The Effect Of Capital Expenditure And Institutional Ownership On The Value Of Pharmaceutical Sub-Sector Companies On The Idx 2020–2024 Period

Putri Ayu Lestari; Muhamad Nurhamdi

doi:10.63922/ijebir.v5i06.5988

Putri Ayu Lestari Pamulang University
Muhamad Nurhamdi Pamulang University

DOI: https://doi.org/10.63922/ijebir.v5i06.5988

Keywords: Capital Expenditure, Pharmaceutical Industry, Institutional Ownership, Firm Value, Price to Book Value

Abstract

The pharmaceutical subsector has experienced developments after the COVID-19 pandemic, making investment decisions and ownership structures crucial in determining firm value. This study aims to analyze the effect of Capital Expenditure and institutional ownership, both partially and simultaneously, on firm value. The study uses an associative quantitative approach with secondary data in the form of annual financial reports of pharmaceutical subsector companies listed on the Indonesia Stock Exchange for the period 2020 to 2024. The population consists of 13 companies, and 8 companies were selected through purposive sampling, resulting in 40 observations. Capital Expenditure, institutional ownership, and firm value, proxied by Price to Book Value, were analyzed using panel data regression with EViews 10. The Fixed Effect Model was selected based on the Chow and Hausman test. The results show that Capital Expenditure has a negative and significant effect on firm value, while institutional ownership has no significant effect. Simultaneously, both variables have a significant effect on firm value with an Adjusted R-squared of 52%.

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