AGRICULTURAL COMMODITY PRICES, FIRM CHARACTERISTICS, CORPORATE VALUE
DOI:
https://doi.org/10.5281/zenodo.22250217Keywords:
agricultural commodity prices, capital structure, corporate value, firm characteristics, signaling theoryAbstract
Corporate value reflects investors' expectations regarding a firm's financial performance and long-term competitiveness. However, the extent to which agricultural commodity prices and firm characteristics influence corporate value remains uncertain, particularly in the processed food industry. This study investigates the effects of world sugar, wheat, and crude palm oil (CPO) prices, together with capital structure, firm size, and firm growth, on corporate value. A quantitative explanatory approach was employed using secondary data from annual reports and official market publications. The sample comprised 10 processed food companies listed on the Indonesia Stock Exchange during 2020–2024, yielding 50 firm-year observations selected through purposive sampling. Panel data were analyzed using the Random Effect Model in EViews 12. The findings reveal that world sugar, wheat, and CPO prices, as well as firm size and firm growth, have no significant effect on corporate value. In contrast, capital structure positively and significantly influences corporate value. These results indicate that financing decisions provide stronger market signals than commodity price fluctuations, supporting Signaling Theory while offering limited support for Input Cost Theory in explaining corporate value within the processed food industry.
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