Abstract
The valuation of a firm is a major issue, scrutinized by all stakeholders, and serves as an indicator of the worth of the core business. The goal of this research is to analyze, from both academic and empirical point of view, how key financial determinants influence firm value. In more detail, this analysis strives to explain the relationships between company value of listed companies on Belgrade Stock Exchange (BELEX) as a dependent variable, determined through Tobin's Q, and independent variables that include leverage, size, liquidity, growth, asset structure and profitability. The objective of this study is to present an evaluation of the impact of firm-specific determinants on the company value of Serbian stock companies, across several industries using panel data analysis. The sample consists of 38 active companies that actively operated from 2019 to 2021, resulting in 114 observations. The results of panel data analysis show that on the one hand, liquidity and asset tangibility have positive and statistically significant influence on firm value, while on the other hand, leverage and profitability have negative and statistically significant influence on the value of the firm. Company size and growth showed no statistically significant impact on Tobin's Q.
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