Determinants Of Firm Value: Assessing The Roles Of Capital Structure, Liquidity, And Firm Size
DOI:
https://doi.org/10.22437/proca.v2i3.59972Keywords:
Capital Structure, Liquidity, Firm Size, Firm ValueAbstract
The food and beverage sector is one of the key contributors to the Indonesian economy and has maintained relatively stable performance despite global economic uncertainty. However, rising production costs, inflationary pressures, and changing consumer demand during the 2021–2024 period may have affected firm value. This study aims to examine the effects of capital structure, liquidity, and firm size on firm value in food and beverage companies listed on the Indonesia Stock Exchange. A quantitative research design was employed using secondary data obtained from the annual reports and financial statements of companies during the 2021–2024 period. The sample consisted of 136 firm-year observations selected through purposive sampling, and the data were analyzed using panel data regression with EViews 12. The results indicate that capital structure, measured by the Debt to Asset Ratio (DAR), has a positive and significant effect on firm value, while liquidity, measured by the Cash Ratio, has a positive but insignificant effect, and firm size, measured by Ln Sales, has a negative but insignificant effect on firm value, measured by the Price Earnings Ratio (PER). Simultaneously, capital structure, liquidity, and firm size significantly influence firm value. These findings provide updated empirical evidence regarding the determinants of firm value in Indonesia's food and beverage sector and offer practical implications for managers and investors in making financing, liquidity management, and investment decisions.
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