Jurnal Akademi Akuntansi (JAA)
Vol. 9 No. 2 (2026): Jurnal Akademi Akuntansi (JAA)

Determination of firm value: the role of investment decisions, financing, dividend policy, growth, and profitability

Upik Pridita Hudriawati (Faculty of Economics and Business, University of Muhammadiyah Purwokerto, Purwokerto, Indonesia)
Naelati Tubastuvi (Faculty of Economics and Business, University of Muhammadiyah Purwokerto, Purwokerto, Indonesia)
Erna Handayani (Faculty of Economics and Business, University of Muhammadiyah Purwokerto, Purwokerto, Indonesia)
Restu Frida Utami (Faculty of Economics and Business, University of Muhammadiyah Purwokerto, Purwokerto, Indonesia)



Article Info

Publish Date
29 May 2026

Abstract

Purpose: Analyze the influence of investment decisions, financing decisions, dividend policies, company growth, and profitability on firm value in the consumer non-cyclicals sector listed on the Indonesia Stock Exchange for the 2021–2024 period. Methodology/approach: This study employed a quantitative approach processed through STATA 17 with multiple linear regression analysis techniques. Sampling was conducted using a purposive sampling method, resulting in 33 companies as samples over four years with a total of 132 observations. Findings: The results of the analysis show that funding decisions and profitability have a positive and significant effect on the company's value. On the other hand, investment decisions, dividend policies, and company growth show no influence. Practical and Theoretical contribution/Originality: The novelty of this research lies in the selection of non-cyclical consumer companies that experienced a decline in stock prices in 2021–2024, differing from previous research that examined the manufacturing sector during the 2020–2022 period. Research Limitation Limited to non-cyclical consumer companies with an observation period of four years (2021-2024), the generalization is still limited.

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Journal Info

Abbrev

jaa

Publisher

Subject

Economics, Econometrics & Finance

Description

Jurnal Akademi Akuntansi (JAA) focuses on the research related on accounting and finance that are relevant for the development of the theory and practice of accounting in Indonesia and southeast asia. JAA covered various of research approach, namely: quantitative, qualitative and mixed method. JAA ...