Pengaruh Current Ratio, Debt to Equity Ratio, dan Return on Assets terhadap Price to Book Value Dimoderasi Dividend Payout Ratio

Solikhin Solikhin; Cicik Harini; Maria Magdalena Minarsih

doi:10.61132/jimakebidi.v3i3.1640

Pengaruh Current Ratio, Debt to Equity Ratio, dan Return on Assets terhadap Price to Book Value Dimoderasi Dividend Payout Ratio

Authors

Solikhin Solikhin Universitas Pandanaran
Cicik Harini Universitas Pandanaran
Maria Magdalena Minarsih Universitas Pandanaran

DOI:

https://doi.org/10.61132/jimakebidi.v3i3.1640

Keywords:

Current Ratio, Debt to Equity Ratio, Dividend Payout Ratio, Price to Book Value, Return on Assets

Abstract

This study examines the effect of Current Ratio (CR), Debt to Equity Ratio (DER), and Return on Assets (ROA) on Price to Book Value (PBV), with Dividend Payout Ratio (DPR) as a moderating variable. The study focuses on property and real estate companies listed on the Indonesia Stock Exchange during 2020-2024. A quantitative approach was used with secondary data obtained from annual financial reports and company publications. Purposive sampling produced 20 companies and 100 firm-year observations. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, and Moderated Regression Analysis with IBM SPSS. The results show that CR does not have a significant effect on PBV and DER also does not have a significant effect on PBV. ROA has a positive and significant effect on PBV. DPR strengthens the relationship of CR, DER, and ROA with PBV, as indicated by significant interaction terms for CR×DPR, DER×DPR, and ROA×DPR. The adjusted R² of the direct model is 59.8%, while the moderation models explain 64.8%, 62.0%, and 67.2% of PBV variation. The findings indicate that profitability is more consistently reflected in firm value, while dividend policy can change how financial information is interpreted by investors in the property and real estate sector.

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Published

2026-05-31

How to Cite

Solikhin Solikhin, Cicik Harini, & Maria Magdalena Minarsih. (2026). Pengaruh Current Ratio, Debt to Equity Ratio, dan Return on Assets terhadap Price to Book Value Dimoderasi Dividend Payout Ratio. Jurnal Inovasi Manajemen, Kewirausahaan, Bisnis Dan Digital, 3(3), 206–219. https://doi.org/10.61132/jimakebidi.v3i3.1640