The Effects Of Firm Size And Capital Intensity On Firm Value : Evidence from Food and Beverage Companies Listed on the Indonesia Stock Exchange during 2023-2025

This study examines the effects of firm size and capital intensity on firm value among food and beverage companies listed on the Indonesia Stock Exchange during 2023–2025. Positive accounting theory and signaling theory provide the interpretive framework. The study employs a quantitative associational design using secondary data from annual financial statements and stock market records. Purposive sampling yields 20 companies and 60 firm-year observations. Firm value is proxied by Tobin’s Q, firm size by the natural logarithm of total assets, and capital intensity by the ratio of net fixed assets to total assets. The analysis comprises descriptive statistics, regression diagnostics, and multiple linear regression. The estimated firm size coefficient is negative and statistically significant at the 5% level (b = −0.180; p = 0.043), contrary to the hypothesized positive effect. Capital intensity has a positive but statistically insignificant coefficient (b = 0.733; p = 0.438). The joint test is not significant at the 5% level (F = 2.725; p = 0.074), and the adjusted R² is 0.055, indicating limited explanatory power within the sample. However, the Glejser test indicates heteroskedasticity. Statistical significance based on conventional standard errors therefore requires cautious interpretation and verification using an appropriate standard error estimator.