MEGAWATI, MEGAWATI (2026) PENGARUH LIKUIDITAS, PROFITABILITAS, LEVERAGE DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE DI BURSA EFEK INDONESIA. S1 thesis, Universitas Mercu Buana Jakarta.
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Abstract
Globalization and economic dynamics require companies to maximize corporate value as an indicator of sustainability and long-term success. In the cyclical real estate sector, corporate value is often measured using the Price-toEarnings Ratio (P/E Ratio). This indicator reflects investors’ level of confidence and expectations regarding future profitability. However, the PER for this sector showed fluctuations during 2015–2024, particularly due to the impact of the pandemic, making it important to examine the internal factors driving these changes in corporate value. The empirical focus of this study is to examine the impact of liquidity, profitability, capital structure (leverage), and firm size on estimating firm value in the Property and Real Estate sector listed on the Indonesia Stock Exchange for the period 2015–2024. The sample consists of 11 listed companies selected using purposive sampling. This research employs a quantitative methodology using panel data regression modeling, analyzed using Eviews 12. Based on the tests conducted, evidence was found that, in a simultaneous test, the variables of liquidity, profitability, leverage, and firm size play a significant role in determining firm value. Meanwhile, partial tests show that leverage has a positive and significant effect on firm value. Profitability has a significant negative impact, while neither liquidity nor firm size contributes significantly to firm value. These empirical findings suggest that in the property and real estate sector, investors are more responsive to financing structures and profit dynamics than to short-term liquidity conditions and firm size. Keywords: Liquidity, Profitability, Leverage, Company Size, Company Value, PER, Property and Real Estate Sector. Globalisasi dan dinamika ekonomi menuntut perusahaan memaksimalkan nilai korporasi sebagai indikator keberlanjutan serta kesuksesan jangka panjang. Pada sektor properti yang bersifat siklikal, nilai perusahaan kerap diukur melalui pendekatan Price to Earnings Ratio (PER). Indikator ini mencerminkan tingkat kepercayaan dan ekspektasi pemodal atas kinerja profitabilitas di masa depan. Namun, nilai PER sektor ini menunjukkan fluktuasi selama 2015–2024, khususnya akibat dampak pandemi, sehingga penting untuk menelaah faktor internal yang menjadi stimulus terhadap pergerakan nilai korporasi tersebut. Urgensi empiris dalam studi ini diarahkan demi menguji dampak dari likuiditas, profitabilitas, struktur modal (leverage), serta ukuran perusahaan dalam mengestimasi nilai perusahaan di sektor Properti dan Real Estate yang tercatat pada Bursa Efek Indonesia untuk rentang waktu 2015–2024. Sampel yang digunakan mencakup 11 emiten yang ditentukan lewat teknik purposive sampling. Karya ilmiah ini menerapkan metodologi kuantitatif lewat pemodelan regresi data panel, yang diolah memanfaatkaan aplikasi Eviews 12. Berdasarkan pengujian yang dilakukan, ditemukan bukti bahwa lewat uji serempak (simultan), variabel likuiditas, profitabilitas, leverage, dan ukuran perusahaan memegang peranan signifikan dalam menentukan nilai perusahaan. Sementara itu, pengujian secara parsial membuktikan bahwa leverage berpengaruh positif serta signifikan terhadap nilai perusahaan. Profitabilitas berpengaruh nyata dengan arah negatif, sementara likuiditas maupun ukuran entitas tidak mampu menunjukkan kontribusi yang signifikan terhadap nilai korporasi. Temuan empiris tersebut mengindikasikan bahwa dalam sektor properti dan real estate, investor lebih merespons struktur pendanaan dan dinamika laba dibandingkan kondisi likuiditas jangka pendek dan skala perusahaan. Kata Kunci: Likuiditas, Profitabilitas, Leverage, Ukuran Perusahaan, Nilai Perusahaan, PER, Sektor Properti dan Real Estat.
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