Menguji Determinan Firm Value: Mengapa Pasar Lebih Merespon Sales Growth dan Kinerja Keuangan dibanding Isu Keberlanjutan?

Abstract

This study was motivated by the fluctuating firm value observed among manufacturing companies, particularly in the context of emerging capital markets where the roles of financial performance, business growth, and corporate sustainability remain widely debated. The study aims to examine the effects of agency cost reduction, sales growth, triple bottom line, and return on equity on firm value in manufacturing companies operating in the basic industry and chemical sector. A quantitative research approach was employed using panel data regression analysis. The sample consisted of companies selected through purposive sampling based on predetermined criteria. The findings indicate that agency cost reduction and triple bottom line do not have a significant effect on firm value. In contrast, sales growth and return on equity have a positive and significant effect on firm value. These findings suggest that, during the period examined, investors placed greater emphasis on indicators of financial performance and business growth than on sustainability disclosure and agency cost efficiency when assessing firm value. The study provides practical implications for corporate managers by highlighting the importance of strengthening profitability and sustaining sales growth as part of strategies to enhance firm value.