Analysis of the Influence of TATO, WCTO, DER, and ROA on Company Value in Cigarette Subsector Companies Listed on the IDX

Tadzkiraturrahmah; M.Rimawan; Nurul Huda

doi:10.63922/ijebir.v5i04.4024

Tadzkiraturrahmah Study Program of Management, Sekolah Tinggi Ilmu Ekonomi (STIE) Bima
M.Rimawan Study Program of Management, Sekolah Tinggi Ilmu Ekonomi (STIE) Bima
Nurul Huda Study Program of Management, Sekolah Tinggi Ilmu Ekonomi (STIE) Bima

DOI: https://doi.org/10.63922/ijebir.v5i04.4024

Keywords: Total Asset Turnover, Working Capital Turnover, Debt to Equity Ratio, Return on Assets, Firm Value.

Abstract

Businesses in the tobacco industry that are listed on the Indonesia Stock Exchange (IDX) will be the focus of this research, which seeks to examine the relationship between firm value and TATO, WCTO, DER, and ROA. The research method used in this study is quantitative and is classified as associative. For the years 2015–2024, the data came from secondary sources, namely the financial reports of tobacco subsector enterprises. Three companies—PT Gudang Garam Tbk, PT HM Sampoerna Tbk, and PT Wismilak Inti Makmur Tbk—with a combined total of thirty observational data points were selected for the study sample using the purposive sampling approach. The data was analysed using a variety of statistical methods included in SPSS version 26, including t-tests, F-tests, correlation and determination coefficients, multiple linear regression analysis, and classical assumption tests. In part, the data demonstrated that DER and ROA had a substantial impact on company value, however TATO and WCTO did not. There was a strong correlation between TATO, WCTO, DER, and ROA among tobacco subsector businesses listed on the Indonesia Stock Exchange, and company value.

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