The Effect of Profitability, Leverage, and Good Corporate Governance on Firm Value (A Study of Consumer Non-Cyclicals Sector Companies Listed on the Indonesia Stock Exchange for the 2020–2024 Period)
Abstract
The consumer non-cyclicals sector plays a strategic role in the national economy by providing essential goods that remain in demand under various economic conditions. Amid market competition and economic dynamics during the 2020–2024 period, companies in this sector need to enhance firm value to attract investor confidence. This study aims to analyze the effect of profitability, leverage, and good corporate governance on firm value, both simultaneously and partially, among consumer non-cyclicals companies listed on the Indonesia Stock Exchange. This study employed a quantitative approach using secondary data collected through the documentation of annual reports and audited financial statements for the 2020–2024 period. The sample was selected using purposive sampling, resulting in 43 companies with 215 observation units. Data were analyzed using panel data regression with the Fixed Effect Model through EViews. The findings indicate that leverage is a factor more closely considered by investors as a signal of the company’s optimism in supporting operational expansion, compared with short-term profitability and the formal supervisory structure of the board of commissioners. Companies are advised to manage debt prudently to maintain financial stability and market confidence, while continuing to prioritize sustainability and sound corporate governance.
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