Melola Discovery

← Melola Discovery

Jurnal

The Effect of Price Earning Ratio, Dividend Payout Ratio, and Debt to Equity Ratio on Firm Value in Non-Cyclical Consumer Companies

International Journal of Nusantara Islam · Vol. 14 No. 1 (2026) · hlm. 385–400

DOI
10.15575/ijni.v14i1.51473
ISSN
2355-651X, 2252-5904
Terbit
2026-02-02
Penerbit
UIN Sunan Gunung Djati Bandung
Bahasa
eng

Abstrak

The growth in the number of sharia investors and the increase in the market capitalization of sharia stocks in Indonesia reflect a high interest in Islamic-based investments, particularly in the defensive primary consumer goods sector (non-cyclical consumer goods). Amid this trend, it is important to understand the fundamental factors that influence company value, so that investors can make more rational decisions and company management can increase their stock market value. This study aims to examine the effect of Price to Earnings Ratio (PER), Dividend Payout Ratio (DPR), and Debt to Equity Ratio (DER) on company value, proxied by Price to Book Value (PBV), in non-cyclical consumer sector companies consistently listed in the Indonesian Sharia Stock Index (ISSI) during the 2016–2020 period. The study sample consisted of 15 companies with a total of 75 panel data observations. The analysis was conducted using panel data regression with fixed effects. The results showed that DER had a significant positive effect on company value, whereas PER and DPR did not. Simultaneously, these three variables influenced company value. These results reinforce signaling theory, where a high debt structure can be perceived as an indicator of management confidence in the company's prospects. This research contributes to the growing literature on Islamic finance, focusing on strategic and stable sectors in the capital market.

Kata kunci

Jaringan kolaborasi para penulis

15 penulis · 29 tautan kepenulisan bersama · 3 lintas organisasi

Arahkan kursor atau ketuk sebuah nama untuk menyorot rekan penulisnya. Klik dua kali untuk membuka halaman penulis.

  • Sunan Gunung Djati State Islamic University Bandung
  • Universiti Sains Islam Malaysia
  • Organisasi berbeda
  • Organisasi sama
  • Afiliasi tidak diketahui
  • Garis lebih tebal = lebih banyak artikel bersama · lingkaran lebih besar = lebih banyak artikel
Tampilkan sebagai tabel
Rekan penulisOrganisasiArtikel bersama
Dudang GojaliSunan Gunung Djati State Islamic University Bandung2
Doli WitroSunan Gunung Djati State Islamic University Bandung1
Ade PonirahSunan Gunung Djati State Islamic University Bandung1
Gina GustianiSunan Gunung Djati State Islamic University Bandung1
Rani MulyaniSunan Gunung Djati State Islamic University Bandung1
Usep Deden SuhermanSunan Gunung Djati State Islamic University Bandung1
Neneng HartatiSunan Gunung Djati State Islamic University Bandung1
Dewy Revina NadilaSunan Gunung Djati State Islamic University Bandung1
Mualimin Mochammad SahidUniversiti Sains Islam Malaysia1
Chaerul ShalehSunan Gunung Djati State Islamic University Bandung1

Afiliasi berasal dari OpenAlex; metadata OAI-PMH jurnal tidak memuatnya. Penulis tanpa ID OpenAlex dicocokkan berdasarkan nama, sehingga dua orang bisa tergabung atau satu orang bisa terpisah.

Sumber metadata: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/ijni/oai, pertama di-harvest 7 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
<oai_dc:dc xmlns="http://www.openarchives.org/OAI/2.0/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:oai_dc="http://www.openarchives.org/OAI/2.0/oai_dc/" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.openarchives.org/OAI/2.0/oai_dc/  http://www.openarchives.org/OAI/2.0/oai_dc.xsd">
	<dc:title xml:lang="en-US">The Effect of Price Earning Ratio, Dividend Payout Ratio, and Debt to Equity Ratio on Firm Value in Non-Cyclical Consumer Companies</dc:title>
	<dc:creator>Hakim, Muhammad Tsani Abdul</dc:creator>
	<dc:creator>Hasanah, Depi</dc:creator>
	<dc:creator>Athoillah, Muhammad Anton</dc:creator>
	<dc:creator>Mulyawan, Setia</dc:creator>
	<dc:creator>Setiawan, Iwan</dc:creator>
	<dc:subject xml:lang="en-US">company value</dc:subject>
	<dc:subject xml:lang="en-US">debt to equity ratio</dc:subject>
	<dc:subject xml:lang="en-US">divident payout ratio</dc:subject>
	<dc:subject xml:lang="en-US">price to earnings ratio</dc:subject>
	<dc:subject xml:lang="en-US">Sharia capital market</dc:subject>
	<dc:description xml:lang="en-US">The growth in the number of sharia investors and the increase in the market capitalization of sharia stocks in Indonesia reflect a high interest in Islamic-based investments, particularly in the defensive primary consumer goods sector (non-cyclical consumer goods). Amid this trend, it is important to understand the fundamental factors that influence company value, so that investors can make more rational decisions and company management can increase their stock market value. This study aims to examine the effect of Price to Earnings Ratio (PER), Dividend Payout Ratio (DPR), and Debt to Equity Ratio (DER) on company value, proxied by Price to Book Value (PBV), in non-cyclical consumer sector companies consistently listed in the Indonesian Sharia Stock Index (ISSI) during the 2016–2020 period. The study sample consisted of 15 companies with a total of 75 panel data observations. The analysis was conducted using panel data regression with fixed effects. The results showed that DER had a significant positive effect on company value, whereas PER and DPR did not. Simultaneously, these three variables influenced company value. These results reinforce signaling theory, where a high debt structure can be perceived as an indicator of management confidence in the company's prospects. This research contributes to the growing literature on Islamic finance, focusing on strategic and stable sectors in the capital market.</dc:description>
	<dc:publisher xml:lang="en-US">UIN Sunan Gunung Djati Bandung</dc:publisher>
	<dc:date>2026-02-02</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/ijni/article/view/51473</dc:identifier>
	<dc:identifier>10.15575/ijni.v14i1.51473</dc:identifier>
	<dc:source xml:lang="en-US">International Journal of Nusantara Islam; Vol. 14 No. 1 (2026): International Journal of Nusantara Islam; 385-400</dc:source>
	<dc:source xml:lang="id-ID">International Journal of Nusantara Islam; Vol 14 No 1 (2026): International Journal of Nusantara Islam; 385-400</dc:source>
	<dc:source>2355-651X</dc:source>
	<dc:source>2252-5904</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/ijni/article/view/51473/16070</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2026 International Journal of Nusantara Islam</dc:rights>
</oai_dc:dc>