Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 11 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

DETERMINAN NILAI PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTAT YANG TERDAFTAR DI BEI 2020-2025

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  • Ditto Habib Yudha Mahardhika,
  • Umi Widyastuti,
  • Destria Kurnianti
Ditto Habib Yudha Mahardhika
Universitas Negeri Jakarta
Umi Widyastuti
Universitas Negeri Jakarta
Destria Kurnianti
Universitas Negeri Jakarta
DOI: https://doi.cibangsa.org/DOI-2026-692

Published 2026-10-30

Keywords

  • Nilai Perusahaan,
  • Pertumbuhan Perusahaan,
  • Cash holding,
  • Profitabilitas,
  • Perusahaan Properti dan Real Estat,
  • Agency theory,
  • Signaling theory
    • ...More
    Less

How to Cite

DETERMINAN NILAI PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTAT YANG TERDAFTAR DI BEI 2020-2025. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(11). https://doi.cibangsa.org/DOI-2026-692

Abstract

Penelitian ini menguji dan menganalisis pengaruh pertumbuhan perusahaan, cash holding, dan profitabilitas terhadap nilai perusahaan sektor properti dan real estat di Bursa Efek Indonesia (BEI) periode 2020–2025, dengan ukuran perusahaan dan leverage sebagai variabel kontrol. Topik ini diangkat guna memahami faktor finansial yang memengaruhi persepsi investor pascapandemi. Dengan teknik purposive sampling, diperoleh sampel 54 emiten dengan total 323 observasi data panel. Nilai perusahaan diukur melalui rasio Price to Book Value (PBV), sedangkan analisis data diuji menggunakan regresi data panel Fixed Effect Model dengan Cluster Robust Standard Error pada Stata. Hasil penelitian membuktikan bahwa pertumbuhan perusahaan dan cash holding tidak berpengaruh terhadap nilai perusahaan, sedangkan profitabilitas berpengaruh positif dan signifikan. Pada variabel kontrol, leverage dan ukuran perusahaan tidak berpengaruh terhadap nilai perusahaan. Temuan ini menguatkan relevansi Signaling theory, di mana profitabilitas tinggi menjadi sinyal positif (good news) efisiensi kinerja yang direspons investor, meski pertumbuhan belum menjadi pertimbangan utama. Temuan ini juga mendukung Agency theory terkait potensi timbulnya biaya keagenan (agency cost) dari akumulasi kas dan ekspansi aset yang gagal menciptakan nilai tambah pemegang saham. Kesimpulannya, efisiensi operasional demi profitabilitas berkelanjutan adalah pilar utama mengoptimalkan nilai perusahaan.
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References

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