DAMPAK RATIO KEUANGAN TERHADAP NILAI PERUSAHAAN PADA SUB SEKTOR PARIWISATA, RESTORAN, DAN HOTEL YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

 This study aims to examine the influence of financial performance and capital structure on firm value within the tourism, restaurant, and hotel sub-sectors. The analysis reveals that return on assets (ROA) has a positive and significant effect on firm value, indicating that companies efficiently utilizing their assets to generate profits tend to achieve higher firm value. Asset growth also positively and significantly affects firm value, reflecting strong growth prospects and investor confidence. Additionally, the price earning ratio (PER) shows a significant positive relationship with firm value, suggesting that higher PER is aligned with higher stock prices and perceived corporate value. Similarly, the debt to equity ratio (DER) exerts a positive and significant influence, implying that an optimal capital structure with increased debt signals management's confidence in future earnings, thus attracting investors and enhancing firm value. The findings suggest that investors and market participants, particularly in uncertain periods such as the COVID-19 pandemic, should consider fundamental factors when making investment decisions. Furthermore, future research is encouraged to explore additional variables and alternative measurement indicators, as the current model explains only 46.1% of the variation in firm value.