The Effect of Liquidity, Profitability and Solvency on Company Value with Company Size as a Moderation Variable in Food and Beverage Companies Listed on the Indonesia Stock Exchange for the 2021-2025 Period

Abstract

Abstract: This study examines the effects of liquidity, profitability, and solvency on firm value and investigates the moderating role of firm size in food and beverage companies listed on the Indonesia Stock Exchange during 2021-2025. A quantitative approach was applied using secondary financial statement and market data. The purposive sampling procedure produced 17 companies and 85 observations. Panel data regression and Moderated Regression Analysis were employed using the Fixed Effect Model. The results show that liquidity has a negative effect on firm value, profitability has a positive effect, and solvency has no significant effect. Firm size moderates the relationship between liquidity and firm value, reflected in a negative and significant CR_SIZE interaction, and strengthens the effect of profitability through a positive and significant ROA_SIZE interaction. However, firm size does not moderate the effect of solvency on firm value. The findings emphasize the importance of efficient current asset management and improved profitability in supporting firm value.   Keywords: liquidity; profitability; solvency; firm value; firm size