CAPITAL INTENSITY, SALES GROWTH, AND THEIR IMPACT ON FIRM VALUE
DOI:
https://doi.org/10.53067/ijomral.v5i5.507Keywords:
Firm Value; Capital Intensity; Sales GrowthAbstract
Food and beverage companies play a vital role in Indonesia’s economy, characterized by industry stability and resilience during economic crises. This study investigates the effect of capital intensity and sales growth on firm value, focusing on firms listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. A quantitative approach was employed using multiple linear regression analysis with E-Views 12 to explore the structural relationships. The empirical results indicate that capital intensity and sales growth jointly influence firm value. However, the partial tests reveal that capital intensity does not significantly affect firm value, and sales growth also shows no significant effect. These findings suggest that firm value in the food and beverage sector is not solely determined by capital allocation or sales expansion, but may depend on other strategic and contextual factors such as innovation, efficiency, and market positioning. This study contributes to the literature by providing empirical evidence on firm value determinants in a stable yet competitive industry, offering insights for both academics and practitioners in accounting and management.
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