Financial Resilience and Market Valuation in Indonesia's Consumer Non-Cyclicals Sector: Evidence from the Pandemic Recovery Period (2021–2024)
DOI:
https://doi.org/10.24036/wra.v14.i2.22Keywords:
Capital structure; consumer non-cyclicals; firm value; Indonesia; panel data; profitability; post-pandemic recovery.Abstract
Purpose – This study examines the determinants of firm value in Indonesia's Consumer Non-Cyclicals sector during the post-pandemic recovery period (2021–2024), focusing on the roles of profitability, liquidity, and capital structure, and testing profitability as a mediating variable.
Design/methodology/approach – Panel data from 48 publicly listed companies on the Indonesia Stock Exchange (IDX) yielding 192 firm-year observations are analysed using fixed-effects panel regression and Baron & Kenny four-step path analysis to test both direct effects and mediation mechanisms.
Findings – Profitability (ROA) significantly and positively affects firm value (PBV) (β=0.421, p<0.01). Liquidity (CR) and capital structure (DER) do not directly influence PBV but operate exclusively through profitability as a full mediating channel, confirmed for both H4 and H5.
Originality/value – This is the first comprehensive empirical analysis of firm value determinants specific to Indonesia's Consumer Non-Cyclicals sector in the post-pandemic period, demonstrating that the profitability–valuation mechanism remains robust under macroeconomic disruption.
Research limitations/implications – Results are limited to Consumer Non-Cyclicals in Indonesia during 2021–2024. Managers should prioritise ROA improvement as the most direct path to shareholder value creation, while treating liquidity and leverage as indirect levers operating through earnings generation.
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Copyright (c) 2026 Zulfah Fakhiroh, Nicolaus Da Rato (Author)
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