Firm Size, Liquidity, and Capital Structure as Determinants of Firm Value

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Page Numbers: 5089-5107
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Published: Aug 7, 2026
Digital Object Identifier: 10.58578/mikailalsys.v4i3.11721
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Authors:
Putri Delimah1, Usdeldi2, Puteri Anggi Lubis3
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Putri Delimah
UIN Sultan Thaha Saifuddin Jambi, Indonesia
Usdeldi
UIN Sultan Thaha Saifuddin Jambi, Indonesia
Puteri Anggi Lubis
UIN Sultan Thaha Saifuddin Jambi, Indonesia

Abstract

Firm value remains a central consideration for investors; however, empirical evidence regarding the effects of firm size, liquidity, and capital structure among Sharia-compliant automotive companies remains inconsistent. This study aims to examine the partial and simultaneous effects of firm size, liquidity, and capital structure on firm value. A quantitative approach with an associative explanatory design was employed using data from 12 automotive companies listed in the Indonesian Sharia Stock Index during 2020–2024. Purposive sampling yielded 60 firm-year observations. Secondary data were collected from financial statements and market information and analyzed using panel data regression with EViews 12. The findings indicate that firm size has a negative and significant effect on firm value, whereas liquidity has a positive and significant effect. Capital structure has a negative but statistically insignificant effect on firm value. Simultaneously, the three variables significantly affect firm value, although the model explains only 15.39% of its variation. These findings extend the application of signaling theory by showing that investors interpret corporate financial information based on asset utilization, short-term financial capacity, and financing risk. The study contributes empirical evidence on the determinants of firm value in the context of Sharia-compliant automotive companies. Practically, companies should improve asset productivity, maintain efficient liquidity levels, and align debt decisions with their cash-flow capacity. Future research should incorporate additional determinants, including profitability, dividend policy, corporate governance, and macroeconomic conditions.


Keywords: Capital Structure; Firm Size; Firm Value; Liquidity; Sharia-Compliant Companies

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How to Cite
Delimah, P., Usdeldi, & Lubis, P. A. (2026). Firm Size, Liquidity, and Capital Structure as Determinants of Firm Value. Journal of Multidisciplinary Science: MIKAILALSYS, 4(3), 5089-5107. https://doi.org/10.58578/mikailalsys.v4i3.11721

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