Pengaruh Leverage, Profitabilitas, dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan Sektor Properti di BEI (2021–2024) Effect of Leverage, Profitability, and Company Growth on Firm Value in the Property Sector on BEI (2021–2024)

Crossmark

Article Sidebar

Page Numbers: 2063-2081
Download PDF
Published: Apr 25, 2026
Digital Object Identifier: 10.58578/arzusin.v6i3.9768
Save this to:
Save to Mendeley Download RIS

Article Metrics:
Viewed: 165 times
Downloaded: 76 times
Article can trace at:

Author Fee:
Free Publication Fees for Foreign Researchers (USD 0.00)
Check for article on SINTA:

LYAS Publisher cordially invites qualified professionals to serve as Editors or Reviewers. Your expertise will make an important contribution to maintaining and strengthening the academic quality of our publications. Interested applicants are kindly requested to complete the application form at the following link: Editors & Reviewers

Connected Papers:
Connected Papers


Please feel free to contact us if you need any further information about the submission process or if you have any additional questions.


Authors:
Febriana Febriana1, Marwan Setiawan2, Mulia Indah Purwati3
Copyright :

Authors retain copyright and grant the journal right of first publication.

Explore Our Journals
Find the journal that best fits your research. If this journal does not match your manuscript’s scope, explore our portfolio below to select a more suitable publication venue.

Main Article Content

Febriana Febriana
Universitas Adiwangsa Jambi
Marwan Setiawan
Universitas Adiwangsa Jambi
Mulia Indah Purwati
Universitas Adiwangsa Jambi

Abstract

Research on firm value continues to develop in the field of financial management, but discussions that specifically examine the effects of leverage, profitability, and company growth in the property sector on the Indonesia Stock Exchange during the 2021–2024 period still need to be strengthened. This study aims to analyze the effects of leverage, profitability, and company growth on the firm value of property sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employed a quantitative approach with a causal-associative design. The research sample consisted of property sector companies selected through the purposive sampling technique based on the criteria of companies consistently listed during the research period, having complete financial reports, and providing data according to the needs of the study. Data were collected through documentation study of company financial reports and were then analyzed using multiple linear regression with the assistance of SPSS. Before regression analysis was conducted, the data were tested through classical assumption tests, including normality, multicollinearity, and heteroscedasticity tests. The results show that Debt to Equity Ratio (DER) and Return on Assets (ROA) have negative and significant effects on Price to Book Value (PBV), whereas growth has a positive and significant effect on PBV. Simultaneously, DER, ROA, and growth have a significant effect on PBV, with a coefficient of determination (R²) of 75.7%. These findings contribute to the development of capital structure theory and signaling theory in explaining firm value, while also broadening understanding of the factors that influence firm value in the property sector. The conclusion of the study emphasizes the importance of managing capital structure, profitability, and company growth in a balanced manner in efforts to increase firm value. The implications of this study include theoretical contributions to the financial management literature as well as practical implications for company management and investors in decision-making.

Keywords:
Share Article:

Citation Metrics:

Scopus

Downloads

Download data is not yet available.

Citation Metrics & Similar Scopus Articles

Data source Crossref
0
citations
Citation counts are source-specific and may differ because database coverage, reference matching, and update schedules are different. Counts are not added together. Crossref values represent citation links registered and matched by Crossref.
Check Secondary Documents in Scopus
Open this article in Scopus, then check the Secondary documents tab. Use Manual Citation Fallback only for counts you have verified manually.
Open in Scopus
Similar Scopus Articles
Scopus
  1. Carmona-Pardo R. (2027)
    A topological model-driven optimization approach for detecting and locating electricity fraud in low-voltage networks
    Electric Power Systems Research, 263
  2. Valverde G. (2027)
    TSO-DSO coordination for flexibility management across voltage levels
    Electric Power Systems Research, 263
  3. Zheng J. (2027)
    Dynamic graph learning: A solution for unit commitment problems with topology changes incorporating demand response
    Electric Power Systems Research, 263

Article Details

How to Cite
Febriana, F., Setiawan, M., & Purwati, M. I. (2026). Pengaruh Leverage, Profitabilitas, dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan Sektor Properti di BEI (2021–2024). ARZUSIN, 6(3), 2063-2081. https://doi.org/10.58578/arzusin.v6i3.9768

Creative Commons License
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.

References

Aditya, R. L., & Nugroho, A. J. (2024). Analisis Keselamatan dan Kesehatan Kerja (K3) pada Area Produksi dengan Metode Hazard & Operability (HAZOP). Jurnal Ilmiah Penelitian Mahasiswa, 2(4), 362–376. https://doi.org/10.61722/jipm.v2i4.295

Budiarti, S., Wibowo, A., Sariwulan, T., Purwohedi, U., Lestari, R., & Falah, S. (2025). Determinants of creative performance among millennial generation mediated by job satisfaction: A contribution to corporate strategy. Corporate & Business Strategy Review, 6(1), 19–32. https://doi.org/10.22495/cbsrv6i1art2

Gunawan, L. (2017). Pengaruh Net Profit Margin dan Total Asset Turnover terhadap Nilai Perusahaan pada Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia. Mabis, 7(1), 147093. https://www.neliti.com/publications/147093/pengaruh-net-profit-margin-dan-total-asset-turnover-terhadap-nilai-perusahaan

Hidayat, D., Lestari, W. W., Dendy, Khoerunnisa, F., Handayani, M., Sanjaya, E. H., & Gunawan, T. (2023). Adsorption studies of anionic and cationic dyes on MIL-100 (Cr) synthesized using facile and green mechanochemical method. Journal of Inorganic and Organometallic Polymers and Materials, 33(6), 1548–1561. https://doi.org/10.1007/s10904-023-02569-0

Ia, A., Purbayati, R., & Setiawan, S. (2020). Pengaruh Debt to Equity Ratio dan Return on Equity terhadap Harga Saham pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Indonesian Journal of Economics and Management, 1(1), 96–110. https://doi.org/10.35313/ijem.v1i1.2421

Kusumajaya, D. K. O. (2011). Pengaruh Struktur Modal dan Pertumbuhan Perusahaan terhadap Profitabilitas dan Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indonesia [Tesis, Universitas Udayana].

Mulyanti, D. (2017). Manajemen Keuangan Perusahaan. Akurat: Jurnal Ilmiah Akuntansi FE UNIBBA, 8(2), 62–71. https://ejournal.unibba.ac.id/index.php/akurat/article/view/74

Nasihin, I., Purwandari, D., Ardiansyah, H. N., Kartika, E., & Prawatiningsih, D. (2025). Faktor Penentu Nilai Perusahaan: Peran Ukuran Perusahaan dan Profitabilitas di Indonesia. Gorontalo Accounting Journal, 8(1), 152–164. https://doi.org/10.32662/gaj.v8i1.4007

Nazara, D. S., Ekasari, S., Sulistiarini, E. B., & Utami, E. Y. (2024). Analysis of perceived value of benefit cash on delivery payment method customers when using digital wallet application. Jurnal Informasi dan Teknologi, 6(1), 21–28. https://doi.org/10.60083/jidt.v6i1.467

Ompusunggu, D. P., & Irenetia, N. (2023). Pentingnya Manajemen Keuangan bagi Perusahaan. CEMERLANG: Jurnal Manajemen dan Ekonomi Bisnis, 3(2), 140–147. https://doi.org/10.55606/cemerlang.v3i2.1129

Pasaribu, U., Nuryartono, N., & Andati, T. (2019). Pengaruh Faktor Internal dan Eksternal Perusahaan terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis dan Manajemen, 5(3), 441–454. https://doi.org/10.17358/jabm.5.3.441

Putri, S. K., Rachmadani, N. P. I., Nafsyah, M. D., Cahyaningsih, I. D., Wardhana, B. P., Pratiwi, D., Sari, A. P., Abiyyurozan, M., Nugroho, T. W., & Kartikasari, D. R. (2024). Edukasi Praktik Perilaku Hidup Bersih dan Sehat (PHBS) dalam Upaya Optimalisasi Pelayanan Kesehatan. Proceedings of The National Conference on Community Engagement, 1, 377–383. https://proceeding.unpkediri.ac.id/index.php/ncce/article/view/5729

Rahmasari, D., Suryani, E., & Oktaryani, S. (2019). Pengaruh Leverage dan Likuiditas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Intervening. Jurnal Sosial Ekonomi dan Humaniora, 5(1), 66–82. https://doi.org/10.29303/jseh.v5i1.34

Ramdhonah, Z., Solikin, I., & Sari, M. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan, dan Profitabilitas terhadap Nilai Perusahaan: Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2011–2017. Jurnal Riset Akuntansi dan Keuangan, 7(1), 67–82. https://ejournal.upi.edu/index.php/JRAK/article/view/15117

Sapna, A., Said, S., & Mellisyah, M. (2025). Pengaruh Struktur Modal, Kebijakan Dividen, dan Profitabilitas terhadap Nilai Perusahaan: Studi Kasus Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2020–2023. Paradoks: Jurnal Ilmu Ekonomi, 8(2), 1126–1144. https://doi.org/10.57178/paradoks.v8i2.1284

Sudiantini, D., Suryadinata, A., Rahayu, A. S., Aprilia, A. B., & Lestari, A. D. (2023). Ruang Lingkup Manajemen Keuangan. Jurnal Kajian dan Penelitian Umum, 1(3), 60–65. https://doi.org/10.47861/jkpu-nalanda.v1i3.19

Syafar, N. W., Wahyuni, W., & Ridwan, M. (2025). Pengaruh Return on Asset dan Debt to Equity Ratio terhadap Harga Saham Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Paradoks: Jurnal Ilmu Ekonomi, 8(2), 1069–1083. https://doi.org/10.57178/paradoks.v8i2.1276

Utami, N. K. I., & Champaca, M. (2024). Pengaruh Pertumbuhan Perusahaan, Perputaran Modal Kerja, dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Manajemen Risiko dan Keuangan, 3(1), 45–58. https://doi.org/10.21776/jmrk.2024.03.1.05

Wahyudi, W. (2024). Strategi Corporate Social Responsibility dan Modal Intelektual: Pengaruhnya terhadap Nilai Perusahaan dan Kinerja Keuangan. KINERJA: Jurnal Manajemen Organisasi dan Industri, 3(1), 95–106. https://doi.org/10.37481/jmoi.v3i1.125