Assessment of Manufacturing Firm Performance on Firm Values During and After Covid-19 Epidemic

This study examines the impact of asset growth, sales growth, capital structure, managerial ownership, tax planning, inflation rate, and GDP growth on firm value, with dividend policy as a moderating variable. The sample consists of 64 manufacturing companies listed on the Indonesia Stock Exchange over the period 2020–2023, divided into during and after the COVID-19 pandemic. Data were obtained from annual financial reports and analyzed using multiple regression and Moderated Regression Analysis (MRA). The results show that during the COVID-19 period, asset growth, sales growth, capital structure, managerial ownership, and inflation rate significantly influence firm value, while tax planning and GDP growth do not. In the post-COVID-19 period, asset growth, sales growth, capital structure, and tax planning have a significant effect, while managerial ownership, inflation, and GDP growth do not. Furthermore, dividend policy moderates several relationships, particularly strengthening the effects of asset growth, sales growth, and tax planning on firm value. However, it does not moderate the relationship between GDP growth and firm value in both periods. This study contributes to the existing literature by providing a comparative analysis of firm value determinants during and after the COVID-19 period and by examining the moderating role of dividend policy in an emerging market context.