This systematic literature review synthesizes findings from nine studies (2021-2025) examining the multifaceted determinants of firm value, primarily focusing on Indonesian companies listed on the IDX. Investment choices, financing, operational efficiency (BOPO, TATO), profitability (ROE, ROA), and capital structure (LDR, NPL, DER) are some of the classic financial and operational elements that are examined in the assessment. In addition, it delves into the impact of intangible assets like Green IC, sustainability reporting, and Intellectual Capital (IC), as well as corporate governance factors like women on boards. The influence of operational efficiency and intangible assets might differ, indicating interactions that are reliant on context, in contrast to many conventional financial measures, which consistently demonstrate substantial positive benefits. A key moderator that enhances the impact of intellectual capital is innovation. Quantitative methods predominate, with secondary data used for regression analysis. Review results show both consistent and inconsistent patterns, highlighting the necessity for nuanced interpretation across different industries and historical periods and the complicated interaction of variables influencing business value.
Aji et al. (Thu,) studied this question.