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Abstract

This study aims to determine the influence of financial performance on the value of non-financial firms in ASEAN countries. In this study, financial performance is proxied by Return on Assets (ROA), the Working Capital to Total Asset, and the Debt Ratio, while firm value is proxied by the Market-to-Book Value (MBV). The data analysis technique employed is multiple linear regression. The study population consists of 223 firms, with a sample of 146 firms. The sampled firms are distributed as follows: 15 from Singapore, 11 from Indonesia, 17 from the Philippines, 33 from Thailand, and 70 from Malaysia. Data collection was conducted using purposive sampling. The results indicate that Return on Assets (ROA) significantly influences the Market-to-Book Value (MBV), as evidenced by a significance value of 0.002 (which is less than 0.05), suggesting a positive impact of ROA on MBV. The Working Capital to Total Assets (WCTA) ratio does not significantly influence the Market-to-Book Value (MBV), with a significance value of 0.757 (greater than 0.05). Similarly, the Debt Ratio does not show a significant influence on MBV, with a significance value of 0.911. The ANOVA significance value is 0.021, indicating that ROA, WCTA, and the Debt Ratio collectively influence the MBV. The R² value is 0.254, meaning that ROA, WCTA, and the Debt Ratio account for 25.4% of the variance in MBV, while the remaining 74.6% is influenced by other variables. This suggests that a firm's ability to meet its short-term obligations is not yet a significant factor influencing the market's assessment of the firm's value.

Keywords

ROA, Current Ratio, Debt Ratio, Market Book Value

How to Cite

Citation Format
Hanin, F., & Choirunnisak, C. (2026). Influence of ROA, Working Capital to Total Asset dan Debt Ratio to Market Book Value in ASEAN Countries. LANCAH: Jurnal Inovasi Dan Tren, 4(2), 1534-1545. https://doi.org/10.35870/ljit.v4i2.8764

References

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Author Biographies

Fadilla Hanin

Islamic Business Economics College (STEBIS) IGM, Indonesia

Choirunnisak Choirunnisak

Islamic Business Economics College (STEBIS) IGM, Indonesia

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Copyright (c) 2026 Fadilla Hanin, Choirunnisak Choirunnisak

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