DEBT POLICY, FIRM SIZE, DAN SALES GROWTH SEBAGAI DETERMINAN FIRM VALUE

Abstract

This study aimed to explore and empirically demonstrate the impacts of debt policy, firm size, and sales growth related to firm value through empirical data. The focus of this study was on companies in the Consumer Non-Cyclicals sector officially presented on the Indonesia Stock Exchange (IDX) from 2020 to 2024. The approach employed in this study was quantitative, with data collection relying on documentation techniques, literature studies, and indirect observation. Using a purposive sampling method tailored to specified characteristics, the researchers successfully collected 185 observational data sets from 37 companies. Data analysis was then completed using panel data regression along with Microsoft Excel software and the E-views 12 statistical data processing program, which included a series of statistical-descriptive tests, classical assumption tests, and hypothesis tests. The results demonstrate that, when viewed partially, the debt policy and sales growth variables are proven to act as determinants of firm value, while the firm size variable does not present a role as a determinant of firm value. However, if analyzed simultaneously, the components of debt policy, firm size, and sales growth are proven to be determining factors for company value.

Keywords: Debt Policy, Firm Size, Sales Growth, Firm Value