The Effect Of Profitability And Company Size On The Company's Stock Price Food And Beverage Listed On The Stock Exchange Indonesia 2021–2025
Keywords:
Profitability, Firm Size, Stock Price, ROA, ROE, Food and Beverage, IDX
Abstract
This study aims to analyze the effect of profitability and firm size on stock prices of Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) for the period 2021-2025. Profitability is measured using Return on Assets (ROA) and Return on Equity (ROE), while firm size is measured using the natural logarithm of total assets. This study uses a quantitative approach with panel data regression Fixed Effect Model. The sample consists of 25 companies selected through purposive sampling, resulting in 125 observations. The results show that ROA has a positive and significant effect, ROE has a positive but insignificant effect, and firm size has a positive and significant effect on stock prices. Simultaneously, all variables significantly affect stock prices with R2 of 68.7%.
References
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Anissa Dwi, A., & Priyadi Maswar, P. (2023). The Influence Of Profitability, Liquidity, Capital Structure, Dividend Policy, And Issuer Size On Company Value. Journal Of Accounting Science And Research, 12(4).
Aprilawati, N. P. I., & Ali, K. (2022). The Effect Of Profitability And Dividend Policy On The Value Of Manufacturing Companies (In Manufacturing Issuers Listed On The Idx). Journal Of Diversification Management, 2(1), 182–189.
Augustine, Y., & Dwianika, A. (2019). Earnings Management In Indonesia: Determinant Of Company Size, Structure Of Managerial Ownership And Profitability On Earnings Management With Asymmetry Information And Green Intellectual Capital As Moderating Variables. South East Asia Journal Of Contemporary Business, Economics And Law, 19(5), 176–188.
Aziz, M. S. N. H., & Widati, L. W. (2023). The Effect Of Leverage, Profitability, Issuer Growth, And Issuer Size On The Value Of Manufacturing Companies In The Consumer Goods Industry. Journal Of Information System, Applied, Management, Accounting, And Research, 7(1), 171–184. Https://Doi.Org/10.52362/Jisamar.V7i1.1031
Bhatia, R., & Tang, Y. (2019). Leverage, Profitability, And Financial Distress: Evidence From Indian Non-Financial Firms. Global Finance Journal, 41, 46–57. Https://Doi.Org/10.1016/J.Gfj.2018.09.001
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Chairunnisa, R. (2019). Liquidity, Activity, And Profitability On The Value Of Automotive Companies Listed On The Idx. Journal Of Economics, Management & Business, 20(2), 149–160.
Christiaan, P. (2022). The Effect Of Issuer Size And Leverage On Firm Value With Profitability As An Intervening Variable. 19(April), 37–50. Https://E-Jurnal.Nobel.Ac.Id/Index.Php/Akmen
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Hassan, A., Khan, M. A., & Ahmed, S. (2023). Sales Growth, Profitability, And Financial Distress: An Empirical Analysis Of Pakistani Firms. Journal Of Business And Economic Policy, 10(1), 1–15.
Hirdinis, M. (2019). Capital Structure And Firm Size On Firm Value Moderated By Profitability. International Journal Of Economics And Business Administration, 7(1), 174–191. Https://Doi.Org/10.35808/Ijeba/204
Iriyanti, D., Murni, S., & Untu, V. N. (2022). The Effect Of Capital Structure, Issuer Size, And Profitability On The Company Value Of The Automotive Industry On The Indonesia Stock Exchange For The 2016-2020 Period. Emba, 10(4), 583–593.
Jannah, N., Hadi, P. S., & Chaidir, M. (2025). The Effect Of Liquidity, Profitability, And Leverage On The Value Of Non-Cyclical Consumer Companies Listed On The Stock Exchange. Scientific Journal Of Management, Business Economics, And Entrepreneurship, 13(1), 80–96. Https://Doi.Org/10.30640/Ekonomika45.V13i1.4926
Johnston, W., Gordon, S. E., Wingfield, M., Halafihi, T., & Southgate, P. C. (2022). Influence Of Production Method On The Profitability Of Mabé Pearl Farming Using Traditional And Research-Informed Nucleus Implanting Practices With The Winged Pearl Oyster, Pteria Penguin. Aquaculture, 546, 737280. Https://Doi.Org/Https://Doi.Org/10.1016/J.Aquaculture.2021.737280
Kusumaningrum, D. P., & Iswara, U. S. (2022). The Effect Of Profitability, Leverage, And Issuer Size On Firm Value. Scientific Journal Of Accounting And Finance, 1, 295–312. Https://Doi.Org/10.24034/Jiaku.V1i3.5509
Lee M. F., C. C. And H. (2013). The Impact Of Bank Capital On Profitability And Risk In Asian Banking. Journal Of International Money And Finance, 32(1), 251–281. Https://Doi.Org/10.1016/J.Jimonfin.2012.04.013
Marsela, A., Kosim, B., Permana, A., & Ramadani, S. (2023). The Influence Of Liquidity, Profitability, Leverage And Operating Cash Flows In Predicting Financial Distress In Manufacturing Companies In The Consumption Goods Industry Sector In Indonesia Stock Exchange. Proceedings International Conference On Business, Economics & Management, 1(1). Https://Doi.Org/10.47747/Icbem.V1i1.1246
Maulida, A., & Karak, M. E. (2021). The Effect Of Company Size, Leverage, Profitability And Dividend Policy On Company Value On Manufacturing Companies Listed On The Indonesia Stock Exchange (Idx) For The 2014-2018 Period. International Journal If Economics, Business And Accounting Research (Ijebar), 5(2), 684–691.
Murti, A. U., & Purwaningsih, E. (2022). The Effect Of Profitability, Liquidity, Leverage, And Issuer Size On Company Value. 5(2), 1012–1019.
Naibaho, E. A., & Natasya, A. (2023). Ratio Analysis To Financial Distress With Profitability As A Moderation Variable. Jurnal Reviu Akuntansi Dan Keuangan, 13(2), 412–440. Https://Doi.Org/10.22219/Jrak.V13i2.24506
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Purbawangsa, I. B. A., Solimun, S., Fernandes, A. A. R., & Mangesti Rahayu, S. (2020). Corporate Governance, Corporate Profitability Toward Corporate Social Responsibility Disclosure And Corporate Value (Comparative Study In Indonesia, China And India Stock Exchange In 2013-2016). Social Responsibility Journal, 16(7), 983–999.
Rahaman, M. S., Sarkar, M. A. R., Rahman, M. C., Deb, L., Rashid, M. M., Reza, M. S., & Siddique, M. A. B. (2022). Profitability Analysis Of Paddy Production In Different Seasons In Bangladesh: Insights From The Haor. International Journal Of Agriculture Environment And Food Sciences, 6(3), 327–339. Https://Doi.Org/10.31015/Jaefs.2022.3.1
Sembiring, L. D. (2016). The Influence Of Liquidity, Leverage, And Profitability On Company Value At Pt. Adhi Karya (Persero), Tbk Listed On The Indonesia Stock Exchange. 5(2), 66–73.
Sholatika, N. I., & Triyono. (2022). The Effect Of Profitability, Liquidity And Leverage On Company Value With Dividend Policy As Moderating Variables On Consumer Companies Listed On The Indonesia Stock Exchange 2018-2020. Advances In Economics, Business And Management Research, 218, 343–350. Https://Doi.Org/10.2991/Aebmr.K.220602.046
Siagian, N. (2024). Leveraging Digital Business Communication For Enhanced Profitability In Global Markets. Proceedings Of International Conference On Social, Politics, Administration, And Communication Sciences, 1(2), 94–110.
Sudiyatno, B., Puspitasari, E., Nurhayati, I., & Rijanti, T. (2021). The Relationship Between Profitability And Firm Value: Evidence From Manufacturing Industry In Indonesia. International Journal Of Financial Research, 12(3), 466. Https://Doi.Org/10.5430/Ijfr.V12n3p466
Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants Of Firm Value And Profitability: Evidence From Indonesia. Journal Of Asian Finance, Economics And Business, 7(11), 769–778. Https://Doi.Org/10.13106/Jafeb.2020.Vol7.No11.769
Susilowati, E., Fadilah, A. K. W., Putri, S. Y., Andayani, S., & Kirana, N. W. I. (2024). Maximizing Firm Value: Analyzing Profitability And Leverage With Tax Avoidance Interventions. 7(1), 114–132.
Suzan, L., & Ramadhani, N. I. (2023). Firm Value Factors: The Effect Of Intellectual Capital, Managerial Ownership, And Profitability. Journal Of Accounting, 27(03), 401–420. Http://Dx.Doi.Org/10.24912/Ja.V27i3.1487
Syamsudin, S., Setiadi, I., Santoso, D., & Setiany, E. (2020). Capital Structure And Investment Decisions On Firm Value With Profitability As A Moderator. Indonesian Accounting And Financial Research, 5(3), 287–295. Https://Doi.Org/10.23917/Reaksi.V5i3.13217
Wang, H., Zhang, J., & Wang, X. (2023). Sales Growth, Profitability, And Financial Distress: An Empirical Analysis Of Us Firms. Journal Of Financial Management And Analysis, 36(1), 1–15.
Wang, Y., Chen, L., & Zhang, J. (2018). The U-Shaped Relationship Between Sales Growth And Financial Distress: The Moderating Role Of Profitability. Journal Of Business Research, 89, 281–291. Https://Doi.Org/10.1016/J.Jbusres.2018.01.024
Wildan, Munira, M., & Astuti, T. (2024). The Effect Of Liquidity, Leverage, And Profitability On Company Value Of Infrastructure Sector Issuers Listed On The Indonesia Stock Exchange For The 2018-2022 Period. Pancasila Accounting Scientific Journal, 4(1), 27–42. Https://Doi.Org/10.35814/Jiap.V4i1.6340
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Al-Hosni, A., & Al-Mamari, A. (2018). Profitability And Leverage: Moderating Role On Financial Distress. Accounting And Finance Research, 7(4), 146–156. Https://Doi.Org/10.5430/Afr.V7n4p146
Al-Mamun, M. A., Yasser, Q. R., & Hassan, M. K. (2020). The Moderating Role Of Profitability On The Sales Growth-Financial Distress Nexus. Journal Of Business Finance And Accounting, 47(5–6), 651–675. Https://Doi.Org/10.1111/Jbfa.12345
Alfinur, A., & Hidayat, C. W. (2021). Firm Size, Sales Growth, Profitability Dan Firm Value Pada Sektor Basic Industry And Chemical. Management And Business Review, 5(1), 85–92. Https://Doi.Org/10.21067/Mbr.V5i1.5545
Anissa Dwi, A., & Priyadi Maswar, P. (2023). The Influence Of Profitability, Liquidity, Capital Structure, Dividend Policy, And Issuer Size On Company Value. Journal Of Accounting Science And Research, 12(4).
Aprilawati, N. P. I., & Ali, K. (2022). The Effect Of Profitability And Dividend Policy On The Value Of Manufacturing Companies (In Manufacturing Issuers Listed On The Idx). Journal Of Diversification Management, 2(1), 182–189.
Augustine, Y., & Dwianika, A. (2019). Earnings Management In Indonesia: Determinant Of Company Size, Structure Of Managerial Ownership And Profitability On Earnings Management With Asymmetry Information And Green Intellectual Capital As Moderating Variables. South East Asia Journal Of Contemporary Business, Economics And Law, 19(5), 176–188.
Aziz, M. S. N. H., & Widati, L. W. (2023). The Effect Of Leverage, Profitability, Issuer Growth, And Issuer Size On The Value Of Manufacturing Companies In The Consumer Goods Industry. Journal Of Information System, Applied, Management, Accounting, And Research, 7(1), 171–184. Https://Doi.Org/10.52362/Jisamar.V7i1.1031
Bhatia, R., & Tang, Y. (2019). Leverage, Profitability, And Financial Distress: Evidence From Indian Non-Financial Firms. Global Finance Journal, 41, 46–57. Https://Doi.Org/10.1016/J.Gfj.2018.09.001
Buyung, B. (2021). Kemampuan Berpikir Kreatif Matematis Siswa Smp Melalui Soal Open Ended. Media Pendidikan Matematika, 9(2), 126. Https://Doi.Org/10.33394/Mpm.V9i2.4239
Chairunnisa, R. (2019). Liquidity, Activity, And Profitability On The Value Of Automotive Companies Listed On The Idx. Journal Of Economics, Management & Business, 20(2), 149–160.
Christiaan, P. (2022). The Effect Of Issuer Size And Leverage On Firm Value With Profitability As An Intervening Variable. 19(April), 37–50. Https://E-Jurnal.Nobel.Ac.Id/Index.Php/Akmen
Dewi, L. S., & Abundanti, N. (2019). The Effect Of Profitability, Liquidity, Institutional Ownership, And Managerial Ownership On Firm Value. Journal Of Management, 8(10), 6099–6118. Https://Doi.Org/10.24843/Ejmunud.2019.V08.I10.P12
Fitri, A., & Sisdianto, E. (2020). Analysis Of Third Parties Funds And Inflation To Profitability (Survey On Commercial Bank Shariah Period 2013-2018). Hunafa: Jurnal Studia Islamika, 17(1), 1–18. Https://Doi.Org/10.24239/Jsi.V17i1.573.1-18
Fitriana, N. L., & Purwohandoko. (2022). The Effect Of Leverage, Liquidity, And Profitability On Company Value In Airlines Companies Listed On Idx 2011-2020. Journal Of Management Science, 10(1), 39–50. Https://Doi.Org/10.26740/Jim.V10n1.P39-50
Gustyana, T. T., Alfian Candra, R., Shintia, D. A., & Nugraha, N. (2021). The Effect Of Financial Policy, Managerial Ownership, Profitability, And Company Size On Company Value In Automotive And Component Sub-Sector Companies Registered In Indonesia Stock Exchange Period 2014-2018. Jurnal Manajemen Indonesia, 21(1), 66. Https://Doi.Org/10.25124/Jmi.V21i1.3358
Harfani, A. N., & Nurdiansyah, D. H. (2021). The Effect Of Liquidity, Solvency, And Profitability On Firm Value. Journal Of Economic, Business And Accounting, 5(1), 497–505. Https://Doi.Org/10.31539/Costing.V5i1.2818
Hassan, A., Khan, M. A., & Ahmed, S. (2023). Sales Growth, Profitability, And Financial Distress: An Empirical Analysis Of Pakistani Firms. Journal Of Business And Economic Policy, 10(1), 1–15.
Hirdinis, M. (2019). Capital Structure And Firm Size On Firm Value Moderated By Profitability. International Journal Of Economics And Business Administration, 7(1), 174–191. Https://Doi.Org/10.35808/Ijeba/204
Iriyanti, D., Murni, S., & Untu, V. N. (2022). The Effect Of Capital Structure, Issuer Size, And Profitability On The Company Value Of The Automotive Industry On The Indonesia Stock Exchange For The 2016-2020 Period. Emba, 10(4), 583–593.
Jannah, N., Hadi, P. S., & Chaidir, M. (2025). The Effect Of Liquidity, Profitability, And Leverage On The Value Of Non-Cyclical Consumer Companies Listed On The Stock Exchange. Scientific Journal Of Management, Business Economics, And Entrepreneurship, 13(1), 80–96. Https://Doi.Org/10.30640/Ekonomika45.V13i1.4926
Johnston, W., Gordon, S. E., Wingfield, M., Halafihi, T., & Southgate, P. C. (2022). Influence Of Production Method On The Profitability Of Mabé Pearl Farming Using Traditional And Research-Informed Nucleus Implanting Practices With The Winged Pearl Oyster, Pteria Penguin. Aquaculture, 546, 737280. Https://Doi.Org/Https://Doi.Org/10.1016/J.Aquaculture.2021.737280
Kusumaningrum, D. P., & Iswara, U. S. (2022). The Effect Of Profitability, Leverage, And Issuer Size On Firm Value. Scientific Journal Of Accounting And Finance, 1, 295–312. Https://Doi.Org/10.24034/Jiaku.V1i3.5509
Lee M. F., C. C. And H. (2013). The Impact Of Bank Capital On Profitability And Risk In Asian Banking. Journal Of International Money And Finance, 32(1), 251–281. Https://Doi.Org/10.1016/J.Jimonfin.2012.04.013
Marsela, A., Kosim, B., Permana, A., & Ramadani, S. (2023). The Influence Of Liquidity, Profitability, Leverage And Operating Cash Flows In Predicting Financial Distress In Manufacturing Companies In The Consumption Goods Industry Sector In Indonesia Stock Exchange. Proceedings International Conference On Business, Economics & Management, 1(1). Https://Doi.Org/10.47747/Icbem.V1i1.1246
Maulida, A., & Karak, M. E. (2021). The Effect Of Company Size, Leverage, Profitability And Dividend Policy On Company Value On Manufacturing Companies Listed On The Indonesia Stock Exchange (Idx) For The 2014-2018 Period. International Journal If Economics, Business And Accounting Research (Ijebar), 5(2), 684–691.
Murti, A. U., & Purwaningsih, E. (2022). The Effect Of Profitability, Liquidity, Leverage, And Issuer Size On Company Value. 5(2), 1012–1019.
Naibaho, E. A., & Natasya, A. (2023). Ratio Analysis To Financial Distress With Profitability As A Moderation Variable. Jurnal Reviu Akuntansi Dan Keuangan, 13(2), 412–440. Https://Doi.Org/10.22219/Jrak.V13i2.24506
Nain, M. S., Singh, R., Mishra, J. R., Sharma, J. P., Singh, A. K., Kumar, A., Gills, R., & Suman, R. S. (2019). Maximising Farm Profitability Through Entrepreneurship Development And Farmers’ Innovations: Feasibility Analysis And Action Interventions.
Pamungkas, B., Asrifah, G. C., Nurhayati, N. S., Miftahuddin, A., & Yoga, P. (2024). The Effect Of Profitability And Liquidity On Firm Value With Capital Structure As A Moderating Variable. Atestasi : Jurnal Ilmiah Akuntansi, 7(1), 763–776. Https://Doi.Org/10.57178/Atestasi.V7i1.940
Permata, A. C., Muktiadji, N., Khim, S., & Silaen, U. (2025). The Effect Of Liquidity, Leverage And Profitability On Company Value Case Study Of A Listed Pharmaceutical Sub-Sector Company On The Indonesia Stock Exchange (2018-2022). Scientific Journal Of Unitary Accounting, 13(1). Https://Doi.Org/10.37641/Jiakes.V13i1.3033
Pertiwi, S., Rahmawati, I. Y., Darmawan, A., & Innayah, M. N. (2023). Effect Of Profitability, Firm Size And Liquidity On Firm Value With Capital Structure As Intervening Variable. Media Ekonomi, 22(2), 37. Https://Doi.Org/10.30595/Medek.V22i2.13846
Purbawangsa, I. B. A., Solimun, S., Fernandes, A. A. R., & Mangesti Rahayu, S. (2019). Corporate Governance, Corporate Profitability Toward Corporate Social Responsibility Disclosure And Corporate Value (Comparative Study In Indonesia, China And India Stock Exchange In 2013-2016). Social Responsibility Journal, 16(7), 983–999. Https://Doi.Org/10.1108/Srj-08-2017-0160
Purbawangsa, I. B. A., Solimun, S., Fernandes, A. A. R., & Mangesti Rahayu, S. (2020). Corporate Governance, Corporate Profitability Toward Corporate Social Responsibility Disclosure And Corporate Value (Comparative Study In Indonesia, China And India Stock Exchange In 2013-2016). Social Responsibility Journal, 16(7), 983–999.
Rahaman, M. S., Sarkar, M. A. R., Rahman, M. C., Deb, L., Rashid, M. M., Reza, M. S., & Siddique, M. A. B. (2022). Profitability Analysis Of Paddy Production In Different Seasons In Bangladesh: Insights From The Haor. International Journal Of Agriculture Environment And Food Sciences, 6(3), 327–339. Https://Doi.Org/10.31015/Jaefs.2022.3.1
Sembiring, L. D. (2016). The Influence Of Liquidity, Leverage, And Profitability On Company Value At Pt. Adhi Karya (Persero), Tbk Listed On The Indonesia Stock Exchange. 5(2), 66–73.
Sholatika, N. I., & Triyono. (2022). The Effect Of Profitability, Liquidity And Leverage On Company Value With Dividend Policy As Moderating Variables On Consumer Companies Listed On The Indonesia Stock Exchange 2018-2020. Advances In Economics, Business And Management Research, 218, 343–350. Https://Doi.Org/10.2991/Aebmr.K.220602.046
Siagian, N. (2024). Leveraging Digital Business Communication For Enhanced Profitability In Global Markets. Proceedings Of International Conference On Social, Politics, Administration, And Communication Sciences, 1(2), 94–110.
Sudiyatno, B., Puspitasari, E., Nurhayati, I., & Rijanti, T. (2021). The Relationship Between Profitability And Firm Value: Evidence From Manufacturing Industry In Indonesia. International Journal Of Financial Research, 12(3), 466. Https://Doi.Org/10.5430/Ijfr.V12n3p466
Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants Of Firm Value And Profitability: Evidence From Indonesia. Journal Of Asian Finance, Economics And Business, 7(11), 769–778. Https://Doi.Org/10.13106/Jafeb.2020.Vol7.No11.769
Susilowati, E., Fadilah, A. K. W., Putri, S. Y., Andayani, S., & Kirana, N. W. I. (2024). Maximizing Firm Value: Analyzing Profitability And Leverage With Tax Avoidance Interventions. 7(1), 114–132.
Suzan, L., & Ramadhani, N. I. (2023). Firm Value Factors: The Effect Of Intellectual Capital, Managerial Ownership, And Profitability. Journal Of Accounting, 27(03), 401–420. Http://Dx.Doi.Org/10.24912/Ja.V27i3.1487
Syamsudin, S., Setiadi, I., Santoso, D., & Setiany, E. (2020). Capital Structure And Investment Decisions On Firm Value With Profitability As A Moderator. Indonesian Accounting And Financial Research, 5(3), 287–295. Https://Doi.Org/10.23917/Reaksi.V5i3.13217
Wang, H., Zhang, J., & Wang, X. (2023). Sales Growth, Profitability, And Financial Distress: An Empirical Analysis Of Us Firms. Journal Of Financial Management And Analysis, 36(1), 1–15.
Wang, Y., Chen, L., & Zhang, J. (2018). The U-Shaped Relationship Between Sales Growth And Financial Distress: The Moderating Role Of Profitability. Journal Of Business Research, 89, 281–291. Https://Doi.Org/10.1016/J.Jbusres.2018.01.024
Wildan, Munira, M., & Astuti, T. (2024). The Effect Of Liquidity, Leverage, And Profitability On Company Value Of Infrastructure Sector Issuers Listed On The Indonesia Stock Exchange For The 2018-2022 Period. Pancasila Accounting Scientific Journal, 4(1), 27–42. Https://Doi.Org/10.35814/Jiap.V4i1.6340
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Published
2026-08-02
How to Cite
Samosir, C., & Siallagan, H. (2026). The Effect Of Profitability And Company Size On The Company’s Stock Price Food And Beverage Listed On The Stock Exchange Indonesia 2021–2025. International Journal of Business and Quality Research, 4(03), 889-909. https://doi.org/10.63922/ijbqr.v4i03.5773
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