Conclusions

In light of the significant findings, the following conclusions were made:

1. Most manufacturing companies maintained a Price-to-Book Value (PBV) equal to or above

the industry average, signaling investor confidence and serving as a valuable tool for evaluating

anticipated future growth and earnings.

2. The capital structure of manufacturing companies, as indicated by their debt-to-equity ratio,

has shown a consistent decline over the past four years. There is a subtle upward trend, but the

mean remains below the industry average. This suggests that a majority of manufacturing

companies rely more on equity financing than debt for their operational needs.

3. Most manufacturing companies earned lower than the average total revenue, depicting lower

financial growth and smaller company size. On the other hand, most of the companies possess

assets greater than the average, revealing that most were large in size in terms of total assets.

4. From 2018 to 2022, the profitability analysis of the listed manufacturing firms highlights the

effective utilization of company resources for profit generation; nevertheless, the contribution

from shareholder's equity does not significantly enhance the overall profit.

5. Capital structure has a significant effect on corporate value in contrast to company size, which

is represented by total revenues and total assets. Profitability, as proxied by return on equity,

shows a positively significant effect on corporate value, while if represented by return on asset,

reveals no significant effect.