Impact of Internal Corporate Factors on Firm Value in the Healthcare Sector of Indonesia: A Comparative Study of Pre- and During-COVID-19 Periods

This study aims to examine the factors that influence Firm Value before and during the COVID-19 pandemic. The research focused on companies in the Healthcare sector listed on the Indonesia Stock Exchange. Based on sample criteria and data completeness, 16 companies were selected for analysis. The regression results reveal that all independent variables significantly impacted Firm Value both before and during the pandemic. The key findings are as follows: First, Total Assets consistently influenced Firm Value across both periods. Second, while Market Value significantly affected Firm Value prior to the pandemic, its impact became insignificant during the pandemic. Third, Net Worth, which had no significant effect on Firm Value before the pandemic, emerged as a significant factor during the pandemic. Fourth, Institutional Ownership, previously insignificant, gained importance in influencing Firm Value during the pandemic. Lastly, both Leverage and Foreign Ownership did not exhibit a significant impact on Firm Value in either period. These findings align with the Signaling Theory, suggesting that firms with strong financial positions are better positioned to enhance Firm Value. Additionally, the results reinforce the Stakeholder Theory, highlighting the critical role of substantial institutional ownership in boosting Firm Value during the pandemic.