The Influence of Investment Opportunity Set, Intellectual Capital and Cash Holding on Company Value in the Food and Beverage Sub-Sector in Indonesia, Malaysia and Singapore

This study aims to examine the variation in the influence of the Investment Opportunity Set (IOS), Intellectual Capital (IC), and Cash Holding (CH) on firm value within the food and beverage sub-sector across Indonesia, Malaysia, and Singapore. The research employs quantitative secondary data and utilized a sample of 122 companies selected through purposive sampling. The analytical methods include panel data regression and a Test for the Equality of Regression Coefficients (or coefficient comparison test). The findings reveal a heterogeneous influence of the variables on firm value across the three nations. Specifically, IOS significantly affects firm value in Indonesian and Singaporean companies, while this relationship is absent in Malaysia. Conversely, IC did not significantly affect firm value in any of the three observed countries. The CH variable, notably, consistently and significantly impacts firm value across all three countries. Furthermore, subsequent difference tests showed that the cross-country impact of both IOS and IC on firm value is statistically similar, but the influence of CH on firm value differs significantly among the three nations.