<![CDATA[This study examines whether profitability, sales growth, dividend policy, and inflation are associated with firm value among companies listed on the Indonesia Stock Exchange (IDX) during 2020–2025. The quantitative study uses secondary annual-report and inflation data and purposive sampling. The final sample comprises 23 firms and 138 firm-year observations. Firm value is measured by Price-to-Book Value (PBV), profitability by Return on Assets (ROA), sales growth by the annual change in sales, dividend policy by the Dividend Payout Ratio (DPR), and inflation by the annual consumer-price inflation rate. A firm fixed-effects panel model is selected based on the Chow and Hausman tests. The source-reported estimates indicate a positive association between ROA and firm value (β=1.602129; p=.0429) and a negative association for sales growth (β=−0.415561; p=.0158); DPR (p=.7551) and inflation (p=.2760) are not statistically significant under the reported conventional standard errors. A supplementary Pesaran cross-sectional-dependence check reconstructed from the thesis appendix rejects cross-sectional independence (CD≈18.60; p<.001). Accordingly, the original significance tests are provisional and should be confirmed using dependence-robust inference and the exact unrounded data. The paper’s contribution is contextual and empirical: it combines firm-level and macroeconomic predictors in a recent sector-specific panel and makes the diagnostic limitation explicit.]]>
Copyrights © 2026
