PENGARUH DEBT EQUITY RATIO DAN CURRENT RATIO TERHADAP NILAI PERUSAHAAN (PBV) PADA PT ADIRA DINAMIKA MULTI FINANCE TBK PRIODE 2014-2023

Abstrak

This study aims to determine the effect of the Debt to Equity Ratio (DER) and Current Ratio (CR) on firm value, as measured by Price to Book Value (PBV), at PT Adira Dinamika Multi Finance Tbk for the period 2014–2023. This research employs a quantitative approach using an associative method. The type of data used is secondary data in the form of the company’s annual financial statements. The data analysis technique applied is multiple linear regression with a significance level of 5% (0.05), processed using SPSS software. Based on the partial test results, the Current Ratio has no significant effect on PBV, as indicated by a t-count of 0.699 < t-table of 2.364 and a significance value of 0.525 > 0.05. Similarly, the Debt to Equity Ratio also shows no significant effect on PBV, with a t-count of 0.958 < t-table of 2.364 and a significance value of 0.370 > 0.05. Simultaneously, the F-test result shows an F-count of 1.717 < F-table of 4.74 with a significance value of 0.247, which is greater than 0.05. This indicates that the Current Ratio and Debt to Equity Ratio have no simultaneous effect on Price to Book Value. The coefficient of determination (R²) is 0.329, indicating that only 32.9% of the variation in PBV is explained by the two independent variables, suggesting a weak influence. Therefore, it can be concluded that firm value is largely influenced by factors outside of liquidity and solvency ratios.