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All Journal Indonesian Journal of Advanced Research (IJAR) Jurnal Multidisiplin Sahombu
Dina, Ratna
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Arts Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice

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Analysis of Factors Affecting Company Value (Case Study on Startup Companies) Dina, Ratna; Wattileo, Lidya Christine; Widhoyoko, Samuel Anindyo; Orlen, Aurellia
Indonesian Journal of Advanced Research Vol. 4 No. 11 (2025): November 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijar.v4i11.15654

Abstract

This study aims to examine the determinants of firm value among technology-based startup companies listed on the Indonesia Stock Exchange (IDX) from 2017 to 2022. The study employs a quantitative research design, utilizing secondary data obtained from financial statements and annual reports of ten eligible startup firms. The analysis is conducted using multiple linear regression via SPSS. The variables examined include Debt to Equity Ratio (DER), Return on Assets (ROA), Company Growth, and Company Size, with Tobin’s Q employed as a proxy for company value. The findings reveal that DER has a statistically significant positive effect on company value (p < 0.01), whereas ROA, company growth, and company size do not show significant influence. The results suggest that the capital structure, particularly debt utilization, plays a critical signaling role for investors in the startup ecosystem, while profitability and firm scale are less predictive of value at this early stage.
Comparative Analysis of Risk and Return on Bitcoin, Stocks, and Mutual Funds in Investment Decisions Sia Lily Bramaputri; Sri Handayani; Dheny Biantara; Dina, Ratna
Jurnal Multidisiplin Sahombu Vol. 6 No. 02 (2026): Jurnal Multidisiplin Sahombu, 2026
Publisher : Sean Institute

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Abstract

This study aims to analyze and compare the risk and return characteristics of three investment instruments representing different asset classes, namely Bitcoin as a cryptocurrency asset, the S&P 500 index as a representation of the conventional stock market, and Invesco QQQ as an exchange-traded fund (ETF)-based mutual fund. The study uses a descriptive quantitative approach by utilizing secondary data in the form of monthly closing prices during the period from January 2020 to December 2024. The analysis is conducted through the calculation of average monthly returns, risk measured using standard deviation, and the coefficient of variation to assess risk efficiency relative to returns. The research results show that Bitcoin has the highest average monthly return of 6.21% along with the highest level of volatility, reflecting the characteristics of a high-risk investment. The S&P 500 index shows the lowest average return of 1.08% with the highest coefficient of variation, indicating relatively low risk efficiency. Meanwhile, the Invesco QQQ ETF shows a balance between risk and return with a better level of efficiency compared to the S&P 500. These findings confirm that the relationship between risk and return differs significantly across investment instruments, so investment decisions need to be adjusted according to the investor's risk profile and financial goals.
Co-Authors Dheny Biantara Orlen, Aurellia Sia Lily Bramaputri Sri Handayani Wattileo, Lidya Christine Widhoyoko, Samuel Anindyo