Articles
Asset Efficiency and Leverage on Firm Value: The Mediating Role of Profitability in Consumer Non-Cyclicals
Abstract
Using Consumer Non-Cyclicals firms listed on the Indonesia Stock Exchange over 2021–2025, this study examines how asset efficiency and leverage relate to firm value and whether profitability transmits these relationships. A purposive sample of 65 firms provides 325 firm-year observations from audited annual reports and market data. Total Asset Turnover, Debt to Equity Ratio, Return on Assets, and Price to Book Value proxy asset efficiency, leverage, profitability, and firm value. The model is estimated with PLS-SEM in SmartPLS 4 using 5,000 bootstrap subsamples, and a panel regression with firm size and year effects serves as a robustness check. Asset efficiency has no significant direct effect on firm value, whereas leverage and profitability raise it. Asset efficiency increases profitability, while leverage reduces it. Profitability does not significantly mediate the link between asset efficiency and firm value but negatively mediates the link between leverage and firm value, a competitive mediation in which the positive direct effect of leverage is partly offset by its negative effect through earnings. Managers should therefore weigh financing decisions against their consequences for profitability.
References
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Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Suriawinata, I. S., Budiyani, E. T., Mais, R. G., & Anhar, M. (2023). Cash conversion cycle, asset turnover, capital expenditure and firm value: The mediating role of profitability. Jurnal Reviu Akuntansi dan Keuangan, 13(3), 674–695. https://doi.org/10.22219/jrak.v13i3.25161
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Christine, A. F., & Yuniati, T. (2024). Pengaruh return on equity, current ratio, debt to asset ratio dan total asset turnover terhadap nilai perusahaan pada perusahaan retail di Bursa Efek Indonesia tahun 2018–2022. Jurnal Ilmu dan Riset Manajemen, 13(10).
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Eleanor, E., Damayanti, S., Febriyanti, D., & Berliani, K. (2026). The effect of return on assets, debt-to-equity ratio, and total asset turnover on price-to-book value in non-cyclical consumer sector companies listed on IDX for the 2021–2025 period. International Journal of Management and Business Economics, 5(1), 8–16. https://doi.org/10.58540/ijmebe.v5i1.2085
Fikri, M., Jhoansyah, D., & Zafar, T. S. (2026). Determinasi perputaran aset terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi. Jurnal Ekonomi, Bisnis dan Manajemen, 5(3), 1455–1466. https://doi.org/10.58192/ebismen.v5i3.4547
Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial least squares structural equation modeling (PLS-SEM) using R: A workbook. Springer. https://doi.org/10.1007/978-3-030-80519-7
Herdianti, H., & Setiawan, I. (2025). Effect of leverage and liquidity on the profitability of Islamic banks in Indonesia for the 2014–2023 period. Journal of Applied Islamic Economics and Finance, 5(2), 74–87.
Hulasoh, R., & Mulyati, H. (2021). Pengaruh total asset turnover, return on investment dan price earning ratio terhadap nilai perusahaan. Kompartemen: Jurnal Ilmiah Akuntansi, 19(2), 180–187. https://doi.org/10.30595/kompartemen.v19i2.10282
Johananta, K. E. Y., & Panjaitan, I. (2026). Pengaruh current ratio, debt to equity ratio, return on assets, dan total assets turnover terhadap nilai perusahaan pada perusahaan Consumer Non-Cyclicals yang terdaftar di Bursa Efek Indonesia periode 2016–2024. Jurnal Minfo Polgan, 15(1), 844–850. https://doi.org/10.33395/jmp.v15i1.16075
Khasanah, U., Lailiyah, E. H., & Zulyanti, N. R. (2024). Peran profitabilitas dalam memediasi leverage dan total asset turnover terhadap nilai perusahaan. Jurnal Manajemen dan Bisnis Indonesia, 10(2), 300–314. https://doi.org/10.32528/jmbi.v10i2.2411
Nugrahini, J. N., Ramadhani, A. A. S., & Nurhaini, N. K. (2025). The influence of profitability on firm value in consumer non-cyclical sector companies listed on the Indonesia Stock Exchange for the 2022–2024 period. Journal of Strategic Behaviour Accounting, 1(2). https://doi.org/10.26740/jsba.v1i2.47021
Ramadhania, S., Suryani, E., & Purnomo, H. (2025). Pengaruh profitabilitas dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan transportasi dan logistik di BEI periode 2020–2023. Jurnal Ekonomi Bisnis Antartika, 3(2), 172–180. https://doi.org/10.70052/jeba.v3i2.1023
Rambe, R., Elwisam, & Digdowiseiso, K. (2023). The influence of ROA, DER, total asset turnover and sales growth on firm value (Study of companies in the consumption goods industrial sector listed on the IDX for the 2017–2021 period). Jurnal Syntax Admiration, 4(3), 359–407. https://doi.org/10.46799/jsa.v4i3.857
Setyabudi, T. G., Susanti, Widyawati, D., & Iswara, U. S. (2025). Pengaruh profitabilitas dan leverage terhadap nilai perusahaan. Jurnal Akuntansi dan Manajemen, 36(2). https://doi.org/10.53916/jam.v36i2.159
Soimah, N. L., Pramono, H., Wahyuni, S., & Hapsari, I. (2026). Pengaruh struktur modal dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening pada perusahaan Consumer Non Cyclicals periode 2021–2024. EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 5(6), 10767–10781. https://doi.org/10.56799/ekoma.v5i6.19049
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010
Suriawinata, I. S., Budiyani, E. T., Mais, R. G., & Anhar, M. (2023). Cash conversion cycle, asset turnover, capital expenditure and firm value: The mediating role of profitability. Jurnal Reviu Akuntansi dan Keuangan, 13(3), 674–695. https://doi.org/10.22219/jrak.v13i3.25161
Viki, M., Mahmudi, B., & Suryani, E. (2025). The impact of leverage on firm value by mediation of profitability (Case study of consumer non-cyclical companies listed on the Indonesia Stock Exchange for the 2014–2023 period). Journal of Governance, Taxation and Auditing, 3(3), 286–301. https://doi.org/10.38142/jogta.v4i1.1496.