Journal of Applied Business

and Technology

Article History
Net Profit Margin, Earnings per Share, Received
Return on Asset, Debt Equity Ratio, and 7 May 2023
Received in revised form
Current Ratio on Firm Value in Agricultural 27 May 2023
Accepted
Sector Companies Listed on Indonesia 28 May 2023
Published Online
Stock Exchange 2016-2021 31 May 2023

Antona*, Sherly Lorensaa, Intan Purnamaa, Pujiono Eddya, Andia *Corresponding author
[email protected]
aBusiness Faculty, Institut Bisnis dan Teknologi Pelita Indonesia, Indonesia

Abstract
This research purposed to determine the effect of net profit margin, earnings per share, return on asset, debt-equity ratio, dan
current ratio on firm value in agricultural sector companies listed on the Indonesia Stock Exchange in 2016-2021. This study
uses secondary data. The sampling technique in this study used purposive sampling. The number of samples obtained was 25
companies. The analysis method of this research uses descriptive analysis and used SmartPLS software. From this research, it
can be concluded that Net profit margin has a negative and significant effect on price book value. Return on asset and debt-
equity ratio has a positive and significant impact on price book value. Earnings per share partially had a negative and not
significant effect on price book value. The current ratio partially had a positive and insignificant effect on price book value.

Keywords: Price Book Value, Net Profit Margin, Earnings per Share, Return on Asset, Debt Equity Ratio, Current Ratio

DOI: https://doi.org/10.35145/jabt.v4i2.131

1.0 INTRODUCTION
In a very rapid business development, companies are required to increase their business activities in order to face
increasingly fierce business competition. If the company is able to maintain its existence, the company can survive
in business competition, but if the company does not improve its business better, then there is a possibility that
the company cannot survive in business competition (Machfiroh et al., 2020). In order to increase the activity of
the company required a large enough capital. One way to get this capital is by attracting investors to invest in the
company. Increasing the company's value to the maximum is one of the goals of the company because the
company's value has increased indicating that the company has good performance (Atmaja, 2020).

Source: www.finance.yahoo.com
Figure 1. JCI and Agricultural Stock Price Index for the 2016-2021 Period

Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167 | www.e-jabt.org
p-ISSN 2722-5372 | e-ISSN 2722-5380
156 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

Investors generally will invest in a company whose company value has increased. Firm value (Yusrizal et
al., 2022) is an investor's view of the company's success which is often associated with stock prices. If the stock
price of a company increases, the company value will indirectly increase and vice versa if the company's stock
price decreases, the company value will also decrease. The Jakarta Composite Index is one of the capital market
indices used by the Indonesia Stock Exchange. The combined stock price index contains stock price movements of
all securities listed on the Indonesia Stock Exchange. The JCI is of concern to investors because the movement of
the JCI will affect investors whether they want to buy or sell their shares (Widodo, 2018).
Based on the JCI chart and the Agricultural Stock Price Index, there was fluctuating stock price movements
in 2016–2021. The joint stock price tended to increase in 2016 to 2017 and then in 2018 to 2019 it decreased then
in 2019 it increased until at the end of 2020 it experienced a drastic decrease but the joint stock price rose slowly
again in 2021. This reflects that the overall share price in companies listed on the Indonesia Stock Exchange (IDX)
in an unstable condition from year to year. Meanwhile, Agricultural Stock Prices in 2016 to 2020 tend to decrease
and in mid-2020 will increase until 2021.
One of the indicators used to describe the value of the company is the price book value. Price Book Value
is an indicator to describe how much the market appreciates the book value of a company (Febriyanti et al., 2021).
Price book value information (Chandra et al., 2018; Nyoto et al., 2023; Renaldo & Murwaningsari, 2023) describes
the company's performance and prospects in the future. Price Book Value is used to determine which stocks are
cheap or expensive. Share values are declared undervalued/cheap if the price book value is less than 1, while the
stock value is declared overvalued if the price book value is more than 1 (Habibi et al., 2021).
The agricultural sector is a sector that has the opportunity to develop in Indonesia because it has
favorable climatic conditions with a variety of natural resources (I. Firdaus & Rohdiyarti, 2021). The agricultural
sector has an important role because most Indonesian people depend on agriculture for their lives. In national
development, this sector plays a role in meeting the food needs of the community and acts as a primary sector for
other sectors that use agricultural production. Business fields in the agricultural sector absorb labor with an
average of 32.21% (Sirait et al., 2021). Apart from business fields, Indonesia's agricultural exports reached Rp.
390.16 trillion in 2019, Rp. 451.77 trillion in 2020 then increased to Rp. 625.04 trillion in 2021. (nasional.tempo.co).
This proves that the agricultural sector can become the backbone of the national economy. Given that since the
beginning of the pandemic the Food and Agriculture Organization (FAO) has warned of the possibility that a global
food crisis could occur (setkab.go.id). Seeing developments in the agricultural sector, especially economic growth,
can be a consideration for investors to invest in agricultural sector companies.
Financial reports are a description of the activities carried out by the company in a certain period which
are presented in the form of rupiah and foreign currencies (Machfiroh et al., 2020). The performance of financial
statements can be analyzed using financial ratios. Financial ratios can describe the strengths and weaknesses of a
company's financial performance. Financial ratios can be used as a consideration for investors to stop or continue
investing (NS, 2020).
Net Profit Margin is a ratio that measures the company's net income from sales. An increased Net Profit
Margin shows that the company generates large profits from its sales. This can be a reference for investors to
continue to invest in the company so that the price book value increases. Research conducted (Pardede et al.,
2019), (Supia et al., 2021), and (Pangesti et al., 2020) shows that there is an effect of net profit margin on price
book value while the research conducted (Ningsih et al., 2021) and (Aulia, 2021) show that there is no net profit
margin effect on the price book value.
Earnings Per Share is a ratio that can see the company's ability to gain profits in the future based on the
number of shares owned. High Earning Per Share shows the amount of profit per share owned by the company to
be distributed to shareholders. Earnings Per Share is of concern to both investors and potential investors because
high earnings per share shows that the company can provide welfare to shareholders. Research conducted (Rifai
et al., 2020) and (Purnama & Sufiyati, 2021) shows that there is an effect of earnings per share on price book value,
while according to (Hutapea et al., 2021) and (Udjali et al., 2021) it shows no there is an effect of earnings per
share on price book value.
Return On Assets is used to measure the return on total assets after interest and taxes (Wahyuningsih &
Widowati, 2018). If the value of the return on assets is higher, the profits will be obtained by the company and
vice versa if the return on assets is lower, the losses will be obtained by the company. High Return on Assets will
increase profitability so that stock prices will increase followed by an increase in price book value (Steven et al.,
2021). Research conducted (Melati & Prasetiono, 2021), (Udjali et al., 2021), and (Wahyu & Mahfud, 2018) shows
that there is an effect of return on assets on price book value while research (Utami & Welas, 2019) and (Sondakh
et al., 2019) shows that there is no effect of return on assets on price book value.
The Debt Equity Ratio is a ratio that compares the amount of debt to the amount of equity. A low Debt
Equity Ratio shows that the company has the ability to pay all of its debts/obligations and shows that the company
has good performance. The value of a low debt equity ratio will make the company's shares in great demand so
that the share price will increase followed by an increase in the price book value. A high Debt Equity Ratio will pose
a risk to the company because debt that is too high can reduce the company's profitability (Vina et al., 2021) which
will indirectly reduce the price book value (Salaanti & Sugiono, 2019). The research conducted (M. F. Firdaus et
al., 2019), (Salainti & Sugiono, 2019), and (Wahyu & Mahfud, 2018) showed that there was an effect of debt equity
157 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

ratio on price book value while the research was conducted (Sondakh et al., 2019) and (Udjali et al., 2021) show
that there is no effect of the debt equity ratio on price book value.
Current Ratio is a ratio that measures a company's ability to pay its short-term obligations in a timely
manner. Companies that are unable to pay their obligations indicate a low Current Ratio in companies that can
cause a lack of investor confidence in the company because the company is considered to be experiencing financial
problems (Nasution et al., 2020). If a company's Current Ratio is too high, it will cause a decrease in share prices
which indirectly reduces the price book value because it shows that the company has idle funds (Hutapea et al.,
2021). Research conducted (Safira & Suci, 2021), (Widyaningsih et al., 2017), and (Salainti & Sugiono, 2019) shows
that there is an effect of Current Ratio on price book value while research (Steven et al., 2021) and (Wiyono &
Pratama, 2021) shows that there is no effect of the Current Ratio on the price book value.
The objectives of this study are as follows: (1) To identify and evaluate the effect of net profit margin on
price book value in agricultural sector companies in 2016-2021. (2) Knowing and evaluating the effect of earnings
per share on price book value in agricultural sector companies in 2016-2021. (3) Knowing and evaluating the effect
of return on assets on price book value in agricultural sector companies in 2016-2021. (4) Knowing and evaluating
the effect of the debt equity ratio on price book value in agricultural sector companies in 2016-2021. (5) Knowing
and evaluating the effect of the current ratio on price book value in agricultural sector companies in 2016-2021.

2.0 LITERATURE REVIEW

Signaling Theory
Signal theory was first put forward by Michael Spense in 1973. Signal theory explains how companies provide
signals to the public to reduce information (Ansorimal et al., 2022; Lumbantoruan et al., 2021) asymmetry. The
signals given by the company contain bad news or good news. One type of information provided by the company
is a financial report that describes the condition of the company. These financial reports will be used by interested
parties, one of which is investors to analyze the performance of a company. In addition, with financial reports,
investors will distinguish companies that are likely to have high and low values (Himawan & Andayani, 2020).

Net Profit Margins

Net Profit Margin is the ratio used to measure a company's ability to generate profits at a certain level of sales.
This ratio compares net profit to sales. A high Net Profit Margin indicates that the company earns a high enough
profit at a certain level of sales, while a low net profit margin indicates that sales are low so that the profit the
company gets is also low (Kasmir, 2018).

Earnings Per Share

Earnings Per Share is a ratio that measures a company's success in achieving profits for shareholders. By knowing
the value of earnings per share, investors can estimate how much profit they get. Low earnings per share indicates
that the company's performance is not good, conversely, high earnings per share can increase the welfare of
shareholders. Investors will get dividends and capital gains if earnings per share are high (Kasmir, 2018).

Return On Assets
Return On Assets is the ratio used to measure the level of profit on the company's total assets. A high return on
assets indicates that the company uses its assets to the maximum to obtain net profit after tax, while a low return
on assets indicates that the company's net profit is small (Kasmir, 2018).

Debt Equity Ratio

Debt Equity Ratio is the ratio used to assess debt to equity (Putri et al., 2022; Renaldo, Andi, et al., 2021; Renaldo,
Suhardjo, et al., 2021). The debt equity ratio (Lasrya et al., 2021) is used to measure how much a company's assets
are financed by debt where the company uses debt to finance its business activities rather than using its own
capital. This ratio is useful for knowing the amount of funds provided by borrowers (creditors) with company
owners (Suyono et al., 2020). A low debt equity ratio indicates that the company is able to pay its long-term
obligations, while a high debt-equity ratio indicates that the company has a lot of debt from outsiders, so it is at
risk of difficulty paying its obligations. Therefore, companies with high debt levels need to manage their debts well
(Kasmir, 2018).

Current Ratio
The Current Ratio is a ratio to measure a company's ability to meet/pay short-term obligations/debt that is due
soon when billed as a whole. This ratio is the most commonly used ratio to determine a company's ability to meet
its short-term obligations. A low current ratio indicates that the company has liquidity problems, while a current
ratio that is too high indicates that there are idle funds. This ratio is a form of measuring the security level of a
company (Kasmir, 2018).

The value of the company

Firm value (Quaye et al., 2020) is the public's view of the company's performance as reflected in the share price
formed by demand and supply in the capital market. For companies, increasing the value of the company shows
158 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

that the company's performance is good so that potential investors are sure to invest funds in related companies.
In addition, an increase in the value of the company indicates that the company has the opportunity to obtain
more guaranteed profits and prosperity for investors (Suryani & Djawoto, 2021).

Influence Between Variables and Hypotheses

Effect of Net Profit Margin on Price Book Value
Net Profit Margin is the ratio used to measure the amount of net profit a company gets from sales. If the value of
the net profit margin is higher, the company is said to be able to generate large profits so that the company can
reduce operational costs so that profits increase which will have an impact on increasing the price book value. A
low Net Profit Margin indicates that the company's operational activities are less productive which will make the
company suffer losses because the company's operations are not going well.
Research conducted (Pardede et al., 2019), (Supia et al., 2021), and (Pangesti et al., 2020) shows that
there is an effect of Net Profit Margin on price book value while research conducted (Ningsih et al., 2021) and
(Aulia, 2021) show that there is no effect of the Net Profit Margin on the price book value. Based on the description
above, the first hypothesis in this study is as follows:
H1: Net Profit Margin has an influence on Price Book Value

Effect of Earning Per Share on Price Book Value

Earnings Per Share is a form of ratio that describes the profits of shareholders from the shares they own. If the
earnings per share in a company is high, the company's profit rate will increase so that it will encourage investors
to increase the capital invested in related companies. This will increase the price book value of the company.
Research conducted (Rifai et al., 2020) and (Purnama & Sufiyati, 2021) shows that there is an effect of
Earning Per Share on price book value, while according to (Hutapea et al., 2021) and (Udjali et al., 2021) it shows
no there is an effect of Earning Per Share on the price book value. Based on the description above, the second
hypothesis in this study is as follows:
H2: Earning Per Share has an influence on Price Book Value

Effect of Return on Assets on Price Book Value

Return On Assets is the ratio used to measure a company's ability to generate profits with all the assets owned by
the company. The higher this ratio indicates that the company is effectively utilizing its assets in generating net
profit after tax while at the same time indicating the amount of dividends received by shareholders. If the value
of Return on Assets is higher, the profits obtained by the company will increase so that it will increase the price
book value. Low Return on Assets indicates the company is not optimal in using assets to generate profits.
Research conducted (Melati & Prasetiono, 2021), (Udjali et al., 2021), and (Wahyu & Mahfud, 2018)
shows that there is an effect of Return on Assets on price book value while research (Utami & Welas, 2019) and
(Sondakh et al., 2019) shows that there is no effect of Return on Assets on price book value. Based on the
description above, the third hypothesis in this study is as follows:
H3: Return on Assets has an influence on Price Book Value

Effect of Debt Equity Ratio on Price Book Value

Debt Equity Ratio is the ratio used to measure the proportion of debt to capital. A high Debt Equity Ratio indicates
that the debt level of the company is high so that there is a possibility that the company cannot pay off debt which
will cause a decrease in the price book value while a low Debt Equity Ratio indicates that the company is able to
pay its obligations where this can convince investors to invest in the company so that will increase the price book
value.
The research conducted (M. F. Firdaus et al., 2019), (Salainti & Sugiono, 2019), and (Wahyu & Mahfud,
2018) showed that there was an effect of Debt Equity Ratio on price book value while the research was conducted
(Sondakh et al., 2019) and (Udjali et al., 2021) show that there is no effect of the Debt Equity Ratio on price book
value. Based on the description above, the fourth hypothesis in this study is as follows:
H4: Debt Equity Ratio has an influence on Price Book Value

Effect of Current Ratio on Price Book Value

Current Ratio is a ratio to measure a company's ability to use company assets to pay off short-term liabilities. A
high Current Ratio indicates that the company has sufficient funds to pay off its short-term obligations while at
the same time indicating that the company has a high level of liquidity so that investors believe in the company's
performance where this will increase the company's stock price followed by an increase in the price book value.
Current Ratio that is too low causes a decrease in stock prices which makes investors think that the company is
not liquid.
Research conducted (Safira & Suci, 2021), (Widyaningsih et al., 2017), and (Salainti & Sugiono, 2019)
shows that there is an effect of Current Ratio on price book value while research (Steven et al., 2021) and (Wiyono
& Pratama, 2021) shows that there is no effect of the Current Ratio on the price book value. Based on the
description above, the fifth hypothesis in this study is as follows:
H5: Current Ratio has an influence on Price Book Value
159 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

Framework
Based on the hypotheses that have been determined, further research will be carried out regarding the effect of
net profit margin, earnings per share, return on assets, debt equity ratio, and current ratio on firm value proxied
by price book value. Then the framework of this research is as follows:

Figure 2. Thinking Framework

3.0 METHODOLOGY
Place and time of research
This research was conducted on agricultural sector companies listed on the Indonesia Stock Exchange (IDX) in
2016-2021. Research data were obtained from several websites including the Indonesia Stock Exchange (IDX),
known as www.idx.co.id and the company's official website. The time of the research starts in October to
December 2022.

Population and Sample

The population in this study are all agricultural sector companies listed on the Indonesia Stock Exchange during
the 2016-2021 period. There are 25 companies that make up the population. The sampling technique used in this
study was purposive sampling. The criteria for determining the sample in this study are as follows:

Table 1. Sample Criteria

No Sample Criteria Number of Companies
1 Agricultural companies listed on the IDX for the 2016-2021 period 25
2 Companies that went IPO during the study period -8
3 Agricultural companies that do not have complete financial statements -2
Number of Samples 15
Source: Processed data, 2022

Operational Research Variables

The variables to be studied are grouped into the dependent variable (Y) or it can be called the dependent variable
and the independent variable (X) or it can also be called the independent variable which consists of:

Net Profit Margin (X1)

Based on research (Kasmir, 2018), the net profit margin can be calculated using the following formula:
𝑁𝑃𝑀 = (𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐴𝑓𝑡𝑒𝑟 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥 (𝐸𝐴𝑇))/𝑆𝑎𝑙𝑒𝑠

Earning Per Share (X2)

Based on research (Kasmir, 2018), earnings per share can be calculated using the following formula (Sudarno,
Renaldo, Hutahuruk, et al., 2022):

𝐸𝑃𝑆 = (𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑎)/(𝐶𝑜𝑚𝑚𝑜𝑛 𝑆ℎ𝑎𝑟𝑒𝑠 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔)

Return On Assets (X3)

Return on assets can be calculated using the following formula (Anton et al., 2021):
𝑅𝑂𝐴 = (𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐴𝑓𝑡𝑒𝑟 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥)/(𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑒𝑡)
160 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

Debt Equity Ratio (X4)

Based on research (Kasmir, 2018), the debt equity ratio can be calculated using the following formula:
𝐷𝐸𝑅 = 𝐷𝑒𝑏𝑡/𝐸𝑞𝑢𝑖𝑡𝑦

Current Ratio (X5)

Based on research (Kasmir, 2018), the current ratio can be calculated using the following formula:
𝐶𝑅 = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠/𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠

Firm Value (Y)

Firm value in this study is proxied by price book value (PBV). Based on research (Sugiono & Untung, 2016), firm
value can be calculated using the following formula:
𝑃𝐵𝑉 = 𝑆ℎ𝑎𝑟𝑒 𝑀𝑎𝑟𝑘𝑒𝑡 𝑃𝑟𝑖𝑐𝑒/𝑆ℎ𝑎𝑟𝑒 𝐵𝑜𝑜𝑘 𝑣𝑎𝑙𝑢𝑒

Data analysis technique

Descriptive Analysis
Descriptive analysis is a method used to analyze data by describing/illustrating the data that has been collected as
it is without intending to make general conclusions/generalizations. Descriptive analysis is an analysis that
describes the variable data to be studied. Descriptive analysis can be seen from the average value (mean), standard
deviation (standard deviation), maximum value, and minimum value of each variable (Sugiyono, 2013).

Data Multicollinearity Test

The multicollinearity test is used to test whether in a regression model a high correlation can be found between
the independent variables. The multicollinearity test can be seen by the variance inflation factor (VIF) and the
tolerance value for each variable. If the VIF value is less than 10 and the tolerance is close to 1, the research data
is said to be free from multicollinearity symptoms and vice versa if the VIF value is greater than 10 and the
tolerance is away from 1, the research data is said to be free from multicollinearity symptoms (Ghozali, 2016).

Determination Coefficient Test (R2)

This model aims to measure how far the model's ability to explain and describe variations in the dependent
variable. The value used in the coefficient of determination is the Adjusted R Square value. An Adjusted R Square
value that is smaller than 0 indicates that the ability of the independent variable to explain the dependent variable
is very limited and conversely an Adjusted R Square value that is greater than 1 indicates that the independent
variable is able to provide all the information needed to predict the dependent variables (Ghozali, 2016)

Multiple Linear Regression Equations

The multiple linear regression equation aims to see how much influence the independent variables have on the
dependent variable. This equation is used to state the causal relationship between the independent variables and
the dependent variable and estimate the value of the dependent variable based on the value of the independent
variable.

Hypothesis Test (t test)

The hypothesis test aims to determine the significance of the influence of the independent variables individually
on the dependent variable by assuming the other independent variables are constant (Ghozali, 2016). This test is
done by comparing tcount or tstatistic with ttable. If the tcount or tstatistic value ≥ ttable, significant or Pvalue ≤
0.05; then there is a significant effect partially from the independent variable on the dependent variable and if the
tcount or tstatistic <ttable, is significant or Pvalue> 0.05; then there is a partially insignificant effect of the
independent variable on the dependent variable.

4.0 RESULTS AND DISCUSSION

Descriptive Analysis
Descriptive data in this study can be seen in table 2 as follows:

Table 2. Descriptive Data

Average Minimum Maksimum Standard Deviation
Net Profit Margin 0.034 -2.840 8.352 1.215
Earning Per Share 73.551 -1957.128 1098.515 378.099
Return On Asset 0.007 -0.583 0.493 0.123
Debt Equity Ratio 0.855 -45.932 14.963 5.684
Current Ratio 1.778 0.060 11.830 1.957
161 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

Average Minimum Maksimum Standard Deviation

Price Book Value 1.122 -0.716 7.086 0.965
Source: Processed data, 2022

Net Profit Margin (NPM)

The highest net profit margin value is Provident Agro Tbk (PALM) of 8.3524 while the lowest net profit margin
value is Gozco Plantations Tbk. (GZCO) of -2.8402. The average net profit margin value of 0.0335 is smaller than
the standard deviation of 1.2153 which indicates that the net profit margin data varies or is increasingly inaccurate
with the average.

Earnings Per Share (EPS)

The highest earning per share value is Astra Agro Lestari Tbk (AALI) of 1098.5150 while the lowest earning per
share value is Bakrie Sumatera Plantations Tbk. (UNSP) with an average of -1957.5150. The average value of
earnings per share is 73.5508 which is smaller than the standard deviation of 378.0986 which indicates that the
earnings per share data varies or is increasingly inaccurate with the average.

Return On Assets (ROA)

The highest return on asset value is Provident Agro Tbk (PALM) of 0.4930 while the lowest return on asset value
is Bakrie Sumatera Plantations Tbk. (UNSP) of -0.5825. The average value of return on assets is 0.0068 which is
smaller than the standard deviation of 0.1229 which indicates that the data on return on assets varies or is
increasingly inaccurate with the average.

Debt Equity Ratio (DER)

The highest debt equity ratio is Jaya Agra Wattie Tbk. (JAVA) of 14.9631 while the lowest debt equity ratio is Bakrie
Sumatra Plantations Tbk (UNSP) of -45.9315. The average value of the debt equity ratio is 0.8549 which is smaller
than the standard deviation of 5.6835 which indicates that the debt equity ratio data varies or is increasingly
inaccurate with the average.

Current Ratio (CR)

The highest current ratio value is Provident Agro Tbk (PALM) of 11.8303 while the lowest current ratio value is
Bakrie Sumatera Plantations Tbk. (UNSP) of 0.0601. The average current ratio value is 1.7776 which is smaller than
the standard deviation of 1.9573 which indicates that the current ratio data varies or is increasingly inaccurate
with the average.

Corporate Value (PBV)

The highest Price Book Value is Jaya Agra Wattie Tbk. (JAVA) of 7.0856 while the lowest price book value is Bakrie
Sumatera Plantations Tbk. (UNSP) of -0.7157. The average price book value of 1.1220 is greater than the standard
deviation of 0.9652 which indicates that the price book value data is less varied or more accurate than average.

Data Multicollinearity Test

The multicollinearity test results show that the VIF value of the dependent variable, namely the price book value
of the independent variables consisting of net profit margin, earnings per share, return on assets, debt equity
ratio, and current ratio, has a VIF value <10 which indicates that there are no symptoms of multicollinearity in this
research.

Determination Coefficient Test (R2)

The test results for the coefficient of determination show that the value of R Square Adjusted is 0.249 (24.9%) so
that it can be concluded that the independent variables, namely net profit margin, earnings per share, return on
assets, debt equity ratio, and current ratio have an influence on the dependent variable, namely price book value
of 24.9%. While the remaining 75.1% is influenced by other factors outside of the variables in this study.

Multiple Linear Regression Equations

Multiple linear regression equations are used to state the causal relationship between the independent variables
and the dependent variable and estimate the value of the dependent variable based on the value of the
independent variable. The following are the results of the multiple linear regression equation test formed in this
study:
162 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

Table 3. SmartPLS outputs

Original Sample Standard T Statistics P
Variable Conclusion
Sample (O) Mean (M) Deviation (STDEV) (|O/ STDEV|) Values
NPM → PBV -0.441 -0.476 0.203 2.170 0.030 Significant
EPS → PBV -0.219 -0.187 0.120 1.817 0.070 Not significant
ROA → PBV 0.622 0.661 0.231 2.690 0.007 Significant
DER → PBV 0.454 0.481 0.155 2.922 0.004 Significant
CR → PBV 0.172 0.217 0.141 1.222 0.222 Not significant
Source: Processed data, 2022

Based on these data, the following equation can be obtained:

PBV = -0.441NPM - 0.219EPS + 0.622ROA + 0.454DER + 0.172CR

Hypothesis Test (t test)

The hypothesis test describes the influence of the independent variables individually on the dependent variable.
If it is significant ≤ 0.05 then the independent variable has a significant influence on the dependent variable and
conversely if it is significant > 0.05 then the independent variable has no significant effect on the dependent
variable. The following is the result of data processing used to test the hypothesis in graphical form where the red
line indicates that there is no significant influence and the green line indicates that there is a significant influence:

Source: Developed Research Journal, 2022

Figure 3. Thinking Framework After Data Processing

Effect of Net Profit Margin on Price Book Value

Based on the results of data processing contained in the table above, it is known that the variable net profit margin
has a P value of 0.030 while an alpha of 0.05 (P value <0.05). So, it is concluded that H1 is accepted. The results of
this test indicate that the variable net profit margin has a significant effect on price book value.

Effect of Earning Per Share on Price Book Value

Based on the results of data processing contained in the table above, it is known that the earning per share variable
has a P Value of 0.070 while an alpha of 0.05 (P Value> 0.05). So, it is concluded that H2 is rejected. The results of
this test indicate that the earning per share variable has no significant effect on price book value.

Effect of Return on Assets on Price Book Value

Based on the results of data processing contained in the table above, it is known that the variable return on assets
has a P Value of 0.007 while an alpha of 0.05 (P Value <0.05). So, it is concluded that H3 is accepted. The results
of this test indicate that the variable return on assets has a significant effect on price book value.

Effect of Debt Equity Ratio on Price Book Value

Based on the results of data processing contained in the table above, it is known that the variable debt equity ratio
has a P value of 0.004 while an alpha of 0.05 (P value <0.05). So, it is concluded that H4 is accepted. The results of
this test indicate that the debt equity ratio variable has a significant effect on price book value.
163 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

Effect of Current Ratio on Price Book Value

Based on the results of data processing contained in the table above, it is known that the variable current ratio
has a P value of 0.222 while alpha is 0.05 (P value> 0.05). So, it is concluded that H5 is rejected. The results of this
test indicate that the current ratio variable has no significant effect on price book value.

Results and Discussion

Effect of Net Profit Margin on Price Book Value
Net Profit Margin is a ratio that describes how much profit a company gets based on a certain level of sales. A high
Net Profit Margin indicates that the company has good performance so that it can reduce operational costs while
maximizing profits. Net Profit Margin that is too low indicates that the company's operational activities are
inefficient. The results of this study indicate that the net profit margin has a negative and significant effect on price
book value.
The results of this study are in accordance with research (Atmojo & Susilowati, 2019), (Supia et al., 2021),
and (Juwita, 2017) which show that net profit margin has a negative effect on price book value but is different
from research (Pardede et al. , 2019) and (Pangesti et al., 2020) which show that net profit margin has a positive
effect on price book value and is not the same as research (Ningsih et al., 2021), (Hellen, 2017), and (Aulia, 2021)
which shows that the net profit margin has no effect on the price book value.

Effect of Earning Per Share on Price Book Value

Earnings per Share is a ratio that describes how much profit a shareholder gets based on the number of shares he
owns. High Earning Per Share indicates high company profits where the profits will be distributed to shareholders.
The results of this study indicate that earnings per share have a negative and insignificant effect on price book
value.
The results of this study are in accordance with research (Rakasiwi et al., 2017), (Setyaningsih & Friantin,
2020), and (Purnama & Sufiyati, 2021) which show that earnings per share has a negative effect on price book
value but is different from research (Rifai et al. al., 2020) which shows that earnings per share has a positive effect
on price book value and is not the same as research (Hutapea et al., 2021), (Pangaribuan et al., 2019), and (Udjali
et al., 2021) which shows that earnings per share has no effect on price book value.

Effect of Return on Assets on Price Book Value

Return On Assets is a ratio that describes how effectively a company uses its assets to generate profits. A high
return on assets indicates that the company is making good use of its assets to make a profit so that the price book
value will increase (Firmansyah et al., 2022; Stevany et al., 2022), while a low return on assets indicates that the
company is not using its assets to the fullest to make a profit. The results of this study indicate that return on
assets has a positive and significant effect on price book value.
The results of this study are in accordance with research (Melati & Prasetiono, 2021), (Salaanti & Sugiono,
2019), and (Wahyu & Mahfud, 2018) which show that return on assets has a positive effect on price book value
but is different from research (Udjali et al ., 2021) which shows that return on assets has a negative effect on price
book value and is not the same as research (Utami & Welas, 2019), (Oktary & Muliani, 2020), and (Sondakh et al.,
2019) which shows that returns on assets has no effect on the price book value.

Effect of Debt Equity Ratio on Price Book Value

Debt Equity Ratio is a ratio that compares debt to capital. A high debt equity ratio indicates that the company has
high debt which makes it difficult for the company to pay off its debts. A low debt equity ratio shows that the
company can pay its obligations on time. The results of this study indicate that the debt equity ratio has a positive
and significant effect on price book value.
The results of this study are in accordance with research (M. F. Firdaus et al., 2019), (Salainti & Sugiono,
2019) and (Wahyu & Mahfud, 2018) which show that the debt equity ratio has a positive effect on price book
value but is different from research (Melati & Prasetiono, 2021) and (Listyawati & Kristiana, 2020) which show that
the debt equity ratio has a negative effect on price book value and is not the same as research (Sondakh et al.,
2019) and (Udjali et al., 2021) which shows that debt equity ratio has no effect on price book value.

Effect of Current Ratio on Price Book Value

Current Ratio is a ratio that describes a company's ability to pay off its short-term obligations. A high Current Ratio
indicates that the company is liquid and has sufficient cash to pay off its short-term obligations so that it can attract
investors to invest in companies that can indirectly increase the price book value. A Current Ratio that is too low
164 Journal of Applied Business and Technology (JABT) 2023: 4(2), 155-167

indicates that the company is illiquid or has financial problems. The results of this study indicate that the current
ratio has a positive and insignificant effect on price book value.
The results of this study are in accordance with research (Safira & Suci, 2021), (Umaiyah & Salim, 2018),
(Widyaningsih et al., 2017) which shows that the current ratio has a positive effect on price book value but is
different from research (Utami & Welas, 2019) and (Salainti & Sugiono, 2019), which shows that the current ratio
has a negative effect on price book value and is not the same as research (Steven et al., 2021), (Wulandari et al.,
2021), and (Wiyono & Pratama , 2021) which shows that the current ratio has no effect on the price book value.

5.0 CONCLUSION
Conclusion
This study aims to determine the effect of net profit margin, earnings per share, return on assets, debt equity
ratio, and current ratio on firm value in agricultural sector companies listed on the Indonesian stock exchange in
2016-2021. Based on the data analysis that has been carried out and the discussion that has been described, the
results of the study can be concluded that (1) Net Profit Margin has a negative and significant effect on price book
value. (2) Earning Per Share has a negative and insignificant effect on price book value. (3) Return On Assets has a
positive and significant effect on price book value. (4) Debt Equity Ratio has a positive and significant effect on
price book value. (5) Current Ratio has a positive and insignificant effect on price book value.

Limitation
There are several limitations in this study, namely (1) In this study using the SPSS (Statistical Program for Social
Science) test tool, but the data was not normally distributed so that the test tool used in this study was changed
to SmartPLS (Partial Least Square). (2) In this study there were incomplete financial reports so that they could not
be used as samples.

Reccomendation
Based on the research that has been done regarding the effect of net profit margin, earnings per share, return on
assets, debt equity ratio, and current ratio on firm value in agricultural sector companies listed on the Indonesian
stock exchange in 2016-2021, the researchers would like to provide suggestions, namely (1) For companies, it is
expected to improve financial performance, especially in the ratio of return on assets and debt equity ratio, and
current ratio because it is known that return on assets, debt equity ratio, and current ratio have a positive influence
on price book value. However, companies must be careful if the debt equity ratio and current ratio are too high,
so it is advisable to manage debt and cash properly. (2) Investors are expected to pay attention to company ratios
such as return on assets, debt equity ratio, and current ratio in determining investment decisions. (3) For future
researchers, it is recommended to use other variables that can affect price book value such as company size (Anton
et al., 2022), return on equity, dividend payout ratio, fraud (Renaldo et al., 2021; Renaldo, Sudarno, et al., 2022),
earnings management (Sudarno et al., 2022), Business Intelligence (Renaldo et al., 2023; Renaldo, Suhardjo, et al.,
2022), etc.

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