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All Journal Jurnal Bisnis Kompetitif
Amran Manurung
FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS HKBP NOMMENSEN MEDAN
Social Sciences

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PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) Vitaloka Manik; Amran Manurung; Ardin Dolok Saribu
Jurnal Ekonomi Bisnis Kompetif Vol 5 No 1 (2026): JURNAL BISNIS KOMPETIF (JBK) 2026
Publisher : Komunitas Manajemen Kompetitif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35446/bisniskompetif.v5i1.2774

Abstract

This study aims to analyze the effect of profitability proxied by Return on Equity (ROE) on firm value proxied by Price to Book Value (PBV) in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The research employs a quantitative approach using linear regression analysis. The results indicate that ROE has a significant effect on PBV with a significance level of 0.004 (<0.05), thus the hypothesis is accepted. These findings suggest that profitability remains an important signal for investors in evaluating firms. However, the negative regression coefficient reveals an anomaly where an increase in ROE is not always followed by an increase in firm value. This condition is influenced by external factors, investor preferences for dividends, and the defensive nature of the industry. Therefore, investors’ valuation is not solely based on earnings performance but also considers risk factors and long-term prospects.
Co-Authors Ardin Dolok saribu Vitaloka Manik