JRSSEM 2022, Vol. 01, No. 10, 1755 – 1775
E-ISSN: 2807 - 6311, P-ISSN: 2807 - 6494
DOI : 10.36418/jrssem.v1i10.182 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
THE EFFECT OF FIXED ASSET TURNOVER, CAPITAL
STRUCTURE, DIVIDEND POLICY AND COMPANY SIZE ON
THE VALUE OF PROPERTY AND REAL ESTATE COMPANIES
LISTED ON THE IDX
Siti Dini
1
Anjeli Saraswati
2
Berliana Fangly Putri
3*
Universitas Prima Indonesia, Medan Sumatera Utara
e-mail: siti.dni@gmail.com
1
, anjelisaraswati@gmail.com
2
, berlianafangly15@gmail.com
3
*Correspondence: berlianafangly15@gmail.com
Submitted: 26 April 2022, Revised: 10 May 2022, Accepted: 20 May 2022
Abstract. The purpose of this study was to examine the effect of fixed asset turnover, capital
structure, dividend policy and firm size on firm value in property and real estate listed on the
Indonesia Stock Exchange for the 2018-2020 period, either partially or simultaneously. Companies
with sales that continue to grow will influence the investment decisions of investors who want to
invest in companies that will get a high rate of return. The company will add more assets, so that
increased company growth will optimize the value of the company. The population of this study
are all property and real estate listed on the Indonesia Stock Exchange for the 2018-2020 period,
which are 60 companies and a sample of 36 units of analysis. The data collection technique used
in this research is purposive sampling. The results of the study show that the variables of fixed asset
turnover, capital structure, dividend policy partially have a negative and significant effect on firm
value in property and real estate the Indonesia Stock Exchange for the 2018-2020 period. The
company size variable partially has a positive and significant effect on company value in property
and real estate listed on the Indonesia Stock Exchange for the 2018-2020 period. Variables of fixed
asset turnover, capital structure, dividend policy and firm size simultaneously significantly influence
the firm value of property and real estate listed on the Indonesia Stock Exchange for the 2018-2020
period.
Keywords: fixed asset turnover; capital structure; dividend policy; company size; firm value.
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1756
DOI : 10.36418/jrssem.v1i10.182 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
INTRODUCTION
Property and real estate companies are
one of the industrial sectors listed on the
Indonesia Stock Exchange (IDX). The
development of the property and real
estate industry is currently very fast, and is
likely to be even greater in the future. This
is due to the increase in population while
the land supply is fixed.
Companies with sales that continue to
grow will influence the investment
decisions of investors who will invest their
capital in the company and will get a high
rate of return. The company will add more
assets, so that the company's growth will
increase so that high company growth will
optimize the value of the company. The
value of the company that continues to
grow gives credibility to investors that the
company's performance will improve. If the
company's financial situation is not safe,
they can immediately evaluate finances in
order to increase the value of the company
in the future.
According to (Rahandri, 2020), fixed
asset turnover has a partial effect on
profitability. The higher the fixed asset
turnover means the more effective the use
of these assets. According to (Nabhan et al.,
2020, fixed asset turnover proxied through
the Fixed Assets Turnover (FATO) ratio has
a positive effect on Return on Investment
(ROI). The higher the level of sales, the
greater the company's ability to earn
profits. Conversely, the lower the level of
sales, the smaller the company's ability to
earn profits. According to (Colline, 2022),
asset turnover and cash turnover have a
significant effect on Return On Assets.
Companies are increasingly able to utilize
every rupiah of assets to generate sales.
Based on the opinion above, it can be
concluded that the fixed asset turnover is
indicated by the amount of investment in
various fixed assets. When the fixed asset
turnover increases, the asset management
becomes smoother and more optimal.
According to (Rai Prastuti & Merta
Sudiartha, 2016), the capital structure
variable has a positive and significant
influence on firm value. Investors believe
that the capital structure can show the
efficiency of the company's performance
and this ratio is believed to affect the size
of the company's value. According to
(Mawardi, 2020), capital structure has a
significant effect on firm value. The use of
debt can increase market valuations which
have an impact on increasing stock price
offers in the capital market, and as a signal
given by the company to investors so that
the value of the company increases.
According to (Aggarwal & Kyaw, 2010),
capital structure has a positive and
significant influence on firm value. With
careful planning in determining the capital
structure, they can increase the value of the
company and be superior in facing
business competition. Based on the
opinion above, it can be concluded that a
large capital structure shows the company
has the ability to manage the company with
funds from internal and external sources,
which can increase the value of the
company.
According to (Kim et al., 2021), the
dividend policy variable has a positive and
significant effect on firm value. These
results indicate that the increased dividend
distribution means the level of investor
prosperity has been increased. According
1757 | The Effect of Fixed Asset Turnover, Capital Structure, Dividend Policy and Company Size
on the Value of Property and Real Estate Companies Listed on the IDX
to (Abbas et al., 2021), the dividend policy
variable has an influence on firm value.
High dividend payments are a positive
signal that the company's prospects are
getting better so that investors are even
more interested in buying shares and the
value of the company will increase.
According (Lumapow & Tumiwa, 2017),
dividend policy has a positive and
significant impact on firm value. The
amount of dividends distributed to
shareholders will be an attraction for
shareholders, the more investors who buy
shares will increase the share price thereby
rises the value of the company. Based on
the opinion above, it can be concluded that
dividend policy is considered as an
indicator of the company's prospects so
that it affects the value of the company. The
increase in dividend payouts is a good
signal and the market will certainly respond
positively.
According to (Setiadharma & Machali,
2017), the firm size variable has a negative
and significant effect on firm value.
Companies with large amounts of assets
make it easier to finance problems in the
capital market, but the greater the number
of assets, the lower the value of the
company due to long asset turnover.
According to (Fajaria & Isnalita, 2018), the
Growth ratio has no effect on firm value.
The growth of the company does not
encourage changes in the level of company
value. According to (Ammann et al., 2011),
company size has a negative and significant
effect on firm value. Basically, investors
want to invest their shares in companies
that have good prospects and provide
benefits for them. Based on the opinion
above, it can be concluded that dividend
policy is considered as an indicator of the
company so that it affects the value of the
company. The increase in dividend payouts
is a good signal and the market will
certainly respond positively.
One of the phenomena occurred in the
company Agung Podomoro Land Tbk
(APLN) where sales decreased 24.7% and
stock prices increased 16.4%, this is due to
the increased risk of refinancing and
liquidity of APLN. Another example is Bumi
Serpong Damai Tbk sales which increased
6.9% while the stock price did not go up,
this was because the increase in sales was
supported by more new product launches
compared to the first half of 2019.
From the data above, it is shown that
there is an inconsistency between theory
and practice. Author are interested in
conducting further research with the title:
"The Effect of Fixed Asset Turnover, Capital
Structure, Dividend Policy and Company
Size on Company Value in Property and Real
Estate Companies Listed on the Indonesia
Stock Exchange for the 2018-2020 Period".
METHODS
This type of research is a quantitative
method. Quantitative methods were used
to analyze the data. In this case, the
documentation is in the form of books and
financial statements, namely the balance
sheet and income statement taken from the
IDX official website. By using the causal
method which aims to determine the cause
and effect of the influence of the
independent variables, namely fixed asset
turnover, capital structure, dividend policy
and company size on the dependent
variable, namely the value of the company
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1758
on property and real estate listed on the
Stock Exchange. Indonesian Securities for
the period 2018-2020. The population of
this study is all properties and real estate
listed on the Indonesia Stock Exchange for
the period 2018-2020, as many as 60
companies. The type of data used is
secondary data, namely data obtained
indirectly published by the Indonesia Stock
Exchange, financial reports, reference
journals, and scientific literature related to
fixed asset turnover, capital structure,
dividend policy, firm size and firm value.
The data source is the official website of the
Indonesia Stock Exchange (IDX) which is
listed on the IDX. For more details, the
identification and operational definition of
each variable can be seen in the table
below.
Table 1. Operational Definition and
Measurement of Variable
Variables
Definition
Indicators
Measurement
Fixed
Assets
Turnover
(X1)
Fixed asset turnover is the ratio used to
measure the effectiveness of fixed assets
owned company in generating sales or in
other words to measure how effectively
the capacity of fixed assets contributes to
creating sales.
Source: (Prihadi, 2019)
Fixed Asset Turnover
=
𝑆𝑎𝑙𝑒𝑠
𝑜𝑓 𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡𝑠
Ratio
Capital
Structure
(X2)
Capital structure is a picture of the
proportion between the capital owned by
a company that comes from long-term
debt and its own capital which is a
method of permanent financing of a
company.
Source: (Pindado & De La Torre, 2011)
Debt to Equity Ratio
=
𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦
Ratio
Dividend
Policy (X3)
Dividend is the portion of operating profit
that is obtained by the company and is
given by the company to its shareholders
as a reward for their availability to invest
their assets in the company.
Source: (Yurniwati et al., 2018)
Dividend Payout Ratio
=
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
Ratio
Company
Size (X4)
Company size is a variable to measure
how big or small the company is in
various ways, including total assets, stock
market value, etc.
Source: (Prihadi, 2019)
Company Size
= Ln Total Assets
Ratio
1759 | The Effect of Fixed Asset Turnover, Capital Structure, Dividend Policy and Company Size
on the Value of Property and Real Estate Companies Listed on the IDX
Company
Value (Y)
Company value is the selling value of a
company as an operating business.
Source: (Terho et al., 2017)
PBV
=
𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
𝐵𝑜𝑜𝑘 𝑉𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑆ℎ𝑎𝑟𝑒
Ratio
A. Classical Assumption
Test Classical assumption test is a
statistic that must be met in multiple
linear regression analysis. The classical
assumption test used in this study are:
1. Normality Test
According to (Drezner et al.,
2010), The normality test aims to
determine whether each variable is
normally distributed or not by using
the Kolmogorov-Smirnov. The
residual is normally distributed if it
has a significance value > 0.05. And
it can be detected by looking at the
spread of data (points) on the
diagonal axis of the graph or
looking at the histogram of the
residuals.
Basis for decision making:
a. If the data spreads around the
diagonal line and follows the
direction of the diagonal line or
the histogram graph shows a
normal distribution pattern,
then the regression model
fulfills the assumption of
normality.
b. If the data spreads far from the
region and / does not follow the
direction of the diagonal line or
the histogram graph does not
show a normal distribution
pattern, then the regression
model does not meet the
assumption of normality.
2. Multicollinearity Test
According to (Terho et al., 2017),
the multicollinearity test aims to
test whether the regression model
finds a correlation between the
independent (independent)
variables. The criterion is if the low
tolerance value is the same as the
high VIF value (because VIF = 1 /
tolerance). The cut-off value
commonly used to indicate the
presence of multicollinearity is the
tolerance value 0.10 or equal to the
VIF value 10.
3. Autocorrelation Test
According to (Martellosio,
2010), the autocorrelation test aims
to test whether in a linear
regression model there is a
correlation between confounding
errors in the period t with an error
in the period t-1 (previous). If there
is a correlation, it is called an
autocorrelation problem. A good
regression model should be free
from autocorrelation. The method
that can be used to detect the
presence or absence of
autocorrelation is to use the
Durbin-Watson test (DW test). The
criteria are as follows:
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1760
Table 2. Decision Making Criteria
Autocorrelation Test
Hypothesis Zero (H
0
)
Decision
If
There is no positive autocorrelation
Reject
0 < d < d
1
No positive autocorrelation
No
Decision
d
1
d ≤ d
u
No negative autocorrelation
Reject
4 – d
1
< d < 4
No negative autocorrelation
No
Decision
4 – d
u
d 4 – d
1
No positive or negative autocorrelation
Accept
d
u
< d < 4 – d
u
A. Heteroscedasticity Test
According to (Desa &
Transmigrasi, 2014), the
heteroscedasticity test aims to test
whether in the regression model
there is an inequality of variance
from the residuals of one
observation to another
observation. In this study, to detect
heteroscedasticity can be done by:
1. Park Test
This Park test suggests a
method that variance is a
function of the independent
variables. The criterion is if the
probability value is significant
above the 5% confidence level
or more than 0.05. So it can be
concluded that the regression
model does not occur
heteroscedasticity.
2. Test The Scatterplot
The test is used to detect
the presence or absence of
heteroscedasticity by looking at
certain patterns on the scatter
plot graph between ZRESID and
ZPRED. If there is a certain
pattern, such as the dots
forming a certain regular
pattern (wavy, widening, then
narrowing), it indicates that
heteroscedasticity has
occurred.
B. Research Data Analysis Model
Testing the hypothesis in this study
to test whether the independent
variable has a partial or simultaneous
effect on the dependent variable using
the F and t-test. The regression model
used is multiple linear regression with
the formula:
Y = a + b
1
X
1
+ b
2
X
2
+ b
3
X
3
+ b
4
X
4
+e
Description:
Y = Firm Value (Rupiah)
a = Constant
b1,….,b4 = Variable regression
coefficient x
X1 = Fixed Assets Turnover
(Rp)
X2 = Capital Structure
(Percent)
X3 = Dividend Policy
(Percent)
X4 = Firm Size (Rp)
1761 | The Effect of Fixed Asset Turnover, Capital Structure, Dividend Policy and Company Size
on the Value of Property and Real Estate Companies Listed on the IDX
e = Confounding variable
(α = 5%)
C. Coefficient of Determination
The coefficient of
determination in linear regression
is a large ability of all independent
variables in explaining the variance
of the dependent variable. In this
study, the coefficient of
determination is seen in the
Adjusted R Square because the
independent variables used are
more than 3 variables.
D. T-test
The t-test statistic basically
shows how far the influence of one
explanatory/independent variable
individually in explaining the
variance of the dependent
variable.
The t-test is used to test the
effect of each independent
variable partially on the dependent
variable. This test can be done by
comparing the t
count
with the t
table
or by looking at the significance
column for each t
count
. The criteria
for the t-test are as follows:
Ha is accepted if – t
count
< - t
table
or t
count
> t
table
and significant <
0.05
E. F test
The F statistical test basically
shows whether all the variables are
independent or not. The
independent variables included in
the model have a joint influence on
the dependent or dependent
variable.
The F test is a test used to see
whether all of the independent
variables together have an effect
on the dependent variable. The F
test can be done by comparing
calculated F with the F
table
.
The hypothesis in the F statistical
testis:
H
a
= b
1
, b
2
, b
3
, b
4
0
Fixed asset turnover, capital
structure, dividend policy, and
company size affect the firm value of
property and real estate listed on the
Indonesia Stock Exchange for the 2018-
2020 period.
RESULTS AND DISCUSSION
The following are descriptive statistics
of the respondents' minimum, maximum,
mean and standard deviation answers,
namely:
Table 3. Descriptive Statistics
N
Minim
um
Maxim
um
Mean
Std.
Deviation
36
.25
29.57
6.5928
7,70454
36
.04
3.09
,7197
,65352
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1762
N
Minim
um
Maxim
um
Mean
Std.
Deviation
36
-6.78
3.16
,1025
1.32108
36
26.92
31 ,74
29,983
9
1,24631
Firm
36
,24
4,73
1,153
,98284
36
sources: Research Results, 2021 (processed data)
1. Fixed asset turnover with a
minimum value of 0.25 times
obtained from PT Metropolitan
Kentjana Tbk in 2020 and a
maximum value of 29.57 times
obtained from PT Roda Vivatex Tbk
in 2020.
2. The capital structure with a
minimum value of 0.04% was
obtained from PT Puradelta Lestari
Tbk in 2018 and a maximum value
of 3.09% was obtained from PT PP
Properti Tbk in 2020.
3. The dividend policy with a
minimum value of -6.78% is
obtained from PT Agung Podomoro
Land Tbk from 2019 and a
maximum value of 3.16% is
obtained from PT Agung Podomoro
Land Tbk from 2018.
4. Minimum Rp. 26.92 obtained from
PT Pudjiati Prestige Tbk in 2018 and
a maximum value of Rp. 31.74
obtained from PT Bumi Serpong
Damai Tbk from 2020.
5. The company value with a minimum
value of 0.24% was obtained from
PT Pudjiati Prestige Tbk in 2020 and
a maximum value of 4.73% was
obtained from PT Metropolitan
Land Tbk from 2020.
A. Normality Test
There are two ways to detect
whether the residuals are normally
distributed or not, namely:
1 Graph Test
One of the easiest ways to see the
normality of the residuals is to look
at the histogram graph that
compares the observed data and
the distribution that is close to the
normal distribution. The results of
the normality test seen on the
histogram graph are:
Figure 1. Histogram
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1763
DOI : 10.36418/jrssem.v1i10.182 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
Figure 1, shows that the
histogram diagram shows the
blocks that follow a curved line
pattern so that the histogram
diagram shows the normal
distribution of data.
Source: Research Results, 2021 (Data Processed)
Figure 2. Normal PP Plot
In Figure 2, it can be seen that
the points spread around/close to
the diagonal line and their
distribution approaches the
diagonal line so that it can be
concluded that the data is normally
distributed.
2. Statistical Test
A normality test can use the non-
parametric Kolmogorov-Smirnov
(KS) statistical test which aims to
test one sample (one-sample test)
which allows comparison of a
frequency distribution with several
distributions. The following are the
results of the normality test
transformation using the
Kolmogrov - Smirnov :
Table 4. Test Results of One Sample Kolmogrov - Smirnov
Unstandar
dized
Residual
N
36
Normal Parameters
a,b
Mean
,0000000
Std.
Deviation
,58813163
Most Extreme
Differences
Absolute
,135
Positive
,135
Negative
-,073
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1764
Unstandar
dized
Residual
N
36
Test Statistic
,135
Asymp. Sig. (2-tailed)
0.094
c
a. Test distribution is Normal.
b. Calculated from data.
c. Lilliefors Significance Correction.
Source: Research Results, 2021 (Data Processed)
Table 4, shows the results of the
normality test which states that the
significant value is 0.094. This
means that the data is normally
distributed, because the statistical
significance is > 0.05.
B. Multicollinearity Test
The test aims to determine whether
the regression model found a
correlation between independent
variables or independent variables. The
results of the multicollinearity test of
the independent variables in this study
are:
Table 5. Multicollinearity Test Results
Model
Collinearity
Statistics
Toleran
ce
VIF
1
LN Fixed Asset
Turnover
,820
1,219
LN Capital Structure
,704
1,420
LN Dividend Policy
,991
1,009
LN Company Size
,845
1,183
a. Dependent Variable: LN Firm Value
Source: Research Results, 2021 (Processed Data)
From Table 5, it can be seen that the
tolerance value and VIF for fixed asset
turnover are 0.820 > 0.1 or 1.219 < 10.
Tolerance value and VIF for capital
structure are 0.704 > 0.1 or 1.420 < 10.
Tolerance value and VIF for dividend
policy 0.991 > 0.1 or 1.009 < 10.
Tolerance value and VIF for firm size
0.845 > 0.1 or 1.183 < 10. The
conclusion is that all independent
variables are not there is a
multicollinearity test problem.
C. Autocorrelation Test
The test aims to show whether in a
linear regression model there is a
1765 | The Effect of Fixed Asset Turnover, Capital Structure, Dividend Policy and Company Size
on the Value of Property and Real Estate Companies Listed on the IDX
correlation between confounding
errors in period t, with errors in period
t-1 (previous). There are several ways
that can be used to detect
autocorrelation problems, including
using the Durbin-Watson.
Table 5. Autocorrelation Test Results for
Mod
el
Durbin-
Watson
1
1.780
a. Predictors: (Constant), LN Firm Size,
LN Dividend Policy, LN
Fixed Asset Turnover, LN Capital
Structure
b. Dependent Variable: LN Firm Value
Source: research results, 2021 (Data
Processed)
Based on table 5, shows that the
results of data processing obtained
Durbin-Watson of 1.780 with , n = 36
and k = 4, then the DU value is 1.7245.
Because the DW value of 1.780 is above
1.7245 (1.7245 < 1.780 < 2.2755), it can
be concluded that there is no
autocorrelation.
D. Heteroscedasticity Test
The Heteroscedasticity test aims to
test the difference in residual variance
from one observation period to another
observation period. There are several
ways to detect whether there is
heteroscedasticity, one way is by
observing the spread of points in the
scatterplot (can be analyzed whether
there is heteroscedasticity or there is
homoscedasticity).
Source: research results, 2021 (Data Processed)
Figure 3. Scatterplot
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From Figure 3, it can be seen
that the points on the scatterplot
randomly spread to form a certain
pattern and are spread both above
and below the number 0 on the Y
axis.
The presence or absence of
heteroscedasticity can also be seen
from the probability of significance. If
the significance value is above the 5%
confidence level, it can be concluded
that there is no heteroscedasticity. The
following are the results of the
heteroscedasticity test using the Park
test:
Table 6. Park Test
Model
Unstandardized
Coefficients
Standardize
d
Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
126,94
4
70,395
1,803
,102
LN Fixed Asset
Turnover
-,054
,240
-,055
-,225
,826
LN Capital Structure
,
470,646
,269
,727
,484
LN Dividend Policy
,660
,383
,503
1,722
,116
LN Company Size
-
37,123
20,631
-,580
-1,799
,102
a. Dependent Variable: LN_RES
Source: Research Results 2021 (Processed Data)
Table 6, shows that the significant
value of the fixed asset turnover park
test is 0.826. The significant value of the
capital structure park test is 0.484. The
significant value of the dividend policy
park test is 0.116. The significant value
of the firm size park test is 0.102. This
shows that there is no
heteroscedasticity in the regression
model, so the regression model is
feasible to be used in this study,
because of the significant fixed asset
turnover, capital structure, dividend
policy and firm size> 0.05.
E. Results of Research Data Analysis
Research
1. Model
Multiple linear regression
analysis the effect of fixed asset
turnover, capital structure, dividend
policy and firm size on firm value in
property and real estate listed on
the Indonesia Stock Exchange for
the 2018–2020 period are:
1767 | The Effect of Fixed Asset Turnover, Capital Structure, Dividend Policy and Company Size
on the Value of Property and Real Estate Companies Listed on the IDX
Table 7. Results of Linear Regression Analysis Multiple
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
-34,635
10,672
-
3
,
2
4
6
,003
LN Fixed Asset
Turnover
-,276
,104
-,498
-
2
,
6
4
9
,013
LN Capital Structure
-,509
,158
-,649
-
3
,
2
1
7
,003
LN Dividend Policy
-,150
,070
-,320
-
2
,
1
5
0
,040
LN Company Size
10,067
3,133
586
3
,
2
1
3
,
0
0
3
,
a. Dependent Variable: LN Firm Value
Source: 2020 research results (Processed Data)
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1768
DOI : 10.36418/jrssem.v1i10.182 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
Based on the data above, it can
be concluded that the regression
equation is:
Firm Value = -34,635 – 0.276 fixed
asset turnover - 0.509 capital
structure - 0.150 dividend policy +
10,067 firm size
The coefficients in the equation
Multiple linear regression is:
a. Constant value (a) of -34,635
units, meaning that the fixed
asset turnover, capital structure,
dividend policy and company
size are considered constant,
then the value of the company
in property and real estate listed
on the Indonesia Stock
Exchange for the 2018-2020
period is -34,635 units.
b. Fixed asset turnover variable
regression coefficient (b
1
) is -
0.276 units. This shows that
each increase in one unit of
fixed asset turnover will cause a
decrease in the value of the
company in property and real
estate listed on the Indonesia
Stock Exchange for the 2018-
2020 period by 0.276 units.
c. The regression coefficient of the
capital structure variable (b
2
) is -
0.509 units. This shows that
each increase in one unit of
capital structure will cause a
decrease in the value of the
company in real estate listed on
the Indonesia Stock Exchange
for the 2018-2020 period by
0.509 units.
d. The regression coefficient for
the dividend policy variable (b
3
)
is -0.150 units. This shows that
every decrease in one unit of the
dividend policy will cause an
increase in the value of the
company in property and real
estate listed on the Indonesia
Stock Exchange for the 2018-
2020 period by 0.150 units.
e. The regression coefficient of the
firm size variable (b
4
) is 10.067
units. This shows that every
increase of one unit of company
size will cause an increase in the
value of the company in
property and real estate listed
on the Indonesia Stock
Exchange for the 2018-2020
period by 10,067 units.
2. Coefficient of Determination
The results of the coefficient of
determination test in Table 3.7 are:
Table 7. Results of the Coefficient of Determination
Mod
el
R
R
Square
Adjusted R
Square
Std. Error
of the
Estimate
1
,592
a
,350
,266
,62492
a. Predictors: (Constant), LN Firm Size, LN Dividend Policy,
LN Fixed Asset Turnover, LN Capital Structure
1769 | The Effect of Fixed Asset Turnover, Capital Structure, Dividend Policy and Company Size
on the Value of Property and Real Estate Companies Listed on the IDX
b. Dependent Variable: LN Firm Value
Source: Research Results, 2021 (Processed Data)
Table 7, shows that the results of
the coefficient of determination
where the Adjusted R Square is
0.266, the effect of fixed asset
turnover, capital structure, dividend
policy and firm size on firm value in
property and real estate listed on
the Indonesia Stock Exchange for
the 2018-2020 period is 26.60%,
while 73.40% is influenced by other
factors not examined in this study,
for example stock prices.
3. Partial Hypothesis Testing (t-test)
The results of partial hypothesis
testing in Table 8 are:
Table 8. Partial Hypothesis Testing Results
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
-34,635
10,672
-
3
,
2
4
6
,003
LN Fixed Asset
Turnover
-,276
,104
-,498
-
2
,
6
4
9
,013
LN Capital Structure
-,509
,158
-,649
-
3
,
2
1
7
,003
LN Dividend Policy
-,150
,070
-,320
-
2
,
1
5
0
,040
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1770
LN Firm Size
10,067
3,133
586
3
,
2
1
3
,
0
0
3
,
a. Dependent Variable: LN Firm Value
Source: Research Results, 2021 (Data Processed)
From table 8, explains that:
a. Fixed asset turnover variable
has a significant value of 0.013
< 0.05 and the results of -t
count
<
-t
table
(-2,649 < -1, 68830) then
the fixed asset turnover partially
has a negative and significant
effect on the firm value of
property and real estate listed
on the Indonesia Stock
Exchange for the 2018-2020
period.
b. The capital structure variable
has a significant value of 0.003
< 0.05 and the results of -t
count
<
-t
table
(-3.217 < -1.68830) then
the capital structure partially
has a negative and significant
effect on the value of property
and real estate listed on the
Stock Exchange. Indonesia
Periode 2018 – 2020.
c. The dividend policy variable has
a significant value of 0.040 <
0.05 and the results of -t
count
< -
t
table
(-2.150 < -1.68830) then
the dividend policy partially has
a negative and significant effect
on firm value in property and
real estate listed in Indonesia
Stock Exchange Period 2018-
2020.
d. The firm size variable has a
significant value of 0.003 < 0.05
and the results of t
count
> t
table
(3.213 > 1.68830) then the
company size partially has a
positive and significant effect
on firm value in property and
real estate listed on the
Indonesia Stock Exchange
Period 2018-2020.
4. Simultaneous Hypothesis Testing
(F-Test)
The results of simultaneous
hypothesis testing in table 9, are:
Table 9. Simultaneous Hypothesis Testing Results
Model
Sum of
Squares
Df
Mean
Square
F
Sig.
1
Regressio
n
6,526
4
1,632
4,178
,008
b
1771 | The Effect of Fixed Asset Turnover, Capital Structure, Dividend Policy and Company Size
on the Value of Property and Real Estate Companies Listed on the IDX
Residual
12,106
31
,391
Total
18,633
35
a. Dependent Variable: LN Firm Value
b. Predictors: (Constant), LN Firm Size, LN Dividend Policy, LN Fixed Asset
Turnover, LN Capital Structure
Source: Research Results, 2021 (Processed Data)
In Table 9, it can be seen that the
calculation is 4.178 with a
significance level of 0.008. While the
F
table
at the 95% confidence level (α
= 0.05) is 2.63, because F
count
> F
table
or 4.178 > 2.63 with a significance
of 0.008 < 0.05. This shows that
fixed asset turnover, capital
structure, dividend policy, and
company size simultaneously have
a positive and significant effect on
firm value in property and real
estate listed on the Indonesia Stock
Exchange for the 2018-2020 period.
F. Discussion of Research Results
1. Effect of Fixed Asset Turnover on
Firm Value
The test results show that fixed
asset turnover partially has a
negative and significant effect on
firm value in property and real
estate listed on the Indonesia Stock
Exchange for the 2018-2020 period.
The results of this study are in
line with Rahmi's research (2011),
fixed asset turnover has a partial
effect on profitability. The results of
the study are in accordance with the
theory of Sartono (2012) which
states that the fixed asset turnover
ratio shows how the company's
effectiveness in using all assets to
create firm value.
The conclusion of the
researcher states that the higher the
total fixed assets, the depreciation
value will also increase. This triggers
the emergence of costs caused by
the presence of fixed assets, such as
maintenance costs and
depreciation costs, which reduce
company profits and result in
decreased company value.
2. The Effect of Capital Structure on
Firm Value
The test results show that the
capital structure variable partially
has a negative and significant effect
on the value of property and real
estate listed on the Indonesia Stock
Exchange for the 2018-2020 period.
The results of this study are in
line with Mawardi's research (2020)
which states that capital structure
has a significant effect on firm
value. The results of the study are in
accordance with Hery's (2016)
theory which states that the more
companies use debt, the higher the
value and share price.
The conclusion of the
researcher states that if the capital
structure increases, the value of the
company will increase. However,
the company's capital structure is
mostly used in financing debt. So
that the greater the debt means the
greater the financial risk of the
Siti Dini, Anjeli Saraswati, Berliana Fangly Putri | 1772
company so that the capital
structure variable partially has a
negative effect.
3. The Effect of Dividend Policy on
Firm Value
The test results show that the
dividend policy partially has a
negative and significant effect on
firm value in property and real
estate listed on the Indonesia Stock
Exchange for the 2018-2020 period.
The results of this study are in
line with Mawardi's research (2020),
the dividend policy variable has an
influence on firm value. The results
of the study are in accordance with
the theory of Kasmir (2012) which
states that the greater the retained
earnings, the less the amount of
profit allocated for dividend
payments. If the dividend
distributed is large, it will increase
the share price which also results in
an increase in the value of the
company.
The conclusion from the
researcher states that the smaller
the amount of dividends received
by shareholders, the issuer's and
operational performance will
decrease. This resulted in a decline
in investment and then affected the
value of the company.
4. The Effect of Firm Size on Firm
Value
The test results show that firm
size partially has a positive and
significant effect on firm value in
property and real estate listed on
the Indonesia Stock Exchange for
the 2018-2020 period.
The results of this study are not
in line with Mawardi's research
(2020) which states that the Growth
ratio does not affect firm value.
The conclusion of the
researcher states that if the
company has large total assets, the
management will be more flexible
in using the assets in the company.
This freedom that management has
is outweighed by the concerns of
the owners of its assets. A large
number of assets will reduce the
value of the company if it is
assessed from the side of the
company owner. When viewed from
the management side, the ease with
which it controls the company will
increase the value of the company.
5. The Effect of Fixed Asset
Turnover, Capital Structure,
Dividend Policy, and Firm Size on
Firm Value
a. The results of the study state
that fixed asset turnover, capital
structure, dividend policy and
firm size simultaneously affect
the firm value of property and
real estate listed on the Stock
Exchange. Indonesia for the
2018-2020 period.
b. The use of debt in the capital
structure can control the
excessive use of free cash flow
so that management is not
involved in unprofitable
investment projects. The use of
debt will provide additional
supervision from the creditor so
that management works for the
benefit of the company. This
1773 | The Effect of Fixed Asset Turnover, Capital Structure, Dividend Policy and Company Size
on the Value of Property and Real Estate Companies Listed on the IDX
condition will be responded
positively by shareholders as
reflected in an increase in stock
prices. The larger the size of the
company, the more investors
tend to pay attention to the
company, this is because large
companies tend to have more
stable financial conditions. This
stability attracts investors to
own shares of the company.
This condition is the cause of
the increase in the company's
share price in the capital market.
The dividend policy determines
how much profit the
shareholders will get. The
profits that will be obtained by
these shareholders will
determine the welfare of the
shareholders which is the main
goal of the company. The
greater the dividend distributed
to shareholders, the higher the
value of the company.
c. This is because the higher the
level of fixed asset turnover,
capital structure, dividend
policy and company size, the
net profit generated will
increase so that the company
can use finance to increase sales
and assets that affect firm value.
The increase in income and
assets can increase net income
so that the value of the
company increases.
CONCLUSIONS
Based on this research, it can be
concluded: 1) Fixed Asset Turnover variable
partially has a negative and significant
effect on firm value on property and real
estate listed on the Indonesia Stock
Exchange for the 2018-2020 period. 2) The
capital structure variable partially has a
negative and significant effect on firm value
in property and real estate. listed on the
Indonesia Stock Exchange for the period
2018-2020. 3) The dividend policy variable
partially has a negative and significant
effect on firm value on property and real
estate listed on the Indonesia Stock
Exchange for the 2018-2020 period. 4) The
company size variable partially has a
positive and significant effect on company
value on property and real estate listed on
the Indonesia Stock Exchange for the 2018-
2020 period. 5) Variables of fixed asset
turnover, capital structure, dividend policy
and company size simultaneously and
significantly affect the value of property
and real estate companies listed on the
Indonesia Stock Exchange for the 2018-
2020 period.
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Commons Attribution (CC BY SA) license
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