THE EFFECT OF COMPANY SIZE, DEBT POLICY, AND PROFITABILITY ON COMPANY

The purpose of this study is to test and analyze the effect of Company Size on Firm Value, to test and analyze Debt Policy on Firm Value, to test and analyze Profitability on Firm Value and to test and analyze the effect of Company Size, Debt Policy and Profitability on Firm Value. in Real Estate Companies listed on the IDX. The population used in this study were Real Estate and Property companies listed on the Indonesia Stock Exchange (BEI) in 2015-2019 and samples from research on Real Estate and Property companies were 10 companies with 5 years of observation. The data collection technique used in this research is documentation. The analysis technique used in this research is descriptive statistics, multiple linear regression analysis, partial test, determinant test. The results showed that partially firm size has a significant effect on firm value, partially debt policy has no significant effect on firm value, partially profitability affects firm value and simultaneously shows that firm size, debt policy and profitability have a significant effect on firm value In Real Estate Companies Listed on the IDX.


INTRODUCTION
The Indonesia Stock Exchange has become an important part of an Indonesian economy. Resources obtained from the real estate sector, the capital market on the Indonesia Stock Exchange can be a source of resources for all corporate sectors in Indonesia which allows investors to be able to make a choice of a desired investment in accordance with the expected risks and returns. The following table will provide a table of financial data for real estate sector companies listed on the Indonesia Stock Exchange which can be seen as follows : Based on the table above, it can be seen that in 2017 PT Agung Podomoro Land for company size has increased which is not followed by a decrease in company value, as well as PT Bekasi Fajar Industrial Estate in 2016 to 2018 for company size which has not been followed by an increase. with the value of the company experiencing a decline, and also what happened to PT Bhuwanatala Indah Permai in 2019 for the size of the company which had increased which was not followed by the value of the company which had decreased, this shows that the size of a company is not able to guarantee the development of the business run by the company. , as evidenced by the declining value of the company. According to (Dewi & Wirajaya, 2013) the results of the study show that the larger the size, the greater the value of the company. The better and the more sources of funds obtained, it will support the company's operations to the maximum, so that it will increase the share price of the company. The increase in the company's stock price indicates an increase in the value of the company (Pantow, Murni, & Trang, 2015).
Based on the table above, it can be seen that the company PT Agung Podomoro Land for 2016 to 2018 for the debt to equity ratio decreased, followed by the company value which also decreased, while at PT Bekasi Fajar Industrial Estate for 2017 the debt to equity ratio which decreased, followed by the value of the company which also decreased, for PT Bekasi Asri Pemula in 2019 the debt to equity ratio decreased, followed by the value of the company which also decreased. This is contrary to the theory stated (Pantow et al., 2015) which states that one of the decisions that must be taken to maximize the value of the company is the funding decision, where the amount of use of external funds originating from debt and internal from the company will affect the value of the company. company, the greater the debt (leverage) the company will result in risk for the company.
Based on the data above, it can be seen that the phenomenon of problems at PT Agung Podomoro Land and PT Bekasi Fajar Industrial Estate in 2017 for profitability as measured by return on assets has increased which is not followed by a decrease in company value. This is contrary to the theory stated (Prasetyorini, 2013) that the higher the company's profitability will also increase the company's earnings per share.Penelitian ini juga pernah diteliti oleh (Dwiastuti & Dillak, 2019) dimana hasil analisis menunjukkan bahwa ukuran perusahaan kebijakan hutang dan profitabilitas berpengaruh signifikan terhadap nilai perusahaan.
Based on the data above, it is very important in measuring company value using company size, debt policy and profitability, the authors are interested in raising the title of "The Influence of Company Size, Debt Policy, and Profitability on Company Value in Property & Real Estate Companies listed on the IDX".

IMPLEMENTATION METHOD 2.1 Types of Research
In this study, the type of research used is associative research. The type of associative research which according to (Sugiyono, 2016) defines associative research is research that aims to determine the relationship between two or more variables.

Operational Definition
Based on the title of the study, namely the influence of firm size, debt policy, profitability and firm value. Then the definition of each variable is as follows: 1. Variable Company Size (X1). Firm size is "the size of the company can be measured by the total assets / large assets of the company by using the calculation of the logarithmic value of total assets. Measured using Company Size = Ln Total Assets, and ratio scale. 2. Variable Debt Policy (X2). Debt policy is a company funding policy that comes from external sources. Measured using (DER) =

Population
The population used in this study are companies in Real Estate listed on the Indonesia Stock Exchange in 2015-2019 as many as 26 companies.

Sample
The sample is part of the population to be studied. The following are the sample criteria that will be used: a. IDX-listed real estate manufacturing companies for 2015-2019 b. Real estate manufacturing companies that have experienced an increase in debt for 2015-2019 c. Real estate sector manufacturing companies that disclose consecutive financial reports for 2015-2019 The following are the names of the real estate sector companies that are the population in the study :

Data Collection Techniques
The data source used is secondary data obtained by taking financial data in the form of income statements, balance sheets and company annual reports derived from research results on Real Estate companies listed on the Indonesia Stock Exchange.

Data Descriptions
This study aims to see whether there is an influence between firm size, debt policy, and profitability on firm value.

a. The Value of the Company
The following is a table for calculating the value of companies in the Property and Real Estate sub-sector companies listed on the Indonesia Stock Exchange 2015-2019.     (2020) The average Company Value has increased and decreased from year to year in 2015 amounted to 0.047 in 2016 decreased by 0.041 in 2017 increased to 0.064, in 2018 it decreased to 0.023, and in 2019 it decreased to 0.023.

Data Analyze a. Descriptive Statistic
The following is a display of the statistical data The following explanation : 1) The lowest company size was 23.65, found at PT ASRI in 2015. And the highest was 31.63, found at PT BSDE in 2019 which was the sample in this study. b. Multiple Regression Test Data processing and hypothesis testing in this study were carried out using statistical tools, namely the SPSS computer software program. The multiple linear regression equation model is obtained as follows: Y= -1.237+ 0.062 X1 +0.177X2 + 3.821X3 +e Where : 1) The Company Value of real estate companies listed on the IDX has decreased by 1,237.
2) The Beta variable (Company Value) will increase by 0.062 with the assumption that the other independent variables of the regression model are fixed. 3) The Beta variable (Company Value) will increase by 0.177 with the assumption that the other independent variables of the regression model are fixed. 4) The Beta variable (Company Value) will increase by 3,821 with the assumption that the other independent variables of the regression model are fixed.
c. Classic assumption test Classical Assumption Test is conducted to see whether the assumptions made in linear regression analysis are met.

1) Normality Test
Normality testing is done by using a normal probability plot test. Regression meets the assumption of normality if the data spreads around the diagonal line and also follows the direction of the diagonal line showing a normal distribution pattern, which can be seen in the figure below: The data depiction shows a good pattern and the data spreads around the diagonal line and follows the direction of the diagonal line, then the normal probability plot graph is normally distributed.

2) Autocorrelation Test
The following are the results of autocorrelation testing using the Durbin-Watson test. The values of dl and du obtained with K (number of independent variables) = 2 and N (number of samples) = 50. Where the value of Durbin Watson < 2, it means that there is no positive or negative autocorrelation.

3) Multicollinearity Test
To test the existence of multicollinearity, it can be done by analyzing the correlation between variables and calculating the tolarance value and Variance Inflation Factor (VIF) as shown in  In Table 4.8 the following conclusions can be drawn: a) Company size (X1) with a tolerance value of 0.624 which is greater than 0.10 and a VIF value of 1.602 which is smaller than 10. b) Debt Policy (X2) with a tolerance value of 0.602 greater than 0.10 and a VIF value of 1.662 smaller than 10. c) Profitability (X3) with a tolerance value of 0.933 which is greater than 0.10 and a VIF value of 1.072 which is smaller than 10.

4) Heteroscedasticity Test
If the residuals have the same variance, it is called homoscedasticity and if the variances are not the same or different, it is called heteroscedasticity.

Image 2 Scatterplot
It shows that the scatterplot graph between SRESID and ZPRED shows a distribution pattern, where the points spread above and below 0 on the Y axis, this indicates that there is no heteroscedasticity in the data to be used.

5) Partial Hypothesis Testing (Test Statistics t)
The results of the test with the t test are as follows : The size of the company partially affects the value of the company, the Debt Policy has no effect on Firm Value, profitability has an influence on firm value.

6) Simultaneous Hypothesis Testing (F-Test)
The F test is used to see whether the independent variable as a whole can explain the dependent variable. Simultaneous testing as follows: With a significant value of 0.001 above a value of 0.05 which indicates that in terms of company size, debt policy, and profitability have an effect on firm value in Real Estate Companies Listed on the IDX.

The Effect of Firm Size on Firm Value
From the results of the statistical test of Firm Size, there is a significant value of 0.008. The significant value is greater than the probability value of 0.05 (α=5%) or the value of 0.008 <0.05. Company Size variable has a tcount of 2,790 with ttable = 2,011. So tcount > ttable it can be concluded that firm size has an influence on firm value. A positive t-value indicates that firm size has a direct relationship with firm value. The positive sign on the t value is because the Understandar Coefficients and Standardized Coefficients beta values are significant positive because the significant value is smaller than = 5%. So it can be concluded that the size of the company partially affects the value of the company.
Company size reflects the size of the total assets or net sales owned by the company. The greater the total assets or the high level of sales, it indicates the size of the company is large. Large company sizes tend to have positive cash flows, so that the company's current asset turnover indicates optimal operational activities that can be seen from sales. High sales are considered to have good prospects for the long term, so investors tend to be interested in buying company shares. When the size of the company is high, the value of the company will be high which can lead to trust from investors because they believe that the company can return the funds that have been invested in the company and can get the return desired by investors.

The Influence of Debt Policy on Firm Value
From the results of the Debt Policy statistical test, there is a significant value of 0.147. The significant value is greater than the probability value of 0.05 (α=5%) or the value of 0.147>0.05. The Debt Policy Variable has a tcount of 1.475 with t-table = 2.011. So tcount < ttable it can be concluded that the Debt Policy has no effect on Firm Value.
A company is said to be insolvable if the company's total debt is higher than the total assets of the company. The higher the leverage ratio, the greater the amount of funds provided by creditors. This will make investors careful to invest in companies with high leverage ratios because the higher the debt ratio, the higher the investment risk (Suffah & Riduwan, 2016). Then there will be a negative relationship between leverage and firm value where high debt will make investors careful in investing. Debt has a negative effect on firm value.

The Effect of Profitability on Firm Value
From the results of the Profitability statistical test, there is a significant value of 0.004. The significant value is greater than the probability value of 0.05 (α=5%) or the value of 0.004 <0.05. Profitability variable has tcount of 3,005 with ttable=2,011. So tcount > ttable it can be concluded that profitability has an influence on firm value. A positive t value indicates that profitability has a direct relationship with firm value. The positive sign on the t value is because the Understandar Coefficients and Standardized Coefficients beta values are significant positive because the significant value is smaller than = 5%. So it can be concluded that profitability has a partial effect on firm value.
The increase in firm value can be determined by the earnings power of the firm's assets. The higher the earnings power, the more efficient the asset turnover and the higher the profit margin obtained by the company. The increase in company profitability shows that the company's performance is getting better and the company's prospects are getting better as well. This will affect investors' expectations and ultimately the stock price which is a component of the company's value will also change. Many previous studies support the notion that profitability has a positive effect on firm value (Kombih & Suhardianto, 2017). According to (Purwohandoko, 2017) it is said that if the investment can occur, investors are richer. In other words, investors become greater in prosperity after investing.

The Effect of Firm Size, Debt Policy and Profitability on Firm Value
Simultaneous testing shows that simultaneously Company Size, Debt Policy and Profitability have an effect on Firm Value in Real Estate Companies Listed on the IDX, because the results of Fcount (6,126) < Ftable (2.81) with a significant value of 0.001 above the value of 0 ,05. With an R Square value of 0.285 or 28.5%, which means the relationship of firm value to firm size, debt policy, and profitability while the remaining 71.5% are other variables not examined by this study, for example company debt, receivables, company liquidity and other variables.
The value of the company is very important because a high company value will be followed by high shareholder prosperity. An increase in company value will affect shareholder value if the increase is marked by a high rate of return on investment to shareholders. According to (Rahmawati et al., 2015) the value of the company can be seen from the development of the company's share price in the stock market. Where the measurement of company value can be measured using Price Book Value (PBV).
Price Book Value (PBV) is a comparison between the market price and the book value of the stock. For companies that are doing well, it shows that the market value of the stock is greater than its book value. The higher the PBV ratio, the higher the company's assessment of the investors relative to the funds invested by the company.

CONCLUSION
This study examines how the influence of firm size, debt policy, and profitability on firm value in property & real estate companies listed on the IDX. Based on the results of the research in the previous chapter, the conclusions obtained from this study are: 1. Partially, company size has a significant effect on firm value in real estate companies listed on the IDX.