Leverage, Profitability, and Investment Opportunity Set (IOS) on Firm Value: A Systematic Literature Review (SLR)
Abstrak
Abstract—This study aims to analyze and synthesize the existing literature on the effects of leverage, profitability, and Investment Opportunity Set (IOS) on firm value using a Systematic Literature Review (SLR) approach. The study is motivated by the existence of both phenomenon gaps and research gaps, reflected in the inconsistent findings of previous studies regarding the relationship between these variables and firm value. The research adopts the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines to identify, screen, evaluate, and synthesize relevant scholarly articles. The reviewed articles were collected from reputable academic databases and published between 2021 and 2026. The findings indicate that profitability is the most consistent determinant positively affecting firm value, as it reflects a company's ability to generate earnings and provides positive signals to investors. In contrast, the impact of leverage on firm value remains inconclusive and is influenced by industry characteristics, firm conditions, and economic environments. Meanwhile, Investment Opportunity Set (IOS) generally exhibits a positive influence on firm value as it represents future growth opportunities and investment prospects. Furthermore, the review reveals that variations in measurement proxies, analytical methods, industrial sectors, and observation periods contribute to the inconsistencies found in previous studies. This study contributes to the literature by providing a comprehensive synthesis of the relationships among leverage, profitability, IOS, and firm value, while also proposing directions for future research.
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—This study aims to analyze and synthesize the existing literature on the effects of leverage, profitability, and Investment Opportunity Set (IOS) on firm value using a Systematic Literature Review (SLR) approach. The study is motivated by the existence of both phenomenon gaps and research gaps, reflected in the inconsistent findings of previous studies regarding the relationship between these variables and firm value. The research adopts the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines to identify, screen, evaluate, and synthesize relevant scholarly articles.
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Penelitian berhasil membuktikan relevansi konsep yang diuji dan menyajikan landasan kokoh bagi pengembangan keilmuan.
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1. Record Information
| Record Field | Official Record Value |
|---|---|
| ASIA Index Record ID | ASIA-2026-163021 |
| Index Status | VERIFIED & INDEXED |
| Record Type | Scholarly Article |
| Publication Origin | APASIFIC Scholarly Ecosystem |
| Date Submit | 18 Agustus 2026 |
| Date Published | 1 September 2026 |
| Record Version | 1.0 (Canonical Release) |
2. Article Identification
| Field | Details |
|---|---|
| Article Title | Leverage, Profitability, and Investment Opportunity Set (IOS) on Firm Value: A Systematic Literature Review (SLR) |
| DOI | 10.5281/zenodo.22216948 |
| Publication Venue / Journal | AJAF - Akuntansi, Audit & Perpajakan |
| ISSN / eISSN | Dalam Antrean |
| Subject Category | Accounting, Auditing & Taxation |
| Document Type / Language | Research Article · English |
3. Author & Research Identity
| Identity Element | Verification Details |
|---|---|
| Authors | Wulan Rahmadhani, Rini Hidayah S.E., M.Si., Ak., CA., CAP |
| ORCID Registry | ✓ Linked / Verified System ID |
| Affiliations | Universitas Muhammadiyah Pekajangan Pekalongan |
| Author Identity Status | ✓ Verified & Provenance Resolved |
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| Source / Infrastructure | Status | Record / Evidence |
|---|---|---|
APASIFIC(30/30 pts) | ✓ Origin Verified | Internal Publication Record |
DOI / Zenodo(25/25 pts) | ✓ Verified | 10.5281/zenodo.22216948 |
Zenodo(15/15 pts) | ✓ Linked | Zenodo ID: 22216948 |
OpenAIRE(15/15 pts) | ✓ Discovered | European Research Graph Record |
ORCID(0/10 pts) | Linked | Author Research Identity |
Google Scholar(5/5 pts) | ✓ Discoverable | Scholarly Discovery & Citation Observation |
5. ASIA Article Metrics (Individual)
| Article Metric | Value |
|---|---|
| Total CitationsNon-Self: 0 · Author Self: 0 · Journal Self: 0 | 0 |
| ASIA Article Score (AAS) | 72 |
| Citation Velocity | 1.2 / Year |
| Citation Network Status | Verified Citation Graph |
| Scholarly Chain Score | 90 / 100 |
| Metric Status | ACTIVE |
6. Journal-Level ASIA Metrics
| Journal Metric | Value |
|---|---|
| ASIA Citation Score (ACS)Corpus Network Density: 0.0158 | 7.8 |
| ASIA Scholarly Rank (ASR)Prestige-weighted Network Metric | 1.65 |
| ASIA Impact Factor (AIF) | 2.3 |
| ASIA Percentile | 88th Percentile |
| ASIA Metric Quartile | AM-Q1 |
| Category Rank | 9 / 100 |
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DOI
10.5281/zenodo.22216948
VOL 1
EDISI 12
SEP
2026
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Wulan Rahmadhani¹, Rini Hidayah² . (1 Se). Leverage, Profitability, and Investment Opportunity Set (IOS) on Firm Value: A Systematic Literature Review (SLR). AJAF - Akuntansi, Audit & Perpajakan, 1(12). https://doi.org/10.5281/zenodo.22216948
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