PENGARUH PROFITABILITAS DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX (JII) PERIODE 2020-2024

Kurnia; Sumar'in; maskupah

Kurnia Universitas Sultan Muhammad Syafiuddin Sambas
Sumar'in Universitas Sultan Muhammad Syafiuddin Sambas
maskupah Universitas Sultan Muhammad Syafiuddin Sambas

Keywords: Profitability, Investment Decision, Firm Value, ROA, PER, PBV, Jakarta Islamic Index

Abstract

This study aims to analyze the effect of profitability and investment decisions on firm value of companies listed on the Jakarta Islamic Index (JII) during the 2020–2024 period. The study employed a quantitative approach with an associative research design. The population consisted of 30 companies listed on the JII, while the sample was selected using purposive sampling, resulting in 7 companies that met the predetermined criteria. The five-year observation period generated 35 firm-year observations. The study used secondary data obtained from companies' annual financial statements and official sources of the Indonesia Stock Exchange. Profitability was measured using Return on Assets (ROA), investment decisions were measured using Price Earning Ratio (PER), and firm value was measured using Price to Book Value (PBV). The data were analyzed using multiple linear regression with the assistance of SPSS 25, including descriptive statistics, classical assumption tests, t-test, F-test, and coefficient of determination. The results indicate that profitability has a positive and significant effect on firm value, with a t-value of 11.071 and a significance level of 0.000. Investment decisions also have a positive and significant effect on firm value, with a t-value of 14.271 and a significance level of 0.000. Simultaneously, profitability and investment decisions have a significant effect on firm value, as indicated by an F-value of 159.093 with a significance level of 0.000. The Adjusted R Square of 0.903 indicates that 90.3% of the variation in firm value can be explained by profitability and investment decisions, while the remaining 9.7% is explained by other factors outside the research model. These findings indicate that improving profitability and making appropriate investment decisions are important factors in increasing firm value among companies listed on the JII.

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