The Effect of ROA, DER, TATO, Firm Size, and Sales Growth on Firm Value in Manufacturing Companies in the Animal Feed Subsector Listed on the Indonesia Stock Exchange (BEI) for the Period 2021–2025
DOI:
https://doi.org/10.38035/snefr.v2i2.1146Kata Kunci:
Return On Asset, Debt to Equity Ratio, Total Asset Turn Over, Firm Size, Sales Growth, Price to Book ValueAbstrak
This study aims to determine the partial and simultaneous effects of ROA, DER, TATO, firm size and sales growth on enterprise value in manufacturing firms on the animal feed subsector listed on the Indonesia Stock Exchange in the period 2021-2025. The population of this study is all manufacturing companies in the animal feed subsector listed on the Indonesia Stock Exchange. The research sample was established by purposive sampling, based on preset criteria, which produced seven businesses that were eligible. Secondary data from annual financial accounts were analyzed using panel data regression. The Chow and Hausman tests were used to choose the Fixed Effects Model as the most appropriate estimate model. The hypothesis testing was supplemented by tests of classical assumptions using F-test, t-test, and R². The results demonstrate that DER has a significant and negative effect on firm value when tested partially, whereas sales growth has a significant and positive effect on PBV. ROA, TATO and firm size do not have a significant effect on firm worth. But all independent variables simultaneously influence the firm value. The findings of this study indicate that debt levels and sales growth rates are the primary factors investors consider when evaluating a company.
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