Pengaruh Leverage, Arus Kas Bebas, dan Efisiensi Operasional terhadap Nilai Perusahaan Makanan dan Minuman

Muhammad Ihsan; Gatot Nazir Ahmad; Andy Andy

doi:10.61132/lokawati.v3i5.2013

Authors

Muhammad Ihsan Universitas Negeri Jakarta, Fakultas Ekonomi dan Bisnis
Gatot Nazir Ahmad Universitas Negeri Jakarta
Andy Andy Universitas Negeri Jakarta

DOI:

https://doi.org/10.61132/lokawati.v3i5.2013

Keywords:

company value, leverage, free cash flow, inventory turnover, receivables turnover, signal theory

Abstract

This study aims to analyze the influence of leverage (DER), free cash flow (FCF), and operational efficiency using inventory turnover (ITO), and receivables turnover (RTO) on company value, with company size as a control variable, in food and beverage sector companies listed on the Indonesia Stock Exchange for the 2018–2023 period. The method used is panel data regression with the Fixed Effect Model approach. The results of the study show that leverage has a significant negative effect, and inventory turnover has a significant positive effect on the company's value. Meanwhile, FCF and RTO had no significant effect, while company size had a negative effect. Robustness checks with PBV as proxy for alternative values showed relatively consistent results. These findings support the signal theory, that operational efficiency and a well-managed financial structure can strengthen investors' perception of a company's value.

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