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All Journal Jurnal Riset Perbankan, Manajemen dan Akuntansi
Atik Djayanti
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Pengaruh Leverage, Risiko Bisnis, dan Profitabilitas Terhadap Nilai Perusahaan dengan Keputusan Investasi sebagai Variabel Moderasi (Studi pada Perusahaan Sub-Sektor Properti dan Real Estat yang Terdaftar Di Bursa Efek Indonesia Periode 2020–2024) Ria Antonia Pattiasina; Atik Djayanti
Jurnal Riset Perbankan Manajemen dan Akuntansi Vol 10 No 1 (2026): Jurnal Riset Perbankan, Manajemen dan Akuntansi
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jrpma.v10i1.290

Abstract

The Effect of Leverage, Business Risk, and Profitability on Firm Value with Investment Decision as a Moderating Variable (Study on Property and Real Estate Sub-Sector Companies Listed on The Indonesia Stock Exchange (IDX) 2020-2024 Period) Ria Antonia Pattiasina ABSTRACT This study aims to analyze the effect of leverage, business risk, and profitability on firm value with investment decisions as a moderating variable in property and real estate sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. This research is motivated by the importance of firm value as an indicator of investor confidence in the company’s performance and future prospects, as well as the inconsistency of previous research findings regarding the factors affecting firm value. The independent variables in this study consist of leverage proxied by Debt to Equity Ratio (DER), business risk proxied by Degree of Operating Leverage (DOL), and profitability proxied by Return on Assets (ROA). The dependent variable, firm value, is proxied by Price to Book Value (PBV), while the moderating variable, investment decision, is proxied using the Investment Opportunity Set (IOS) through the Price Earnings Ratio (PER). This study employs a quantitative approach with a causal-comparative research design. The data used are secondary data obtained from annual reports and audited financial statements of property and real estate sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The sampling technique used in this study is purposive sampling based on criteria relevant to the research objectives. Data analysis is conducted using panel data regression with Moderated Regression Analysis (MRA). The results of this study are expected to provide theoretical contributions to the development of financial management studies, particularly regarding the effects of leverage, business risk, profitability, and investment decisions on firm value. In addition, this study is also expected to serve as a consideration for investors, company management, and capital market regulators in making decisions related to enhancing firm value. Keywords: leverage, business risk, profitability, investment decision, firm value, panel data regression.Top of Form
bahasa inggris Asep Yanuar Arifin; Atik Djayanti
Jurnal Riset Perbankan Manajemen dan Akuntansi Vol 10 No 2 (2026): Jurnal Riset Perbankan, Manajemen dan Akuntansi
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jrpma.v10i2.285

Abstract

This study examines the determinants of firm value in the Indonesian palm oil plantation sector, focusing on the role of biological asset intensity and crude palm oil productivity. The background of this research lies in the strategic importance of the plantation industry and the need to understand how internal operational factors influence market valuation under dynamic economic conditions . The study uses secondary data derived from annual financial statements of 12 plantation companies listed on the Indonesia Stock Exchange over the period 2019–2024, resulting in 72 observations. A quantitative approach is applied using panel data regression analysis to evaluate the relationships between variables. The results reveal that biological asset intensity has a negative and statistically significant effect on firm value, indicating that higher proportions of such assets may increase earnings volatility and perceived risk, thereby reducing investor confidence . In contrast, crude palm oil productivity shows a positive and significant effect, suggesting that improved operational efficiency enhances financial performance and firm valuation. Simultaneously, both variables significantly influence firm value, with the model explaining a moderate proportion of variation. In conclusion, firm value in the plantation sector is not solely determined by the scale of biological assets but by the efficiency of their utilization. Enhancing productivity is crucial for value creation, while effective asset management is necessary to mitigate associated risks and sustain investor confidence. Keywords: Biological Asset, CPO Productivity, Firm Value, Plantation, Data Panel
Pengaruh Struktur Modal, Likuiditas, dan Profitabilitas terhadap Kemandirian BLU di Lingkungan Direktorat Jenderal Kesehatan Lanjutan Hesti Kurniasih; Atik Djayanti
Jurnal Riset Perbankan Manajemen dan Akuntansi Vol 10 No 2 (2026): Jurnal Riset Perbankan, Manajemen dan Akuntansi
Publisher : Institut Keuangan-Perbankan Dan Informatika Asia Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56174/jrpma.v10i2.300

Abstract

This article examines the effect of capital structure, liquidity, and profitability on the financial independence of Public Service Agency (BLU) Vertical Hospitals under Indonesia's Directorate General of Advanced Health Services, Ministry of Health. Financial independence is measured through the ratio of operating revenue to operating expenses (POBO Ratio); capital structure is proxied by the Debt to Equity Ratio (DER); liquidity by the Current Ratio (CR); and profitability by Return on Equity (ROE), substituting for Return on Assets, which is unavailable in the dataset used. The sample covers 32 BLU Vertical Hospitals over 2020-2024, selected through a census technique, yielding 160 balanced panel observations. Data were analyzed using panel regression selected through the Chow and Hausman tests, which identified the Fixed Effect Model as the best estimator. Because the classical assumption tests detected heteroscedasticity, final inference relies on White cross-section robust standard errors. Results show capital structure has an insignificant negative effect, liquidity has an insignificant positive effect, while profitability has a positive effect with weak significance (significant at 10% but not 5%). Jointly, the three variables significantly affect BLU independence, with the model explaining 69.8% of its variation, although most of this stems from heterogeneity across hospitals rather than from the three ratios themselves. These findings indicate that hospital-specific characteristics play a more dominant role in determining independence than the financial ratios alone, opening avenues for future research on contextual variables such as capital expenditure as a moderator.
Co-Authors Asep Yanuar Arifin Ria Antonia Pattiasina