Electronic Theses and Dissertation

Penelitian ini menganalisis pengaruh Investment Opportunity Set (IOS), Ukuran Perusahaan, dan Growth Opportunity terhadap Nilai Perusahaan pada perusahaan sektor properti dan real estate yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019–2024. Nilai Perusahaan diukur menggunakan Tobin's Q, IOS diproksikan dengan rasio Market-to-Book, Ukuran Perusahaan diukur dengan logaritma natural total aset, dan Growth Opportunity diukur dengan pertumbuhan penjualan tahunan. Dari populasi 92 perusahaan properti dan real estate yang terdaftar di BEI, diperoleh 40 perusahaan sebagai sampel melalui teknik purposive sampling, sehingga menghasilkan 240 observasi perusahaan- tahun. Data dianalisis menggunakan regresi data panel dengan Fixed Effect Model (FEM) yang dipilih melalui uji Chow dan uji Hausman. Hasil penelitian menunjukkan bahwa secara simultan, IOS, Ukuran Perusahaan, dan Growth Opportunity berpengaruh signifikan terhadap Nilai Perusahaan (F-statistik = 311,488; p = 0,000), dengan Adjusted R-squared sebesar 0,982, yang berarti model mampu menjelaskan 98,2 persen variasi Nilai Perusahaan. Secara parsial, IOS berpengaruh positif dan signifikan (koefisien = 0,709; p = 0,000), dan Ukuran Perusahaan juga berpengaruh positif dan signifikan (koefisien = 0,479; p = 0,003). Namun, Growth Opportunity tidak berpengaruh signifikan (koefisien = –0,008; p = 0,695), sehingga IOS menjadi variabel paling dominan. Temuan ini menunjukkan bahwa pelaku pasar lebih menghargai potensi investasi jangka panjang dan skala operasional perusahaan dibandingkan pertumbuhan penjualan jangka pendek. Perusahaan properti dan real estate disarankan untuk memperkuat Investment Opportunity Set dan skala aset, bukan hanya mengandalkan pertumbuhan penjualan, guna meningkatkan nilai perusahaan dan kepercayaan investor.
Kata Kunci: Investment Opportunity Set, Ukuran Perusahaan, Growth Opportunity, Nilai Perusahaan, Properti dan Real Estate.

This study examines the influence of Investment Opportunity Set (IOS), Firm Size, and Growth Opportunity on Firm Value in property and real estate companies listed on the Indonesia Stock Exchange (IDX) during 2019–2024. Firm Value is measured using Tobin's Q, IOS by the Market-to-Book ratio, Firm Size by the natural logarithm of total assets, and Growth Opportunity by annual sales growth. From a population of 92 listed property and real estate companies, 40 were selected through purposive sampling, yielding 240 firm-year observations. Data were analyzed using panel data regression with the Fixed Effect Model (FEM), selected through the Chow and Hausman tests. The results show that IOS, Firm Size, and Growth Opportunity simultaneously have a significant effect on Firm Value (F-statistic = 311.488, p = 0.000), with an Adjusted R-squared of 0.982, meaning the model explains 98.2 percent of the variation in Firm Value. Partially, IOS has a positive and significant effect (coefficient = 0.709; p = 0.000), and Firm Size also has a positive and significant effect (coefficient = 0.479; p = 0.003). Growth Opportunity, however, has no significant effect (coefficient = –0.008; p = 0.695), making IOS the most dominant variable. These findings suggest that market participants value firms' long-term investment potential and operational scale more than short-term sales growth. Property and real estate companies are therefore encouraged to strengthen their investment opportunity set and asset scale rather than relying solely on sales growth, in order to enhance firm value and investor confidence. Keywords: Investment Opportunity Set, Firm Size, Growth Opportunity, Firm Value, Property and Real Estate.