Dinamika Nilai Perusahaan pada Sektor Consumer Non-Cyclicals di Bursa Efek Indonesia Periode 2021–2025

Abstract

This study was conducted to analyze the dynamics of firm value in the Consumer Non-Cyclicals sector during the 2021–2025 period using a descriptive quantitative approach. The study utilizes the Price-to-Book Value (PBV) ratio as a proxy to descriptively examine annual PBV figures, directional changes in PBV over time, and shifts between PBV categories. The findings indicate that firm value dynamics were not uniform across all companies. The analysis reveals that the median PBV declined from 1.74 in 2021 to 1.27 in 2024, before rising again to 1.56 in 2025. During the 2021–2025 period, 57 companies experienced a decrease in PBV, while 29 companies saw an increase. Additionally, 36 companies shifted PBV categories, whereas 50 companies remained in the same category. This study has certain limitations, particularly regarding its descriptive design, the use of absolute PBV changes, and the categorization thresholds determined by the researcher. Future research could examine the factors associated with PBV dynamics using panel data.