The Effect ofLiquidity, Profitability, and Sustainability Reporting on Firm Value with Investment Opportunity as A Moderating Variable in Food and Beverage Companies Listed on The Indonesia Stock Exchange for The Period 2021–2023

The objective of this study is to evaluate how liquidity, profitability, and sustainability reporting influence firm value, while also exploring the role of investment opportunities as a moderating factor. The focus is on food and beverage companies listed on the IDX during 2021–2023. A quantitative method was employed, utilizing multiple regression analysis along with moderated regression analysis (MRA). The results indicate that liquidity has a notable negative effect on firm value, suggesting that excessive liquidity might result in inefficiency and diminish firm value. However, profitability and sustainability reporting do not exhibit a significant direct impact. Notably, investment opportunity amplifies the effect of profitability on firm value, indicating that profits hold more worth when aligned with clear growth opportunities. Conversely, investment opportunity does not effectively moderate the impacts of liquidity and sustainability reporting. The study's low R Square value implies that other elements outside the model also affect firm value. These findings highlight the need for businesses to optimize liquidity management and improve investment strategies and sustainability reporting quality to garner a better market response. Future research should consider incorporating additional variables like ownership structure, innovation, or external conditions.