The Effect of Liquidity, Leverage, and Firm Size on Firm Value Mediated by Financial Distress in Indonesian Expedition Companies Listed on the Indonesia Stock Exchange (2021–2025)
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Abstract
This study aims to examine and analyze the effect of liquidity (Current Ratio), leverage (Debt to Equity Ratio), and firm size (Total Assets) on firm value (Tobin's Q), both directly and through financial distress (Springate S-Score) as an intervening variable, in logistics and delivery companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. A descriptive quantitative method with a panel data approach was employed using data from 10 companies (50 observations), processed with EViews 9. The analysis included classical assumption tests, panel data model selection (Common Effect Model, Fixed Effect Model, Random Effect Model), t-tests, F-tests, and the Sobel test to examine the mediating role of financial distress. The results show that liquidity and firm size have a positive and significant effect, while leverage has a negative and significant effect on both financial distress and firm value. Financial distress (S-Score) has a positive and significant effect on firm value. All three variables simultaneously explain 82.63% of the variation in firm value (R² = 0.8263). The Sobel test confirms that financial distress acts as a partial mediator in the relationships between liquidity, leverage, and firm size with firm value. These findings indicate that managing liquidity, controlling leverage, and expanding firm scale not only directly enhance market valuation but also operate through the channel of improved financial health.
Keywords:
Liquidity Leverage Firm Size Financial Distress Firm ValueReferences
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