The Effects of Liquidity, Firm Size, and Financial Statement Integrity on Firm Value, with Financial Performance as A Moderator, in Southeast Asia

Abstract

This study aims to examine the effect of liquidity, firm size, and financial statement integrity on firm value, with financial performance as a moderating variable in Food and Beverage (F&B) companies in Southeast Asia. The study is grounded in the Efficient Market Hypothesis and Signaling Theory, which emphasize the role of financial information in shaping investor perceptions. The research population includes F&B companies listed on the stock exchanges of Indonesia, Malaysia, Singapore, Thailand, and the Philippines during the 2022–2024 period, with a sample of 50 companies selected using purposive sampling, resulting in 150 panel data observations. Data analysis was conducted using panel data regression with a Fixed Effect Model and Moderation Regression Analysis (MRA) employing Stata software. The results indicate that liquidity and firm size have a positive effect on firm value, while financial statement integrity does not show a positive effect and tends to have a negative impact on firm value. Furthermore, financial performance is proven to strengthen the effect of liquidity, firm size, and financial statement integrity on firm value, highlighting the important role of financial performance in reinforcing the relationship between corporate financial characteristics and firm value.