Non-Cyclical Company Value in Indonesia: Analysis of Determining Factors Using an Intervening Variable Approach

Abstract

This study looks at how liquidity, capital structure, and operational efficiency affect the value of companies in Indonesia's non-cyclical sector, using profitability as a middle factor. Grounded in the significance of maximizing shareholder wealth as a long-term performance indicator, this research examines 129 non-cyclical companies traded on the Indonesia Stock Exchange between 2020 and 2023. Through purposive sampling methodology, 82 companies were selected for analysis. Using a quantitative descriptive framework and SmartPLS analytical tools, the results show that capital leverage ratios and asset utilization efficiency directly increase the value of a company. Conversely, debt financing exhibits an inverse relationship with profitability metrics. These outcomes illustrate the vital role of strategic capital management and resource optimization in value creation.