S udies Managemen and Finance Economics, o Jou nal
0504-2644 (online): ISSN 0490,-2644 (p in ): ISSN
5202 No embe 11 Issue 80 Volume
8.317 Fac o : Impac ,34-i11-10.47191/je ms/ 8 DOI: A icle
9745-7451 No: Page
JEFMS, Volume 08 Issue 11 No embe 2025 www.ije m.co.in Page 7451
The In luence o In es men Oppo uni y Se , In ellec ual Capi al and Cash
Holding on Company Value in he Food and Be e age Sub-Sec o in Indonesia,
Malaysia and Singapo e
Cindy Dwi Andini Pu i1, Isni And iana2, Muizzuddin3
1,2,3Depa men o Managemen , Facul y o Economics, S iwijaya Uni e si y, Palembang, Indonesia
ABSTRACT: This s udy aims o examine he a ia ion in he in luence o he In es men Oppo uni y Se (IOS), In ellec ual Capi al
(IC), and Cash Holding (CH) on i m alue wi hin he ood and be e age sub-sec o ac oss Indonesia, Malaysia, and Singapo e. The
esea ch employs quan i a i e seconda y da a and u ilized a sample o 122 companies selec ed h ough pu posi e sampling. The
analy ical me hods include panel da a eg ession and a Tes o he Equali y o Reg ession Coe icien s (o coe icien compa ison
es ). The indings e eal a he e ogeneous in luence o he a iables on i m alue ac oss he h ee na ions. Speci ically, IOS
signi ican ly a ec s i m alue in Indonesian and Singapo ean companies, while his ela ionship is absen in Malaysia. Con e sely,
IC did no signi ican ly a ec i m alue in any o he h ee obse ed coun ies. The CH a iable, no ably, consis en ly and
signi ican ly impac s i m alue ac oss all h ee coun ies. Fu he mo e, subsequen di e ence es s showed ha he c oss-coun y
impac o bo h IOS and IC on i m alue is s a is ically simila , bu he in luence o CH on i m alue di e s signi ican ly among he
h ee na ions.
KEYWORDS: In es men Oppo uni y Se , In ellec ual Capi al, Cash Holding, Fi m Value
INTRODUCTION
The ood and be e age (F&B) sub-sec o is cha ac e ized by sus ained g ow h and expansion, playing a c ucial ole in he global
and egional economies, including in Indonesia, Malaysia, and Singapo e. Indonesia, le e aging i s la ge popula ion, possesses
massi e domes ic ma ke po en ial and high consump ion g ow h. Fu he mo e, he F&B sub-sec o in Indonesia is a majo
economic engine, con ibu ing subs an ially o go e nmen e enue (Ahmad e al., 2022). Con e sely, Malaysia and Singapo e
ep esen mo e ma u e ma ke s and se e as egional logis ics hubs, exhibi ing apid adop ion o li es yle ends and inno a ions.
Malaysia's F&B manu ac u ing indus y is a apidly g owing componen wi h a subs an ial expo ma ke , posi ioning i as one o
he wo ld's op wo expo e s o oils and a s, pa icula ly palm oil-based p oduc s (Yunus e al., 2024). Simila ly, Singapo e, being
one o he weal hies coun ies globally wi h a e y high GDP pe capi a, is d i en by a highly de eloped and open ma ke -based
economy ha p io i izes he ade sec o and elies hea ily on expo and impo ac i i ies (Ahmad e al., 2022).
Fi m alue se es as a key e lec ion o a company's exis ence and longe i y. A s able o inc easing alue ajec o y ends o a ac
in es o s who seek o maximize hei pe sonal weal h. High i m alua ion, in u n, signi ies an enhancemen in he company's
epu a ion, quali y, and o e all pe o mance (Tabe e al., 2022). Fu he mo e, p io i izing he maximiza ion o i m alue no only
bene i s in es o s h ough he po en ial o inc eased e u ns bu also s eng hens he company's s anding wi hin i s indus y and
socie y. In es o s a e mo e inclined o commi capi al o i ms ha demons a e a p o en abili y o maximize alue, as his signals
supe io managemen quali y and obus ness in a compe i i e ma ke (Hoang e al., 2024). Sus ained g ow h in i m alue can
also a ac a wide pool o in es o s, which is c ucial o secu ing g ea e access o esou ces and unding necessa y o u u e
g ow h and expansion (Ib ahim & Isiaka, 2020).
Fi m alue is de e mined by a ious in e nal and ex e nal ac o s, including he In es men Oppo uni y Se (IOS), In ellec ual
Capi al, and Cash Holding. The In es men Oppo uni y Se i sel is an essen ial de e minan o co po a e alue, as i shapes he
pe cep ions o manage s, owne s, in es o s, and c edi o s (Se na, 2023). An a ac i e IOS ypically e lec s he po en ial o highe
u u e e u ns, leading in es o s o seek ou i ms ha o e s ong in es men g ow h p ospec s (Al-Gam h e al., 2020). The
scope o a i m's IOS is de ined by he u u e expendi u es managemen has planned, which a e iewed as cu en in es men
The In luence o In es men Oppo uni y Se , In ellec ual Capi al and Cash Holding on Company Value in he Food
and Be e age Sub-Sec o in Indonesia, Malaysia and Singapo e
JEFMS, Volume 08 Issue 11 No embe 2025 www.ije m.co.in Page 7452
choices expec ed o gene a e g ea e e u ns (Ogunsola, 2024). Fu he mo e, a company’s IOS is o en signaled h ough i s p o i
g ow h. Robus p o i g ow h con eys a posi i e signal o he ma ke and s akeholde s, pa icula ly in es o s (Ch is ian y &
La uconsina, 2023). This posi i e signaling is c ucial; i in luences in es o eac ions, ul ima ely boos ing con idence and acili a ing
easie access o ex e nal inancing (such as equi y o deb issuance) o und he oppo uni ies wi hin he IOS (Na eed e al., 2020).
C ucially, s ong p o i g ow h s eng hens a company's abili y o capi alize on i s exis ing IOS and gene a e new oppo uni ies,
he eby impac ing he i m's u u e alue (Dang e al., 2018).
In ellec ual Capi al (IC) is in insically linked o o ganiza ional success. Enhancing IC managemen e iciency is ecognized as he
mos s a egic means o ensu e a company's sus ainable and compe i i e ope a ional unc ions. Compe i i e ad an ages
s emming om IC, such as specialized employee knowledge and skills, a e key ac o s ha a ac in es o s. Indeed, he s ong
link be ween inc easing i m alue and IC pe o mance demons a es ha e ec i e IC managemen is c ucial o alue
maximiza ion (Opazo & Gonzalez, 2021). Cash Holding (CH) is also i al; companies mus accu a ely es ima e and main ain
app op ia e le els o cash ese es o mee daily ope a ional needs wi hou comp omising liquidi y, which ul ima ely impac s i m
alue (Feng e al., 2022). CH is ypically measu ed by he a e age cash and cash equi alen s a company holds. These holdings
ep esen he liquid asse s in en ionally main ained o a ious s a egic pu poses, including in es men , di idend payou s, o as
p ecau iona y ese es agains un o eseen ci cums ances (Jabbou i & Almus a a, 2021). A i m ha main ains adequa e cash
holdings signals managemen 's compe ence in cash low managemen and i s commi men o inancial s abili y, he eby inc easing
i s appeal o in es o s and ul ima ely boos ing i s alue (Yudhyani e al., 2022).
P io s udies yield con adic o y esul s ega ding he in luence o he In es men Oppo uni y Se (IOS), In ellec ual Capi al (IC),
and Cash Holding (CH) on i m alue. Rega ding he IOS, se e al s udies—including hose by Adam e al. (2020), Chabachib e al.
(2020),(Tabe e al., 2022),(Tangngisalu e al., 2023), and A idi e al. (2022) (which examined banking companies on he Pakis an
S ock Exchange)— ound ha IOS has a posi i e e ec on i m alue. This con as s wi h he indings o Al-Gam h e al., (2020) and
Bon & Ha oko (2022), which sugges ha IOS does no a ec i m alue. Simila ly, he li e a u e on In ellec ual Capi al (IC) is
mixed. Resea ch on in e na ional companies adop ing in eg a ed epo ing a he IIRC (Sal i e al., 2020) demons a ed a
signi ican posi i e ela ionship be ween IC and i m alue. These indings align wi h hose om Nguyen & Doan (2020) on
Vie namese manu ac u ing i ms, Ni e al. (2020) on he Taiwan S ock Exchange, Necib e al. (2025) on he London S ock Exchange,
Ousama e al. (2020) on he Qa a S ock Exchange (QSE), Hussaini e al. (2025) on Nige ian companies, and Schiuma e al. (2024),
all o which indica ed a posi i e in luence o IC on i m alue. Howe e , hese esul s a e con adic ed by s udies conduc ed by
(Cas o e al., 2021),(Bala e al., 2024), and (In ico e al., 2023), which conclude ha IC does no in luence i m alue. Finally,
s udies ocusing on Cash Holding (CH) ha e also p o ided a ied ou comes. Resea ch conduc ed by (Ja ada e al., 2021) (on
Jo danian manu ac u ing i ms lis ed on he Amman S ock Exchange (ASE)), (Feng e al., 2022) and (Shubi a, 2020) (on Chinese
companies), (Hamad e al., 2021) (on ASE companies), and (Abdullah, 2025) (on Saudi companies) all es ablished a posi i e e ec
o CH on i m alue. Con e sely, (I awan e al., 2022), and (A i a e al., 2021), s udying Jo danian i ms, ound ha cash holdings
ha e no e ec on i m alue.
The esea ch p oblem is: Does he in luence o he In es men Oppo uni y Se (IOS), In ellec ual Capi al (IC), and Cash Holding
(CH) on i m alue di e signi ican ly ac oss he ood and be e age sub-sec o in Indonesia, Malaysia, and Singapo e? The objec i e
is o analyze he in luence o IOS, IC, and CH on i m alue, and o es o signi ican di e ences in his in luence ac oss he ood
and be e age sub-sec o in Indonesia, Malaysia, and Singapo e.
LITERATURE REVIEW
Company Values
Fi m alue ep esen s he in es o s' pe cep ion o a company's inancial condi ion, and his pe cep ion is di ec ly co ela ed wi h
i s sha e p ice (Ba dos e al., 2020). A p ima y me hod o measu ing i m alue is using he Tobin's Q a io, which was de eloped
by James Tobin and is widely conside ed o p o ide supe io in o ma ion. Companies a e equi ed o implemen policies aimed a
inc easing hei alue so ha in es o s, sha eholde s, c edi o s, and o he s akeholde s a e assu ed o he i m's s ong
pe o mance. The alue o asse s, s ock p ices, o p ojec ed u u e cash lows se e as sou ces (o p oxies) o a company's alue
(Panges u i e al., 2022).
The In luence o In es men Oppo uni y Se , In ellec ual Capi al and Cash Holding on Company Value in he Food
and Be e age Sub-Sec o in Indonesia, Malaysia and Singapo e
JEFMS, Volume 08 Issue 11 No embe 2025 www.ije m.co.in Page 7453
In es men Oppo uni y Se
Tabe e al. (2022) s a e ha he In es men Oppo uni y Se (IOS) comp ises he a ious asse s a company cu en ly possesses
alongside he in es men op ions i may conside o u u e deploymen . Each exis ing asse unc ions as a ounda ion o
e alua ing and planning di e se in es men oppo uni ies ha can be implemen ed la e . By e ec i ely le e aging cu en asse s
and explo ing a ious in es men a enues, a company can enhance i s g ow h po en ial and o e all alue. Th ough app op ia e
in es men selec ion and managemen , a i m holds he po en ial o s eng hen i s ma ke posi ion and sus ain long- e m, supe io
pe iodic de elopmen .
In ellec ual Capi al
In ellec ual Capi al (IC) is de ined as an in angible asse owned by a company, encompassing he knowledge and in o ma ion ha
can con ibu e o i s u u e success (Soewa no & Ramadhan, 2020). This in angible asse holds signi ican po en ial o p o ide a
sus ainable compe i i e ad an age. IC comp ises he company's collec i e knowledge, expe ise, and inno a ion, along wi h i s
s ong ela ionships wi h supplie s, cus ome s, and business pa ne s.
Cash Holding
Cash holdings ep esen he amoun o eadily a ailable cash a company main ains o co e i s daily ope a ional needs. Manage s
u ilize hese highly liquid ese es o conduc a ious business ac i i ies, ensu ing he i m has su icien unds o mee sho - e m
obliga ions and p o iding inancial lexibili y in he ace o ma ke unce ain y. In his s udy, cash holdings a e quan i ied as he
a io o cash and cash equi alen s o o al asse s (Houqe e al., 2023).
Resea ch Concep ual F amewo k
Based on he heo e ical and empi ical li e a u e e iewed, he concep ual amewo k illus a ing he ela ionship among he
a iables is p esen ed below:
Figu e 1. Resea ch Concep ual F amewo k
Hypo hesis
The In es men Oppo uni y Se (IOS) p o ides guidance as a benchma k, whe e he i m's p ima y objec i e—maximizing i s
alue—is dependen on i s capi al expendi u e (A idi e al., 2022). Fi ms ha op imally manage hei esou ces in ope a ional
ac i i ies can enhance hei in es men oppo uni ies, which is o en e lec ed by ising s ock ma ke p ices. A company's decision
o capi alize on exis ing oppo uni ies is c ucial, as i di ec ly impac s i m alue (Bon & Ha oko, 2022). Resea ch by (Adam e al.,
2020) and (Tabe e al., 2022) es ablished ha a dec ease in he IOS le el esul s in a decline in i m alue; con e sely, an inc ease
in he IOS is expec ed o boos alue. Fi ms ha consis en ly engage in hea y in es men end o demons a e supe io capi al
managemen . Such i ms ypically expe ience con inuous g ow h in asse s o e ime o accumula e signi ican weal h, which
subsequen ly exe s a posi i e impac on i m alue (Chabachib e al., 2020).
H1 : In es men oppo uni y se in luence on company alue
Based on Signaling Theo y, in ellec ual capi al (IC) is iewed as c ucial in o ma ion used by i ms o signal hei inno a ion capaci y,
compe i i e ad an age, and p ospec s o business sus ainabili y. The disclosu e o IC assu es in es o s ha a company is capable
o c ea ing sus ainable added alue, he eby ein o cing ma ke con idence and boos ing i m alue. The e o e, IC unc ions as a
The In luence o In es men Oppo uni y Se , In ellec ual Capi al and Cash Holding on Company Value in he Food
and Be e age Sub-Sec o in Indonesia, Malaysia and Singapo e
JEFMS, Volume 08 Issue 11 No embe 2025 www.ije m.co.in Page 7454
signal ha e ec i ely educes in o ma ion asymme y be ween managemen and in es o s, helping i ms achie e mo e op imal
alua ions (Xu & Liu, 2020). To expand hei business, companies mus in ensi y e o s in de eloping in ellec ual capi al (Ni e al.,
2020). IC is essen ial o i ms o c ea e weal h, maximize alue, and secu e a compe i i e ad an age (Ousama e al., 2020).
Consequen ly, companies aiming o inc ease hei co po a e alue mus p io i ize in ellec ual capi al. S ong IC is a c i ical elemen
ha os e s business compe i i eness, which is undamen al o inc easing i m alue (Sal i e al., 2020;,Hussaini e al., 2025).
H2 : In ellec ual capi al in luence on company alue
F om a Signaling Theo y pe spec i e, cash holdings a e ega ded as a c ucial indica o ha i ms u ilize o communica e hei
inancial condi ion o ex e nal s akeholde s, pa icula ly in es o s. Cash, being he mos liquid asse , unc ions no only as an
ope a ional ool suppo ing daily business ac i i ies bu also as a signal o managemen 's capabili y o main ain inancial s abili y.
A i m's disclosu e o i s cash holdings can be in e p e ed as a signal o i s eadiness o con on unce ain y, i s capaci y o und
in es men oppo uni ies, and i s sho - e m liquidi y esilience. Howe e , excessi e cash holdings can simul aneously aise
s akeholde conce ns, po en ially encou aging ine icien manage ial p ac ices, such as income smoo hing o he alloca ion o
unds o non-p oduc i e pu poses. Consequen ly, co po a e cash disclosu es ac as a i al signaling mechanism, equi ing
managemen o balance in es o s' posi i e pe cep ions o liquidi y wi h minimizing app ehension abou su plus cash accumula ion
(Musya a & Kholilah, 2023). P e ious esea ch by Ja ada e al. (2021) sugges s ha i ms s a egically employ cash holdings o
alue-enhancing in es men s. By main aining g ea e cash ese es, companies mi iga e hei eliance on ex e nal inancing,
he eby lowe ing ansac ion cos s and enhancing hei abili y o in es in p o i able p ojec s. The e o e, a op imal le els, cash
holdings can con ibu e posi i ely o i m alue (Hamad e al., 2021; Abdullah, 2025). These indings consis en ly suppo he iew
ha s a egically managed cash holdings unde pin a company's g ow h and s abili y objec i es.
H3 : Cash holding in luence on company alue
Fi m alue is equen ly employed as he p ima y indica o o assessing he success o a business en i y, as i e lec s he ma ke 's
pe cep ion o a company's u u e p ospec s, pe o mance, and go e nance (Panges u i e al., 2022). Fac o s such as he
In es men Oppo uni y Se (IOS), In ellec ual Capi al (IC), and Cash Holdings (CH) play a signi ican ole in shaping hese
pe cep ions. The in luence o hese h ee a iables on i m alue ends o exhibi a consis en end ac oss coun ies, sugges ing
a uni o m ma ke alua ion pa e n o a company’s undamen al ac o s. P e ious esea ch suppo s his no ion: He mawan e
al. (2025) ound ha he IOS has a posi i e e ec on i m alue in Indonesia, Malaysia, and Singapo e. Simila ly, (Susila e al., 2023)
demons a ed ha IC posi i ely a ec s i m alue ac oss ASEAN na ions, including Indonesia, Malaysia, and Singapo e.
Fu he mo e, cash holdings ha e consis en ly been shown o signi ican ly impac i m alue. (Anandi a & Sep iani, 2023) ound
ha CH a ec s he alue o companies in Indonesia, while in e na ional esea ch by (Feng e al., 2022) e ealed a posi i e
ela ionship be ween CH and i m alue. This e idence con i ms ha cash holdings a e a i al indica o conside ed by in es o s
when assessing i m alue, and i s e ec is heo e ically expec ed o be consis en ac oss di e se ma ke s.
H4 : The e a e no di e ences in he in luence o In es men oppo uni y se , In ellec ual capi al and Cash holding on
company alue in Indonesia, Malaysia and Singapo e.
RESEARCH METHODOLOGY
The s udy’s popula ion was de ined as manu ac u ing companies in he ood and be e age sub-sec o lis ed on he Indonesia S ock
Exchange (IDX), Bu sa Malaysia, and he Singapo e Exchange (SGX) o e he h ee-yea pe iod om 2022 o 2024. Da a compiled
om hese exchanges yielded a o al popula ion o 179 companies: 98 on he IDX, 48 on Bu sa Malaysia, and 33 on he SGX. A
pu posi e sampling me hod was employed o selec he sample, esul ing in 366 quali ied obse a ions, b oken down in o 204
samples om he IDX, 93 om Bu sa Malaysia, and 69 om he SGX. The da a we e analyzed using a panel da a eg ession model,
in ol ing bo h model accu acy assessmen s and hypo hesis es ing ( - es and F- es ).
RESULTS AND DISCUSSION
Model Accu acy Tes
1. Chow Tes
Table 1. Chow Tes Resul s
E ec s Tes
Indonesia
Malaysia
Singapo e
P ob.
P ob.
P ob.
C oss-sec ion F
0.6718
0.000
0.000
C oss-sec ion Chi-squa e
0.1974
0.000
0.000
The In luence o In es men Oppo uni y Se , In ellec ual Capi al and Cash Holding on Company Value in he Food
and Be e age Sub-Sec o in Indonesia, Malaysia and Singapo e
JEFMS, Volume 08 Issue 11 No embe 2025 www.ije m.co.in Page 7455
Based on he Chow es , i is known ha in Indonesia he alueThe Chi-squa e C osssec ion P obabili y is 0.1974, which is >0.05,
indica ing ha he common e ec model is be e han he ixed e ec model. In Malaysia and Singapo e, he Chi-squa e
C osssec ion P obabili y alue is 0.0000, which is <0.05, indica ing ha he ixed e ec model is be e han he common e ec
model.
2. Hausman es
Table 2.Hausman Tes Resul s
Tes Summa y
Indonesia
Malaysia
Singapo e
P ob.
P ob.
P ob.
C oss-sec ion Random
0.2051
0.1251
0.000
Based on he Hausman es esul s, Indonesia and Malaysia ob ained p obabili y alues o 0.2051 and 0.1251, espec i ely, g ea e
han 0.05, indica ing ha he andom e ec s model was he bes model. Meanwhile, Singapo e ob ained a p obabili y alue o
0.000 < 0.05, indica ing ha he ixed e ec s model was he bes model.
3. Lag ange Mul iplie Tes
Table 3. Tes Resul sLag ange Mul iplie
Hypo hesis Tes
Indonesia
Malaysia
C oss-sec ion
C oss-sec ion
B eusch-Pagan
0.368309
(0.5439)
51.09650
(0.0000)
The esul s o he Lag ange Mul iplie es in Indonesia ob ained a B eusch Pagan c oss-sec ion alue o 0.5439 > 0.05, indica ing
ha he bes model is he common e ec model. Meanwhile, in Malaysia, he B eusch Pagan c oss-sec ion alue was 0.000 < 0.05,
indica ing ha he bes model is he andom e ec model.
Hypo hesis Tes ing
Table 4. Hypo hesis Tes Resul s
Indonesia
Malaysia
Singapo e
Common E ec Model
Random E ec Model
Fixed E ec Model
-S a is ic
P ob.
-S a is ic
P ob.
-S a is ic
P ob.
C
4.395833
0.0000
4.564634
0.0000
-1.152491
0.2555
iOS
4.087985
0.0001
1.761906
0.0815
2.744540
0.0088
IC
0.993999
0.3214
-0.554574
0.5806
-0.075605
0.9401
CH
4.273761
0.0000
6.906958
0.0000
12.54730
0.0000
Weigh ed S a is ics
Indonesia
Malaysia
Singapo e
F-s a is ic
16.86937
15.97667
13.07975
P ob(F-
s a is ic)
0.000000
0.000000
0.000000
Hypo hesis es ing o he S a e o Indonesia
a. The pa ial es con i med ha he IOS a iable signi ican ly a ec s Company Value. This conclusion is suppo ed by he
calcula ed -s a is ic o 4.087985, which exceeds he c i ical - able alue o 1.971896, and a signi icance alue (0.0001) ha is
less han 0.05. Consequen ly, he null hypo hesis (H0) is ejec ed.
b. The IC a iable was ound o ha e no signi ican e ec on Company Value. The null hypo hesis (H0) is accep ed, as he
calcula ed $ $-s a is ic o 0.993999 is less han he c i ical - able alue o 1.971896, and he signi icance alue (0.3214) is
g ea e han 0.05.
The In luence o In es men Oppo uni y Se , In ellec ual Capi al and Cash Holding on Company Value in he Food
and Be e age Sub-Sec o in Indonesia, Malaysia and Singapo e
JEFMS, Volume 08 Issue 11 No embe 2025 www.ije m.co.in Page 7456
c. The pa ial es esul s indica ed ha he CH a iable signi ican ly in luences Company Value. The null hypo hesis (H0) is
ejec ed because he -s a is ic o 4.273761 is g ea e han he - able alue (1.971896), and he signi icance alue (0.0000) is
below 0.05.
d. The simul aneous es , o F- es , demons a ed ha he IOS, IC, and CH a iables collec i ely a ec he Value o Food and
Be e age Companies in Indonesia. This is e idenced by a calcula ed F- alue (16.86937) ha exceeds he F- able alue
(2.64975), coupled wi h a high p obabili y alue o 0.000000. These esul s lead o he ejec ion o he null hypo hesis (H0).
Hypo hesis es ing o Malaysia
a. The pa ial es indica ed ha he IOS a iable has no signi ican e ec on Company Value. This conclusion s ems om he
accep ance o he null hypo hesis (H0), as he calcula ed -s a is ic (1.761906) was less han he c i ical - able alue (1.986979),
and he signi icance alue (0.0815) exceeded he 0.05 h eshold.
b. The analysis showed ha he IC a iable also has no signi ican e ec on Company Value in Malaysia. The null hypo hesis (H0)
was accep ed because he -s a is ic (-0.554574) was smalle han he c i ical - able alue (1.986979), and he p- alue (0.5806)
was g ea e han 0.05.
c. In con as , he pa ial es con i med ha he CH a iable signi ican ly in luences Company Value. The null hypo hesis (H0)
was ejec ed due o he la ge calcula ed -s a is ic (6.906958), which su passed he - able alue (1.986979), and a signi icance
alue (0.0000) below he 0.05 cu o .
d. The o e all model demons a ed a signi ican simul aneous e ec o he IOS, IC, and CH a iables on he Value o Food and
Be e age Companies in Malaysia. This is con i med by he calcula ed F- alue (15.97667) exceeding he F- able alue
(2.706999), wi h a highly signi ican p obabili y alue (0.000000), leading o he ejec ion o he null hypo hesis (H0).
Hypo hesis es ing o he S a e o Singapo e
a. The pa ial es esul s indica ed ha he IOS a iable signi ican ly a ec s Company Value. The null hypo hesis (H0) was
ejec ed because he calcula ed -s a is ic (2.744540) exceeded he c i ical - able alue (1.997138), and he signi icance alue
(0.0088) was less han 0.05.
b. The analysis showed ha he IC a iable has no signi ican e ec on Company Value in Singapo e. This is con i med by he
accep ance o he null hypo hesis (H0), as he -s a is ic (-0.075605) was smalle han he c i ical - able alue (1.997138), and
he p- alue (0.9401) was g ea e han 0.05.
c. The pa ial es con i med ha he CH a iable signi ican ly in luences Company Value in Singapo e. The null hypo hesis (H0)
was ejec ed due o he e y la ge calcula ed -s a is ic (12.54730), which signi ican ly su passed he - able alue (1.997138),
and a signi icance alue (0.0000) below he 0.05 cu o .
d. The o e all model demons a ed a signi ican simul aneous e ec o he IOS, IC, and CH a iables on he Value o Food and
Be e age Companies in Singapo e. This is e idenced by he calcula ed F- alue (13.07975) exceeding he F- able alue
(2.745915), coupled wi h a highly signi ican p obabili y alue (0.000000), leading o he ejec ion o he null hypo hesis (H0).
Tes Fo he Equali y o Reg ession Coe icien s
Table 5. Resul s o he coe icien compa ison es
In es men oppo uni y se
In ellec ual capi al
Cash holding
coun
P alue
coun
P alue
coun
P alue
Indonesia s Malaysia
1,933
0.054
1,133
0.258
2,437
0.015
Indonesia s Singapo e
-0.558
0.577
0.546
0.585
-6,290
0.000
Malaysia s Singapo e
-1,781
0.076
0.956
0.956
-10,623
0.000
Resul s o he coe icien compa ison es on he in es men oppo uni y se a iable show ha H0 is accep ed in all h ee
coun ies, whe e in he compa ison o Indonesia and Malaysia he p- alue is 0.054 > 0.05. The compa ison o Indonesia and
Singapo e he p- alue is 0.577 > 0.05. The compa ison be ween Malaysia and Singapo e, indica ed by a p- alue o 0.076 (which is
g ea e han 0.05), sugges s ha he e is no signi ican di e ence in he in luence o he In es men Oppo uni y Se (IOS) on i m
alue ac oss Indonesia, Malaysia, and Singapo e.
Resul s o he coe icien compa ison es on he in ellec ual capi al a iable show ha H0 is accep ed in all h ee coun ies, whe e
in he compa ison be ween Indonesia and Malaysia he p- alue is 0.258 > 0.05. The compa ison be ween Indonesia and Singapo e
he p- alue is 0.585 > 0.05. The compa ison es o In ellec ual Capi al (IC) yielded a p- alue o 0.956 (p > 0.05), indica ing no
signi ican di e ence in he a iable's in luence on i m alue ac oss Indonesia, Malaysia, and Singapo e.
The In luence o In es men Oppo uni y Se , In ellec ual Capi al and Cash Holding on Company Value in he Food
and Be e age Sub-Sec o in Indonesia, Malaysia and Singapo e
JEFMS, Volume 08 Issue 11 No embe 2025 www.ije m.co.in Page 7457
Resul s o he coe icien compa ison es on he cash holding a iable show ha H0 is ejec ed in all h ee coun ies, whe e in he
compa ison o Indonesia and Malaysia he p- alue is 0.015 < 0.05. The compa ison o Indonesia and Singapo e he p- alue is 0.000
< 0.05. The compa ison o Malaysia and Singapo e he p- alue is 0.000 < 0.05, so he esul s show ha he e is a signi ican
di e ence in he in luence o CH in Indonesia, Malaysia, and Singapo e.
CONCLUSIONS, LIMITATIONS, AND SUGGESTIONS
O e all, his s udy ound ha he in luence o independen a iables on Fi m Value (NP) a ies ac oss Indonesia, Malaysia, and
Singapo e. Cash Holding (CH) p o ed he mos consis en , signi ican ly in luencing NP ac oss all h ee coun ies. Meanwhile,
In es men Oppo uni y Se (IOS) only in luenced NP in Indonesia and Singapo e, and su p isingly, In ellec ual Capi al (IC) did no
show a signi ican in luence on NP ac oss all coun ies s udied. Based on he esul s o he di e ence es , only Cash Holding (CH)
showed a signi ican di e ence ac oss coun ies, indica ing homogenei y in he in luence o IOS and IC ac oss he h ee
ju isdic ions.
This s udy has se e al majo limi a ions. Fi s , i s scope is limi ed o he ood and be e age subsec o , which limi s he
gene alizabili y o he indings o o he indus ial sec o s. Second, he independen a iables used a e ela i ely limi ed (IOS, IC,
and CH), lea ing he po en ial in luence o o he impo an ac o s such as co po a e go e nance o le e age excluded om he
model. Thi d, he use o pu posi e sampling echnique has he po en ial o in oduce selec ion bias, whe e he selec ed sample
o 122 companies may no be ully ep esen a i e o he popula ion o ood and be e age companies in he h ee coun ies. Fu u e
esea che s a e ad ised o expand he scope o a iables by including ac o s ha heo e ically also in luence Fi m Value, such as
company size o go e nance a iables, o build a mo e obus model. I is also ecommended o expand he esea ch sample o
include o he indus ial sec o s (e.g., he consume o manu ac u ing sec o in gene al) o o expand he co e age o coun ies in
he Sou heas Asian egion. Finally, esea che s can ocus on in-dep h analysis o he unique indings, namely he lack o in luence
o IC and he signi ican di e ence in in luence o CH, by examining speci ic mode a ing o in e ening a iables ela ed o he
egula o y en i onmen o co po a e policies in each coun y.
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