Pengaruh Ukuran Perusahaan, Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Nilai Perusahaan pada Perusahaan Makanan dan Minuman yang Tercatat di Bursa Efek Indonesia Periode 2021 - 2025

Abstract

Firm value represents the market’s assessment of a company’s fundamental quality, profit-generating capacity, and long-term economic prospects. This study aims to examine the role of internal characteristics and financial decisions in determining firm value among food and beverage companies listed on the Indonesia Stock Exchange. This study employs a quantitative approach with a causal explanatory design, using financial statements and annual reports as the primary sources of secondary data. The sample was selected using a purposive sampling technique based on specific criteria relevant to the research objectives. Firm value is proxied by Price to Book Value, while firm size, profitability, leverage, and dividend policy are represented by relevant financial indicators. Empirical testing was conducted using multiple linear regression preceded by classical assumption tests and model adequacy assessments. The findings indicate that firm size does not have a significant effect on firm value, suggesting that a larger asset base does not necessarily lead to greater market appreciation. Leverage also does not exert a statistically significant influence on firm value, although the relationship is positive. In contrast, profitability has a positive and significant effect on firm value, indicating that the ability to utilize assets efficiently to generate earnings is positively perceived by investors. Dividend policy likewise has a positive and significant effect, implying that profit distribution decisions constitute economically relevant information in shaping investor perceptions. Simultaneously, the examined corporate characteristics and financial policies are associated with firm value. These findings suggest that value creation in the food and beverage industry is more strongly associated with the quality of economic performance and the credibility of financial decisions than with asset expansion alone.