The Effect of Return on Equity and Inventory Turnover on Firm Value Moderated by Current Ratio: A Study on the Transportation and Logistics Sector in Indonesia | Jurnal Informatika Ekonomi Bisnis

Journal Content

Search

Search Scope

Browse

Information

Current Issue

Template
Similarity Checker

Member of

Statistics

The Effect of Return on Equity and Inventory Turnover on Firm Value Moderated by Current Ratio: A Study on the Transportation and Logistics Sector in Indonesia

Puti Indah Balqis A Universitas Esa Unggul Renita Janurika Universitas Esa Unggul Rolas Tarida Sianturi Universitas Esa Unggul Rilla Gantino Universitas Esa Unggul DOI: https://doi.org/10.37034/infeb.v8i1.1365 Keywords: Return On Equity, Inventory Turnover, Current Ratio, Firm Value, Transportation and Logistic Abstract This study aims to analyze the effect of Return on Equity (ROE) and Inventory Turnover (ITO) on firm value as measured by Price to Book Value (PBV), as well as to examine the moderating role of the Current Ratio (CR) in companies within the transportation and logistics sector listed on the Indonesia Stock Exchange during the 2020–2024 period. The study employs a quantitative approach using panel data regression on 110 observations obtained through purposive sampling. Secondary data from annual financial statements were analyzed using the Common Effect Model with robust standard errors. The results indicate that ROE does not have a significant effect on PBV, while Inventory Turnover and Current Ratio have a negative and significant effect on PBV. Moderation analysis reveals that the Current Ratio does not moderate the relationship between ROE and PBV but strengthens the effect of Inventory Turnover on PBV. These findings suggest that market responses to financial performance are contextual and influenced by the balance between operational efficiency and corporate liquidity, implying that firm value should not be assessed based on a single financial ratio but through the interaction of multiple financial performance indicators. Downloads Download data is not yet available. References Febriyanti, S., Riduwan, A., & Handayani, N. (2025). Pengaruh Profitabilitas, Kebijakan Utang dan Solvabilitas terhadap Nilai Perusahaan: Corporate Governance sebagai Variabel Pemoderasi. Owner, 9(2), 749–762. DOI: https://doi.org/10.33395/owner.v9i2.2651 . Hermanto, & Margarena, J. (2023). Pengaruh Manajemen Risiko Korporasi, Perputaran Persediaan, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Informatika Ekonomi Bisnis, 1472–1479. DOI: https://doi.org/10.37034/infeb.v5i4.766 . Ahmad, N., Shah, F. N., Ijaz, F., & Ghouri, M. N. (2023). Corporate Income Tax, Asset Turnover and Tobin’s Q as Firm Performance in Pakistan: Moderating Role of Liquidity Ratio. Cogent Business and Management, 10(1). DOI: https://doi.org/10.1080/23311975.2023.2167287 . Savira, M., & FERDIAN, R. (2024). Pengaruh Current Ratio, Debt to Equity Ratio dan Return On Equity Terhadap Nilai Perusahaan. JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, dan Akuntansi, 1(4), 274–285. DOI: https://doi.org/10.62421/jibema.v1i4.23 . Yudha, A., & Wiliyanti, R. (2025). Pengaruh Cash Turnover, Inventory Turnover, Receivable Turnover, dan Total Asset Turnover terhadap Profitabilitas pada Perusahaan Ritel Yang Terdaftar di Bursa Efek Indonesia Periode 2021-2024. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(3), 3265–3277. DOI: https://doi.org/10.31004/riggs.v4i3.2422 . Medianto Basuki, Tina Rosa, & Burhanudin. (2024). He Influence Of Current Ratio (CR), Debt To Equity Ratio (DER), Total Asset Turn Over (TATO), And Net Profit Margin (NPM) On Return On Equity (ROE) In Lq-45 Companies Listed On The Indonesian Stock Exchange (BEI ) Year 2013-2018. Journal of Entrepreneur and Business, 2(2), 129–137. DOI: https://doi.org/10.52643/joeb.v2i2.65 Yunita Angelique, Siti Aisyah Nasution, Shevila Adithio, Vincent Colin Ongah, & Keumala Hayati. (2025). Pengaruh Green Accounting, Solvabilitas, Perputaran Piutang dan Perputaran Persediaan terhadap Nilai Perusahaan pada Sub Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Lentera Bisnis, 14(1), 334–346. DOI: https://doi.org/10.34127/jrlab.v14i1.1355 . Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. DOI: https://doi.org/10.13106/jafeb.2021.vol8.no3.0423 . Dicky Perwira Ompusunggu, & Nina Irenetia. (2023). Pentingnya Manajemen Keuangan Bagi Perusahaan. Cemerlang: Jurnal Manajemen dan Ekonomi Bisnis, 3(2), 140–147. DOI: https://doi.org/10.55606/cemerlang.v3i2.1129 . Kiymaz, H., Haque, S., & Choudhury, A. A. (2024). Working Capital Management and Firm Performance: A Comparative Analysis Of Developed and Emerging Economies. Borsa Istanbul Review, 24(3), 634–642. DOI: https://doi.org/10.1016/j.bir.2024.03.004 . Hantono, H., Guci, S. T., Manalu, E. M. B., Hondro, N. A., Manihuruk, C. C., Perangin- Angin, M. B., & Sinaga, D. C. (2019). Pengaruh Perputaran Kas, Perputaran Piutang, Perputaran Persediaan, Current Ratio, dan Debt to Equity Ratio, Total Assets Turn Over terhadap Profitabilitas. Owner, 3(1), 116. DOI: https://doi.org/10.33395/owner.v3i1.110 . Sulistriani, S., & Pranjoto, G. H. (2024). Pengaruh Perputaran Persediaan, Perputaran Piutang, Perputaran Total Aset, Debt To Equity Ratio dan Current Ratio terhadap Profitabilitas pada Perusahaan Manufaktur Sub Sektor Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia (BEI) pada Periode Tahun 2019-2022. Jurnal Kajian Ilmu Manajemen (JKIM), 4(1). DOI: https://doi.org/10.21107/jkim.v4i1.24916 . Fazrian, W., & Situngkir, T. L. (2022). Pengaruh Return on Equity, dan Debt to Equity Ratio terhadap Nilai Perusahaan pada Perusahaan Sub Sektor Farmasi BEI di Masa Pandemi Covid 19. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(4), 1841–1848. DOI: https://doi.org/10.47467/alkharaj.v5i4.1812 . Risqi, U. A., & Suyanto, S. (2022). Pengaruh Return On Asset dan Return On Equity terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(4), 1122–1133. DOI: https://doi.org/10.47467/alkharaj.v4i4.846 . Nur Aini, S. H., & Darman, D. (2021). Pengaruh Struktur Modal, Perputaran Persediaan dan Perputaran Kas terhadap Profitabilitas di Bei. Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT), 7(2), 172–181. DOI: https://doi.org/10.22487/jimut.v7i2.235 . Nafi’ah, J., Wiyono, G., & Kusumawardhani, R. (2022). Pengaruh Perputaran Kas, Struktur Modal, Perputaran Persediaan, Asset Growth dan Total Asset Turnover terhadap Profitabilitas. Reslaj : Religion Education Social Laa Roiba Journal, 4(4), 1137–1155. DOI: https://doi.org/10.47467/reslaj.v4i4.1066 . Endraria, E., & Sagara, Y. (2025). When Liquidity and Governance Shape Firm Value: Evidence from Indonesia’s Consumer Non-Cyclicals Sector. Jurnal Ilmiah Akuntansi Kesatuan, 13(5), 1063–1079. DOI: https://doi.org/10.37641/jiakes.v13i5.4165 . Bala, A. J., Hassan, A., & Kibiya, I. U. (2025). Does Profitability Moderate the Effect of Intellectual Innovation on Firm Value in the Technology-Driven Sectors of Emerging Economies? Journal of the Knowledge Economy. DOI: https://doi.org/10.1007/s13132-025-02812-8 . Setiyawan, I., & Pardiman, P. (2014). Pengaruh Current Ratio, Inventory Turnover, Time Interest Earned dan Return On Equity terhadap Harga Saham pada Perusahaan Manufaktur Sektor Barang Konsumsi yang Terdaftar di Bei Periode 2009-2012. Nominal, Barometer Riset Akuntansi dan DOI: Manajemen, 3(2). https://doi.org/10.21831/nominal.v3i2.2698 . Salim, M., & Yadav, R. (2012). Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies. Procedia - Social and Behavioral Sciences, 65, 156–166. DOI: https://doi.org/10.1016/j.sbspro.2012.11.105 . 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. DOI: https://doi.org/10.26714/mki.10.2.2020.47-57 . Devina, M., & Purnama, M. (2022). Analisis Pengaruh Current Ratio, Return On Asset, Debt Ratio, dan Inventory Turnover terhadap Nilai Perusahaan pada Perusahaan Sektor Property and Real Estate yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2016-2020. Nikamabi, 1(2). DOI: https://doi.org/10.31253/ni.v1i2.1564 . Pradiana, N., & Yadnya, I. P. (2019). Pengaruh Leverage, Profitabilitas, Firm Size, dan Likuiditas terhadap Return Saham Perusahaan Sektor Industri Barang Konsumsi. E-Jurnal Manajemen Universitas Udayana, 8(4), 2239. DOI: https://doi.org/10.24843/ejmunud.2019.v08.i04.p13 . Winata, S., Selfiyan, S., Suhendra, S., & Samara, A. (2023). Pengaruh Current Ratio, Return On Assets, dan Total Assets Turnover terhadap Harga Saham pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2017-2021. ECo-Buss, 5(3), 1058–1069. DOI: https://doi.org/10.32877/eb.v5i3.596 . Noni Marliyana, Hadi Pramono, Sri Wahyuni, & SEB Santoso. (2024). Firm Size as a Moderating Variable of the Effect of Liquidity and Profitability on Firm Value. Formosa Journal of Multidisciplinary Research, 3(4), 245–256. DOI: https://doi.org/10.55927/fjmr.v3i4.8910 . Hamdani, M. (2020). Pengaruh Kinerja Keuangan, Kebijakan Dividen dan Umur Perusahaan terhadap Nilai Perusahaan di Moderasi Ukuran Perusahaan. Jurnal Akuntansi dan Ekonomika, 10(2), 188–197. DOI: https://doi.org/10.37859/jae.v10i2.2042 . Digdowiseiso, K. (2023). The Relationships between Current Ratio, Firm Age, Good Corporate Governance, and Corporate Social Responsibility: The Moderating Effects of Firm Size. Shirkah: Journal of Economics and Business, 8(3), 252–267. DOI: https://doi.org/10.22515/shirkah.v8i3.629 .	Download Published 2026-01-31 Issue Vol. 8, No. 1 (March 2026): Accepted Section Articles How to Cite A, P. I. B., Janurika, R., Sianturi, R. T., & Gantino, R. (2026). The Effect of Return on Equity and Inventory Turnover on Firm Value Moderated by Current Ratio: A Study on the Transportation and Logistics Sector in Indonesia. Jurnal Informatika Ekonomi Bisnis, 8(1), 68-77. https://doi.org/10.37034/infeb.v8i1.1365 ACM ACS APA ABNT Chicago Harvard IEEE MLA Turabian Vancouver Download Citation Endnote/Zotero/Mendeley (RIS) BibTeX This work is licensed under a Creative Commons Attribution 4.0 International License.

Indexing and Abstractions:

Published:

This work is licensed under a Creative Commons Attribution 4.0 International Public License (CC BY 4.0).

Web Analytics Made Easy -
StatCounter