Determinant of firm value: Evidence of oil palm plantation companies

The company’s market value or firm (FV) is essential for shareholders to maximize wealth (Jensen, 2010). FV a function of various factors, especially company-specific which are the main drivers (Chen et al., 2019). This study aims estimate impact stock returns (SR), return on assets (ROA), leverage (debt-to-equity ratio, DER), and total (SIZE) proxied by price-to-book (PBV) methods data analysis using panel regression model. research sample comprised 14 large private oil palm plantation companies Indonesia Stock Exchange (IDX). study’s results prove that SR SIZE positively affect PBV, while ROA DER have no effect. Recommendations from result company management must pay attention, so share prices strived continue increase because they increasing FV, profitable shareholders. A positive response can be achieved through better-assessing profitability ratios investment in its fixed assets.