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All Journal Dinasti International Journal of Digital Business Management
Iin Sofya Randra
Sekolah Tinggi Ilmu Ekonomi Sakti Alam Kerinci
Decision Sciences, Operations Research & Management

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Business Risk, Financial Distress, and Investment Policy on Firm Value: A Case Study of PT Astra International Tbk Dona Elvia Desi; Iin Sofya Randra; Tiara Lilis Surya; Faleria Putri Afrila
Dinasti International Journal of Digital Business Management Vol. 7 No. 4 (2026): Dinasti International Journal of Digital Business Management (June-July 2026)
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijdbm.v7i4.6878

Abstract

This study aims to examine the effect of business risk, financial distress, and investment policy on firm value at PT Astra International Tbk during the period 2015-2024. Firm value in this study is measured using Price to Book Value (PBV), while business risk is measured by the Degree of Operating Leverage (DOL), financial distress by the Altman Z-Score,and investment policy by total asset growth (Asset Growth). The research employs an explanatory research design with a quantitative approach. Data analysis is conducted using descriptive statistics, classical assumption tests, and multiple regression analysis with the assistance of SPSS software. The results indicate that partially,only financial distress has a significant effect on firm value, whereas business risk and investment policy do not have a significant effect on firm value. However,simultaneously,business risk, financial distress, and investment policy have a significant effect on firm value. The coefficient of determination (adjusted R2) is 69.8%, indicating that these variables are able to explain 69.8% of the variation in firm value, while the remaining 30.2% is influenced by other factors outside the research model
Co-Authors Dona Elvia Desi Faleria Putri Afrila Tiara Lilis Surya