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All Journal Journal of Economic, Bussines and Accounting (COSTING)
Simanjuntak, Citra Tionar
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Economics, Econometrics & Finance

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THE EFFECT OF FREE CASH FLOW, INVESTMENT OPPORTUNITY SET, AND SALES GROWTH ON COMPANY VALUE IN THE NON-CYCLICAL CONSUMER SECTOR ON THE INDONESIA STOCK EXCHANGE Simanjuntak, Citra Tionar; Surianti, Meily; Listya, Khanti; Hasibuan, Raya Puspita Sari
Journal of Economic, Bussines and Accounting (COSTING) Vol. 8 No. 6 (2025): COSTING : Journal of Economic, Bussines and Accounting
Publisher : Institut Penelitian Matematika, Komputer, Keperawatan, Pendidikan dan Ekonomi (IPM2KPE)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31539/6hsjfg72

Abstract

This research seeks to empirically examine the effects of free cash flow, investment opportunity set, and sales growth on company value within the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX). Employing a purposive sampling method, the study analyzes a sample of 75 companies over five years (2019–2023), yielding a total of 375 observations. Data were collected through documentation, specifically from annual reports and audited financial statements of the selected companies, accessible via the official IDX website and the respective companies’ websites. The dataset was analyzed using panel data regression techniques implemented in EViews version 13. Findings reveal that free cash flow (FCF) does not have a statistically significant effect on company value, whereas the investment opportunity set (IOS) positively influences company value. Conversely, sales growth is found to harm company value
Co-Authors Hasibuan, Raya Puspita Sari Khanti Listya Surianti, Meily