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All Journal Journal Of Economic Cluster
Dani Lismanto
Universitas Panca Sakti Bekasi
Economics, Econometrics & Finance

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Capital Structure, Growth Opportunity, and Firm Value: Dynamic Insights from the Indonesian Food and Beverage Industry Dani Lismanto
Journal Of Economic Cluster Vol. 3 No. 1 (2026): JoEC: Journal of Economic Cluster
Publisher : CV. Era Digital Nusantara

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Abstract

This study examines how capital structure and growth opportunities affected the firm value of Food and Beverage (F&B) companies on the Indonesia Stock Exchange during the volatile 2019–2023 period. While the COVID-19 pandemic disrupted consumer markets, the strategic balance between debt financing and growth potential in maintaining market confidence remains underexplored. Using a causal quantitative approach with purposive sampling, this study analyzed 25 firm-year observations from 5 consistently active companies using Multiple Linear Regression. The empirical results indicate that capital structure has a positive and significant effect on firm value, whereas growth opportunities do not have a significant effect on firm value. Simultaneously, both variables explain 34.6% of the variance in firm value. These findings imply that during economic crises, investors prioritize robust corporate financing strategies over long-term expansion projects. Consequently, F&B managers should focus on optimizing debt-to-equity ratios rather than aggressive scaling to maintain market confidence and protect investor returns during volatile periods.
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