Determinants of Firm Value: The Moderating Role of Dividend Policy in Food and Beverage Companies Listed on the Indonesia Stock Exchange

Abstract

Investor interest in a company's financial results has grown stronger in the business landscape after the pandemic, especially in the food and beverage company. This study not only examines listed on the Indonesia Stock Exchange from 2021-2024 but also explores how profitability, liquidity, and firm size of a impact firm value. To conduct a quantitative analysis of financial statement data from thirty selected companies, Moderating Regression Analysis (MRA) was employed, utilizing SPSS software. The findings indicate that although there is a strong negative relationship between profitability and firm value, liquidity has a positive impact on firm value. Firm size of the company did not seem to have a major effect on firm value. Also, the connection between making money, having enough cash, and firm size of the business was not improved by the way dividends were handled.These results suggest that investors are more likely to emphasize financial stability and operational sustainability rather than dividend distribution decisions when evaluating corporate value during incertain economic conditions. The study also reinforces signaling theory by illustrating that financial information may generate different investor responses in the post-pandemic period. Practically, the findings provide insight for company management in maintaining financial stability and improving corporate performance to enhance firm value.