The Effect of Sales Growth and Profit Growth on Firm Value: The Moderating Role of Firm Size

Authors

  • Syakirah Universitas Islam Negeri Datokarama Palu
  • Muhammad Syafaat Universitas Islam Negeri Datokarama Palu
  • Irham Pakawaru Universitas Islam Negeri Datokarama Palu
  • Nurjihan Nadima Universitas Islam Negeri Datokarama Palu

DOI:

https://doi.org/10.21154/etihad.v6i1.13803

Keywords:

Firm Value, Sales Growth, Profit Growth

Abstract

Introduction: This study examines the influence of sales growth and profit growth on company value as well as the role of company size moderation in Food & Beverage companies listed on the Indonesia Stock Exchange during 2022–2024. This research was conducted due to fluctuations in company values amid the increasing issue of boycotts in the community. Research Methods: This study uses a quantitative approach with secondary data from 25 F&B companies listed on the Indonesia Stock Exchange for the period 2022–2024. Data were analyzed using panel data regression and MRA using EViews 12 software. Results: Empirical findings show that sales growth has a significant positive effect on company value, while profit growth is not significant. Moreover, the size of the company does not moderate the relationship. These results indicate that investors consider sales growth signals more than asset size or short-term profit fluctuations in assessing the company's prospects. Conclusion: This study found that in accordance with signal theory, sales growth has a positive influence on the value of F&B companies listed on the IDX during the period 2022–2024. In contrast, profit growth did not show a significant influence. In addition, company size does not moderate the relationship between these variables and company value.

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Published

2026-06-29

Issue

Vol. 6 No. 1 (2026)

Section

Articles

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Copyright (c) 2026 Syakirah, Muhammad Syafaat, Irham Pakawaru, Nurjihan Nadima

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