<![CDATA[This study aims to examine the effect of financial performance, sales growth, and leverage on firm value in the primary consumer goods sector listed on the Indonesia Stock Exchange (IDX), as well as to assess whether there is a difference in these effects before and after the Value Added Tax (VAT) rate increase implemented in 2022. Financial performance is proxied by Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM), sales growth is measured through annual revenue changes, leverage is represented by the Debt to Equity Ratio (DER), and firm value is measured using Price to Book Value (PBV). This research employs a quantitative approach using secondary panel data from 46 publicly listed companies in the primary consumer goods sector during the period 2020–2023. The analytical methods include multiple linear regression, simultaneous testing, and difference testing. The findings indicate that, partially, financial performance indicators (ROA, ROE, and NPM) and sales growth do not have a statistically significant effect on firm value, while leverage (DER) has a significant negative effect. Simultaneously, financial performance, sales growth, and leverage jointly exert a significant influence on firm value. Furthermore, the difference test results reveal no significant variation in the influence of these internal fundamental variables on firm value between the periods before and after the 2022 VAT increase.]]>
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