THE EFFECT OF RETURN ON ASSET, CURRENT RATIO, DEBT TO ASSET RATIO TO THE VALUE OF PROPERTY, REAL ESTATE AND BUILDING CONSTRUCTION SECTORS COMPANIES LISTED ON IDX BEFORE AND DURING THE COVID-19 PANDEMIC

The objective of this study is to determine the effect of return on assets, current ratio, debt to asset ratio to the value of property, real estate and building construction sectors companies listed on the Indonesia Stock Exchange (IDX) during 2019-2020. The selection of these research samples was based on the purposive sampling method resulting 16 companies. The methods used in this study were a descriptive quantitative method and a verification method. The data analysis technique used was a Dual Linear Regression Test Model by using the SPSS software application. The results of the study show that in the period before and during Covid 19, the variable of return on assets had a significant effect to the value of the company, the variable of current ratio had a significant effect to the value of the company (PBV) and the debt to assets ratio had a significant effect on value of the company (PBV)


INTRODUCTION
The COVID-19 pandemic creates a significant impact on life from various art, for example from the art of economic, social, political, cultural, educational, etc. Furthermore, the significant effect also occurs on companies of the property, real estate and building construction sectors. Therefore, in order to find the existing impact to said companies, it should be seen from a value of the company. When a value of the company is high, a share price of the company will be also high, thereby it can attract investors to invest because the market will believe in current and future prospects of the company. Data of the value of property, real estate and building construction sectors companies are as follows:

Financial Management
Financial management is a combination of science and art that discusses, examines and analyze how a financial manager uses all resources of the company to raise, manage, and distribute funds in order to provide earning or profit and prosperity for shareholders and business sustainability of the company (Fahmi, 2018:2). Financial management is all activities related to the acquisition, funding, and asset management with a comprehensive objective (Kasmir 2010:5).
Financial management is a science that broadly explores two scopes of activities, performed by the owner of the company, comprising: (i) obtaining the cheapest capital funds, this function includes various activities to find, analyze, and decide which sources of capital funds will be selected and taken as well as the amount; (ii) using it as profitable investments for the company, for example, for effective, efficient and productive investment, as a part of efforts of the company to earn profit (Wiyono & Kusuma, 2017:1).
Based on the description above, it can be concluded that financial management is a combination of science and art by means of planning, organizing, performing and controlling all activities in the company related to the way of the company to obtain funds to fund management according to the expected objects.

The Value of The Company
According measures the ability to earn profits by using available resources of the company, such as assets, capital, or company sales (Sudana, 2011, 22). From some existing opinions, it can be concluded that the profitability ratio is a ratio used to measure the ability of the company to earn profits by using resources of the company. The size of probability can be measured by the following means:

Liquidity
Liquidity reflects the ability of the company to fulfill the short-term obligation by using readily assets to be converted to cash. This ratio compares the available short-term liability (or lamcar) in order to A company having high leverage ratios (have large debts) affect the emergence of higher financial risks, but also have great opportunity to earn high profits. On the other hand, the company with a low leverage ratio has lower financial risk, but it is also possible to have a small opportunity to earn more profit. According to Sudana M. (2011, 20) the leverage ratio can be measured using following ways:

RESEARCH METHODS
The

RESULTS & DISCUSSION
Based on the results of data processing using a SPSS program, it was obtained the calculation results were as follows:

Normality Test
A normality test was performed to test whether a confounder or residuals variable regression model had a normal distribution in the regression. The normality test of this study was using Kolmogorov Smirnov table with sig. value > 0.05 indicating that data distributed normally.

Table 2. Kolmogorov Smirnov Value-Normality Test
Based on a normality assumption test by using Kolmogorov Smirnov was resulted in the probability value of a statistic test in 2019 and 2020 resulting in the same sig value of 0.200 where said value has fulfilled one of the Kolmogorov Smirnov test requirements, which was sig > 0.05 which means that data in the model was declared normally distributed. Thus, the normality test was fulfilled.

Multicollinearity Test
A multicollinearity test was needed to determine whether there were any independent variables that had similarities between independent variables. Highly correlation would occur when there was a similarity between independent variables. On the linear regression analysis, it did not allow the existence of a correlation between independent variables. The multicollinearity test was performed by Variance Inflation Factor (VIF) test, if a tolerance value < 0.10 and VIF > 10 then multicollinearity was occurred, however when the tolerance value > 0.10 and VIF < 10 then there was no multicollinearity.
Multicollinearity test results in this study were as follows.

Heteroscedasticity test
A heteroscedasticity test was performed to determine that there was inequality variants in a regression model. A mean to predict the presence or absence of heteroscedasticity in a model could be seen by a Scatterplot image pattern, regression that would not occur the heteroscedasticity if data spread above and below or around the 0, data points had not to form a wavy pattern that became widen then became narrow and widen again, the spread of data points was not patterned. Results of heteroscedasticity test in this study were as follows.

Figure 2. Scatterplot -Heteroscedasticity Test 2020
A heteroscedasticity assumption by using the Scatterplot showed that both in 2019 and 2020 data points spread above and below 0 and the data spread did not form a certain pattern. it means data was stated to have a homogeneous variance or additionally heteroscedasticity did not occurred. Thus, the heteroscedasticity test was fulfilled.

Auto Correlation Test
An auto correlation test was performed to determine whether there was a correlation between confounding variables in a certain period with previous variables. Auto correlation detection was performed by using a Durbin Watson value with the following requirements: 1. D -W below -2 means that there is a positive auto correlation 2. D -W between -2 and +2 means that there is no auto correlation 3. D -W above +2 means that there is a negative auto correlation Results of auto correlation test of this study were as follows.

Table 5. Model Summary 2019
In 2019 Durbin Watson was worth 1,500, it means that the value has fulfilled the requirement, which there was no auto correlation because the value obtained was greater than -2 and less than +2.
Thus, the auto-correlation test was fulfilled.   Ratio variable had a significant effect on the value of the company (PBV).

Coefficient of Determination
Based on results of tables 5 and 6 above, it was found that the determination coefficient value in 2019 was 0.976 or 97.6% and in 2020 was 0.949 or 94.9%. This means that all independent variables used in this study had an effect on the dependent variable of 97.6% (in 2019) and 94.9% (in 2020) and the rest was affected by other variables outside the regression model.

CONCLUSION
Based on the discussion above, and based on hypothesis test results by SPSS, the conclusion are as follows: 1. Return on Assets had a negative and significant effect on the value of property, real estate and building construction sectors companies listed in BEI both before and during the Covid 19 pandemic. A higher profitability value does not guarantee an increase value of the company.
2. Current Ratio had a positive and significant effect on the value of the property, real estate and building construction sectors companies listed on the IDXB both before and during the Covid 19 pandemic. A higher the liquidity value will increase the value of the company.
3. Debt To Assets Ratio had a significant and positive effect on the value of property, real estate and building construction sectors companies listed in BEI both before and during the Covid 19 pandemic. A higher the leverage value will increase the value of the company.