The Effect of Investment Policy, Cash Holding and Asset Efficiency on the Value of Manufacturing Companies in the Pharmaceutical Sub-Sector on the Indonesia Stock Exchange in the 2019–2024 Period
DOI:
https://doi.org/10.59890/ijmbi.v4i3.23Keywords:
Investment Policy, Cash Holding, Asset Efficiency, Company ValueAbstract
Pharmaceutical manufacturing companies play a crucial role in supporting the healthcare sector and the national economy. Facing increasingly fierce business competition, companies need to increase their corporate value as an indicator of their performance success and attractiveness to investors. Corporate value can be influenced by various factors, such as investment policy, cash holdings, and asset efficiency. This study aims to analyze the influence of investment policy, cash holdings, and asset efficiency on corporate value in pharmaceutical manufacturing companies listed on the Indonesia Stock Exchange for the 2019–2024 period. This study employed a quantitative approach with a causal design. The data used were secondary data obtained from the annual financial reports of nine pharmaceutical manufacturing companies listed on the Indonesia Stock Exchange for the 2019–2024 period, resulting in 54 observations. Purposive sampling was used as the sampling technique, while data analysis used multiple linear regression to examine the influence of independent variables on corporate value, both partially and simultaneously. The results show that investment policy and cash holdings significantly influence corporate value. Conversely, asset efficiency does not significantly influence corporate value. These findings indicate that appropriate investment decisions and optimal cash management can increase corporate value and investor confidence. Therefore, pharmaceutical companies need to focus on managing investment and cash holding policies to support operational sustainability and increase company value sustainably.
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