The Effect of Sales Growth and Leverage on Firm Value: Evidence from PT Indofood CBP Sukses Makmur Tbk

Nurul Kairul Nisa; Alwi; Wulandari

doi:10.63922/ijebir.v5i04.4066

Nurul Kairul Nisa Program Studi Manajemen, Sekolah Tinggi Ilmu Ekonomi (STIE) BIMA, Indonesia
Alwi Program Studi Manajemen, Sekolah Tinggi Ilmu Ekonomi (STIE) BIMA, Indonesia
Wulandari Program Studi Manajemen, Sekolah Tinggi Ilmu Ekonomi (STIE) BIMA, Indonesia

DOI: https://doi.org/10.63922/ijebir.v5i04.4066

Keywords: Sales Growth, Leverage, Debt to Equity Ratio (DER), Firm Value.

Abstract

This study aims to examine the effect of Sales Growth and Leverage on Firm Value at PT Indofood CBP Sukses Makmur Tbk during the 2015–2024 period. Firm value is an important indicator that reflects investors' confidence in a company's performance and future prospects. Sales Growth and Leverage are considered factors that may influence firm value because they are closely related to business growth and the company's financing structure.This research employed a quantitative method with an associative approach. The data used were secondary data obtained from the financial statements of PT Indofood CBP Sukses Makmur Tbk for the period 2015–2024. Data analysis was conducted using multiple linear regression analysis with the assistance of SPSS software. Hypothesis testing was performed through the t-test to determine the partial effect of each independent variable and the F-test to determine their simultaneous effect on firm value.
The results indicate that Sales Growth has no significant effect on Firm Value, as evidenced by a significance value of 0.089 (> 0.05). In contrast, Leverage, as measured by the Debt to Equity Ratio (DER), has a significant effect on Firm Value, with a significance value of 0.000 (< 0.05). Simultaneously, Sales Growth and Leverage have a significant effect on Firm Value, as indicated by an F-statistic of 22.566 and a significance value of 0.001 (< 0.05). Based on these findings, it can be concluded that Sales Growth does not have a significant effect on Firm Value, whereas Leverage has a significant effect on Firm Value. However, Sales Growth and Leverage jointly have a significant effect on Firm Value at PT Indofood CBP Sukses Makmur Tbk.

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