<![CDATA[This study is driven by the tendency of several construction firms listed on the Indonesia Stock Exchange (IDX) to expand their assets rapidly without a corresponding rise in market-perceived firm value, with some even posting low or negative Net Profit Margins (NPM). The aim is to describe and analyze asset growth, NPM, and firm value proxied by Market Value Added (MVA) among IDX-listed construction sub-sector companies from 2020 to 2024. Using a quantitative descriptive approach, the study draws on secondary data from audited annual reports (idx.co.id) and share price data (finance.yahoo.com). Purposive sampling yielded 8 firms and 40 firm-year observations. Findings show a mean asset growth rate of 2.38%, mean NPM of -4.52%, and mean MVA of -Rp2,494.64 billion. Notably, 62.5% of observations combined positive NPM with negative MVA, and 50% combined positive asset growth with negative MVA—pointing to a pattern of growth unaccompanied by shareholder value creation in the IDX construction sector.]]>
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