Journal of Applied Accounting and Sustainable Finance
Vol. 2 No. 2 (2026): Agust 2026

Financial Determinants of Property & Real Estate Firm Value: Evidence From The Indonesian Post-Pandemic Recovery

Thamonwan Dankitikul (Prince of Songkla University, Thailand)
Elcye Rohma Trinafa Putri (Sekolah Tinggi Ilmu Ekonomi Tri Bhakti, Bekasi, Indonesia)
Niken Ayu Eka Safitri (Universitas Pembangunan Nasional Veteran Yogyakarta, Yogyakarta, Indonesia)



Article Info

Publish Date
31 Aug 2026

Abstract

Purpose – This study aims to examine the influence of Quick Ratio, Return on Equity, Earnings Per Share, and Investment Decisions on firm value. Design/methodology/approach – This research employs quantitative data from a population of 95 companies in the Property & Real Estate sector listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. The research sample consists of 28 companies selected using purposive sampling based on predetermined criteria. Multiple regression analysis to test hypotheses was conducted using E-Views 9 software. Findings – The results of the study indicate that the Quick Ratio has a positive effect on firm value, Return on Equity has a negative effect on firm value, Earnings Per Share has a positive effect on firm value, and Investment Decisions have a positive effect on firm value. The study shows an Adjusted R-Square value of 7.6%, indicating that many factors outside the research variables influence firm value. Furthermore, Return on Equity has a negative effect on firm value because the property and real estate sector is characterized by capital-intensive operations and long business cycles. Research limitations/implications – This study is limited to the 2021–2024 observation period and focuses on property and real estate companies listed on the Indonesia Stock Exchange (IDX). Specifically, it examines the Quick Ratio, Return on Equity, Earnings per Share, and Investment Decisions as determinants of Firm Value. The implications of this research suggest that the findings can serve as a reference for management and investors in assessing and anticipating financial risks during the investment decision-making process.  JEL : G31, G32, M41

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Journal Info

Abbrev

aasf

Publisher

Subject

Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Description

Journal of Applied Accounting and Sustainable Finance is a peer-reviewed academic journal that publishes high-quality research in the fields of accounting, finance, and sustainability. The journal focuses on the application of accounting and financial principles to support sustainable business ...