IDEAS home Printed from https://ideas.repec.org/a/vls/finstu/v29y2025i3p101-119.html
   My bibliography  Save this article

An Empirical Study Of Property And Real Estate Companies Listed On The Indonesian Stock Exchange

Author

Listed:
  • USAT, Hestinuraini

    (Management Program Study, Faculty of Economics, Mercu Buana University of Yogyakarta, Indonesia.)

  • SAPUTRA, Asep Rokhyadi Permana

    (Management Program Study, Faculty of Economics, Mercu Buana University of Yogyakarta, Indonesia.)

  • MULYA, Fety Rochyawati Qudrat

    (Financial Management Program Study, Yappis College of Merauke, Papua, Indonesia.)

Abstract

This study examines the impact of debt policy, firm size, and liquidity on firm value in property and real estate companies listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024. Using a quantitative approach, this research employed multiple linear regression analysis supported by classical assumption tests. The results show that debt policy and firm size do not have a significant positive effect on firm value, indicating that high leverage and firm scale are not sufficient to enhance shareholder value in this sector. Conversely, liquidity demonstrates a significant positive effect, suggesting that firms with strong short-term financial capabilities are more attractive to investors and better able to sustain long-term value creation. Theoretically, these findings highlight the limited role of debt and firm size in improving firm value when financial risk and cash flow instability are high. Practically, the study suggests optimising capital structure, diversifying financing sources, improving cash flow management, and maintaining transparency to investors as strategies to strengthen firm value.

Suggested Citation

  • USAT, Hestinuraini & SAPUTRA, Asep Rokhyadi Permana & MULYA, Fety Rochyawati Qudrat, 2025. "An Empirical Study Of Property And Real Estate Companies Listed On The Indonesian Stock Exchange," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 29(3), pages 101-119, September.
    • Handle: RePEc:vls:finstu:v:29:y:2025:i:3:p:101-119
    as

    Download full text from publisher

    File URL: http://www.icfm.ro/RePEc/vls/vls_pdf/vol29i3p101-119.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vls:finstu:v:29:y:2025:i:3:p:101-119. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Daniel Mateescu (email available below). General contact details of provider: https://edirc.repec.org/data/cfiarro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.