Pengaruh Kebijakan Hutang dan Ukuran Perusahaan Terhadap Nilai Perusahaan: (Studi pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2024)

May Artha Pakpahan (Universitas HKBP Nommensen Medan)
Vebry M. Lumban Gaol (Universitas HKBP Nommensen Medan)
Rimbun C.D. Sidabutar (Universitas HKBP Nommensen Medan)

Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-commerce
Vol. 5 No. 1 (2026): Maret : Digital Bisnis: Jurnal Publikasi Ilmu Manajemen dan E-Commerce

This study aims to analyze the effect of debt policy and firm size on firm value in food and beverage companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Debt policy is measured using the Debt to Equity Ratio (DER), firm size is measured by the natural logarithm of total assets (Ln Total Assets), while firm value is measured using the Price to Book Value (PBV). This research employs a quantitative approach using multiple linear regression analysis. The population consists of all food and beverage companies listed on the Indonesia Stock Exchange. The sample was selected using a purposive sampling technique, resulting in 19 companies with a total of 76 observations during the study period. The data used are secondary data obtained from the companies’ annual financial statements. The findings indicate that debt policy has no significant effect on firm value. Likewise, firm size does not significantly affect firm value. Simultaneously, debt policy and firm size also have no significant effect on firm value. These findings suggest that firm value is more strongly influenced by other factors, such as profitability, company growth, operational efficiency, industry conditions, and investor perceptions in evaluating a company’s future prospects.