PROFITABILITAS, LIKUIDITAS, LEVERAGE, DAN NILAI PERUSAHAAN FOOD AND BEVERAGE 2020-2024

Abstract

This study examines the association of profitability, liquidity, and leverage with firm value among food and beverage issuers listed on the Indonesia Stock Exchange over 2020-2024. From an initial frame of 26 candidates, 15 issuers whose ratio components were fully traced to audited statements form a balanced panel of 75 firm-year observations. Firm value is measured by price-to-book value; profitability, liquidity, and leverage are proxied by return on assets, the current ratio, and the debt-to-equity ratio. Model selection uses Chow, Breusch-Pagan LM, Hausman, and Mundlak correlated-random-effects tests. The random-effects estimator is reported with issuer-clustered CR1 standard errors and exact-enumeration wild cluster bootstrap inference, since only 15 clusters are available. Return on assets is positively and significantly associated with price-to-book value (coefficient 13.6497; bootstrap p = 0.0042); the current ratio and the debt-to-equity ratio are not significant, and the joint test is insignificant (p = 0.1225). The sign and significance of profitability survive twenty-one alternative specifications, although its magnitude falls to roughly nine when outliers are handled. The evidence is associative and is not interpreted causally.