Pengaruh Current Ratio, Debt to Asset Ratio, dan Earning Per Share terhadap Price to Book Value pada PT. Industri Jamu dan Farmasi Sido Muncul Tbk Tahun 2014–2023

Penelitian ini bertujuan mengetahui pengaruh Current Ratio, Debt to Asset Ratio, dan Earning Per Share terhadap Price to Book Value pada PT. Industri Jamu dan Farmasi Sido Muncul Tbk Tahun 2014-2023. Penelitian ini dilatarbelakangi oleh penurunan kinerja keuangan perusahaan yang tidak sejalan dengan dinamika jumlah investor yang justru meningkat, sehingga memunculkan pertanyaan mengenai peran sinyal fundamental dalam penilaian nilai perusahaan oleh pasar. Penelitian ini menggunakan pendekatan kuantitatif berbasis data sekunder dengan total 40 data observasi triwulanan. Teknik analisis yang digunakan yaitu regresi linear berganda melalui software Eviews 12, dilengkapi uji asumsi klasik untuk memastikan kelayakan model. Hasil penelitian menunjukkan bahwa secara parsial Debt to Asset Ratio berpengaruh signifikan dan positif terhadap Price to Book Value, sehingga struktur pendanaan berbasis utang menjadi sinyal yang paling diperhatikan pasar dalam menilai nilai perusahaan. Sebaliknya, Current Ratio dan Earning Per Share tidak berpengaruh signifikan terhadap Price to Book Value, yang mengindikasikan bahwa likuiditas jangka pendek dan laba per saham belum menjadi indikator utama bagi investor dalam menilai nilai perusahaan pada periode penelitian. Secara simultan, CR, DAR, dan EPS berpengaruh signifikan terhadap PBV, namun kontribusi model rendah dengan koefisien determinasi sebesar 28,98%, sehingga sebesar 71,02% perubahan PBV dijelaskan oleh faktor lain di luar model penelitian. Temuan ini memperlihatkan adanya kesenjangan antara teori sinyal dan praktik pasar, di mana investor tidak selalu merespons informasi fundamental secara rasional sesuai perspektif Behavioral Investor Theory.

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This study aims to determine the effect of Current Ratio, Debt to Asset Ratio, and Earnings Per Share on Price to Book Value at PT. Industri Jamu Dan Farmasi Sido Muncul Tbk 2014-2023. This research is motivated by the company's declining financial performance, which is inconsistent with the increasing number of investors, raising questions about the role of fundamental signals in the market's assessment of company value. This study employed a quantitative approach based on secondary data, with a total of 40 quarterly observations. The analysis technique used was multiple linear regression using Eviews 12 software, supplemented by classical assumption tests to ensure model feasibility. The results showed that the Debt-to-Asset Ratio (DAR) partially had a significant and positive effect on Price-to-Book Value (P/BV), making the debt-based funding structure the signal most considered by the market in assessing company value. Conversely, the Current Ratio (CAR) and Earnings Per Share (EPS) did not significantly influence Price-to-Book Value (P/BV), indicating that short-term liquidity and earnings per share were not yet primary indicators for investors in assessing company value during the study period. Simultaneously, CR, DAR, and EPS significantly influenced PBV, but their model contribution was low, with a coefficient of determination of 28.98%. Thus, 71.02% of the change in PBV was explained by factors outside the research model. These findings demonstrate a gap between signaling theory and market practice, where investors do not always respond rationally to fundamental information, as per the Behavioral Investor Theory perspective.