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All Journal Jurnal Akuntansi
Alysia Himawan
Department of Accounting, Faculty of Economic and Business, Universitas Tarumanagara, Jakarta
Economics, Econometrics & Finance

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Financial Decision-Making Determinants of Firm Value in Non-Cyclical Consumer Goods Companies Yenita; Alysia Himawan
Jurnal Akuntansi Vol. 30 No. 2 (2026): May-August 2026
Publisher : Fakultas Ekonomi dan Bisnis Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ja.v30i2.3874

Abstract

This study examines the effects of firm size, leverage, foreign ownership, and growth on firm value, measured by Price-to-Book Value (PBV), among Indonesian consumer non-cyclical companies during 2022 to 2024. Using a quantitative approach, data were selected through purposive sampling and analyzed using descriptive statistical techniques. The results indicate that firm size and asset growth significantly influence firm value, whereas leverage, measured by the Debt-to-Equity Ratio (DER), and foreign ownership have no significant effect. These findings suggest that company scale and growth performance are more important determinants of firm value than capital structure and ownership composition in the consumer non-cyclical sector. This study provides updated empirical evidence on the determinants of firm value in Indonesian consumer non-cyclical firms and offers practical insights for investors, corporate managers, policymakers, and other stakeholders in evaluating financial performance, improving investment decisions, and supporting effective strategic decision-making in emerging capital markets.
Co-Authors Yenita