Pengaruh Struktur Modal, Likuiditas, dan Profitabilitas terhadap Nilai Perusahaan Sub-Sektor Makanan dan Minuman di Bursa Efek Indonesia: Analisis Pasca-COVID-19 (2020–2024)

Mochamad Adnan Julian; Bambang Widjanarko Susilo

doi:10.61132/moneter.v4i4.2720

Authors

Mochamad Adnan Julian Sekolah Tinggi Ilmu Ekonomi STEKOM Kartasura
Bambang Widjanarko Susilo Sekolah Tinggi Ilmu Ekonomi STEKOM Kartasura

DOI:

https://doi.org/10.61132/moneter.v4i4.2720

Keywords:

Capital Structure, Firm Value, Food and Beverage, Liquidity, Profitability

Abstract

The purpose of this study is to examine how capital structure, liquidity, and profitability affect the firm value of companies in the food and beverage subsector that are listed on the Indonesia Stock Exchange between 2020 and 2024. The phenomenon of diminishing company value in the food and beverage sub-sector—despite being regarded as a defensive sector—as well as the inconsistent results of earlier research provide the context for this study. This study uses a causal-associative design and a quantitative methodology. Purposive sampling was used to choose the sample, which is made up of manufacturing enterprises in the food and beverage subsector that are listed on the Indonesia Stock Exchange. The Chow, Hausman, and Lagrange Multiplier tests were used to identify the Common Effect Model, Fixed Effect Model, and Random Effect Model for panel data regression analysis. The results show that while liquidity has a negative and negligible impact on business value, capital structure and profitability have a positive and large impact. Profitability, liquidity, and capital structure all have a big impact on company value at the same time. These results suggest that investors should take these financial indicators into account when making investment decisions, and management should improve capital structure and profitability to increase business value. By offering actual data on the factors influencing company value in the post-pandemic setting, this study adds to the body of literature.

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