure sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period, with a population of 11 companies according to the specified characteristics. Sample selection using the saturated sample method. The research design is a causality study with a data analysis method using panel data regression analysis. The results of the study directly show that liquidity has no effect on company value, activity has a negative and significant effect on company value, and profitability has a positive and significant effect on company value. for liquidity and activity on profitability, the research results are that liquidity has no effect on profitability, while activity has a positive and significant effect on profitability. Furthermore, for the results of the study on the indirect effect of liquidity and activity on the value of the Company with profitability as an intervening variable, it was found that indirectly liquidity does not affect the value of the Company while activity indirectly has a positive and significant effect on the value of the Company, with profitability as an intervening variable.

liquidity, activity, profitability, firm size, Company value.

1. Aslichah, Rahayu, B., Ayu, S. P., Studi Manajemen, P., & Ekonomi, F. (2022). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Sektor Financial Di Bursa Efek Indonesia (BEI) The. Jurnal Sinar Manajemen, 09(November), 367–373. [Google Scholar] [Crossref]

2. Brigham,E,F dan Houston,J,F (2019). Dasar-dasar Manajemen Keuangan, edisi 14, Salemba 4 Jakarta. [Google Scholar] [Crossref]

3. Fadilah, H., Lidyah, R., & Anwar, D. (2021). Pengaruh Net Profit Margin terhadap Nilai Perusahaan dengan Return on Assets Sebagai Variabel Intervening pada Perusahaan yang Terdaftar Di Jakarta Islamic Index. Syntax Literate; Jurnal Ilmiah Indonesia, 6(4), 1718-1726. [Google Scholar] [Crossref]

4. Firdaus, I. (2020). The Effect Of Der, Tato, Roa And Share Price To PBV (Studies on the food and beverage industry on the Indonesia Stock Exchange period of 2012-2018). Dinasti International Journal of Digital Business Management, 1(2), 210–223. https://doi.org/10.31933/dijdbm.v1i2.153 [Google Scholar] [Crossref]

5. Henong,S,B (2024). Dampak Pandemi Covid-19 terhadap Penyelesaian Proyek Konstruksi: Tinjauan Literatur Sistematis, Journal of Sustainable Construction, 2(1), 23-29 [Google Scholar] [Crossref]

6. Kasmir. (2020). Analisis Laporan Keuangan. 12th ed revisi. Depok: PT. Rajagrafindo Persada. [Google Scholar] [Crossref]

7. Listyawati, I., & Kristiana, I. (2021). Pengaruh Return on Equity, Current Ratio, Size Company dan Debt to Equity Ratio Terhadap Nilai Perusahaan. Maksimum, 10(2), 47. https://doi.org/10.26714/mki.10.2.2020.47-57 [Google Scholar] [Crossref]

8. Markonah, M., Salim, A., & Franciska, J. (2020). Effect of Profitability, Leverage, and Liquidity To the Firm Value. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 83–94. https://doi.org/10.38035/dijefa.v1i1.225 [Google Scholar] [Crossref]

9. Noor Faidzah Rachmawati, Edi Murdiyanto, & Zulfia Rahmawati. (2022). Pengaruh Tato, Dar Dan Roa Terhadap Pbv Perusahaan Yang Terdaftar Diindeks Lq45 Bei 2018-2020. OPTIMAL: Jurnal Ekonomi Dan Manajemen, 2(2), 155–168. https://doi.org/10.55606/optimal.v2i2.478 [Google Scholar] [Crossref]

10. Oktasari, D. P. (2020). The Effect of Debt Equity Ratio, Return on Assets and Net Profit Margin on Price Book Value in the Food and Beverage. The internasional Journal of Business Management and technology, 5(5). [Google Scholar] [Crossref]

11. Preacher,K,J. (2025). Calculation for the Sobel test: An interactive calculation tool for mediation tests, quantpsy.org, https://quantpsy.org/sobel/sobel.htm [Google Scholar] [Crossref]

12. Rahmawati, S. A., Simamora, S. C., Manajemen, P. S., Ekonomi, F., Dirgantara, U., & Suryadarma, M. (2021). 8+Syifa+Aulia+dan+saur+hal+279-289. 1(3), 279–289. [Google Scholar] [Crossref]

13. Renaldi, J. Y., Pinem, D. B., & Permadhy, Y. T. (2020). Analysis Of Factors Affecting the Value Of Manufacturing Industry Companies in the Indonesian Stock Exchange (IDX). European Journal of Business and Management Research, 5(1), 1–8. https://doi.org/10.24018/ejbmr.2020.5.1.230 [Google Scholar] [Crossref]

14. Sahara, H., Titisari, K. H., & Siddi, P. (2022). Pengaruh Ukuran Perusahaan, Profitabilitas, Struktur Modal, Leverage dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Owner, 6(1), 322–335. https://doi.org/10.33395/owner.v6i1.580 [Google Scholar] [Crossref]

15. Sanjaya, R., & Henviani, H. (2020). Factors That Influence On The Price To Book Value Of The Company In Indonesia Stock Exchange. Riset, 2(2), 361–372. https://doi.org/10.35212/riset.v2i2.58 [Google Scholar] [Crossref]

16. Shinta Friska Febriani Pranoto, Mawar Ratih Kusumawardani, & Taufik Akbar. (2022). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan pada Perusahaan Subsektor Kosmetik yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2022. Akuntansi, 1(3), 240–253. https://doi.org/10.55606/jurnalrisetilmuakuntansi.v1i3.90 [Google Scholar] [Crossref]

17. Simamora, H. (2022). Pengaruh Current Ratio, Total Asset Turnover Ratio, Debt To Equity Ratio Terhadap Price Book Value Dengan Return On Asset Sebagai Intervening Pada Perusahaan Jasa Perhotelan Di Bursa Efek Indonesia Periode 2013-2017. Zona Keuangan: Program Studi Akuntansi (S1) Universitas Batam, 12(3). [Google Scholar] [Crossref]

18. Sukma, F. M. (2021). Peran Firm Size, Current Ratio, Debt To Asset Ratio, dan Return On Equity Terhadap Price To Book Value Pada Perusahaan Telekomunikasi Yang Terdaftar di Bursa Efek Indonesia Periode 2014-2020. Improvement: Jurnal Manajemen Dan Bisnis, 1(1), 47. https://doi.org/10.30651/imp.v1i1.9528 [Google Scholar] [Crossref]

19. Sukmayanti, C. P., & Sembiring, F. M. (2022). Pengaruh Current Ratio dan Debt To Equity Ratio Terhadap Price To Book Value Dengan Return on Assets Sebagai Variabel Intervening (Studi pada Perusahaan Non Keuangan Kelompok Indeks LQ45 di Indonesia). INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 5(2), 202–215. https://doi.org/10.31842/jurnalinobis.v5i2.224 [Google Scholar] [Crossref]

20. Sondakh, R. (2019). the Effect of Dividend Policy, Liquidity, Profitability and Firm Size on Firm Value in Financial Service Sector Industries Listed in Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2), 91. https://doi.org/10.32400/ja.24760.8.2.2019.91-101 [Google Scholar] [Crossref]

21. Suzan, L., & Dini, A. A. (2022). Pengaruh Profitabilitas, Kepemilikan Manajerial dan Struktur Modal Terhadap Nilai Perusahaan pada Perusahaan Sub-Sektor Properti dan Real Estate Yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020. SEIKO : Journal of Management & Business, 5(2), 487–498. https://doi.org/10.37531/sejaman.vxix.3457 [Google Scholar] [Crossref]

22. Tempe, D. V. G., Mangantar, M., Tulung, J. E., Manajemen, J., & Ekonomi, F. (2021). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Otomotif Di Bursa Efek Indonesia Periode 2016-2019. Jurnal EMBA, 9(4), 501–51 [Google Scholar] [Crossref]

• Effect of Financial Skills, Knowledge, and Attitude on The Financial Behaviour of Clergy
• A Decade of Review: Trends in Budget Execution and Financial Performance of Development Projects in Tanzania (2014/15-2023/24)
• The Influence of Pre-Project Planning on the Budget Absorption Rate of Public Funded Infrastructure Projects in Kenya a Comparative Case Study of Narok, Migori, and Kisii County Government Projects
• Assessment of Factors Influencing Digital Transformation in Hotels’ Facility Management in Abuja Metropolis, Nigeria
• Socio-Economic Empowerment of Rural Women through Agripreneurship