The Effect of Profitability, Leverage, and Company Size on Earnings Per Share of Property and Real Estate Companies on the IDX Main Board for the 2021-2024 Period
DOI:
https://doi.org/10.24256/kharaj.v8i2.10256Keywords:
Profitability, Leverage, Company SizeAbstract
This study analyzes the effect of profitability, leverage, and company size on company value using a quantitative approach. This type of research is quantitative research with descriptive and associative methods. The data used are secondary data in the form of financial reports of manufacturing companies listed on the Indonesia Stock Exchange during a certain period. Sampling was carried out using a purposive sampling technique, resulting in a number of companies that meet the research criteria for further analysis. The data analysis method used is SEM PLS with partial and simultaneous hypothesis testing to evaluate the significance of the influence of independent variables on the dependent variable. The results of the study indicate that profitability has a positive and significant influence on company value, while leverage shows a significant negative influence and company size has a significant positive influence.
References
Agustiningsih, W., & Septiani, ND (2022). The effect of company size, leverage, and profitability on company value. Fair Value Scientific Journal of Accounting and Finance , 5 (3), 1433. https://doi.org/10.32670/fairvalue.v5i3.2465
Ajizah, N., & Biduri, S. (2021). The Effect of Company Size, Sales Growth, Profitability and Leverage on Stock Returns in Food and Beverage Companies Listed on the Indonesia Stock Exchange for the 2015-2019 Period. Academia Open , 4 . https://doi.org/10.21070/acopen.4.2021.1984
Akin, I., Akın, M., Şatıroğlu, H., & Jhamb, M. (2024). Influence of Growth, Capital Structure, Profitability, and Size on FTSE 100 Enterprise Value. Journal of Corporate Accounting & Finance , 36 (2), 157. https://doi.org/10.1002/jcaf.22761
Ardiani, D. Eka, Hermuningsih, S., & Kusumawardani, R. (2021). THE EFFECT OF DIVIDEND POLICY, DEBT POLICY, PROFITABILITY, AND MANAGERIAL OWNERSHIP ON THE VALUE OF COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2015-2019. Stability Journal of Management and Business , 4 (1), 15. https://doi.org/10.26877/sta.v4i1.8186
Ardinindya, GA, Djuwarsa, T., & Dewi, RPK (2021). Determinants of Earnings Per Share of Property and Real Estate Companies Listed in the Indonesian Sharia Stock Index. Journal of Islamic Economics and Business , 1 (2). https://doi.org/10.15575/jieb.v1i2.15091
Aritonang, AMB, Safrida, E., & Sibarani, JL (2025). The Effect of Leverage and Company Size on Company Value with Profitability as a Moderating Variable: A Study of Industrial Sector Companies on the Indonesia Stock Exchange for the 2020–2023 Period. Owner , 9 (4), 3299. https://doi.org/10.33395/owner.v9i4.2806
Bachtiar, M., Asliana, E., & Irawan, I. (2025). The Effect of Profitability, Leverage, Company Size, and Dividend Policy on Stock Prices in LQ-45 Index Companies for the 2020-2023 Period. JEMSI (Journal of Economics, Management, and Accounting) , 11 (6), 5208. https://doi.org/10.35870/jemsi.v11i6.5075
Budastra, MA (2023). FINANCIAL RATIOS AND STOCK PRICES: EMPIRICAL EVIDENCE FROM INDONESIA. Manado Accounting Journal (JAIM) , 38. https://doi.org/10.53682/jaim.vi.6113
Carolin, JY, & Susilawati, C. (2024). THE EFFECT OF COMPANY SIZE, PROFITABILITY, AND LEVERAGE ON COMPANY VALUE. Jesya (Journal of Economics & Sharia Economics) , 7 (1), 588. https://doi.org/10.36778/jesya.v7i1.1447
Clarinda, LC, Susanto, L., & Dewi, S. (2023). THE EFFECT OF PROFITABILITY, CAPITAL STRUCTURE, COMPANY GROWTH, AND COMPANY SIZE ON COMPANY VALUE. Journal of Accounting Paradigms , 5 (1), 96. https://doi.org/10.24912/jpa.v5i1.22173
Damayanthi, IGAE, & Merkusiwati, NKLA (2021). Moderation of Differences of Opinion on Stock Price Performance Factors in Tourism Sector Companies During the Covid-19 Pandemic. E-Journal of Accounting , 31 (10), 2663. https://doi.org/10.24843/eja.2021.v31.i10.p20
Fadillah, IR, Nadiyah, N., Rohmah, L., Haryadi, D., & Wahyudi, W. (2024). Profitability ratio analysis to assess the financial performance. International Journal of Applied Finance and Business Studies , 11 (4), 964. https://doi.org/10.35335/ijafibs.v11i4.243
Falabiba, A., & Paramita, RAS (2025). The Effect of Financial Performance on Company Value with Company Size as a Moderating Variable in Media and Entertainment Sub-Sector Companies for the 2019-2022 Period. Journal of Management Science , 131. https://doi.org/10.26740/jim.v13n1.p131-145
Farizki, FI, Suhendro, S., & Masitoh, E. (2021). The Effect of Profitability, Leverage, Liquidity, Company Size, and Asset Structure on Company Value. EKONOMIS Journal of Economics and Business , 5 (1), 17. https://doi.org/10.33087/ekonomis.v5i1.273
Friederick, A., & Sudirgo, T. (2023). THE EFFECT OF CAPITAL STRUCTURE, PROFITABILITY, LEVERAGE, AND COMPANY SIZE ON COMPANY VALUE. Journal of Accounting Paradigms , 5 (2), 992. https://doi.org/10.24912/jpa.v5i2.23642
Gunareka, C., Herlinawati, E., Suryaningprang, A., Sudaryo, Y., & Kusumawardani, A. (2025). The Influence of Financial Ratios on Bank Bjb Stock Prices for the 2015-2024 Period. JEMSI (Journal of Economics, Management, and Accounting) , 11 (4), 2437. https://doi.org/10.35870/jemsi.v11i4.4380
Handayani, N., & Rahyuda, H. (2025). THE EFFECT OF CAPITAL STRUCTURE, PROFITABILITY, AND COMPANY SIZE ON COMPANY VALUE IN THE FOOD AND BEVERAGES SUB-SECTOR. E-Journal of Management, Udayana University , 14 (7), 480. https://doi.org/10.24843/ejmunud.2025.v14.i7.p01
Harahap, EP, Aini, Q., & Anam, RK (2019). UTILIZATION OF BLOCKCHAIN TECHNOLOGY ON CROWDFUNDING PLATFORMS. Technomedia Journal , 4 , 199. https://doi.org/10.33050/tmj.v4i2.1108
Hidayat, I., & Tasliyah, M. (2022). THE EFFECT OF COMPANY SIZE, LEVERAGE, AND PROFITABILITY ON COMPANY VALUE. Journal of Applied Business Financial Accounting (AKUNBISNIS) , 5 (1), 94. https://doi.org/10.32497/akunbisnis.v5i1.3618
Hidayati, L., & Suwaidi, RA (2022). Earnings per share as an intervening variable between financial ratios and stock prices in property and real estate companies. Fair Value Journal of Accounting and Finance , 5 (1), 74. https://doi.org/10.32670/fairvalue.v5i1.1914
International Journal of Evaluation and Research in Education (IJERE). (2025). International Journal of Evaluation and Research in Education (IJERE) . https://doi.org/10.11591/ijere
Keni, CE, & Pangkey, R. (2022). The Effect of Profitability and Company Size on Company Value in Pharmaceutical Companies Listed on the Indonesia Stock Exchange for the 2016-2020 Period. Manado Accounting Journal (JAIM) , 445. https://doi.org/10.53682/jaim.vi.3816
Khotimah, SN, Mustikowati, RI, & Sari, AR (2021). The effect of company size and leverage on company value with profitability as a moderating variable. Journal of Accounting Student Research , 8 (2). https://doi.org/10.21067/jrma.v8i2.5232
Lamba, AB, & Atahau, ADR (2022). The Effect of Leverage on Firm Value Mediated by Profitability. Indonesian Accounting and Business Review , 6 (1), 16. https://doi.org/10.18196/rabin.v6i1.12698
Morena, M., Truppi, T., Pavesi, A.S., Cia, G., Giannelli, J., & Tavoni, M. (2020). Blockchain and real estate: Dopo di Noi project. Property Management , 38 (2), 273. https://doi.org/10.1108/pm-01-2019-0005
Negara, CUKK, Pratiwi, NWW, & Maylinda, PD (2021). The Urgency of a Security System for Digital Land Certificates. Jurnal Hukum Lex Generalis , 2 (9), 832. https://doi.org/10.56370/jhlg.v2i9.91
Nugroho, A., Indriyatni, L., & Widodo, U. (2022). The Effect of Company Size, Leverage, and Profitability on Company Value (A Case Study of Manufacturing Companies in the Food and Beverage Sub-Sector Listed on the Indonesia Stock Exchange for the 2018-2020 Period). Scientific Journal of Economic Focus, Business Management & Accounting (EMBA) , 1 (2), 165. https://doi.org/10.34152/emba.v1i2.506
Octanli, A., & Sha, T.L. (2024). THE EFFECT OF LIQUIDITY, LEVERAGE, PROFITABILITY, AND COMPANY SIZE ON MANUFACTURING COMPANY VALUE. Journal of Accounting Paradigms , 6 (4), 1537. https://doi.org/10.24912/jpa.v6i4.32282
Pasaribu, AM, Safrida, E., Sibarani, JL, & Putri, A. (2025). The Effect of Capital Structure and Financial Performance on Firm Value with Firm Size as a Moderator. Owner , 9 (4), 3391. https://doi.org/10.33395/owner.v9i4.2827
Permana, PAV, Darmayanti, NPA, & Triaryati, N. (2025). THE EFFECT OF EARNINGS PER SHARE, PROFITABILITY, AND LIQUIDITY ON STOCK PRICES OF PROPERTY AND REAL ESTATE COMPANIES ON THE IDX. E-Journal of Management, Udayana University , 14 (7), 510. https://doi.org/10.24843/ejmunud.2025.v14.i7.p03
Pradanimas, A., & Sucipto, A. (2022). The Effect of Company Size, Profitability, and Leverage on Stock Prices with Company Value as an Intervening Variable. Briliant Journal of Research and Conceptual Studies , 7 (1), 93. https://doi.org/10.28926/briliant.v7i1.788
Prasetyo, DW, & Hermawan, AC (2023). Profitability, Company Size, and Capital Structure on Company Value. Jesya (Journal of Economics & Sharia Economics) , 6 (1), 743. https://doi.org/10.36778/jesya.v6i1.1003
Putri, MRS, Hermuningsih, S., & Wiyono, G. (2024). The Effect of Profitability, Leverage, Company Size, and Asset Growth on Company Value. Owner , 8 (2), 1823. https://doi.org/10.33395/owner.v8i2.1997
Rahmadi, IH, & Mutasowifin, A. (2021). The Influence of Intellectual Capital on Financial Performance and Company Value (Case Study of Financial Sector Companies Listed on the Indonesia Stock Exchange 2017-2019). INOBIS Indonesian Journal of Business Innovation and Management , 4 (2), 279. https://doi.org/10.31842/jurnalinobis.v4i2.183
Riska, R., Raza, H., & Zulfa, A. (2021). THE EFFECT OF FINANCIAL PERFORMANCE ON THE VALUE OF MANUFACTURING COMPANIES ON THE INDONESIAN STOCK EXCHANGE WITH DIVIDEND POLICY AS A MODERATING VARIABLE. J-MIND (Jurnal Manajemen Indonesia) , 5 (1), 95. https://doi.org/10.29103/j-mind.v5i1.3428
Sa'diyah, C., & Hariyono, A. (2022). Capital Structure, Company Size, Company Growth, and Tax Avoidance on Company Value. MAXIMUM , 12 (1), 27. https://doi.org/10.26714/mki.12.1.2022.27-41
Sari, D.N., & Purbowati, R. (2023). The Effect of Profitability, Liquidity, and Leverage on Firm Value. UBS Journal of Economics and Business , 12 (4), 2087. https://doi.org/10.52644/joeb.v12i4.292
Sawitri, KD, & Artini, LGS (2022). THE EFFECT OF ACTIVITY RATIO, LEVERAGE, PROFITABILITY, AND COMPANY SIZE ON COMPANY VALUE IN THE PRIMARY CONSUMER GOODS SECTOR. Bulletin of Economic Studies , 148. https://doi.org/10.24843/bse.2022.v27.i02.p02
Septianda, DE, Khairunnisaa, SF, & Indrarini, R. (2022). BLOCKCHAIN IN ISLAMIC ECONOMICS. SIBATIK JOURNAL Scientific Journal of Socio-Economics, Culture, Technology, and Education , 1 (11), 2629. https://doi.org/10.54443/sibatik.v1i11.407
Setyabudi, TG (2022). THE EFFECT OF PROFITABILITY, LEVERAGE, AND INSTITUTIONAL OWNERSHIP ON COMPANY VALUE WITH DIVIDEND POLICY AS AN INTERVENING VARIABLE. Scientific Journal of Accounting and Finance (JIAKu) , 1 (1), 1. https://doi.org/10.24034/jiaku.v1i1.4949
Shelita, F., & Dermawan, ES (2024). THE EFFECT OF DIVIDEND POLICY, LIQUIDITY, PROFITABILITY, AND COMPANY SIZE ON COMPANY VALUE. Journal of Accounting Paradigms , 6 (1), 246. https://doi.org/10.24912/jpa.v6i1.29897
Silkfan, R., & Azwir, M. (2022). THE EFFECT OF FINANCIAL PERFORMANCE AND COMPANY SIZE ON COMPANY VALUE. Ar-Ribhu Journal , 5 (2), 392. https://doi.org/10.46781/ar-ribhu.v5i2.739
Situmorang, GM, & Setyawan, IR (2024). The influence of corporate social responsibility, company size, and profitability on company value. Journal of Business Management and Entrepreneurship , 8 (3), 645. https://doi.org/10.24912/jmbk.v8i3.30225
Susanti, M., Zatira, D., & Arieska, GA (2023). DETERMINANTS OF VALUE OF THE FIRM IN ENERGY SECTOR COMPANIES IN INDONESIA. Dynamic Management Journal , 7 (3), 495. https://doi.org/10.31000/dmj.v7i3.9161
Syahrani, KM, Merawati, LK, & Tandio, DR (2023). The Effect of Leverage, Company Growth, Company Size, Risk Profile, and Profitability on Company Value. Journal of Accounting Innovation (JIA) , 1 (1), 32. https://doi.org/10.36733/jia.v1i1.6884
Syofya, H. (2024). Creating Added Value for the Local Economy in a Review of the Blockchain Model and the Value Chain Concept: A Literature Study. Journal on Education , 6 (2), 12561. https://doi.org/10.31004/joe.v6i2.5113
Taufiqurrahman, MA, & Sudaryati, E. (2024). THE EFFECT OF PROFITABILITY & LIQUIDITY ANALYSIS ON ENERGY SECTOR STOCK PRICES 2017-2022. Owner , 8 (2), 1200. https://doi.org/10.33395/owner.v8i2.1970
Wahyuningrum, AD, & Sunarto, S. (2023). THE EFFECT OF LIQUIDITY, PROFITABILITY, LEVERAGE, AND COMPANY SIZE ON COMPANY VALUE. Politala Accounting Research Journal , 6 (1), 122. https://doi.org/10.34128/jra.v6i1.179
Wiranti, W., Kurniawan, R., & Astarani, J. (2025). The Effect of DER, EPS, ROE, ROA, CR, and Firm Size on Stock Prices in the Consumer Goods Industry. JEMSI (Journal of Economics, Management, and Accounting) , 11 (5), 4656. https://doi.org/10.35870/jemsi.v11i5.4550
Yulianti, RCD, Aulia, Y., & Handayani, AE (2023). THE EFFECT OF EPS, PER, AND LEVERAGE ON COMPANY VALUE WITH PROFITABILITY AS A MEDIATION IN MANUFACTURING COMPANIES. J-MACC Journal of Management and Accounting , 6 (2), 201. https://doi.org/10.52166/j-macc.v6i2.4873
Yulimtinan, Z., & Atiningsih, S. (2021). LEVERAGE OF COMPANY SIZE, SALES GROWTH, AND COMPANY VALUE WITH PROFITABILITY AS A MEDIATION VARIABLE. BALANCE Journal of Accounting and Business , 6 (1), 69. https://doi.org/10.32502/jab.v6i1.3422
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Evi Maria, Dwi Danesty Deccasari Danesty

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.







