PENGARUH MODAL KERJA DAN RETURN ON ASSETS (ROA) TERHADAP NILAI PERUSAHAAN (PBV) PADA PT ADHI KARYA (PERSERO) TBK PERIODE TAHUN 2014-2023

Abstract

This study aims to determine the effect of Working Capital and Return on Assets (ROA) on Firm Value as measured by Price to Book Value (PBV) at PT Adhi Karya (Persero) Tbk for the 2014–2023 period, both partially and simultaneously. The research uses a descriptive quantitative method with hypothesis testing. The data used consists of the company’s balance sheets and income statements for ten years. The analysis techniques include Descriptive Statistical Analysis, Classical Assumption Tests (Normality, Multicollinearity, Heteroscedasticity, and Autocorrelation), Multiple Linear Regression, t-test, F-test, Correlation Coefficient, and Coefficient of Determination (R²). The results show that partially, Working Capital (X1) significantly affects PBV with a significance value of 0.031 < 0.05, although the t-value is negative. ROA (X2) hass a not significant influence on PBV, with a t-value of 1.376 < 2.306 and a significance of 0.211 > 0.05. Simultaneously, Working Capital and ROA significantly affect PBV, with an F-value of 5.924 > F-table of 4.74 and a significance of 0.027 < 0.05. The independent variables (Working Capital and ROI) contribute 67.4% to PBV, while the remaining 32.6% is influenced by other factors not examined in this study.