Comparative Analysis of Market Performance and Capital Structure between Consumer Financing and Investment Financing Companies Listed on the Indonesia Stock Exchange

A. Reski Almaida Dg Macenning

doi:10.36815/bisman.v8i3.4402

Authors

A. Reski Almaida Dg Macenning Universitas Negeri Makassar

DOI:

https://doi.org/10.36815/bisman.v8i3.4402

Keywords:

investment financing, consumer financing, marekt performance, capital structure

Abstract

This study aims to analyze the differences in financial performance between consumer financing and investment financing companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2025. The financial ratios used include Earnings per Share (EPS), Book Value per Share (BVPS), Price Earnings Ratio (PER), Price to Book Value (PBV), and Debt to Equity Ratio (DER). This research employs a quantitative comparative approach, utilizing secondary data from the annual financial reports of financing companies listed on the IDX. Data analysis was conducted using the Independent Sample t-test to determine significant differences between the two groups of companies. The results indicate no significant difference in EPS (p-value 0.258) and PER (p-value 0.322), suggesting that the ability to generate profit and market perception towards earnings growth are relatively similar between the two groups. However, significant differences were found in Book Value per Share (p-value 0.066) and PBV (p-value 0.007), indicating that the market value of investment financing companies tends to exceed their book value. Additionally, consumer financing companies tend to have higher DER ratios, reflecting greater reliance on debt. These findings imply that although the financial structure and profitability of both sectors are relatively balanced, market perception is more influenced by trust in long-term prospects and the quality of managed financing assets. Furthermore, these results offer implications for investors and management in considering capital structure and market value as bases for investment decisions and funding strategies in the financing sector.

References

Dewi, N. P. S., & Sutrisna, I. M. (2023). Pengaruh Rasio Solvabilitas dan Ukuran Perusahaan terhadap Market Value pada Saham Jakarta Islamic Index (JII). Widya Bhumi: Jurnal Ilmiah, 5(2), 33–44.

Fitriani, S., Rosyida, H., & Aswar, R. (2024). The Influence of Company Size, Company Growth, and Financing Policy on Company Value (Study on Financial Sector Companies Listed on the Indonesia Stock Exchange for the Period 2019–2023). Al-Kharaj: Journal of Islamic Economic and Business, 6(3), 214–229.

Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 26. Semarang: Badan Penerbit Universitas Diponegoro.

Julianti, M., Kurniawan, R., & Sari, L. (2023). Pengaruh DER dan PBV terhadap Kinerja Keuangan pada Perusahaan Properti dan Real Estate yang Terdaftar di BEI. Indonesian Journal of Economics, Research and Financial Analysis (IJERFA), 3(2), 87–96.

Nugroho, A., & Fitria, M. (2023). Market Valuation and Growth Potential in Financial Institutions: Evidence from Indonesia Stock Exchange. Jurnal Ekonomi dan Bisnis, 26(3), 210–222.

Rahmadani, F., & Utami, D. (2022). Analisis Determinan Nilai Perusahaan pada Sektor Pembiayaan di Indonesia. Jurnal Riset Keuangan dan Akuntansi, 9(1), 45–56.

Rahman, H., & Purnomo, A. (2023). Pengaruh PER, DER, dan PBV terhadap Harga Saham pada Perusahaan IDX-80 Periode 2022. Jurnal Ekonomi dan Bisnis Wiraraja, 5(1), 112–124.

Sari, D. P., & Anisa, R. (2021). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan terhadap Price to Book Value pada Perusahaan Sektor Keuangan di Bursa Efek Indonesia. Jurnal Ilmiah Akuntansi dan Keuangan, 13(2), 101–112.

Sanjaya, E., & Henviani, M. (2020). Pengaruh Kebijakan Hutang, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan. Riset Akuntansi dan Keuangan Indonesia (RAKI), 5(2), 143–153.

Sugiyono. (2022). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.

Tantra, A., & Hariyanti, M. (2020). Analisis Pengaruh Kinerja Keuangan terhadap Struktur Modal pada Perusahaan Pembiayaan di Bursa Efek Indonesia. Jurnal Ekonomi dan Bisnis SEAN Institute, 4(3), 201–210.