Profitability, Leverage, and Firm Value: The Moderating Role of Firm Size in Indonesian Property and Real Estate Companies
DOI:
https://doi.org/10.38035/snefr.v2i2.1179Keywords:
Profitability, Leverage, Firm Size, Firm Value, Property and Real EstateAbstract
This study aims to analyze the influence of profitability and leverage on firm value with firm size as a moderation variable in property and real estate sector companies listed on the Indonesia Stock Exchange for the period 2021–2025. The firm's value is proxied by Price to Book Value (PBV), profitability with Return on Assets (ROA), leverage with Debt to Equity Ratio (DER), while firm size is measured using Ln (Total Assets). This study uses a quantitative approach with secondary data in the form of firm financial statements obtained from the Indonesia Stock Exchange. The sampling technique used purposive sampling and produced 54 companies with 270 observations. Data analysis was carried out using panel data regression and Moderated Regression Analysis (MRA) with the help of EViews 13. The results showed that profitability (ROA) had no significant effect on firm value (PBV), while leverage (DER) had a significant effect on firm value. The size of the firm also does not have a significant effect on the value of the firm. In addition, the size of the firm is not able to moderate the influence of profitability or leverage on the firm's value. These findings show that the value of companies in the property and real estate sectors is more related to the management of debt structures than the ability to generate profits and the size of the firm's assets during the study period.
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