Pengaruh ROE dan DER terhadap PBV pada Perusahaan Sektor Otomotif yang Terdaftar di Bei Periode 2020-2025

Andre Ananta Hidayat; Ratih Hastasari; Wawan Saputra

doi:10.61132/jubid.v3i3.1532

Authors

Andre Ananta Hidayat Universitas Bina Sarana Informatika
Ratih Hastasari Universitas Bina Sarana Informatika
Wawan Saputra Universitas Bina Sarana Informatika

DOI:

https://doi.org/10.61132/jubid.v3i3.1532

Keywords:

Automotive Sector, Debt to Equity Ratio, Firm Value, Price to Book Value, Return on Equity

Abstract

In the Indonesian capital market, the automotive sector holds a prominent economic position, yet its market valuation as measured by Price to Book Value (PBV) during 2020–2025 displayed patterns that were difficult to explain through fundamental financial indicators alone. This study therefore set out to determine whether Return on Equity (ROE) and Debt to Equity Ratio (DER) could account for fluctuations in PBV, both individually and collectively, among automotive firms listed on the Indonesia Stock Exchange (IDX). A causal quantitative design was applied to secondary panel data extracted from audited annual reports of five purposively selected companies, PT Astra International Tbk, PT Mitra Pinasthika Mustika Tbk, PT Selamat Sempurna Tbk, PT Indospring Tbk, and PT Multi Prima Sejahtera Tbk, covering six fiscal years and producing 30 data points in total. Multiple linear regression with IBM SPSS 26 was the primary analytical tool, preceded by a full battery of classical assumption checks. Findings reveal a clear asymmetry: DER exerts no statistically meaningful partial influence on PBV (Sig. = 0.102), whereas ROE demonstrates a significantly positive partial effect (Sig. = 0.000). Taken together, the two predictors jointly explain 79.1 percent of PBV variation (R² = 0.791; F = 51.179; Sig.=0.000), establishing profitability as the dominant driver of market valuation in this sector.

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