Abstract
The purpose of this study was to determine the extent to which the factors of return on asset (RoA), debt-to-equity ratio (DER) and company size have an influence on company value as proxied by PBV (price to book value). The population in this study was food and beverage sub-sector manufacturing companies listed on the Indonesian Stock Exchange (IDX) in 2014-2018. This study included eight companies with a total of 32 data points, and selection was carried out by applying the purposive sampling method. The return on asset, debt to equity ratio and company size simultaneously affected company value, while the return on asset variable individually had a positive and significant effect on company value and the debt-to-equity ratio variable did not. This means that investors usually preferred a low debt-to-equity ratio because their interests are better protected in the event of a business downturn. The company size variable also did not have a significant effect, which means that company size is not a factor that investors consider in investments.
 Keywords: signal theory, trade-off theory, return on assets, debt to equity ratio, company size, company value
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