Pengaruh Current Ratio, Total Asset Turnover, Debt to Equity Ratio, dan Net Profit Margin terhadap Tobin’s Q pada Perusahaan Sektor Kesehatan di Bursa Efek Indonesia Periode 2021–2025

Penelitian ini bertujuan untuk menguji pengaruh Current Ratio, Total Asset Turnover, Debt to Equity Ratio, dan Net Profit Margin terhadap Tobin’s Q pada perusahaan sektor kesehatan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2021–2025. Metode yang digunakan adalah pendekatan kuantitatif dengan teknik analisis regresi linear berganda berbasis data panel. Sampel terdiri dari 20 perusahaan yang dipilih menggunakan metode purposive sampling. Data yang digunakan berasal dari laporan keuangan tahunan perusahaan dan platform Yahoo Finance selama lima tahun pengamatan. Pengolahan data dilakukan dengan bantuan software Eviews versi 13. Hasil pengujian menunjukkan bahwa model terbaik yang digunakan adalah Fixed Effect Model (FEM). Hasil penelitian menunjukkan bahwa secara simultan variabel Current Ratio, Total Asset Turnover, Debt to Equity Ratio, dan Net Profit Margin berpengaruh signifikan terhadap Tobin’s Q dengan nilai probabilitas sebesar 0,000000. Secara parsial, hanya variabel Net Profit Margin yang tidak berpengaruh signifikan terhadap Tobin’s Q, sedangkan Current Ratio, Total Asset Turnover, dan Debt to Equity Ratio, berpengaruh signifikan. Hasil koefisien determinasi (R²) menunjukkan nilai sebesar 0,5558 yang mengindikasikan bahwa variabel-variabel dalam model mampu menjelaskan variasi Tobin’s Q dengan baik.

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This study aims to examine the influence of Current Ratio, Total Asset Turnover, Debt-to-Equity Ratio, and Net Profit Margin on Tobin’s Q in healthcare sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The method used is a quantitative approach with multiple linear regression analysis based on panel data. The sample consists of 20 companies selected using purposive sampling. The data used are derived from the companies’ annual financial reports and the Yahoo Finance platform over the five-year observation period. Data processing was conducted using Eviews version 13 software. The test results indicate that the best model used is the Fixed Effect Model (FEM). The research findings show that, simultaneously, the variables Current Ratio, Total Asset Turnover, Debt to Equity Ratio, and Net Profit Margin have a significant effect on Tobin’s Q with a probability value of 0.000000. Partially, only the Net Profit Margin variable does not significantly affect Tobin’s Q, while Current Ratio, Total Asset Turnover, and Debt to Equity Ratio have a significant effect. The coefficient of determination (R²) result shows a value of 0.5558 which indicates that the variables in the model are able to explain the variation in Tobin’s Q well.