Pengaruh DER, CR, dan TA terhadap PBV pada Perusahaan JII 2021–2025
-
Siswandaru Kurniawan
*
Universitas Terbuka, Semarang,
Indonesia
- Andriyan Eka Sapta Politeknik Negeri Semarang, Semarang, Indonesia
- Awwal Abdillah Izzuddin Universitas Diponegoro, Semarang, Indonesia
Abstract
This study aims to analyze the effect of Debt to Equity Ratio (DER), Current Ratio (CR), and Total Asset (TA) on Price to Book Value (PBV) of companies listed on the Jakarta Islamic Index (JII) for the 2021–2025 period. This quantitative study uses secondary data in the form of annual financial statements from the Indonesia Stock Exchange. Samples were selected through purposive sampling yielding 16 companies with 80 valid observations after bootstrapping processing. The novelty of this study lies in the application of bootstrapping estimation with 5,000 iterations as a solution to the normality assumption violation, producing more robust estimates than conventional parametric regression. Results show that simultaneously DER, CR, and TA significantly affect PBV. Partially, DER has a positive and significant effect on PBV, CR has no significant effect on PBV, while TA has a negative and significant effect on PBV. An Adjusted R² of 29.9% indicates the three variables explain a portion of PBV variation. This study contributes to strengthening signaling theory in the Islamic capital market and critically notes that large asset size does not always positively correlate with firm value among JII sharia issuers. This study's added value lies in the empirical evidence regarding the limits of economies of scale applicability in the Islamic capital market, as well as the methodological innovation using bootstrapping estimation to produce a more precise model.
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