Determinants of Firm Value in the Coal Industry: Stock Price, Firm Size, Profitability, and Leverage 2021-2023

Authors

  • Luis Iskandar Universitas Swadaya Gunung Jati, Cirebon, Indonesia
  • Berliani Dwi Nur Arofah Universitas Swadaya Gunung Jati, Cirebon, Indonesia
  • Nurhana Dhea Parlina Universitas Swadaya Gunung Jati, Cirebon, Indonesia

DOI:

https://doi.org/10.38035/jafm.v6i2.1874

Keywords:

Stock Price, Firm Size, Profitability, Leverage, Firm Value

Abstract

This study had the aim to examine the influence of stock price, company size, profitability, along with leverage on firm value in coal mining sub-sector companies that are listed on the Indonesia Stock Exchange during 2021–2023 period. A quantitative method with a purposive sampling approach was employed, resulting in 51 observations from 17 companies. The variables analyzed include stock price (closing price), company size (SIZE), profitability (ROA), and leverage (DAR), with firm value proxied by the Price to Book Value (PBV) ratio. Data were analyzed through multiple linear regression with the assistance of IBM SPSS 25 software. The findings revealed that all independent variables collectively have a significant impact on firm value, with a coefficient of determination of 49.5%. However, on a partial basis, only profitability and leverage exhibit a significant influence, both showing a negative relationship with firm value. These findings highlight the importance of maintaining an efficient financial structure and closely monitoring internal financial performance to enhance firm value. This study offers practical insights for investors, corporate management, and regulators in understanding the key drivers of firm value within the coal mining industry.

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Published

2025-06-18

How to Cite

Iskandar, L., Dwi Nur Arofah, B., & Dhea Parlina, N. (2025). Determinants of Firm Value in the Coal Industry: Stock Price, Firm Size, Profitability, and Leverage 2021-2023. Journal of Accounting and Finance Management, 6(2), 700–711. https://doi.org/10.38035/jafm.v6i2.1874

Issue

Vol. 6 No. 2 (2025): Journal of Accounting and Finance Management (May - June 2025)

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Articles

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Copyright (c) 2025 Luis Iskandar, Berliani Dwi Nur Arofah, Nurhana Dhea Parlina

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