1. Introduction
The economic condition of a country can be said to be good if its gross domestic product has increased significantly. The economic condition in Indonesia for the period 2015–2019 shows an increase (Juwita & Diana, 2020). This increase is influenced by household consumption. With this increase, it has increased public interest to invest in the Indonesia Stock Exchange.
The company value shows the company’s performance and the company’s management’s ability to manage its assets; this can affect the investor’s assessment of management performance in a company. Firm value helps the investors to know the accurate value of the company and determine whether it is undervalued or not. Firm Value plays a significant role for the investors to find the actual value of the company. It helps in comparison of companies having different capital structures (Herdjiono & Sari, 2017).
On the Indonesia Stock Exchange, there are several types of stock indices including the JCI, IDX80, LQ45, JII, and IDX30 Index. The stock index that measures a stock market, or a subset of the stock market, helps investors compare current price levels with past prices to calculate market performance (Hadi, 2018). A stock index measures the price changes of a specified group of stocks. Indexes are most often used as benchmarks against which investors and money managers can measure their own investment performance. In this research, the stock index used was IDX30. The IDX30 index consists of 30 companies that have high liquidity value with large market capitalization, and which are more attractive to investors than other stocks.
A financial ratio that is used to compare the market value of a stock to its book value is called the price to book value (P/B) ratio or price-book value (PBV) (Mahdaleta et al., 2016). P/B ratio offers a more tangible measure of a company’s value than earnings do and hence it is evaluated by most conservative investors. The P/B ratio is utilized by value investors to ferret out company stocks that are undervalued. It portrays the relationship between what the market perceives the value of a company’s equity to be and the actual book value of its equity. It is, thus, a considerable agency for value investing. A lower P/B ratio could mean the stock is undervalued. The decreasing price of book value movement can be caused by several factors, such as external and internal factors. External factors include inflation, exchange rates, BI rate, money supply, etc. The internal factors used in this research are financial report ratios. The financial report ratios used are the liquidity ratio proxied by Cash Ratio, the turnover ratio proxied by Total Asset Turnover, the profitability ratio proxied by Net Profit Margin, and the valuation ratio proxied by Earning Per Share.
The cash ratio can affect firm value, where if a company’s cash ratio increases, the firm value increases (Bambang et al., 2012). However, in 2015–2016, the cash ratio of companies listed on the stock exchange increased but the price book value decreased (Mery et al., 2017). The cash ratio has a significant effect on price book value. A cash ratio lower than 1 does sometimes indicate that a company is at risk of having financial difficulty. However, a low cash ratio may also be an indicator of a company’s specific strategy that calls for maintaining low cash reserves—because funds are being used for expansion If there is an increase in total asset turnover, the firm value will increase. However, in 2015–2016, the total asset turnover of companies listed on the stock exchange increased but the price book value decreased. A decrease in total asset turnover indicates that the company is not good at managing its assets. Widayati et al. (2019) showed that the total asset turnover has a positive and significant effect on price book value, which demonstrates that the theory is correct.
If the net profit margin value increases, the firm value will increase (Dita & Murtaqi, 2014). However, in 2015– 2016, the net profit margin of companies listed on the stock exchange increased but the price book value decreased. So, it can be said that there is a gap.
If the value per share increases, then the firm value will increase (Martina, 2019). However, in 2015–2016, the value per share of companies listed on the stock exchange increased but the price book value decreased, which mean that the theory was a gap. Earnings per share (EPS) is one of the concerns of investors. Investors will prefer companies that have a high earning value because the higher the earnings per share of a company, the better is its profitability. A consistently growing EPS means that the investor is getting a share of the company›s growing profits consistently. Growing EPS also indicates that the company is creating value for its investors.
The main objective of the research can be seen below:
1. To determine the effect of Cash Ratio, Total Asset Turnover, Net Profit Margin, and Earning Per Share on the Value of the Firms listed on the IDX30 Index for the 2015–2019 Period.
2. To determine the effect of Cash Ratio on the Value of the Firms listed on the IDX30 Index for the 2015–2019 Period.
3. To determine the effect of Total Asset Turnover on the Value of the Firms listed on the IDX30 Index for the 2015–2019 Period.
4. To determine the effect of Net Profit Margin Value of the Firms listed in the IDX30 Index for the 2015–2019 Period.
5. To determine the effect of Earning Per Share on Value of the Firms listed on the IDX30 Index for the 2015–2019 Period.
2. Literature Review
2.1. Firm Value
High stock prices create high company value which can be a factor in the success of meeting its objectives (Rogers et al., 1994). The increase in company value reflects the company’s performance which will have an impact on increasing investor confidence in the company. This causes many investors to invest in the capital market.
Important company decisions can affect financial management which has an impact on company value including profitability, capital structure, dividend decisions, and investment decisions (Sudiani & Wiksuana, 2018; Suryadi et al., 2021; Fuadah & Kalsum, 2021; Hersugondo et al., 2021). Company value is very important for investors and potential investors because company value can measure how high the price of the company is if the company is sold, which means that if the company value is high, the level of satisfaction of investors will be higher. A company’s stock price reflects investor perception of its ability to earn and grow its profits in the future.
Firm value has 3 measurement methods, namely Price Earnings Ratio (PER), Price Book Value (PBV), and Tobin’s Q. Price-earnings ratio is the relationship between a company’s stock price and earnings per share (EPS). It is a popular ratio that gives investors a better sense of the value of the company. To get the desired price book value, the company’s stock price must be higher than the book value of the company. Meanwhile, the value of Tobin’s Q can be obtained by measuring the share price per share against the company’s book value (Wang, 2015).
2.2. Price Book Value (PBV)
Price book value is often used to assess stock prices and is an indicator of consideration for an investor in investing (Dita & Murtaqi, 2014). Hence, it can be said that the price book value can help investors assess the company’s performance. The price-to-book (P/B) ratio has been favored by value investors for decades and is widely used by market analysts. Traditionally, any value under 1.0 is considered a good P/B value, indicating a potentially undervalued stock. However, value investors often consider stocks with a P/B value under 3.0 (Chen & Steiner, 1999).
A lower P/B ratio can mean that the stock is undervalued or something is fundamentally wrong with the company. This ratio gives you an idea if investors are paying too much for what would be left if the company declared bankruptcy (Laurens, 2018). PBV has several advantages that cannot be used using other ratios. PBV provides a relatively stable, intuitive measure of value that can be compared to the market price. Given reasonably consistent accounting standards across firms, price-book value ratios can be compared across similar firms for signs of under or overvaluation. Even firms with negative earnings, which cannot be valued using PE ratios, can be evaluated using price-book value ratios. The calculation of this ratio is done using the following formula:
\(\text { Price Book Value }=\frac{\text { The price of a building stock }}{\text { The book value of the common stock }}\)
2.3. Cash Ratio
The cash ratio is a measurement of a company’s liquidity, specifically the ratio of a company’s total cash and cash equivalents to its current liabilities. The metric calculates a company’s ability to repay its short-term debt with cash or near-cash resources, such as easily marketable securities. Besides that, the cash ratio is a very important ratio for investors to consider. Because this can affect how much dividend that investors will receive in the future. The cash ratio is most commonly used as a measure of a company’s liquidity. If the company is forced to pay all current liabilities immediately, this metric shows the company’s ability to do so without having to sell or liquidate other assets (Zainuddin et al., 2017).
The cash ratio is almost like an indicator of a firm’s value under the worst-case scenario—say, where the company is about to go out of business. It tells creditors and analysts the value of current assets that could quickly be turned into cash, and what percentage of the company’s current liabilities these cash and near-cash assets could cover. The calculation of this ratio is done using the following formula:
\(\text { Cash Ratio }=\frac{\text { Cash or Cash Equivalent }}{\text { Current Liabilities }}\)
2.4. Total Asset Turnover (TAT)
The total asset turnover ratio compares the sales of a company to its asset base. The ratio measures the ability of an organization to efficiently produce sales and is typically used by third parties to evaluate the operations of a business. This ratio is also used to see how effective the company is in operating its cash funds to realize the maximum possible income or sales. The higher the asset turnover ratio, the more efficient a company is at generating revenue from its assets. Conversely, if a company has a low asset turnover ratio, it indicates it is not efficiently using its assets to generate sales. So that if the turnover ratio increases, the income or sales that the company gets will be even greater and will have an impact on increasing the profits and value of the company, and investors would be interested in investing in that company (Rahayu & Susilowibowo, 2014).
Asset turnover ratio is an important financial ratio used to understand how well the company is utilizing its assets to generate revenue. Every company must analyze and improve the asset turnover ratio. Generally, a low asset turnover ratio suggests problems with surplus production capacity, poor inventory management, and bad tax collection methods. Low-margin industries always tend to have a higher asset turnover ratio. The easiest way to improve the asset turnover ratio is to focus on increasing revenue. The assets might be properly utilized, but the sales could be slow resulting in a low asset turnover ratio. The company needs to increase its sales by more promotions and by quick movements of the finished goods. If the profit increases, the total asset turnover will be high (Widayati et al., 2019).
Obsolete or unused assets should be liquidated quickly. Assets, that are not used frequently, should be analyzed to see whether there is a sense in retaining those. Basically, the company should sell those assets that do not add to the bottom line regularly. The calculation of this ratio is done using the following formula:
\(\text { Total Asset Turnover }=\frac{\text { Sales }}{\text { Total Assets }}\)
2.5. Net Profit Margin (NPM)
The net profit margin, or simply net margin, measures how much net income or profit is generated as a percentage of revenue. It is the ratio of net profits to revenues for a company or business segment. Because this sale is one of the most influential factors in promoting net profit (Khan & Khokhar, 2015). The greater the net profit generated by the company, the better the investor’s view of the company.
NPM is used to see the company’s ability to generate net income from sales made (Husaini, 2012). NPM measures how much net income is generated as a percentage of revenues received. NPM helps investors assess if a company’s management is generating enough profit from its sales and whether operating costs and overhead costs are being contained. Investors commonly look at a company’s profitability history to assess the risks of investing in such a company. To an incoming investor, the number of years to recover an investment in a given business is calculated based on previous net profit records. The calculation of this ratio is done using the following formula: Earning after interest and tax
\(\text { Net Profit Margin }=\frac{\text { Earning after interest and tax }}{\text { Sales }} \times 100 \%\)
2.6. Earnings Per Share (EPS)
Earnings per share or EPS is an important financial measure, which indicates the profitability of a company. EPS indicates how much money a company makes for each share of its stock, and is a widely used metric to estimate corporate value. A higher EPS indicates greater value because investors will pay more for a company’s shares if they think the company has higher profits relative to its share price.
EPS is a financial ratio, which divides net earnings available to common shareholders by the average outstanding shares over a certain period of time. The EPS can be increased by the company is that they earn more or if they expand their margin by lowering costs. They can also utilize share buybacks, this means that they lower the amount of shares that can be bought without making any alterations to profits. This in turn raises the EPS. The calculation of this ratio is done using the following formula:
\(\text { Earning Per Share }=\frac{\text { Profit shares of common stock }}{\text { Earning Shares outstanding }} \times 100 \%\)
3. Research Method
The research method used is the descriptive quantitative method. This study was conducted to analyze how the effect of financial ratios on the firm value of companies listed on the IDX30 index for the 2015–2019 period. Using this method, the influence of different financial ratios on the firm value is measured through a quantitative approach (data processing) using several predetermined variables. The data collected is based on the actual data without manipulation so that it can be tested further.
3.1. Source and Method of Data Collection
3.1.1. Data Source
The resulting data source is secondary data. Secondary data refers to data that is collected by someone other than the primary user. Sources of data in this research were books, financial journals, previous research, and financial reports from companies that were sampled in the study, namely companies listed on the IDX30 index during the 2015–2019 period.
3.1.2. Data Collection Methods
The population and sample in this study used are companies listed on the IDX30 index during the 2015–2019 period. Data collection starts from the 2015–2019 period due to fluctuating movements in the price book value. The population in the study is 44 companies. Sampling was carried out using the purposive sampling method with the following criteria:
1. Companies must be consistently listed on the IDX30 index during the 2015–2019 period.
2. Companies that are not engaged in the banking sector.
3. The company must publish the financial report in rupiah for the 2015–2019 period and include the value of the variables studied, namely the liquidity ratio proxied by Cash Ratio, the turnover ratio proxied by Total Asset Turnover, the profitability ratio proxied by Net Profit Margin, and the valuation ratio proxied by Earnings Per Share.
A sample of 11 companies with a research time of 5 years is considered so that the amount of data obtained is 55 data. Table 1 is a sample of the research:
Table 1: Sample
3.2. Data Analysis Techniques
The analysis technique of this research is statistical analysis technique using multiple linear regression analysis. Regression analysis is a set of statistical processes for estimating the relationships between a dependent variable and one or more independent variables. Classic assumptions are made to see whether the data tested has a normal distribution or not to carry out the next stage.
Classical assumptions consist of several test assumptions that must be fulfilled, including the normality which is used to determine if a data set is well-modeled by a normal distribution and to compute how likely it is for a random variable underlying the data set to be normally distributed. Then multicollinearity test, which refers to a situation in which more than two explanatory variables in a multiple regression model are highly linearly related. Then, the autocorrelation analysis measures the relationship of the observations between the different points in time, and thus seeks for a pattern or trend over the time series. And then the heteroscedasticity test to see if there is an inequality of the model in the observed variables and this test must not occur heteroscedasticity.
If all the classical assumption tests have met, then the next test stage can be carried out, namely the multiple linear regression analysis test. Multiple linear regression is a model for predicting the value of one dependent variable based on two or more independent variables. The formula for multiple linear regression analysis in this study is as follows:
\(Y=\alpha+\beta_{1} X_{1}+\beta_{2} \cdot X_{2}+\beta_{3} \cdot X_{3}+\beta_{4} \cdot X_{4}+e\)
Description:
Y = Price Book Value
A = Constants
β1, β2, β3, β4 = Partial coefficient regression
X1 = Cash Ration
X2 = Total Asset Turnover
X3 = Net Profit Margin
X4 = Earning per share
e = Error
The regression coefficient value above is a fundamental method because it can be used as a basis for research analysis. The positive β coefficient value indicates that the independent variable affects the dependent variable, whereas if the β coefficient value is negative it indicates that the independent variable does not affect the dependent variable and this causes the dependent variable to experience a decrease in value.
The result of testing this regression analysis shows or research whether these variables have a relationship or not. In testing the significance of all independent variables whether or not they have an effect on the dependent variable, it is necessary to do an ANOVA (F-test) approach and to test the significance level of each variable it is necessary to do a t-test. In this study, the tool used to test the significance was SPSS25.
4. Results
4.1. Descriptive Analysis
Descriptive statistics can be useful for two purposes: 1) to provide basic information about variables in a dataset and 2) to highlight potential relationships between variables. Descriptive statistics used in this study consisted of the data (N), the average value (mean), and standard deviation of data.
4.2. Normality Test
A normality test is a method of data processing used in research to test data that is normally distributed or not. In this normality test, several methods can be used, such as the chi-square test, probability plot test, and the Kolmogorov- Smirnov test. In this research, the normality test used the probability plot test method by seeing whether the plot points were scattered or not.
4.3. Multicollinearity Test Result
Multicollinearity can affect any regression model with more than one predictor. It occurs when two or more predictor variables overlap so much in what they measure that their effects are indistinguishable. The multicollinearity test is seen from the Variance Inflation Factor (VIF) value, if the VIF value is less than 10 it means there are no multicollinearity problems among the independent variables, and if the VIF value is greater than 10 then there are multicollinearity problems.
4.4. Autocorrelation Test Results
Autocorrelation refers to the degree of correlation between the values of the same variables across different observations in the data. In a regression analysis, the autocorrelation of the regression residuals can also occur if the model is incorrectly specified.
In this study, to see whether there was a relationship between variables or not, it was done using the Watson Durbin test. The result shows that the DW < dL, namely 1.123 < 1.4464 which means that there is positive autocorrelation.
4.5. Heteroscedasticity Test Result
The heteroscedasticity test was used to analyze the variance inequality of the residuals between observations. If the spread and scattered residual patterns do not form a certain pattern, it can be interpreted that the data does heteroscedasticity problem. A good regression model shows no heteroscedasticity symptoms.
4.6. Multiple Regression Analysis
This test is conducted to identify the influence that occurs on the dependent variable and the independent variable. Table 2 show the results of the multiple regression test:
Table 2: Multiple Regression Test Result
Based on Table 2. The resulting regression equation is a follows:
Y = α + β 1 . X 1 + β 2 . X 2 + β 3 . X 3 + β 4 . X 4 + e
Y = –20.280 + (–2.508) Cash Ratio + 22.882 TATO + 0.657 NPM + (–0.002) EPS + e
1. Constant = –20.280, if the value of Cash Ratio, Total Asset Turnover, Net Profit Margin, and Earning Per Share is 0 then the price book value will decrease by 20.280 points.
2. The regression coefficient for the Cash Ratio is –2.508; if the cash ratio increases by 1 point, then the price book value will decrease by 2.508 points. The coefficient is negative, which means that there is a negative relationship between the cash ratio and the price book value.
3. The regression coefficient for Total Asset Turnover is 22.882; if the total asset ratio increases by 1 point the price book value will increase by 22.882 points. The coefficient is positive, which means that there is a positive relationship between total asset turnover and price book value.
4. The regression coefficient for Net Profit Margin is 0.657; if the net profit margin increases by 1 point the price book value will increase by 0.657 points. The coefficient is positive, which means that there is a positive relationship between the net profit margin and price book value.
5. The regression coefficient for Earning Per Share is –0.002; if earning per share increases by 1 point the price book value will decrease by 0.002 points. The coefficient is negative, which means that there is a negative relationship between earnings per share and the price book value.
4.7. Statistical F
Statistical F is used to test whether the independent variable on the dependent variable influences it simultaneously or partially.
Based on Table 3. It can be seen that the F count is 22.679 and at a significant level 0.000 < 0.05 so it can be said that the four independent variables are the liquidity ratio proxied by Cash Ratio, the turnover ratio proxied by Total Asset Turnover, the profitability ratio proxied by Net Profit Margin, and the valuation ratio proxied by Earning Per Share simultaneously affects the Price Book Value.
Table 3: Test Result F-test
4.8. The Result of Determination Coefficient Test (R2)
The coefficient of determination shows the percentage of the independent variable on the dependent variable. By looking at the high percentage level, the higher the influence of these variables. Table 4 are the result of the determination test:
Table 4: Determination Coefficient Test Result
Based on Table 4 the value of the coefficient of determination or R2 is 0.645 or 64.5% which means the dependent variable can be influenced by the independent variable. It can be said that 64.5% of the variable price book value is influenced by the liquidity ratio proxied by cash ratio, the turnover ratio proxied by total asset turnover, the profitability ratio proxied by net profit margin, and the valuation ratio proxied earnings per share. Meanwhile, 35.5% was influenced by other variables in the financial ratios not used in this study.
4.9. Statistical T
Based on Table 5. It can be explained as follows:
Table 5: Test Result t-test
aDependent Variable: PBV.
1. The value of –t count > –t table is (–1.052 > –2.00856) and the significant level is 0.289 > 0.05, then H0 is accepted. This means that there is no significant impact of Cash Ratio on Price Book Value.
2. The value of t count > t table is (7.847 > 2.00856) and the significant level is 0.000 < 0.05, then H0 is rejected. This means that there is a significant impact of Total Asset Turnover on Price Book Value.
3. The value of t count > t table is (2.371 > 2.00856) and the significant level is 0.022 < 0.05, the H0 is rejected. This means that there is a significant impact of Net Profit Margin on Price Book Value.
4. The value of –t count > –t table is (–1.430 > –2.00856) and the significant level is 0.159 > 0.05, then H0 is accepted. This means that there is no significant impact of Earning Per Share on Price Book Value.
5. Discussion
5.1. The Effect of Financial Ratio on Price Book Value
Financial statement analysis is the process of analyzing a company’s financial statements for decision-making purposes. External stakeholders use it to understand the overall health of an organization as well as to evaluate financial performance and business value. The value of a company can be measured by several existing financial ratios. Several ratios that can measure company value are profitability, leverage, liquidity, and activity ratios. With financial ratios, investors get very clear and complete information about the condition of the company they are investing in, so that investors can make decisions with full consideration.
Financial ratios are important and greatly affect company value. With financial ratios, investors can see the financial condition, debt owned and profits earned. Generally, too much debt is a bad thing for companies and shareholders because it inhibits a company’s ability to create a cash surplus. Furthermore, high debt levels may negatively affect common stockholders, who are last in line for claiming payback from a company that becomes insolvent.
The result of this test proves that simultaneously the liquidity ratio proxied by Cash Ratio, the turnover ratio proxied by Total Asset Turnover, the profitability ratio proxied by Net Profit Margin, and the valuation ratio proxied by Earning Per Share affect the Price Book Value up to 64.5%. The rest is influenced by other variables that are not in this study. This shows that the importance of a company’s performance to maintain investors’ confidence in the company.
5.2. The Effect of Cash Ratio on Price Book Value
The liquidity ratio illustrates the company’s ability to manage debt; the size of the debt owned by the company will not be affected by the liquidity ratio so that it does not significantly affect Firm Value. Liquidity ratios are of four types, namely Current Ratio, Quick Ratio, Cash Ratio, and Cash Turnover Ratio. The cash ratio sometimes referred to as the cash asset ratio is a liquidity metric that indicates a company’s capacity to pay off short-term debt obligations with its cash and cash equivalents. The ratio that can be generally to measure how much cash a firm has to pay off debts owed by the firm.
The test result prove that the cash ratio variable has a value of –t count > –t table, namely –1.052 > –2.00856 with a significant value of 0.282 > 0.05. This proves that liquidity has no effect on price book value. This can be a consideration for investors in making decisions because the result of this test means that the company is not good at fulfilling its short-term obligations.
5.3. The Effect of Total Asset Turnover on Price Book Value
The company’s cash ability to generate revenue can be calculated by the cash turnover ratio so that it can be seen how the company’s ability to manage the cash it has to generate profits. The higher the total asset turnover ratio, the greater the number of sales that can be made by the company, which means that the resulting profit will be large.
Based on the result of this study, the total asset turnover variable has a value of t count > t table, namely 7.847 > 2.00856 with a significant level of 0.000 < 0.05. This proves that total asset turnover has a positive and significant effect on price book value. Where the company is able to use the funds it owns effectively for cash turnover, this management goes well from year to year so that there is an increase in this turnover ratio which affects the company value.
The result of this study is supported by previous research by Widayati et al. (2019) who stated that total asset turnover has a positive and significant effect on price book value. The amount of the total asset turnover can help investors in assessing if a company is managing the sales of its asset, as well. Good use of funds is effective in increasing company value.
5.4. The Effect of Net Profit Margin on Price Book Value
Firm value is strongly influenced by the profitability ratio, hence if the firm value is high, the company’s position is considered more valuable to investors. Companies that have high profits will increase investor confidence to invest in the company. Net profit margin is one way to calculate profitability which is used to see the company’s ability to generate net income from sales revenue. A high net profit margin indicates that a business is pricing its products correctly and is exercising good cost control
Based on the result of this study, the net profit margin variable has a value of t count > t table, namely 2.371 > 2.00856 with a significant level of 0.022 < 0.05 meaning that the net profit margin variable affects the price book value. Because the calculated t value is greater than the t table, it can be concluded that the net profit margin variable affects the price book value variable.
5.5. The Effect of Earning Per Share on Price Book Value
Earnings per share is one way to measure profitability that can be used to assess a company’s ability to generate net income. Companies that generate high profits are confirmed to have a high earning per share value. The earning per share will affect the company’s success rate in increasing the firm value, but the earning per share level will not affect the investor’s confidence to invest because the earning per share value does not have a significant effect on firm value.
Based on the result of this study, the earnings per share variable has a value of –t count > –t table, namely –1.430 > –2.00856 with a significant level of 0.159 > 0.05. This means that the earnings per share variable does not have an effect on price book value. This of course affects investors’ assessment of the company’s ability to generate profits and fulfill its obligations. Even the company’s internal policies will not have much effect on company value.
6. Conclusion
Based on this research, we can conclude the following
1. Cash Ratio, Total Asset Turnover, Net Profit Margin, and Earning Per Share of Price Book Value simultaneously has an effect of 64.5%, the rest is influenced by variables not used in this study.
2. Cash Ratio has no significant effect on Price Book Value. The result of this study indicates that if the cash ratio decreases or increases, it will not affect firm value.
3. Total Asset Turnover has a positive and significant effect on Price Book Value. The result of this study indicates that if the total asset turnover decreases or increases, it will affect firm value.
4. Net Profit Margin has a positive and significant effect on Price Book Value. The result of this study indicates that if the net profit margin decreases or increases, it will affect firm value.
5. Earnings Per Share has no significant effect on Price Book Value. The result of this study indicates that if the earning per share decreases or increases, it will not affect firm value.
References
- Bambang, S., Elen, P., & Andi, K. (2012). The company's policy, firm performance, and firm value: An empirical research on Indonesia Stock Exchange. American International Journal of Contemporary Research, 2(12), 30-40. http://www.aijcrnet.com/journals/Vol_2_No_12_December_2012/4.pdf
- Chen, C. R., & Steiner, T. L. (1999). Managerial ownership and agency conflicts: A nonlinear simultaneous equation analysis of managerial ownership, risk-taking, debt policy, and dividend policy. Financial Review, 34(1), 119-136. https://doi.org/10.1111/j.1540-6288.1999.tb00448.x
- Dita, A. H., & Murtaqi, I. (2014). The effect of net profit margin, price to book value, and debt to equity ratio to stock return in the Indonesian consumer goods industry. Journal of Business and Management, 3(3), 305-315. http://journal.sbm.itb.ac.id/index.php/jbm/article/download/1214/757.
- Fuadah, L. L., & Kalsum, U. (2021). The impact of corporate social responsibility on firm value: The role of tax aggressiveness in Indonesia. The Journal of Asian Finance, Economics, and Business, 8(3), 209-216. https://doi.org/cite/10.13106/jafeb.2021.vol8.no3.0209
- Hadi, W. (2018). Analysis of the effect of net profit margin, return on assets, and return on equity on stock price: A case study on consumption industrial sector companies listed in Indonesian Sharia Stock Index at Indonesia Stock Exchange in 2016. The Management Journal of Binaniaga, 3(02), 81-92. https://doi.org/10.33062/mjb.v3i2.261
- Herdjiono, I., & Sari, I. M. (2017). The effect of corporate governance on the performance of a company. Some empirical findings from Indonesia. Central European Management Journal, 25(1), 33-52 https://doi.org/10.7206/jmba.ce.2450-7814.188.
- Hersugondo, H., Anjani, N., & Pamungkas, I. D. (2021). The role of non-performing asset, capital, adequacy, and insolvency risk on bank performance: A case study in Indonesia. The Journal of Asian Finance, Economics, and Business, 8(3), 319-329. https://doi.org/10.13106/jafeb.2021.vol8.no3.0319
- Husaini, A. (2012). The influence of the variables return on assets, return on equity, net profit margin and earnings per share on the company's stock price. Profit: Jurnal Administrasi Bisnis, 6(1), 515-534. https://profit.ub.ac.id/index.php/profit/article/view/132.
- Juwita, C. P., & Diana, N. (2020). The effect of debt to equity ratio and return on equity on stock price in Jakarta Islamic Index companies on Indonesia Stock Exchange Period 2015-2019. Management Analysis Journal, 9(4), 434-441. https://doi.org/10.15294/MAJ.V9I4.41890
- Khan, M. N., & Khokhar, I. (2015). The effect of selected financial ratios on profitability: An empirical analysis of listed firms of cement sector in Saudi Arabia. Quarterly Journal of Econometrics Research, 1(1), 1-12. https://fac.ksu.edu.sa/sites/default/files/the_effect_of_selected_financial_ratios_on_profitability_an_empirical_analysis_of_listed_firms_of_cement_sector_in_saudi_arabia.pdf https://doi.org/10.18488/journal.88/2015.1.1/88.1.1.12
- Laurens, S. (2018). Influence analysis of DPS, EPS, and PBV toward stock price and return. The Winners, 19(1), 21-29. https://doi.org/10.21512/tw.v19i1.4496
- Mahdaleta, E., Muda, I., & Nasir, G. M. (2016). Effects of capital structure and profitability on corporate value with company size as the moderating variable of manufacturing companies listed on the Indonesia Stock Exchange. Academic Journal of Economic Studies, 2(3), 30-43.
- Martina, S. (2019). The effect of quick ratio, debt to equity ratio, earning per share, price to book value, and return on equity on stock return with money supply as moderated variables: Study of banking companies listed on Indonesia stock exchange period 2008-2017. International Journal of Public Budgeting, Accounting, and Finance, 2(3), 1-10. https://ijpbaf.org/index.php/ijpbaf/article/view/204
- Mery, K., Zulbahridar, Z., & Kurnia, P. (2017). The effect of liquidity, leverage and profitability on firm value with dividend policy as a moderating variable in mining companies listed on the Indonesian stock exchange in 2011-2014. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau, 4(1), 1406-1416. http://doi.org/10.26740/jim.v8n4.p1406-1416
- Rahayu, E. A., & Susilowibowo, J. (2014). Effect of cash turnover, accounts receivable turnover and inventory turnover on the profitability of manufacturing companies. Jurnal Ilmu Manajemen, 2(4), 1444-1455. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/10363
- Rogers, L. C., Satchell, S. E., & Yoon, Y. (1994). Estimating the volatility of stock prices: A comparison of methods that use high and low prices. Applied Financial Economics, 4(3), 241-247. https://doi.org/10.1080/758526905
- Sudiani, N. K. A., & Wiksuana, I. G. (2018). Capital structure, investment opportunity set, dividend policy, and profitability as firm value determinants. Russian Journal of Agricultural and Socio-Economic Sciences, 81(9), 259-267. https://doi.org/10.18551/rjoas.2018-09.30
- Suryadi, S., Endri, E., & Yasid, M. (2021). Risk and Return of Islamic and Conventional Indices on the Indonesia Stock Exchange. The Journal of Asian Finance, Economics, and Business, 8(3), 23-30. https://doi.org/10.13106/jafeb.2021.vol8.no3.0023
- Wang, M. C. (2015). Value relevance of Tobin's Q and corporate governance for the Taiwanese tourism industry. Journal of Business Ethics, 130(1), 223-230. https://www.jstor.org/stable/24703082 https://doi.org/10.1007/s10551-014-2339-9
- Widayati, C. C., Widjaja, P. H., & Lia, D. (2019). The effect of job satisfaction and job environment on turnover intention employees in engineering and services construction services. Dinasti International Journal of Education Management And Social Science, 1(1), 28-43. https://doi.org/10.31933/dijemss.v1i1.34
- Zainuddin, P., Wancik, Z., Rahman, S. A., Hartati, S., & Rahman, F. A. (2017). Determinant of financial performance on Indonesian Banks through return on assets. International Journal of Applied Business and Economic Research, 15(20), 243-251. https://www.researchgate.net/profile/Periansya-Periansya/publication/320911396