PROFITABILITY, LIQUIDITY, AND CAPITAL STRUCTURE AS DETERMINANTS OF FIRM VALUE: EVIDENCE FROM INDONESIA’S FOOD AND BEVERAGE SUBSECTOR, 2023–2025
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This study examines the effects of profitability (return on assets, ROA), liquidity (current ratio, CR), and capital structure (debt to equity ratio, DER) on firm value (price to book value, PBV) among food and beverage (F&B) firms listed on the Indonesia Stock Exchange (IDX) during 2023–2025. Using a quantitative panel-data design and purposive sampling, the study analyzes 25 firms over three years (75 firm-year observations). Model-selection tests favor the random effects model. ROA has a positive and significant effect on PBV, consistent with signaling theory. DER has a negative and significant effect on PBV, consistent with the financial-distress side of trade-off theory, although the result is also compatible with pecking order theory. CR has no significant effect on PBV. Jointly, the three variables significantly affect PBV (F = 18.42; p < 0.001; adjusted R² = 0.415). The findings suggest that F&B managers should safeguard earnings quality and manage leverage prudently, and that investors should weigh profitability and leverage when valuing F&B stocks.
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