Published: 2026-02-01

Pengaruh Debt to Equity Ratio (DER) dan Return on Equity (ROE) Terhadap Nilai Perusahaan Sektor Pertambangan Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021

DOI: 10.35870/jemsi.v12i1.5759

Dika Ria Utami, Wulan Rezky Amalya
  • Dika Ria Utami: Universitas Teknokrat Indonesia
  • Wulan Rezky Amalya: Universitas Teknokrat Indonesia
Front Cover JEMSI Volume 12 Nomor 1 Februari 2026
Article Metrics
Share:

Abstract

This study aims to test and analyze the effect of Debt to Equity Ratio (DER) and Return on Equity (ROE) on the Value of Mining Sector Companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The population in this study were 29 mining sector companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The sample used in this study was a purposive sampling method totaling 33 companies after being multiplied by 3 years of research. The data analysis method in this study was panel data regression analysis with the help of Eviews Software version 10. Based on the results of this study, it shows that partially Debt to Equity Ratio (DER) has a negative and significant effect on the Value of Mining Sector Companies listed on the Indonesia Stock Exchange for the 2019-2021 period. Return on Equity (ROE) partially has a positive and significant effect on the Value of Mining Sector Companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The results of the study also show that simultaneously the Debt to Equity Ratio (DER) and Return on Equity (ROE) have a significant effect on the Company Value of the mining sector listed on the Indonesia Stock Exchange for the 2019-2021 period.

Keywords

Debt to Equity Ratio (DER); Return on Equity (ROE); and Company Value

Peer Review Process

This article has undergone a double-blind peer review process to ensure quality and impartiality.

Indexing Information

Discover where this journal is indexed at our indexing page.

Open Science Badges

This journal supports transparency in research and encourages authors to meet criteria for Open Science Badges.

How to Cite

Utami, D. R., & Amalya, W. R. (2026). Pengaruh Debt to Equity Ratio (DER) dan Return on Equity (ROE) Terhadap Nilai Perusahaan Sektor Pertambangan Yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 12(1), 412-428. https://doi.org/10.35870/jemsi.v12i1.5759
Article Information

This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 12 No. 1 (2026)

  • Section: Articles

  • Published: 2026-02-01

AI Research Hub

This article is indexed and available through various AI-powered research tools and citation platforms. Our AI Research Hub ensures that scholarly work is discoverable, accessible, and easily integrated into the global research ecosystem.

Semantic Scholar Scite Dimensions Connected Papers
Scholarly Connection Platforms
Dimensions Dimensions Connected Papers Connected Papers Scite Scite Google Scholar Google Scholar Semantic Scholar Semantic Scholar Garuda Garuda Scilit Scilit Crossref Crossref BASE BASE Zenodo Zenodo Unpaywall Unpaywall OpenCitations OpenCitations
Author Biographies
Dika Ria Utami, Universitas Teknokrat Indonesia
Google Scholar ResearchGate ORCID

Fakultas Ekonomi dan Bisnis, Universitas Teknokrat Indonesia, Jl. ZA. Pagar Alam No. 9-11, Kota Bandar Lampung, Lampung, Indonesia.

Wulan Rezky Amalya, Universitas Teknokrat Indonesia
Google Scholar ResearchGate ORCID

Fakultas Ekonomi dan Bisnis, Universitas Teknokrat Indonesia, Jl. ZA. Pagar Alam No. 9-11, Kota Bandar Lampung, Lampung, Indonesia.

References
  • Andriani, D. (2022). Pengaruh struktur modal, profitabilitas, dan ukuran perusahaan terhadap nilai perusahaan manufaktur tahun 2018-2020. Jurnal Ilmu Dan Riset Akuntansi, 11(5), 77–89.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Anggraini, A., & Yudiantoro, D. (2023). Pengaruh return on assets (ROA), return on equity (ROE), net profit margin (NPM), dan debt to equity ratio (DER) terhadap nilai perusahaan (PBV) pada perusahaan sektor industri tekstil dan garmen yang terdaftar di Bursa Efek Indonesia periode 2018-2021. Economics and Digital Business Review, 4(2), 189-201.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Anjani, F., & Oktrima, B. (2024). Pengaruh debt to equity ratio (DER) dan return on equity (ROE) terhadap nilai perusahaan (PBV) pada PT Alam Sutera Realty Tbk periode 2013-2023. Journal of Research and Publication Innovation, 2(4), 1061-1071.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Azizah, O. N. (2022). Pengaruh return on asset, current ratio, dan debt to equity ratio terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Manajemen, 11(2), 16–20.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Dewi, F. M., & Sembiring, F. M. (2022). Pengaruh debt to equity ratio, return on assets, return on equity, dan ukuran perusahaan terhadap nilai perusahaan pada sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Portofolio: Jurnal Ekonomi, Bisnis, Manajemen, dan Akuntansi, 19(1), 1-19.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Dzulhijar, W., Pratiwi, L. N., & Laksana, B. (2021). Pengaruh CR, DER, dan ROA terhadap nilai perusahaan pada PT Jasa Marga Tbk tahun 2010-2019. Indonesian Journal of Economics and Management, 1(2), 401–409.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Efiyah, E., & Awaludin, M. (2024). Pengaruh return on equity (ROE), debt to equity ratio (DER), ukuran perusahaan, dan pertumbuhan perusahaan terhadap nilai perusahaan pada perusahaan manufaktur sektor kosmetik terdaftar di Bursa Efek Indonesia tahun 2016-2021. Jurnal Mitra Manajemen, 15(1), 25-36.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Febbilia, F., Mahirun, M., & Meliza, M. (2024). Pengaruh return on assets (ROA), return on equity (ROE) dan debt to equity ratio (DER) terhadap nilai perusahaan sub sektor food and beverage (F&B) periode 2019-2023. INOBIS: Jurnal Inovasi Bisnis dan Manajemen Indonesia, 7(4), 490-499.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Firdaus, I., & Prastika Rohdiyarti, M. (2021). Pengaruh harga saham, debt to equity ratio, return on assets, dan sales growth terhadap price book value (studi pada sektor pertanian yang tercatat di Bursa Efek Indonesia periode 2013-2018). Jurnal Ekonomi Manajemen Sistem Informasi, 3(1), 35–51.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Indrarini, S. (2019). Nilai perusahaan melalui kualitas laba (Good Corporate & Kebijakan Perusahaan). Scopindo Media Pustaka, Surabaya.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Jufrizen, J., & Al Fatin, I. N. (2020). Pengaruh debt to equity ratio, return on equity, return on assets dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan farmasi. Jurnal Humaniora: Jurnal Ilmu Sosial, Ekonomi Dan Hukum, 4(1), 183–195.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Karenina Sinaga, V., Sari, S. I., Halim, E., & Sisilia, M. (2021). Pengaruh profitabilitas (ROA), likuiditas (CR), dan solvabilitas (DER) terhadap nilai perusahaan yang terdaftar di Bursa Efek Indonesia. Jurnal Paradigma Ekonomika, 16(4), 799-808.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Kurniasari, E. (2020). Pengaruh current ratio, debt to equity ratio, dan total asset turnover terhadap nilai perusahaan. Jurnal Ekonomi, Sosial & Humaniora, 2(05), 86-95.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Listyawati, I., & Kristiana, I. (2021). Pengaruh return on equity, current ratio, size company dan debt to equity ratio terhadap nilai perusahaan. MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang, 10(2), 47-57.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Maharani, A. J., Roswaty, R., & Purnamasari, E. D. (2021). Pengaruh return on asset dan debt to equity ratio terhadap nilai perusahaan subsektor makanan dan minuman di Bursa Efek Indonesia. Jurnal Bisnis, Manajemen, Dan Ekonomi, 2(1), 29-43.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Mahayati, F., Fatonah, S., & Meilisa, R. (2021). Pengaruh return on equity (ROE) dan debt to equity ratio (DER) terhadap nilai perusahaan (PBV) pada perusahaan manufaktur sub sektor logam dan sejenisnya yang terdaftar di BEI. Jurnal Valuasi: Jurnal Ilmiah Ilmu Manajemen Dan Kewirausahaan, 1(1), 258-267.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Pratiwi, S. O. (2023). Pengaruh debt to equity ratio (DER) dan debt to asset ratio (DAR) terhadap nilai perusahaan yang terdaftar di BEI (studi kasus pada PT Bukit Asam TBK). Jurnal Enterpreneur dan Bisnis (JEBI), 2(2).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Purba, I. R., & Mahendra, A. (2022). Pengaruh working capital turnover (WCT), current ratio (CR), debt to equity ratio (DER), dan return on asset (ROA) terhadap nilai perusahaan pada perusahaan properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2017 2020. Jurnal Riset Akuntansi & Keuangan, 8(1), 61–76.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Purnomo, A. K., Sari, U. K., & Nuralizah, A. (2024). Pengaruh return on asset (ROA) dan debt to equity ratio (DER) terhadap price to book value (PBV) pada perusahaan sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2022. Owner: Riset dan Jurnal Akuntansi, 8(2), 1759-1767.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Putra, P., & Sari, E. P. (2023). Pengaruh ROA, CR, dan DER terhadap PBV pada sektor manufaktur sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2018-2020. Manajemen Kreatif Jurnal, 1(4), 189-202.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Putri, R. A., & Utiyati, S. (2020). Pengaruh debt to equity ratio, current ratio, dan return on equity terhadap nilai perusahaan. Jurnal Ilmu dan Riset Manajemen (JIRM), 9(2).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Rahayu, A. L. P., & Muadz, M. (2023). Pengaruh current ratio, debt to equity ratio, return on equity, ukuran perusahaan dan kepemilikan institusional terhadap nilai perusahaan sub sektor makanan dan minuman di Bursa Efek Indonesia. Innovative: Journal Of Social Science Research, 3(5), 4973-4987.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Rahmawati, S. A. (2021). Pengaruh debt to equity ratio dan net profit margin terhadap price to book value pada perusahaan sub sektor tourism, restaurant, dan hotel yang terdaftar di BEI periode 2015-2019. JIMEN Jurnal Inovatif Mahasiswa Manajemen, 1(3), 279–289.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Rini, R. S., Sudarmawanti, E., & Barkowa, M. K. (2023). Pengaruh current ratio (CR), debt to equity ratio (DER), dan return on equity (ROE) terhadap nilai perusahaan. Journal of Accounting and Finance, 2(1).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Salwansa, F. R., & Suhono, S. (2022). Pengaruh return on asset (ROA) dan debt to equity ratio (DER) terhadap price to book value (PBV). Jurnal Mirai Management, 7(3), 651-661.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sari, A. N., & Widyawati, D. (2021). Pengaruh profitabilitas, leverage, kebijakan deviden dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 10(3), 1-19.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sari, E. P., & Santoso, F. (2024). Pengaruh return on asset dan debt to equity ratio terhadap nilai perusahaan pada perusahaan sub sektor property dan real estate yang terdaftar di Bursa Efek Indonesia tahun 2020-2022. In Seminar Nasional Pariwisata dan Kewirausahaan (SNPK) (Vol. 3, pp. 542-550).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Savira, M., & Ferdian, R. (2024). Pengaruh current ratio, debt to equity ratio dan return on equity terhadap nilai perusahaan. JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, Dan Akuntansi, 1(4), 274-285.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Siahaan, D. B., & Herijawati, E. (2023). Pengaruh current ratio, debt to equity ratio, dan return on equity terhadap nilai perusahaan (studi pada perusahaan food and beverage yang terdaftar di BEI periode tahun 2016-2020). Innovative: Journal Of Social Science Research, 3(4), 1742-1751.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif dan R&D. CV. Alfabeta.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sukmayanti, C. P., & Sembiring, F. M. (2022). Pengaruh current ratio dan debt to equity ratio terhadap price to book value dengan return on assets sebagai variabel intervening (studi pada perusahaan non keuangan kelompok indeks LQ45 di Indonesia). INOBIS: Jurnal Inovasi Bisnis Dan Manajemen, 5(2), 202–215. https://doi.org/10.31842/jurnalinobis.v5i2.224.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Yulfitri, R., Sutarjo, A., & Putri, S. Y. A. (2021). Pengaruh debt to equity ratio (DER), earning per share (EPS), dan return on asset (ROA) terhadap nilai perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode tahun 2013-2017. Pareso Jurnal, 3(4), 891–902.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
License & Copyright
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish with this journal agree to the following terms:

1. Copyright Retention and Open Access License

Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).

This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

2. Rights Granted Under CC BY 4.0

Under this license, readers are free to:

  • Share — copy and redistribute the material in any medium or format
  • Adapt — remix, transform, and build upon the material for any purpose, including commercial use
  • No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed

3. Attribution Requirements

All uses must include:

  • Proper citation of the original work
  • Link to the Creative Commons license
  • Indication if changes were made to the original work
  • No suggestion that the licensor endorses the user or their use

4. Additional Distribution Rights

Authors may:

  • Deposit the published version in institutional repositories
  • Share through academic social networks
  • Include in books, monographs, or other publications
  • Post on personal or institutional websites

Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.

5. Self-Archiving and Pre-Print Sharing

Authors are encouraged to:

  • Share pre-prints and post-prints online
  • Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
  • Engage in scholarly communication throughout the publication process

6. Open Access Commitment

This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.

Downloads