https://jetbis.al-makkipublisher.com/index.php/al/index

741

Journal Of Economics, Technology, and Business (JETBIS)

Volume 3, Number 3 March 2024

p-ISSN 2964-903X; e-ISSN 2962-9330

ANALYSIS OF THE DETERMINANTS OF FIRM VALUE IN PROPERTY AND

REAL ESTATE COMPANIES LISTED ON THE BEI IN 2019-2022

Habibah Nurmala Sari

, Ratnawati Khaeruni

, Erwin Budianto

Universitas Swadaya Gunung Jati, Cirebon, Indonesia

Email: [email protected]

KEYWORDS:

Return on assets; debt to

equity ratio; Company

Value

ABSTRACT

This study aims to analyze and determine the effect of

profitability as measured by return on assets, solvency as

measured by debt to equity ratio to company value measured by

price book value. This research uses quantitative methods with

secondary data sources in the form of the company's annual

financial statements. The population of this study is property

and real estate companies listed on the Indonesia Stock

Exchange (IDX) for the 2019-2022 period. The sampling

technique used purposive sampling, and a sample of 37

companies was obtained. The data analysis technique uses

multiple linear regression with the SPSS 25 program. The

results showed that the return on assets and debt-to-equity ratio

had no effect on the value of the company.

INTRODUCTION

Along with business growth, a rapidly growing economy, and technological advances,

companies must continue to improve their business activities to continue to advance and

develop and be able to maintain their business continuity. To be able to develop its business,

the company needs funds both from internal sources and from external companies (investors).

Companies also need efforts to increase the value of the company, because if the company's

value increases it will have a positive impact on the company's shareholders and be followed

by an increase in stock prices due to the large number of investors who are interested in

investing in the company.

Firm value is the amount of money a prospective buyer is willing to pay when the

company is sold. Company value can be reflected in the stock price. The higher the share price,

the higher the rate of return to investors and that means the higher the value of the company to

maximize the profits of shareholders (Franita, 2018).

As for the phenomenon that occurred in the period between 2021 and July 2022, property

stocks in Indonesia experienced considerable price declines even though the property sector

itself began to show signs of recovery. Companies such as ASRI, BSDE, CTRA, and SMRA

showed significant revenue and profit growth by the end of 2021. However, there was a

mismatch between the improved financial performance and the drastic decline in share prices.

This caused the valuations of property stocks to be very low, far below the actual value of the

Vol 3, No 3 March 2024

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

742

https://jetbis.al-makkipublisher.com/index.php/al/index

company's assets. Valuation indicators such as the Price-to-book (PBV) ratio declined to one

times the book or even less. Large property stocks such as BSDE, CTRA, and SMRA have

PBV ratios of around 0.6X, 0.9X, and 1.0X respectively.

Meanwhile, small-cap property stocks have PBV ratios ranging from 0.3X to 0.4X. This

comparison shows that the current valuation of property stocks is very low compared to the

2014-2015 boom, where PBV ranged from 2.0 to 3.0X. Even property companies such as

Sentul City (BKSL), which was facing legal cases at the time, had a PBV ratio of around 1X.

In terms of this PBV, property stocks are currently signaling as if the Indonesian economy

is in a "crisis". Under normal conditions, where the economy is growing, the share price of

companies that own assets in the form of land and buildings should not be trading below book

value. These property assets should have earning power and recurring income. This large

correction in property share prices gives the impression that the market may be overly

pessimistic about the property sector, especially given the growth that has occurred previously.

This could be an opportunity for investors who see the long-term value of property assets and

the potential for stock value recovery in the future (Bisnis.com, 2022).

Another phenomenon occurred in the real estate sector. Shares in the real estate sector,

one of which is the company Lippo Karawaci Tbk (LPKR), have decreased by 1.50% to IDR

197 / share. Since experiencing its highest increase in 2016, which was at IDR 952, LPKR

shares have continued to decline until 2021. LPKR shares have decreased several times to IDR

119 in 2020. LPKR posted a net loss in the third quarter of 2020 and has a price-book value

(PBV) ratio of 0.53 times. The lower the PBV value, the cheaper the company value will be.

By standard PBV will be considered cheap if the ratio is below 1 time. In 2019 the LPKR

company recorded a net loss of Rp 1.98 and the third quarter of 2020 recorded a net loss of Rp

2.34 trillion.

Then another real estate company, namely the Ciputra Development Tbk (CTRA)

company also experienced a decline in share price of 15.71% during the 2016-2021 period,

after experiencing the highest increase at Rp 1,705 / share in 2016 CTRA shares continued to

decline to the lowest price of Rp 412 / share in 2020. Meanwhile, based on CTRA's PBV ratio

of 1.40 times, this figure is still relatively good. In the third quarter of 2020, the company's

financial performance has decreased. CTRA's net profit was recorded to have decreased by

44% from Rp 417 billion as of September 2019, to Rp 232 billion in 2020. Revenues in the

apartment, mall, and hotel sectors recorded a decline. The apartment division's revenue fell

70% to Rp 159 billion as of September 2020. Then mall revenue fell 30% to IDR 407 billion,

and hotel revenue fell 58% to IDR 144 billion as of the third quarter of 2020 (CNBC

Indonesia,2021).

This study proxies the profitability ratio with Return On Asset. Return On Asset (ROA)

is a ratio used to assess the extent of net profit generated from funds invested in total assets.

The higher the rate of return on assets, the greater the net profit generated from funds invested

in total assets (Hery & Si, n.d.). Previous research conducted by (Damaianti, 2019) stated that

profitability proxied by Return On Asset (ROA) has no significant effect on firm value, the

same thing with research conducted by (Widyaningsih et al., 2022) which states that ROA has

no significant effect on firm value. Meanwhile, research conducted by (Deva et al., 2022) states

that ROA has a positive effect on the company.

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

Vol 3, No 3 March 2024

https://jetbis.al-makkipublisher.com/index.php/al/index

743

In addition to profitability, company value can be influenced by the solvency (debt) ratio.

This study uses the debt-equity proxy to measure the debt-to-capital ratio. The debt-to-capital

ratio is a measure of the proportion of debt to capital. The DER ratio helps assess the

comparison between funds provided by creditors and capital from company owners (Francis

Hutabarat, 2023). Based on previous research conducted by (Octavus & Adiputra, 2020) stated

that DER has a negative and insignificant effect on firm value. In line with research conducted

by (Kadim & Sunardi, 2019) which states that DER has a negative or positive insignificant

effect on firm value. Meanwhile, research conducted by (Farizki et al., 2021) states that DER

has no effect on firm value. The research gap or differences in research results conducted by

previous studies provide motivation to re-examine the effect of Return On Asset and Debt to

Equity Ratio on firm value at different times.

RESEARCH METHODS

Type of Research

This research is a type of quantitative research because this research uses numerical data

in the form of financial reports obtained from www.idx.co.id. Quantitative research is a

research method based on the philosophy of positivism and is used to study certain populations

or samples. research instruments are used for data collection. Data analysis is

quantitative/statistical and aims to test the hypothesis that has been set (Sugiyono, 2017).

Research Population

Population is a general area consisting of objects/subjects that have a certain number and

characteristics that have been determined by researchers to study and draw conclusions

(Sugiyono, 2019). The population used in the study were real estate companies listed on the

Indonesia Stock Exchange (IDX) totaling 92 companies.

Sampling Technique

In this study, the sampling technique used was non-probability sampling, namely

sampling techniques based on the subjective judgment of researchers who did not provide equal

opportunities for each element of the population to be sampled, using purposive sampling,

namely sampling techniques with certain considerations (Sugiyono, 2019).

The criteria for companies sampled in this study are:

1. Property and real estate companies listed on the Indonesia Stock Exchange (IDX) for the

period 2019-2022

2. Companies that have IPO before 2019.

3. Property and real estate companies that publish complete financial reports on the Indonesia

Stock Exchange (IDX) in the 2019-2022 period.

4. Property and real estate companies that are profitable.

5. Property and real estate companies that experienced a decline in share price.

RESULTS AND DISCUSSION

Descriptive of Research Variables

a) Company Value (Price Book Value)

The company value used in this study is Price Book Value (PBV). PBV is the ratio

between stock price and book value, PBV shows how much value the company can create

Vol 3, No 3 March 2024

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

744

https://jetbis.al-makkipublisher.com/index.php/al/index

on the capital invested. Therefore, the greater the PBV value, the company is considered

successful in creating value for its shareholders (Franita, 2018).

Table 1

Price Book Value data of Real Estate Companies Listed on the IDX in 2019-2022

KODE EMITEN

Year

2019

2020

2021

2022

JPRT

1.13

0.79

0.88

0.67

PWON

1.76

1.21

1.25

1.10

LPLI

0.19

0.12

0.27

0.28

SMRA

1.66

1.03

1.10

0.80

RDTX

0.73

0.51

0.62

0.72

PLIN

1.05

0.88

0.81

0.68

MDLN

0.25

0.13

0.11

0.08

CTRA

0.03

0.02

DUTI

0.96

0.79

0.70

0.59

KIJA

1.27

0.86

0.77

0.69

SMDM

0.26

0.17

0.22

0.35

LPKR

0.51

0.52

0.54

0.42

LPCK

0.06

0.07

0.05

BKSL

3.88

1.08

1.98

1.80

RBMS

0.86

0.54

0.55

0.66

FMII

1.66

1.52

2.02

1.12

GMTD

2.65

2.95

2.92

2.69

INPP

1.41

1.44

1.37

0.87

GPRA

0.36

0.22

0.27

0.31

ASRI

0.58

0.32

0.40

0.31

BSDE

0.86

0.54

0.64

0.52

MKPI

2.76

2.87

4.06

3.39

BCIP

0.27

0.17

0.22

0.20

MTLA

0.78

0.67

0.69

0.57

BEST

0.14

0.12

0.04

0.20

TARA

0.36

0.25

36.55

0.10

PPRO

1.64

1.02

0.78

0.68

DMAS

1.97

1.88

1.95

1.46

BIKA

0.21

-0.31

-0.86

-0.30

URBN

6.28

2.44

0.97

0.50

LAND

0.07

0.08

0.13

0.16

MPRO

7.74

7.98

6.21

6.84

CSIS

0.83

0.27

0.40

0.35

RISE

3.04

2.44

2.00

3.16

POLL

13.17

40.88

18.58

2.28

CITY

1.71

0.48

1.06

0.95

PUDP

0.36

0.25

0.32

0.20

Source: Indonesia Stock Exchange (2023), data processing

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

Vol 3, No 3 March 2024

https://jetbis.al-makkipublisher.com/index.php/al/index

745

a) Return On Asset

The independent variable (X1) of this study is Return On Asset (ROA) which is one of

the profitability ratios. Return On Asset is a ratio used to see the extent to which investments

made by investors can generate expected profits (Fahmi et al., 2020). This ratio shows asset

turnover as measured by sales volume. The higher this ratio, the more profit will be obtained

(Harahap, 2015). Data table Return On Asset (ROA) Real Estate Companies Listed on the

IDX in 2019-2022.

Table 2

Return On Asset (ROA) data for Real Estate Companies Listed on the IDX in 2019-2022

EMITENT

CODE

YEAR

2019

2020

2021

2022

JPRT

0.09

0.07

PWON

0.12

0.04

0.05

0.06

LPLI

19.37

0.02

0.25

34.36

SMRA

0.03

0.01

0.02

0.03

RDTX

0.08

0.06

0.08

PLIN

43.72

54.87

37.40

45.06

MDLN

6.55

118.78

2.89

1.49

CTRA

0.04

0.03

0.05

DUTI

0.09

0.05

KIJA

11.58

3.71

7.13

3.13

SMDM

0.02

0.01

0.04

0.05

LPKR

0.22

0.23

0.12

0.11

LPCK

31.43

68.34

15.37

32.39

BKSL

3.99

0.01

0.03

RBMS

0.07

0.01

0.03

0.06

FMII

0.03

0.04

0.01

0.02

GMTD

0.09

0.08

0.07

0.12

INPP

71.16

0.03

0.06

GPRA

0.03

0.02

0.03

0.04

ASRI

0.05

0.03

0.01

0.05

BSDE

0.06

0.01

0.03

0.04

MKPI

0.08

0.03

0.04

0.09

BCIP

0.03

0.01

0.00

0.02

MTLA

59.39

62.05

59.39

62.05

BEST

0.08

0.02

0.04

TARA

0.94

5.79

19.75

1.49

PPRO

13.73

5.72

1.00

1.11

DMAS

0.18

0.20

0.12

0.18

BIKA

0.08

0.02

0.11

0.08

URBN

0.01

0.04

0.02

2.64

LAND

0.04

0.01

0.03

MPRO

26.91

7.22

15.46

3.95

CSIS

0.02

0.04

0.00

Vol 3, No 3 March 2024

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

746

https://jetbis.al-makkipublisher.com/index.php/al/index

RISE

2.84

21.47

15.48

13.22

POLL

0.03

0.01

0.06

0.10

CITY

0.03

0.07

0.00

0.02

PUDP

0.07

0.08

0.43

Source: Bursa Efefk Indonesia (2022), data processed

b) Debt to Equity Ratio

The independent variable (X2) in this study is the Debt Equity Ratio which is one of

the solvency ratios. The debt-to-equity ratio is the ratio between the amount of debt and the

amount of equity owned by a company. This ratio helps creditors determine the amount of

funds to be given to company owners.

Table 3

Debt to Equity Ratio (DER) Real Estate Companies Listed on the IDX in 2019-2022

EMITENT

CODE

YEAR

2019

2020

2021

2022

JPRT

0.51

0.46

0.44

0.42

PWON

0.44

0.50

0.51

0.48

LPLI

0.26

0.27

0.01

SMRA

1.59

1.74

1.32

1.42

RDTX

0.11

0.09

0.14

PLIN

0.08

0.11

0.12

MDLN

1.64

2.52

2.47

2.20

CTRA

1.04

1.25

1.10

1.00

DUTI

0.30

0.33

0.40

0.43

KIJA

0.93

0.95

0.93

1.02

SMDM

0.22

0.21

0.19

0.16

LPKR

0.60

1.20

1.32

1.61

LPCK

0.12

0.48

0.43

0.40

BKSL

0.61

0.47

0.59

0.62

RBMS

0.33

0.36

0.39

0.38

FMII

0.30

0.28

0.37

0.15

GMTD

0.60

0.69

0.93

1.05

INPP

0.26

0.33

0.57

0.60

GPRA

0.51

0.64

0.59

0.56

ASRI

1.07

1.26

1.30

1.10

BSDE

0.62

0.77

0.71

MKPI

0.32

0.36

0.37

0.27

BCIP

1.00

1.04

0.99

0.91

MTLA

0.45

0.42

0.45

0.42

BEST

0.09

0.08

108.42

TARA

0.07

0.04

0.02

PPRO

2.98

3.09

3.69

3.79

DMAS

0.17

0.22

0.14

0.16

BIKA

2.84

-10.26

-21.06

-9.84

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

Vol 3, No 3 March 2024

https://jetbis.al-makkipublisher.com/index.php/al/index

747

URBN

1.50

0.89

1.01

1.11

LAND

0.45

0.55

0.60

0.57

MPRO

0.30

0.29

0.30

CSIS

1.29

1.01

0.83

0.76

RISE

0.25

0.29

0.17

0.18

POLL

1.53

3.74

4.11

1.85

CITY

0.14

0.09

PUDP

0.58

0.64

0.63

0.12

Descriptive Statistics Test

Descriptive statistics is a data processing model with the aim of showing data

characteristics such as mean, median, mode, quartiles, variance, standard deviation, minimum

value and maximum value, and graphs. The following is a descriptive statistics table using

SPSS version 25:

Table 4

Statistical Descriptive Test Results

Descriptive Statistics

Minimum

Maximum

Sum

Mean

Std.

Deviation

Statistic

Std. Error

Statistic

ROA

148

.01

118.78

942.97

6.3714

1.45145

17.65768

DER

148

-21.06

108.42

174.40

1.1784

.75391

9.17169

PBV

148

-.86

40.88

266.73

1.8022

.40175

4.88752

Valid N

(listwise)

148

Source: Results of Statistical Descriptive Test Output SPSS 25 (2024)

Based on the results of the output above, it shows variables that have a sample of 37 with 148

observations of the research sample:

a. The Return On Asset (X1) variable has the lowest (minimum) value of 0.01, the maximum

(highest) value of 118.78 for an average (mean) of 6.3714 and a standard deviation of

17.65768. So the mean value of Return On Asset is smaller than the standard deviation,

namely 6.3714 < 17.65768, which means that the Return On Asset data sample has varied

data because the standard deviation value is greater than the mean.

b. The Debt debt-equity ratio (X2) variable has the lowest (minimum) value of -21.06, the

maximum (highest) value of 108.42 for an average (mean) of 1.1784, and a standard

deviation of 9.17169. So the mean value of the Debt To Equity Ratio is smaller than the

standard deviation, namely 1.1784 < 9.17169, which means that the Debt To Equity Ratio

data sample has varied data because the standard deviation value is greater than the mean.

c. The PBV (Y) variable has the lowest (minimum) value of -0.86, and the maximum (highest)

value of 40.88 for an average (mean) of 1.8022 and a standard deviation of 4.88752. So the

mean value of Price Book Value is smaller than the standard deviation, namely 1.8022 <

4.88752, which means that the sample data from Price Book Value has varied data because

the standard deviation value is greater than the mean.

Vol 3, No 3 March 2024

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

748

https://jetbis.al-makkipublisher.com/index.php/al/index

Classical Assumption Test

Normality Test

In this study, the data normality test used histograms, Normal PP-Plot, and Kolmogorov-

Smirnov (K-S) non-parametric statistical tests. The following are the results of normality:

Figure 1

Histogram Results of Normality Test

Source: Histogram Results Normality Test Output SPSS 25 (2024)

Based on the image from the normality test, the histogram graph shows that the curve

forms a symmetrical bell so it can be said that the residual data is normally distributed.

Figure 2

Normal P-P Plot Results

Source: SPSS 25 Output (2024)

Based on the results of the normality test, the normal probability plot (P-P Plot) test

shows that the points spread near the diagonal line, and the distribution follows the direction

of the diagonal line. This shows that the data in this study have met the classic assumption

requirements of normality and are normally distributed.

The normality test was also carried out with the Kolmogorov-Smirnov (K-S) non-

parametric statistical test by looking at the Adam. Sig (2-tailed).If the significance value <0.05

indicates that the data is not normally distributed. If the significance value> 0.05 indicates that

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

Vol 3, No 3 March 2024

https://jetbis.al-makkipublisher.com/index.php/al/index

749

the data is normally distributed.

Table 5

Normality Test Results Before Outliers

One-Sample Kolmogorov-Smirnov Test

Standardized

Residual

148

Normal Parameters

a,b

Mean

.0000000

Std. Deviation

.99317398

Most Extreme

Differences

Absolute

.330

Positive

.326

Negative

-.330

Test Statistic

.330

Asymp. Sig. (2-tailed)

.000

a. Test distribution is Normal.

b. Calculated from data.

c. Lilliefors Significance Correction.

Source: SPSS 25 output (2024)

Based on the normality test image with the One-Sample Kolmogorov-Smirnov method

with the Return On Asset, Debt To Equity Ratio, and Price Book Value variables, the Asym.

Sig (2-tailed) value of 0.000. This means that the data is not normally distributed because it is

less than 0.05 so a retest is carried out using outliers. The following are the results of the

normality test with the one-sample Kolmogorov-Smirnov model using outliers, which

previously amounted to 148 data to 145 data.

Table 6

Kolmogorov-Smirnov Test Results after Outliers

One-Sample Kolmogorov-Smirnov Test

Unstandardize

d Residual

145

Normal Parameters

a,b

Mean

.0000000

Std. Deviation

1.37348877

Most Extreme

Differences

Absolute

.067

Positive

.047

Negative

-.067

Test Statistic

.067

Asymp. Sig. (2-tailed)

.200

c,d

a. Test distribution is Normal.

b. Calculated from data.

c. Lilliefors Significance Correction.

d. This is a lower bound of the true significance.

Source: SPSS 25 output (2024)

Vol 3, No 3 March 2024

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

750

https://jetbis.al-makkipublisher.com/index.php/al/index

Based on the normality test image with the one-sample kolmogorov-smirnov model with

the variables Return On Asset, Debt To Equity Ratio, and Price Book Value, the Asym. Sig (2-

tailed) of 0.200. This means that the data is normally distributed because it is more than 0.05.

Multicollinearity test

To detect whether the regression model experiences multicollinearity, it can be seen from

the variance inflation factor (VIF) for each independent variable, namely if the tolerance value>

0.10 and the VIF value < 10, it can be concluded that the regression model is free from

multicollinearity.

Table 7

Multicollinearity Test Results

Coefficients

Model

Unstandardized

Coefficients

Standardized

Coefficients

Sig.

Collinearity

Statistics

Std. Error

Beta

Tolerance

VIF

(Constant)

-.354

.169

-2.099

.038

ROA(X1)

.036

.044

.069

.807

.421

.947

1.056

DER(X2)

.012

.097

.011

.124

.902

.947

1.056

a. Dependent Variable: Y(PBV)

Source: Multicollinearity Test Results SPSS 25 Output (2024)

Based on the results table above, it can be seen that the Variance Inflation Factor (VIF)

value of Return On Asset (X1) of 1,056 Debt To Equity Ratio (X2) of 1,056 has a value less

than 10. While the tolerance value of Return On Asset (X1) of 0.947 and Debt To Equity Ratio

(X2) of 0.947 has a value greater than 0.10. So it can be concluded that there are no symptoms

of multicollinearity between the independent variables.

Heteroscedasticity Test

The heteroscedasticity test can use the scatterplot test The scatterplot test is used to

determine the presence or absence of heteroscedasticity with the following criteria:

1. If there is a certain pattern such as points that form a regular pattern (wavy, widening, and

narrowing) then it indicates heteroscedasticity.

2. If there is no clear pattern and the dots spread above and below the number 0 on the Y axis,

there is no heteroscedasticity.

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

Vol 3, No 3 March 2024

https://jetbis.al-makkipublisher.com/index.php/al/index

751

Figure 3

Heteroscedasticity Test Results

Source: Heteroscedasticity Test Results With Scatterplot Test Output SPSS 25 (2024)

Based on the results of the scatterplot test above, it shows that the points form a random

spread pattern and the points spread above or below the number 0 and the Y axis. this indicates

that there are no symptoms of heteroscedasticity in the regression model.

Autocorrelation Test

The autocorrelation test is to test whether, in a linear regression model, there is a

correlation between confounding errors in period t and confounding errors in the previous

period t-1. To see whether or not there is autocorrelation in the regression model can be done

by using the Watson test with the following criteria:

Table 8

Durbin Watson test criteria

Null hypothesis

decision

There is no positive autocorrelation

Reject

0 < d < dl

No positive autocorrelation

No decision

dl ≤ d ≤ du

No negative autocorrelation

Decline

4 – dl < d < 4

No negative autocorrelation

No desicien

4 – du ≤ d ≤ 4 – dl

No autocorrelation, positive or negative

Not Rejected

du < d < 4 – du

Source: Ghozali (2018: 112)

The following SPSS output results are the results of the autocorrelation test using Durbin

Watson as follows.

Table 9

autocorrelation test results

Model Summary

Model

R Square

Adjusted R

Square

Std. Error of

the Estimate

Durbin-

Watson

.013

.000

-.014

4.92073

1.284

a. Predictors: (Constant), DER, ROA

b. Dependent Variable: PBV

Source: Autocorrelation Test Results with Durbin Watson output SPSS 25 (2024)

Based on the results of the Durbin Watson value of 1,284, the value is compared with the

Vol 3, No 3 March 2024

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

752

https://jetbis.al-makkipublisher.com/index.php/al/index

DW table with the number of samples (n) = 148 and the number of independent variables (k)

= 2, so that the dl value = 1.7041 and the du value = 1.7588 are obtained. based on the

provisions of the absence of autocorrelation if du < d < 4 - du, the results of the autocorrelation

test obtained a value of 1.7588> 1,284 < 2.412. it is concluded that du there is autocorrelation

between independent variables or there is positive autocorrelation.

Based on the results of the autocorrelation test, show that there is positive

autocorrelation, so to overcome it, namely by using the Cochrane-Orcutt method. The

Cochrane-Orcutt method uses the residual estimated value to obtain information on the p-value.

thus it is concluded that using the Cochrane-Orcutt method is to recalculate the residual value

in the regression model and reduce the number of samples to 147 data.

Table 10

Autocorrelation Test Results

Model Summary

Model

R Square

Adjusted R

Square

Std. Error of

the Estimate

Durbin-

Watson

.358

.128

.110

4.62597

1.980

a. Predictors: (Constant), DER, ROA

b. Dependent Variable: PBV

Source: Autocorrelation Test Results with Cochrane-Orcutt method SPSS 25 output (2024)

Based on the results of the Durbin Watson value of 1.980, the value is compared with the

DW table with the number of samples (n) = 147 and the number of independent variables (k)

= 2, so that the dl value = 1.7030 and the du value = 1.7581 are obtained. Based on the

provisions of the absence of autocorrelation if du < d < 4 - du, namely the results of the

autocorrelation test obtained a value of 1.7581 < 1.980 < 2.2419, it can be concluded that there

is no autocorrelation.

Multiple Linear Regression Analysis

Multiple linear regression analysis is a method used to determine the presence or absence

of dependent variables and independent variables.

Table 11

Linear regression analysis

Coefficients

Model

Unstandardized

Coefficients

Standardized

Coefficients

Sig.

Std. Error

Beta

(Constant)

-.354

.169

-2.099

.038

ROA

.036

.044

.069

.807

.421

DER

.012

.097

.011

.124

.902

a. Dependent Variable: Y

Source: SPSS 25 Data Processing Output (2024)

Based on the table above, the multiple linear regression analysis equation to test the effect

of Return On Asset (ROA) and Debt To Equity Ratio (DER) on Price Book Value is as follows:

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

Vol 3, No 3 March 2024

https://jetbis.al-makkipublisher.com/index.php/al/index

753

Y = - 0,354 + 0,036 ROA + 0,012 DER + e

1. Based on the regression equation above, the constant value is -0.354

2. The coefficient value of the Return On Asset variable (X1) is 0.036 which indicates that

every 1% increase in Return On Asset will increase the Price Book Value by 3.6%.

3. The coefficient value of the debt to equity ratio variable is 0.012, which indicates that

every 1% increase in debt to equity will increase the price book value by 1.2%.

Tabel 12

Coefficients

Model

Unstandardized

Coefficients

Standardized

Coefficients

Sig.

Std. Error

Beta

(Constant)

-.354

.169

-2.099

.038

ROA

.036

.044

.069

.807

.421

DER

.012

.097

.011

.124

.902

a. Dependent Variable: Y

Hypothesis Testing

T Test (Partial)

1. The T (Partial) test is used to test the independent variable on the dependent variable

individually. For a significant level a = 5% or 0.05. The T test criteria are as follows:

if t

hitung

> t

table

or sig value <0.05 means H0 is rejected and Ha is accepted

if t

hitung

< t

table

or sig value> 0.05 means H0 is accepted and Ha is rejected

From the T test results above, it shows a sig value of 0.421 with a significant alpha level

set at 0.05, t count 0.807 and table 1.65559. In this case t count 0.807 < 1.65559 and sig

value 0.421 > 0.05. So it can be concluded that H0 is accepted and Ha is rejected partially

there is no significant effect between Return On Asset on firm value (PBV). Debt To Equity

Ratio on firm value (PBV) through the results of the calculations carried out obtained t count

0.124 and t table 1.65559. In this case t count 0.124 < 1.65559 and sig value 0.902> 0.05.

So it can be concluded that H0 is accepted and Ha is rejected partially there is no significant

effect between Debt To Equity Ratio on firm value (PBV).

Table 13

Test of the Coefficient of Determination (R2-Test)

Model Summary

Model

R Square

Adjusted R

Square

Std. Error of the

Estimate

.358

.128

.110

4.62597

a. Predictors: (Constant), LAG_Y, DER, ROA

b. Dependent Variable: PBV

Source: SPSS 25 Data Processing Output (2024)

Based on the table above, it shows that the R Square value is 0.128 or 12.8%, meaning

Vol 3, No 3 March 2024

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

754

https://jetbis.al-makkipublisher.com/index.php/al/index

that this percentage figure influences the independent variables: Return On Asset (X1), Debt

To Equity (X2) on the dependent variable, namely Price Book Value of 12.8%. While the value

of 87.2% (100% - 12.8%) is influenced by other variables.

Table 14

Simultaneous Test (F Test)

ANOVA

Model

Sum of Squares

Mean Square

Sig.

Regression

450.924

150.308

7.024

.000

Residual

3060.136

143

21.400

Total

3511.060

146

a. Dependent Variable: PBV

b. Predictors: (Constant), LAG_Y, DER, ROA

Source: SPSS 25 Data Processing Output (2024)

Simultaneous test (F test is used to measure whether the independent variables in the

model have a simultaneous influence (together) on the dependent independent variable. The

criteria that determine the F test are as follows:

1. If the sig value <0.05 then Ho is rejected and Ha is accepted

2. If the sig value > 0.05 then Ho is accepted and Ha is rejected

Based on the table above, it shows that the significant value of 0.000 <0.005, it can be

concluded that Ho is rejected and Ha is accepted so that it can be interpreted that Return On

Asset and Debt To Equity Ratio simultaneously have a significant positive effect on Price Book

Value.

Discussion

The Effect of Return On Asset on Company Value (PBV)

The results of the hypothesis test show that there is no influence between Return On

Asset on the value of the Company (PBV) through the results of the calculations carried out

obtained t count 0.807 and table 1.65559. In this case t count 0.807 < 1.65559 and sig value

0.421 > 0.05. So it can be concluded that H0 is accepted and Ha is rejected partially there is no

significant effect between Return On Asset on firm value (PBV).

This shows that the amount of profit earned by the company does not affect the share

price so that it is not a benchmark for investors to make investment decisions and it can also

be said that high profitability will not guarantee that the company's value will be good because

it is not only seen from profitability but seen from several other aspects.

This research is in line with research conducted by (Wildan et al., 2021) which states that

Return On Asset has no effect on firm value (PBV).

Effect of Debt To Equity Ratio on Company Value (PBV)

The results of the hypothesis test show that there is no influence between Debt To Equity

Ratio on firm value (PBV) through the results of the calculations carried out obtained t count

0.124 and t table 1.65559. In this case t count 0.124 < 1.65559 and sig value 0.902 > 0.05. So

it can be concluded that H0 is accepted and Ha is rejected partially there is no significant effect

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

Vol 3, No 3 March 2024

https://jetbis.al-makkipublisher.com/index.php/al/index

755

between Debt To Equity Ratio on firm value (PBV).

This shows that it is not the main factor for investors to invest in the company to see the

value of the company from the debt owned by the company. The size of the Debt To Equity

Ratio does not affect the value of the company, besides that investors consider other factors in

making decisions to invest their capital.

This research is in line with research conducted by (Rizqia Muharramah et al., n.d.) which

states that Debt To Equity Ratio has no effect on firm value (PBV).

The Effect of Return On Asset and Debt To Equity Ratio on Company Value (PBV)

Based on the results of the simultaneous test (F test), the Return On Asset and Debt To

Equity Ratio variables on firm value (PBV) use a significance level of 0.05 and show a

significance value of 0.000 <0.005 and F

hitung

7.024> F

table

3.28, so it is concluded that the

independent variables Return On Asset (X1) and Debt To Equity Ratio (X2) simultaneously

together have a significant effect on the dependent variable firm value (PBV), then H0 is

rejected and Ha is accepted.

This shows that if the Return On Asset is high, the better the condition of the company,

this shows that the use of assets owned by the company has succeeded in generating maximum

net profit. Meanwhile, the low value of Debt to Equity Ratio indicates that the debt owned by

the company is low and the company can manage its assets to pay off its obligations (debt),

and can increase the profit generated. The use of debt (outside funds) that is low the company

can avoid the risk of bankruptcy.

This research is in line with research conducted by (Putri et al., 2023) which states that

Return On Asset and Debt to Equity Ratio simultaneously affect firm value.

CONCLUSION

This study aims to determine and analyze the effect of Return On Asset and Debt to

Equity Ratio on firm value (Price Book Value) in Real Estate companies listed on the IDX for

the period 2019 - 2022. Based on this research it can be concluded that Return On Asset

partially has no significant effect on the company's value (Price Book Value) in Real Estate

companies listed on the IDX for the period 2019 - 2022. Debt to Equity Ratio partially has no

significant effect on firm value (Price Book Value) in Real Estate companies listed on the IDX

for the period 2019 - 2022. Return On Asset and Debt to Equity Ratio simultaneously have a

significant effect on firm value (Price Book Value) in Real Estate companies listed on the IDX

for the period 2019 - 2022.

BIBLIOGRAPHY

Damaianti, I. (2019). Pengaruh Good Corporate Governance (GCG), Profitabilitas, dan

Leverage Terhadap Nilai Perusahaan. Ekonam: Jurnal Ekonomi, Akuntansi &

Manajemen, 1(2), 113–123.

Deva, R., Fauzi, A., Dewi, C. K., Ramadhani, R., Alianissa, R., Maharani, V. G., & Wulandari,

W. (2022). Pengaruh Motivasi Kerja, Lingkungan Kerja, dan Budaya Kerja Terhadap

Career Path. Jurnal Ilmu Multidisplin, 1(3), 689–704.

Fahmi, I., Fuadi, R., & Armia, S. (2020). The Analysis of the Influence of the Use of

Information Technology Systems on Improving the Quality of Employee Performance at

the BNI Branch of the Banda Aceh. Proceedings Aceh Global Conference-Business,

Vol 3, No 3 March 2024

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

756

https://jetbis.al-makkipublisher.com/index.php/al/index

Economics, and Sustainable Development Trends, 2, 10–16.

Farizki, F. I., Suhendro, S., & Masitoh, E. (2021). Pengaruh profitabilitas, leverage, likuiditas,

ukuran perusahaan dan struktur aset terhadap nilai perusahaan. Ekonomis: Journal of

Economics and Business, 5(1), 17–22.

Francis Hutabarat, M. B. A. (2023). Analisa Laporan Keuangan: Perspektif Warren Buffet.

Deepublish.

Franita, R. (2018). Mekanisme good corporate governance dan nilai perusahaan: studi untuk

perusahaan telekomunikasi. Lembaga Penelitian dan Penulisan Ilmiah Aqli.

Harahap, D. A. (2015). Analisis faktor-faktor yang mempengaruhi keputusan pembelian

konsumen di Pajak USU (PAJUS) Medan. Jurnal Keuangan Dan Bisnis, 7(3), 227–242.

Hery, S. E., & Si, M. (n.d.). Crp., Rsa. 2016. Analisis Laporan Keuangan.

Kadim, A., & Sunardi, N. (2019). Pengaruh profitabilitas, ukuran perusahaan terhadap leverage

implikasi terhadap nilai perusahaan cosmetics and household yang terdaftar di bursa efek

indonesia. Jurnal SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 3(1), 22.

Octavus, C., & Adiputra, I. G. (2020). Pengaruh Struktur Modal Dan Ukuran Perusahaan

Terhadap Nilai Perusahaan Asuransi Di Indonesia. Jurnal Manajerial Dan

Kewirausahaan, 2(4), 873–879.

Putri, E. J., Nurhikmat, M., & Wandi, D. (2023). Pengaruh Roa, Der Dan Tato Terhadap Nilai

Perusahaan Manufaktur Pada Sub Sektor Makanan Dan Minuman Yangterdaftar Di Bursa

Efek Indonesia (Bei) Periode 2017–2021. Jurnal Manajemen Dan Bisnis (Jmb), 4(2).

Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Alfabeta.

Sugiyono, P. D. (2017). Metode Penelitian Bisnis: Pendekatan Kuantitatif, Kualitatif,

Kombinasi, Dan R&D. Penerbit Cv. Alfabeta: Bandung, 225, 87.

Widyaningsih, D., Susilowati, H., & Andriana, M. (2022). Pengaruh Profitabilitas, Leverage,

Firm Size Terhadap Nilai Perusahaan Dengan Pengungkapan Csr Dan Gcg Sebagai

Variabel Moderating. Among Makarti, 15(3).

Dan, K., Perusahaan, U., Azizah, D. G., & Widyawati, D. (N.D.). Pengaruh Kinerja.

Ika Sari, M., & Hasan Hafidzi, A. (2021). Dasar-Dasar Manajemen Keuangan.

Https://Www.Researchgate.Net/Publication/356251193

Jurnal, B. P., Publikasi, D., Dwiputra, K. R., Cusyana, S. R., Teknologi, I., Bisnis, D., Dahlan, A., Jl,

J., Ir, H., Juanda, N., 77, K., Ciputat, T., & Selatan, K. T. (2022). Jurnal Akuntansi Dan

Manajemen (Jam) Pengaruh Dar, Roa, Npm Terhadap Pbv Pada Perusahaan Sektor Konstruksi

Dan Properti Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2020. Bpjp) Sekolah Tinggi

Ilmu Ekonomi Indonesia Jakarta, 19(01). Https://Doi.Org/10.36406/Jam.V18i02.480

Muhammadiyah Jember, U., Ukuran Perusahaan, P., Profitabilitas Terhadap Nilai Perusahaan Rizqia

Muharramah, D., & Zulman Hakim, M. (N.D.). Prosiding Seminar Nasional Ekonomi Dan Bisnis

2021. Https://Www.Idx.Co.Id/

Oktaviarni, F. (2019). Pengaruh Profitabilitas, Likuiditas, Leverage, Kebijakan Dividen, Dan Ukuran

Perusahaan Terhadap Nilai Perusahaan. Jurnal Akuntansi, 9(1), 1–16.

Https://Doi.Org/10.33369/J.Akuntansi.9.1.1-16

Pratiwi, J. N., & Sugara, K. (N.D.). 2 Nd Mdp Student Conference (Msc) 2023 Pengaruh Return On

Asset Dan Debt To Equity Ratio Terhadap Nilai Perusahaan.

Sondakh, P., Saerang, I., & Samadi, R. (2019). Pengaruh Struktur Modal (Roa, Roe Dan Der) Terhadap

Nilai Perusahaan (Pbv) Pada Perusahaan Sektor Properti Yang Terdaftar Di Bei (Periode 2013-

Analysis Of The Determinants Of Firm Value In Property And

Real Estate Companies Listed On The Bei In 2019-2022

Vol 3, No 3 March 2024

https://jetbis.al-makkipublisher.com/index.php/al/index

757

2016) Effect Of Capital Structure (Roa, Roe Dan Der) On Company Value (Pbv) In Property

Sector Companies Listed On The Idx (Year 2013-2016). Pengaruh Struktur Modal Terhadap

Nilai Persh… 3079 Jurnal Emba, 7(3), 3079–3088.

Studi, P. D., Dan Perbankan, K., Negeri Bandung, P., Nur Pratiwi Jurusan Akuntansi, L., & Akuntansi,

J. (2021a). Wildan Dzulhijar Banter Laksana. Indonesian Journal Of Economics And

Management, 1(2), 401–409.

Studi, P. D., Dan Perbankan, K., Negeri Bandung, P., Nur Pratiwi Jurusan Akuntansi, L., & Akuntansi,

J. (2021b). Wildan Dzulhijar Banter Laksana. Indonesian Journal Of Economics And

Management, 1(2), 401–409.

Untu, V. N. (2021). Terdaftar Di Bursa Efek Indonesia Periode 2014-2018 (Studi Kasus Sub Sektor

Food And Beverage) The Effect Of Company Profitability, Leverage And Size On Company

Value In Manufacturing Companies Registered In Indonesia Stock Exchange For 2014-2018

(Case Study Sub Sector Food And Beverage). In 92 Jurnal Emba (Vol. 9, Issue 2).

licensed under a

Creative Commons Attribution-ShareAlike 4.0 International License