Pengaruh Debt To Equity Ratio, Return On Equity Dan Pertumbuhan Aset Terhadap Price Book Value

(Studi Empiris Pada Perusahaan Energi Yang Terdaftar Di Bursa Efek Indonesia Periode 2019-2023)

Abstract

The energy sector plays a vital role in economic development and is one of the most actively traded sectors on the Indonesia Stock Exchange. In assessing stock market performance, the Price Book Value (PBV) is commonly used as an indicator of firm value. This study aims to analyze the effect of Debt to Equity Ratio (DER), Return on Equity (ROE), and Asset Growth on PBV in energy sector companies during the 2019–2023 period, both partially and simultaneously. A quantitative method was applied, and 30 companies were selected as samples using purposive sampling. Data were processed using SPSS 24 and analyzed through multiple linear regression. The results show that partially, ROE has a significant effect on PBV, while DER and Asset Growth do not. Simultaneously, all three independent variables significantly influence PBV, with an R-square value of 46.9%. The implication of this study is that investors should prioritize profitability variables, such as ROE, over debt ratios or asset growth when evaluating the market value of energy companies.