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Vera Intanie Dewi
Jurusan Manajemen, Fakultas Ekonomi Universitas Katolik Parahyangan, Bandung
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Journal : Jurnal Ilmiah Econosains

 1 
FACTORS AFFECTING THE FIRM VALUE OF PROPERTY AND REAL ESTATE COMPANIES: EVIDENCE FROM INDONESIA AS LISTED ON THE INDONESIAN STOCK EXCHANGE Salomon Parlindungan; Vera Intanie Dewi
Econosains Jurnal Online Ekonomi dan Pendidikan Vol 20 No 1 (2022): Jurnal Ilmiah Econosains
Publisher : Fakultas Ekonomi Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/econosains.0201.03

Abstract

The purpose of this paper is to examine the factors affecting firm value of property and real estate companies in Indonesia. This study is to estimate the relationship between asset structure, profitability, liquidity, firm size, and firm value. Property with an emphasis on housing development and construction, besides being one of the sectors that absorbs many workers, also has a long multiplier effect. This study investigates the factors affecting firm value listed on the Indonesian Stock Exchange. This research is based on four independent variables with four measurements that were empirically examined for their relationship with firm value. These variables are asset structure (as measured by Fixed Asset Ratio/FAR), profitability (Return on Asset/ROA), liquidity (Current Ratio/CR), firm size (Log Natural Total Asset), and firm value (as measured by Price to Book Value (PBV). The population of this research was property and real estate companies listed on the Indonesian Stock Exchange (IDX) in 2017–2020. Data of eighteen property and real estate companies listed on the Indonesia Stock Exchange from 2017–2020 have been extracted from companies’ annual reports. Pooled ordinary least squares regression and fixed effects or random effect models have been used to analyze the data. The findings show that the asset structure as measured by Fixed Asset Ratio (FAR), profitability (ROA), and firm size (SIZE) has a significant effect on firm value. While liquidity (CR) has no significant effect on firm value (PBV). Furthermore, the regression coefficient of Return on Assets provides the largest contribution to firm value. Due to data availability, the data include only property and real estate companies listed in the Indonesian Stock Exchange. This study may not have included all important financial and stock market performance indicators. These results benefit not only for internal users such as managers, shareholders, and employees but also for investors, creditors as external users. For internal users this result is beneficial to the determinants of enhancing the firm value of their company. For external users also may gain advantages from these results to make financial decisions. It is clear that a significant impact happened upon this new policy implementation, and on how Indonesian property and real estate companies increase their firm value in the future. This study differs from previous one in many ways; first, it focuses on property and real estate companies in Indonesia. Previous studies have concentrated on different countries and companies in other sectors, such as manufacturing, banking, and other industrial organizations. Second, this study analyzes the data from property and real estate companies’ annual reports from 2017 to 2020. Third, the study has made use of FAR, ROA, CR and TA as indicators of fundamental factors. Finally, the results of the study provide empirical evidence that firms with a degree of asset structure, profitable operations, and adequate company size, ultimately enhance firm value.
Co-Authors Abdulhakim, Muhammad Faruq Achmad Faisal, Achmad Achmad Noerkhaerin Putra Agung, Chris Petra Agus Hasan Aldrin Herwany Alverell Panangian Hutagalung Anhar Fauzan Priyono Badaruz Zaman Bernard T. Widjaja Brigita Meylianti Sulungbudi Budiana Gomulia Budiono Budiono Budiono Catharina Ria Budiningsih, Catharina Ria Cindy Devina Setiawan Dharma Putra Sudjaja Dharma Putra Sundjaja Elaine Vashti Bestari Kustedja Elvira Maytasya Simanjuntak Eva Ervani Eva Erviani Felisca O Felisca Oriana Felisca Oriana S Felisca Oriana Surjoko Fernando Mulia Fitri Hastuti Gunawan, Vincent Halim, Budi Tjahja Hartanto, Evan Hasyim, Irsanti Herry Herry Ica Rika Candraningrat Ica Rika Candraningrat Indupurnahayu Inge Barlian Inge Barlian Sundjaja Istiharini . Kesaulya, Feby Astrid Lestari Eva Maryani Lilian Danil Maratno, Sylvia Fettry Elvira Maulida, Karissa Meina Meilinda . Meilinda Meilinda Militcyano Samuel Sapulette Militcyano Samuel Sapulette Muhammad Faruq Abdulhakim Muhammad Rafdi Raihan Pranata Ni Wayan Mujiati Nia Carmila Siringoringo Nike Anabella Nina Septina Novianti, Nurfa Citra Nugroho, Nicolaus Wicaksono Nury Effendi Nyoman Abundanti Pangau, Angelia Christin Parlindungan, Salomon Powell, Karen Arecia Pratama, Yehuda Nino Putri, Gianisa Mentari Putri, Nabilla Putri, Nabilla Ditya Putu Ayu Kezia Dewi Regina Deti Regina Detty Renea Shinta Aminda Ria Satyarini Ridwan S. Sundjaja Ridwan S. Sundjaja Ridwan Sundjaja Rizka Nugraha Praktikna Rooroh, Ryo Junior Salomon Parlindungan Samuel Samuel Samuel Sapulette, Militcyano Sapulette, Militcyano Samuel Sastroredjo, Probowo Erawan Setiawan, Daniel Imanuel Singadipoera, Muhammad Raihan Rafly Stefiany, Laurencia Suminar, Rita Tiffani, Ignasia Tjandrasa, Benny Budiawan Triyana Iskandarsyah Umi Widyastuti Vincent Gunawan YUSUF, RAMAYANI