Pengaruh Rasio Likuiditas, Profitabilitas, dan Solvabilitas terhadap Keputusan Investasi dengan Ukuran Perusahaan sebagai Moderasi
Studi Kasus Perusahaan Menufaktur di Bursa Efek Indonesia
DOI:
https://doi.org/10.61132/jeap.v2i2.938Keywords:
Company Size, Investment Decisions, Liquidity Ratios, Profitability, SolvencyAbstract
This study aims to examine the effect of liquidity, profitability, and solvability ratios on investment decisions while also investigating the moderating role of firm size in this relationship. The research focuses on manufacturing companies listed on the Indonesia Stock Exchange for 2019-2023, which are marked by significant economic disruptions, including the COVID-19 pandemic. A quantitative approach was employed, using panel data regression to test the proposed hypotheses. Financial ratios were measured using the current ratio, return on assets, and debt-to-equity ratio, while investment decisions were assessed using the price-earnings ratio. The natural logarithm of total assets measured firm size. The results reveal that liquidity and solvability significantly influence investment decisions, while profitability does not. Firm size was found to moderate the relationship between liquidity and solvability with investment decisions, but not the relationship involving profitability. These findings have practical implications for investors and corporate managers in formulating investment strategies and managing financial performance, highlighting the importance of considering firm size when evaluating the effectiveness of economic indicators. This research also contributes to the empirical literature on investment decision-making in the manufacturing sector.
Downloads
References
Dewi, S., & Syahzuni, B. A. (2024). Pengaruh kepemilikan manajerial, profitabilitas dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Riset Akuntansi Politala, 7(3), 702–712.
Endiana, I. D. M. (2017). Analisis faktor-faktor yang berpengaruh terhadap keputusan investasi dengan growth opportunity sebagai moderating variable. Jurnal Ilmiah Akuntansi dan Bisnis, 2(1), 73–86.
Falabiba, A., & Paramita, R. S. (2025). Pengaruh kinerja keuangan terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan sub sektor media dan hiburan periode 2019–2022. Jurnal Ilmu Manajemen, 7(1), 280–295.
Ghosh, A., & Kaur, P. (2021). Profitability and corporate investment behavior: Evidence from emerging markets. Journal of Emerging Market Finance, 20(2), 145–163.
Ishak, K., & Selamat, M. I. (2025). Liquidity and firm market value: The moderating role of firm size. Shirkah: Journal of Economics and Business, 10(1), 62–77.
Jody, S., & Pristiana, U. (n.d.). Analisis likuiditas, solvabilitas, dan makro ekonomi terhadap keputusan investasi (studi empiris pada perusahaan manufaktur sub sektor farmasi yang terdaftar di Bursa Efek Indonesia periode 2019–2021). [Jurnal tidak disebutkan].
Lianita, N. (2024). Pengaruh rasio profitabilitas terhadap keputusan investasi pada perusahaan manufaktur yang terdaftar di BEI tahun 2019–2023 (Doctoral dissertation, IAIN Metro).
Neldi, M., & Hady, H. (2023). The determinants of price earning ratio: Evidence from Indonesia. Journal of Law and Sustainable Development, 11(4), e1003.
Pasaribu, T. M., & Nugroho, L. (2023). The effect of company financial fundamental factors on stock return with company size as a moderation variable. International Journal of Management Studies and Social Science Research, 5(2), 164–173.
Rajagukguk, L., Ariesta, V., & Pakpahan, Y. (2019). Analisis pengaruh profitabilitas, ukuran perusahaan, keputusan investasi, dan kebijakan utang terhadap nilai perusahaan. Jurnal Inspirasi Bisnis dan Manajemen, 3(1), 77–90.
Runkat, C. A., & Primasatya, R. D. (2024). Pengaruh financial distress dan leverage terhadap keputusan investasi pada perusahaan manufaktur di BEI. Owner: Riset dan Jurnal Akuntansi, 8(2), 1143–1158.
Rustan, D. M. (2022). Interaksi antara profitabilitas, likuiditas dan aktivitas pada keputusan investasi. Jurnal Mirai Management, 7(1), 143–155.
Sa’adatunnisa, F., & Norisanti, N. (2022). Analisis profitabilitas, leverage, dan likuiditas terhadap keputusan investasi. Jurnal Administrasi Bisnis, 12(2), 139–144.
Saputra, N. C. (2022). Analisis kinerja keuangan PT. Mulia Boga Raya Tbk menggunakan metode rasio likuiditas, solvabilitas, dan profitabilitas periode tahun 2020–2021. Manajerial dan Bisnis Tanjungpinang, 5(2), 20–27.
Sari, M. D., Yuliana, N., & Fitriani, F. (2025). Manajemen utang dan pengaruhnya terhadap keputusan investasi. Jurnal Riset Akuntansi dan Keuangan, 11(1), 88–95.
Septian, A. R., Putri, R. A., & Suryanto, B. (2024). Faktor-faktor yang mempengaruhi profitabilitas pada perusahaan manufaktur. Jurnal Ilmu Ekonomi dan Bisnis, 10(1), 77–86.
Sholihin, M., & Anggraini, S. P. G. (2021). Analisis data penelitian menggunakan software STATA. Penerbit Andi.
Sholihin, M., Wahyuni, E. D., & Hidayat, R. (2021). Metodologi analisis regresi data panel dalam penelitian manajemen. Jurnal Ekonomi dan Manajemen, 6(1), 13–22.
Sihombing, P. R., S. T., S., Stat, M., & P. S., C. (2021). Analisis regresi data panel: Statistik multivariat dalam riset. [Penerbit tidak disebutkan].
Utami, D., Program, A. A., Akuntansi, S., Ekonomi, F., Widya, S., Malang, D., & Author, C. (2022). The effect of financial performance on share prices with earnings per share as a moderation variable. International Journal of Humanities Education and Social Sciences (IJHESS), 1(4), 418–425.
Wahyuni, L., & Hidayat, A. (2023). Does firm size moderate the influence of solvency on investment decisions? A study of publicly listed companies. Jurnal Keuangan dan Perbankan, 38(3), 255–270.
Wulandari, N. R., & Wardani, L. (2024). Pengaruh profitabilitas, solvabilitas, dan aktivitas terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi pada perusahaan makanan dan minuman yang terdaftar di BEI tahun 2017–2022. Alexandria (Journal of Economics, Business, & Entrepreneurship), 5(1), 111–118.
Yunita, M. D. (2020). Analisis keputusan investasi pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Cakrawala Management Business Journal, 3(1), 536–546.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Ekonomi, Akuntansi, dan Perpajakan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
