Jurnal Jurnal Manajemen Teknologi, 21(1), 2022,33-47

Available online at http://journal.sbm.itb.ac.id

Manajemen
Teknologi

Company Value Before and During COVID-19: Evidence

from the Property and Real Estate Industry in Indonesia

*
Wiwiek Mardawiyah Daryanto
Sekolah Tinggi Manajemen IPMI, Indonesia

Abstract. The objective of this research is to gauge the impact of financial performance and maturing long-term debt on firm's value
during the COVID-19 pandemic. The study comprises the collection of data on nine big property-sector companies and analysis via
quantitative methods, namely panel-data-regression models. Its results demonstrate that only commercial property revenue and COVID-19
had a substantial negative impact on firms’ value. Meanwhile, F-Test findings indicate that the independent variable had an influence on the
firms’ value, at a p-value of (0.0037). This means that commercial property income may be used to describe the worth of major firms in the
property sector, which investors should consider when selecting investments. Furthermore, property- and real- estate-sector companies should
provide policies and regulations to safeguard commercial income toward maintaining their assets and surviving in the COVID-19 era. This
study fills a research gap by exploring effects on the property and real estate industry during the COVID-19 crisis, as a benchmark for
comparison.

Keywords: COVID-19, firm value, financial performance, maturing long-term debt

Abstrak. Tujuan dari penelitian ini adalah untuk mengukur dampak kinerja keuangan dan jatuh tempo utang jangka panjang pada nilai
perusahaan selama pandemi COVID-19. Studi ini meliputi sembilan perusahaan besar sektor properti dan analisis melalui metode
kuantitatif, yaitu model regresi data panel. Hasilnya menunjukkan bahwa hanya pendapatan properti komersial dan COVID-19 yang
memiliki dampak negatif substansial pada nilai perusahaan. Sementara itu, hasil uji F menunjukkan bahwa variabel independen
berpengaruh terhadap nilai perusahaan, pada p-value (0,0037). Ini berarti bahwa pendapatan properti komersial dapat digunakan untuk
menggambarkan nilai perusahaan besar di sektor properti, yang harus dipertimbangkan investor saat memilih investasi. Selain itu,
perusahaan sektor properti dan real estate harus memberikan kebijakan dan peraturan guna menjaga pendapatan komersial untuk
mempertahankan aset mereka dan bertahan di era COVID-19. Studi ini mengisi celah penelitian dengan mengeksplorasi efek pada industri
properti dan real estat selama krisis COVID-19, sebagai tolok ukur perbandingan.

Kata kunci: COVID-19, nilai perusahaan, kinerja keuangan, utang jangka panjang yang akan jatuh tempo

*Corresponding author. Email: wiwiek.daryanto@ipmi.ac.id

Received: December 24th, 2021; Revision: December 28th, 2021; Accepted: December 28th, 2021
Print ISSN: 1412-1700; Online ISSN: 2089-7928. DOI: http://dx.doi.org/10.12695/jmt.2022.21.1.3
Copyright@2022. Published by Unit Research and Knowledge, School of Business and Management - Institut Teknologi Bandung (SBM-ITB)

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Introduction According to Hariadi (2005), business

diversification aims to maximize benefit by
Not only has the ongoing coronavirus merging many investment portfolios, whether
pandemic harmed health, but also multiple via different products, the formation of new
industrial sectors, including the real estate business divisions or subsidiaries, or the
industry. Property sector performance had acquisition of an established entity.
genuinely started to show an upward trend, Commercial property revenue can provide
though punctuated by periods of stagnation, regular and periodic income, which can reduce
until it dwindled as a result of the COVID-19 the risk of business residents.
crisis (Wareza, 2019). This is demonstrated by
equitable distribution or sales reduction in the The Corporate Finance Institute defines
housing, real estate, mall, and office sectors due maturing long-term debt as debt with a maturity of
to strict social restriction (PSBB) policies more than one year. The current portion of long-
(Mashabi, 2021). The property, property term debt is the amount of principal and
investment, and building construction sector interest on long-term debt scheduled to be
stock indices have fallen the most since the paid within a year. Data findings can be
beginning of 2020, falling 19.69% in the year to gathered to determine the amount of debt that
date (IDX, 2019). must be paid. When these long-term loans
mature, investors will be notified of upcoming
Financial analysis can be used to assess expenses and given information about
company value. A corporation's economic obligations that must be met.
analysis relies heavily on information the
company provides in the form of financial Previous research has revealed significant
reports, containing industry knowledge, differences in the impact of variable
economic conditions, company market share, profitability ratios and stock performance on
management efficiency, and other factors company shares in various industrial sectors.
determining a firm's results. Every business has However, it has devoted little attention to the
a financial statement, which provides critical issue of firm value in the property and real
information to its stakeholders and helps them estate industry.
make vital decisions to safeguard the
company's future. Such statements show how Each company faces unique business-related
financial results have contributed to the risks which can affect its value. With this in
corporation. mind, the present study aims to evaluate to
what extent profitability, leverage, commercial
As an examination of a statement of financial property revenue, maturing long-term debt,
position, financial analysis is commonly used to and COVID-19 could affect firm value.
calculate the various pertinent ratios. Gitman
(2009) characterizes profitability ratio as a ratio
used to measure management effectiveness Theoretical Model
based on the returns from investment sales and
the company's ability to generate profits, which Company Value
will serve as the foundation for dividends paid. A company's primary goal is to maximize
The success of management in achieving full profit or wealth, par ticularly for its
profits for the company would indicate good shareholders, through attempts to enhance or
results. The loans ratio indicates how much of a maximize the market value of its share price.
company's total assets are purchased with This is a broad aim, impacted by financial
borrowed funds, as measured by balance-sheet industry practices (Tika, 2012). Company value,
debt. It is a metric for determining the financial according to Harmono (2009), is the firm's
leverage of a company. It also gives finance performance as represented by the stock price,
analysts critical information about such a which is in turn produced by the capital
company's financial health or pressures.

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market's demand and supply and represents The two categories of profitability ratios this
the public's evaluation of the firm's success. study uses are return on assets and return on
Gultom et al. (2013) identify company value as equity. Return on assets (ROA), as defined by
a metric which may be used to determine how Harahap (2013), is a ratio indicating how much
much “importance” a firm has from the net income is derived from asset valuation, in
perspective of various stakeholders, such as dividing net income by the firm’s average total
investors, who link a company's value to its assets. According to Fahmi (2013), this ratio is
share price. important in determining the size of the firm.
The higher this ratio is, the better a company’s
Tobin's q, made famous by Prof. James Tobin, financial condition is likely to be, as it speaks to
is one of the methods for determining a company efficiency in using assets to achieve
company's value. It is a ratio-measuring tool net profit after taxes.
which treats company value as a form of value H1: The return-on-assets ratio positively affects
encompassing all tangible and intangible company value.
assets. Tobin's q can also be used to gauge a
company's effectiveness and efficiency in using Leverage
all its assets (Dzahabiyya, Jhoansyah, Danial, Leverage is the amount of liabilities with which a
2020). Hence, Tobin's q can be defined as the firm finances its assets. The debt-to-asset ratio
ratio of a company's worth to the value of its can be employed to calculate leverage,
assets (Naqsyabandi, 2015). If the figure quantifying how much debt a company uses to
yielded is higher than it was previously, the fund its assets. A high debt-to-asset ratio tends
corporation is more likely to be managing its to result in lower stock returns, since investors
assets effectively and increasing earnings. are likely to believe that the company is using
more debt to conduct its operations and is
Properly calculating the q ratio can prove therefore heavily reliant on third-party funds
challenging, due to the difficulty in (posing a greater risk to investors). The theory
determining the replacement cost of a is suppor ted by Salim (2015), who
company's assets (Margaretha, 2014). demonstrated
Nevertheless, Tobin's q has several advantages,
according to Smithers and Wright (2008): Likewise, Hery (2016) identifies the “debt-to-
● It represents the total value of the total-asset ratio” (DAR) as a measurement of
company's assets. how much a company's assets are funded by
● It is a measure of market sentiment, e.g., debt or how much debt it has on asset funding.
analysis or speculation about a company's Kasmir (2017) also discusses the debt-to-asset
prospects. ratio, used to interpret or compare a company's
● It reflects the company's intellectual capital. total debt to its total assets, or to see how much
of the company's assets are funded by debt.
Profitability H2: The debt-to-asset ratio negatively affects
The examination of a company's financial company value.
statements, including its income statements
and balance sheets, is closely linked to Commercial Property Revenue
assessing its financial performance. An income Goel and Chaudary (2013) maintain that since
statement shows the company's operating a well-diversified portfolio is less risky,
performance, whereas a balance sheet shows portfolio diversification should be a critical
its net worth (Adam, 2014). Financial ratios can consideration for investors. One factor which
be used to calculate a firm's financial results can influence portfolio diversification is
amid reviewing financial statements. demographic character; Goetzman and Kumar
(2005) relate the degree of portfolio
diversification to an investor's income and age.

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According to Lusardi and Mitchell (2008), When considering debt as a source of finance,
financial literacy variables also have an effect companies must also consider debt maturity,
on portfolio diversification, as they can since the debt maturity chosen will likely have
influence investor behavior. an impact on the company's worth. Hence, if
the firm decides to use debt as its primary
Portfolio diversification, according to Fabozzi source of funding, it must simultaneously
(1999), is the creation of portfolios in such a make decisions on debt maturity (Barclay,
way that portfolio instability is reduced without Smith, 1995). The goal of maturing long-term
losing returns. Investors who specialize in a debt is to give investors debt information to
particular asset, such as bonds, believe it is assess the company's costs.
often important to diversify their investments. H4: Maturing long-term debt (MTLD) negatively
This means that all available funds should not affects company value.
be invested in a single company share, but
rather in a portfolio that includes securities The COVID-19 Pandemic
from a variety of firms. The COVID-19 pandemic, which still has no
end in sight, has had a significant influence on
Diversified industries are growing, which the global economy and social sectors,
could enable them to increase or maximize including in Indonesia. As a result, the
profits and hence companies’ value. According investment sector has deteriorated, resulting in
to Tantra (2017), diversified firms can enhance companies' closure (beritasatu.com). Devi,
their industries via operational performance: Warasniasih, Masdiantini, and Musmini (2020)
Cooperative operations in manufacturing, echo this hypothesis by demonstrating the
distribution, and human resources, as well as negative effects of the COVID-19 crisis on
the transfer of expertise and knowledge profitability and leverage.
among similar business units, all can increase H5: The COVID-19 crisis negatively affects company
efficiency and, consequently, a firm’s value. value.

Aquaris and Darmawan (2019) support this

hypothesis by showing that diversification, also
known as “premium diversification,” could
increase company value.
H3: Commercial property revenue positively affects
company value.

Maturing Long-Term Debt

The maturity of debt obligation pertains to the
day the borrower repays the amount specified
by the issuer (Booth, Cleary, Drake, 2014). The
issuer of a note or bond is usually required to
pay a predetermined amount in the future. As a
financial obligation is issued, the maturity is
usually determined. Debt obligation may
mature in five, 10, 50, or 100 years. Debt with a
maturity of more than one year is referred to as
“long-term debt.” The amount of principal
and interest of total debt required to be repaid
within one year is referred to as the “current
par t of long-ter m debt”
(corporatefinance.com).

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Research Framework
Based on the literature review described above, the hypotheses are organized thus:

Figure 1.
Research Hypothesis Framework

Research Methodology ● The real estate and property companies for

the sample were listed on the Indonesia
Research Design Stock Exchange (IDX) during the
A quantitative research approach is used for 2015–2020 period.
the present research design. Quantitative ● These companies published financial
research is a technique and set of reports for the fiscal years 2015–2020.
measurements yielding a specific value ● They had been actively trading over the
(Kothari, 2007). According to Rovai et al., previous 200 days.
(2014), quantitative researchers consider the ● They were among the 25 largest companies
universe to be outside of themselves, which in the real estate and property industry.
implies that an empirical tr uth exists ● They had the highest level of market
independently of any observations. capitalization in real estate.

The primary goal of this study is to examine The Indonesia Stock Exchange determines the
the financial impact of property and real estate classification of property and real estate
companies on stock output. This is to be companies. Nine companies met the criteria
accomplished via an assessment of how above, as listed in Table 1.
financial results may affect the stock
performance of property and real estate Tobin’s q ratio was used as a measure of firm
companies, specifically profitability, leverage, value in this study (dependent variable). As
and commercial property revenue. mentioned earlier, Tobin’s q is a method for
determining a company’s value, derived from
Data Collection Method the value of intangible and tangible assets. The
This study employs purposive sampling, under independent variables were return on assets
the following eligibility requirements: (ROA), the debt-to-asset ratio (DAR),
commercial property revenue, maturing long-
term debt, and COVID-19. Table 2 illustrates
these descriptions.
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Table 1.
List of Data

No. Stock Code Company Name

1 BSDE Bumi Serpong Damai Tbk
2 PWON Pakuwon Jati Tbk
3 CTRA Ciputra Development Tbk
4 WIKA Wijaya Karya Tbk
5 LPKR Lippo Karawaci Tbk
6 DUTI Duta Pertiwi Tbk
7 ADHI Adhi Karya Tbk
8 ASRI Alam Sutera Realty Tbk.
9 APLN Agung Podomoro Land Tbk.

Figure 2.
Data Analysis Flow

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The first stage of the research method, as In the fifth phase of the research process, the
depicted in Figure 2, is to obtain descriptive classical assumption test, also known as the
statistics such as mean, standard deviation, and multicollinearity test, is used for multiple linear
correlation coefficient. The second is to regression equations. The sixth step is to apply
identify the independent and dependent a significance test to the multiple linear
variables. The third is to develop a data panel to regression equations, which includes a test on
determine the best model for performing individual regression coefficients (t-test) and a
regression among common-effect, fixed- Simultaneous Significance Test with Adjusted
effect, and random-effect models. The fourth R2 and F-Test. The seventh and final stage of
comprises the Chow test, Hausman test, and the research process is the evaluation of test
Lagrange multiplier test. results.

Table 2.
List of Variables

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Table 2. (Continued)
List of Variables

Data Analysis Technique SPSS (Statistical Package for the Social

The data analysis was based on the concept of Sciences) perfor ms comparative and
simplifying data into a format easy to read and correlational statistical tests in the context of
understand. The programs Microsoft Excel, univariate, bivariate, and multivariate analysis
EViews, and SPSS were used to interpret the for both parametric and non-parametric
data. EViews, created by Quantitative Micro statistical
Software (QMS), includes statistical and
econometric methods for analyzing cross-
sectional data, time series, and panel results.

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Result And Discussion

Result
Descriptive Analysis

Table 3.
Descriptive analysis
ROA DAR PCR MLTD
Mean 1.432 22.167 21.129 2.075
Median 0.547 22.941 18.725 0.194
Maximum 11.243 85.260 57.808 22.520
Minimum -3.028 0.000 0.999 0.000
Std. Dev 2.123 11.302 15.507 4.211

Table 3 shows nine major companies in the Finally, the median of maturing long-term debt
property industry from 2015 to 2020, with a data is 0.19%, while the mean of maturing
total of 216 observations for each variable. long-term debt data is 2.07%. In the second
Based on descriptive statistics, it can be stated quarter of 2017, PT Duta Pertiwi received the
that the mean of return on assets data is highest associated percentage, at 22.52%. This
1.43%, which implies that from 2015 to 2020, implies that the firm had a considerable
the average of the companies' capabilities to amount of long-term debt liabilities which
produce net income by using their assets was would reach maturity in a year.
1.43%. The median is 0.54% and the
maximum is 11.24%. Chow Test
The Chow test is employed to determine
Conversely, the debt-to-asset ratio has a mean whether to use a common effect or fixed effect
of 22.16 %, implying that from 2015 to 2020, model. According to the hypothesis on panel
the average percentage of a company's assets data regression model selection, the fixed
supported by debt would have been 22.16%. effect model is to be chosen if the cross-
The median percentage is 22.94%. The section chi-square value is 0.05 (significant
highest debt-to-asset ratio came from PT Duta value). If it is greater than 0.05, the common
Pertiwi in the second quarter of 2017, at effect model is to be chosen (significant value).
85.26%.
As seen in Table 4.3, the Chow test revealed
The mean of commercial property revenue that the probability value of the cross-section
data is 21.12%, indicating that from 2015 to chi-square was 0.000 0.05 (significant value),
2020, the average property income (such as meaning that a fixed effect model should be
from leasing buildings or recreation spaces) selected. This was followed by the Hausman
was deducted from the average property test, as the next subsection describes.
income. The median percentage is 18.72%. In
the second quarter of 2020, the maximum is
57.80%, coming from PT Pakuwon Jati.

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Table 4.
Chow Test Result

Chow Test
Effect Test Prob.
Cross -section Chi -square 0.0000

Hausman Test if it is less than 0.05, the fixed effect model is

The Hausman test evaluates whether the fixed selected.
effect or the random effect model is superior.
This is revealed by the probability value in the The random effect model was chosen for this
random cross-section. If this value is greater study based on the Hausman test's results.
than 0.05, the random effect model is selected;

Table 5.
Hausman Test Result

Hausman test
Test summary Prob.
Random cross -section 1.000

Classical Assumption and Multicollinearity Test multicollinearity, the variance inflation factor
The multicollinearity test gauges whether there (VIF) was used. Multicollinearity is acceptable
is a relationship between the independent if VIF is less than 10, and unacceptable if VIF
variables in the regression model. To ascertain is greater than 10.

Table 6.
Multicollinearity Test

Variables Variance Inflation Factor (VIF)

ROA 1.448
DAR 1.299
PCR 1.256
MLTD 1.119
NOTE:
Dependent variable: Tobin's Q

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Coefficient of Determination (Adjusted R2) Significance Test

The value should be between 0 and 1 based on The random effect model is the result of panel
the adjusted R2 value (Table 7). The adjusted data regression selection that is appropriate for
R2 result is 0.0573. These variables can explain the panel data model. The random effect
0.57% of Tobin’s q, with the majority model was used for the significance test. This
explained by other variables. study uses the partial test (t-test), simultaneous
test (F-test), as well as coefficient of
determination (adjusted R2). The three data
sets produced the following results:

Table 7.
Significance Test Result

ROA Coefficient -0.015

t-Statistic -1.033
p-value 0.3028
DAR Coefficient -0.0037
t-Statistic -1.028
p-value 0.3048
PCR Coefficient -0.00641
t-Statistic -2.399
p-value 0.0173**
MLTD Coefficient -0.0105
t-Statistic -1.0874
p-value 0.2781
COVID19 Coefficient -0.13201
t-Statistic -2.3078
p-value 0.022**
Adjusted R-Squared 0.0573
F-Statistics 3.6144
Prob (F-Statistics) 0.0037

Notes:
**: significantly effect to dependent variable (p-value < 0.05)

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Discussion In addition, there are a number of variables

According to the t-test results, the COVID-19 that have no effect on the value of major
crisis had a negative effect on the value of property companies throughout the 2015-
those considered the major firms in the 2020 period. Return on Assets, Debt to Asset
property sector between 2015 and 2020. This Ratio, and Maturing Long-Term Debt are the
shows a reduction in firm value due to the three factors that have no affect. This indicates
pandemic, and supports the hypothesis that that the three variables have been unable to
COVID-19 would have had a negative effect justify the firm's value of major companies'
on firm value. It is also supported by previous property to investors. In order to add
studies on the predicted impact of COVID-19 additional information, the firm's value, it is
on large property-sector companies. intended to add variables in future study. The
goal is to be able to explain the firm's value of
While commercial property revenue negatively property major companies to investors.
affected the firms' value, this does not support
the associated hypothesis. One of the causes
the commercial property revenue negatively Conclusion
effect is Covid-19. This result contradicts the
previous hypothesis. However, it can be There is a research gap between this study and
inferred that Covid-19 had a negative influence prior studies on firm value in this study.
on firm value since the year Covid-19 was COVID-19 was considered in examining
included in the observation of the company's impacts on company value in the property
value of property big companies from 2015 to sector.
2020. One example of the impact is the
vulnerability of the hospitality industry due to This study used panel data from a sample of
the stay-at-home policy, PSBB (Large-Scale nine big property-sector companies. Various
Social Restrictions) and PPKM (Enforcement objectives were conceptualized based on the
of Restrictions on Office Activities) research problem, including determining
(Kompas.com. whether there were variations in firm value by
analyzing profitability ratios, leverage ratios,
The level of demand for hotels and flats commercial property revenue, and maturing
decreased, which had an influence on long-term debt. The research drew from
c o m m e r c i a l p r o p e r t y r e ve nu e, s i n c e companies' quarterly data for six years (2015 to
commercial property earnings are limited to 2020), for a total of 216 data sets. The random
sources such as apartment rentals, hotels, and effect model was found suitable to address the
property management. The property sector research problem, in accordance with
was in decline prior to COVID-19. Suahasil regression panel data selection.
Nazara, the chairman of the BKF Ministry of
Finance (Kemenkeu), stated that the property Based on the results and analysis, and aligned
sector has consistently grown at a slower rate with the research question and formulation of
than the economy since 2015. Even the the problems described in the discussion
contribution of the property industry to the section, the conclusions are as follows:
GDP is always less than 3%. In addition, the 1. Profitability ratio effect on the value of big
property sector's growth in 2018 was just 3.58 companies in the property sector from
percent, much below the national economic 2015 to 2020:
growth of 5.02 percent (cnbcindonesia.com). -The return-on-assets ratio did not
So, from the year prior to Covid-19, it may be significantly affect company value.
deduced that the property sector's growth has 2. Leverage ratio effect on the value of big
been below that of the national economy, and companies in the property sector from
that growth following Covid-19 may be lower 2015 to 2020:
than the previous year.

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- The debt-to-asset ratio did not significantly Researchers should consider going more
affect company value. deeply into the COVID-19 scenario and
2. Commercial property revenue had a applying their findings to growth companies or
significant negative effect on the value of company valuations, This study focused only
big companies in the property sector from on the property and real estate firms listed on
2015 to 2020. the Indonesia Stock Exchange, with an
3. Maturing long-ter m debt did not observation period from 2015 to 2020 (on a
significantly affect the value of big quarterly basis). Based on the p-value of
companies in the property sector from (0.0037) < 0.05 of the t-test, the profitability
2015 to 2020 ratio, leverage ratio, commercial property
4. COVID-19 had a significant negative effect revenue, and maturing long-term debt
on the value of big companies in the simultaneously influenced the value of big
property sector from 2015 to 2020. property-sector companies listed on the IDX
from 2015 to 2020.
This study focused only on the property and
real estate firms listed on the Indonesia Stock These findings suggest that only commercial
Exchange, with an observation period from property revenue had a negative impact on the
2015 to 2020 (on a quarterly basis). Based on firms' value; hence, the two indicators for the
the p-value of (0.0037) < 0.05 of the t-test, the movement of the firm's value in the major
profitability ratio, leverage ratio, commercial companies' property sector may be inferred.
property revenue, and maturing long-term Efficient market theory is supported by this
debt simultaneously influenced the value of outcome. This study is offered in a semi-strong
big property-sector companies listed on the form, meaning the pricing represents all
IDX from 2015 to 2020. relevant public data. The prices generated are a
reflection of previous stock prices as well as
These findings suggest that only commercial the facts accessible in the market, such as
property revenue had a negative impact on the financial statements and commercial revenue
firms' value; hence, the two indicators for the from property. Commercial property revenue
movement of the firm's value in the major is a type of data that includes stock prices.
companies' property sector may be inferred.
Efficient market theory is supported by this from the start of the pandemic to its present
outcome. This study is offered in a semi- status. They should also consider furthering
strong form, meaning the pricing represents research into and comparisons with other
all relevant public data. The prices generated sectors, besides adding to the knowledge base
are a reflection of previous stock prices as well on the property and real estate industry, since
as the facts accessible in the market, such as this study was limited to large Indonesian
financial statements and commercial revenue companies in the field.
from property. Commercial property revenue
is a type of data that includes stock prices.
References
Recommendations
This research was limited to five variables, Arikunto, Suharsini. 2006. Prosedur Penelitian.
namely return on assets (ROA), debt-to-asset Jakarta: Rineka Cipta
ratio (DAR), Price Commercial Revenue BLOOMENTHAL, A. (2021). Ratio
(PCR), and maturing long-term debt (MLTD). Analysis. Retrieved 21 September 2021, from
Future research should consider investigating https://www.investopedia.com/terms/r/ratio
additional variables such as current ratio (CR), analysis.asp
quick ratio (QR), and debt-to-equity ratio
(DER).

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Azanella, L. (2021). Saat Pandemi Covid-19 Ferdinand, A. (2011). Metode Penelitian

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