FIRM SIZE MODERATOR: LINKAGE OF FIRM AGE AND FIRM'S VALUE IN INDONESIAN MANUFACTURING FIRMS AFTER COVID-19 PANDEMIC (SECTORS B AND C)

Siti Wardah Pratidina  Nasution; Kamilah  Sa‘diah

doi:10.46281/abfr.v10i1.2912

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Published: 2026-05-27

DOI: https://doi.org/10.46281/abfr.v10i1.2912

Keywords:

Firms Age, Firm’s Value, Sector B and C

Siti Wardah Pratidina Nasution

Lecturer, Department of Management, University of AlWashliyah, Medan, Indonesia

https://orcid.org/0000-0003-1528-378X

Kamilah Sa‘diah

Lecturer, Department of Accounting, University of Binaniaga Indonesia, Bogor, Indonesia

https://orcid.org/0000-0001-5175-9787

Abstract

"Dual Performance" phenomenon and the contraction of the Manufacturing Purchasing Managers' Index (PMI) underscore the importance of understanding how firms' internal characteristics respond to economic volatility and the pressures of digitalization. This study aims to analyze the linkage between firm age and firm value, with firm size as a moderating variable, in sector B and C manufacturing firms listed on the Indonesia Stock Exchange (IDX) during the post-COVID-19 pandemic period of 2022-2024. Tobin's Q was used in this study to examine the impact of the linkage before and after moderation, while Firm Age and Firm Size were measured using natural logarithms. The research type is causal-comparative, with a quantitative analysis approach. The sample was selected using purposive sampling, resulting in 75 firms meeting the criteria from a total population of 228 manufacturing firms during 2024. This study employs secondary data from the Indonesian Standard Industrial Classification (KBLI) criteria on IDX. Moderated regression analysis (MRA) was used for data analysis and hypothesis testing. The results show that Firm Age has a significant negative relationship with Firm Value. This confirms the phenomenon of "Aging," or organizational rigidity, where older firms tend to be less competitive and slower to adapt to digital technology than younger firms. Furthermore, Firm Size was found to be unable to moderate the relationship between Firm Age and the Firm's Value, nor to serve as a pure moderator. This finding indicates that substantial assets alone do not automatically protect mature firms unless they are accompanied by operational agility and transparency to minimize agency conflicts in the post-pandemic era.

JEL Classification Codes: C210, L600, M410.

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Issue

Vol. 10 No. 1 (2026)

Section

Research Paper/Theoretical Paper/Review Paper/Short Communication Paper

This work is licensed under a Creative Commons Attribution 4.0 International License.

Author Biographies

Siti Wardah Pratidina Nasution , Lecturer, Department of Management, University of AlWashliyah, Medan, Indonesia

Siti Wardah Pratidina Nasution is a lecturer and researcher in the Department of Management at the University of AlWashliyah, Medan, Indonesia. Her academic interests focus on management studies, organizational development, human resource management, entrepreneurship, and business sustainability. She is actively involved in teaching, research, and community engagement activities aimed at enhancing managerial practices and supporting socio-economic development. Through her scholarly contributions, she continues to promote innovation, leadership, and strategic management within academic and professional communities.

Kamilah Sa‘diah , Lecturer, Department of Accounting, University of Binaniaga Indonesia, Bogor, Indonesia

Kamilah Sa‘diah is a lecturer and researcher in the Department of Accounting at the University of Binaniaga Indonesia, Bogor, Indonesia. Her academic and research interests include financial accounting, management accounting, auditing, taxation, and corporate governance. She is committed to advancing accounting education and developing research that contributes to business transparency, financial accountability, and sustainable organizational performance. In addition to teaching and research activities, she actively participates in academic collaborations and community service programs that support the development of accounting practices and economic empowerment in society.

How to Cite

Nasution , S. W. P. ., & Sa‘diah , K. . (2026). FIRM SIZE MODERATOR: LINKAGE OF FIRM AGE AND FIRM’S VALUE IN INDONESIAN MANUFACTURING FIRMS AFTER COVID-19 PANDEMIC (SECTORS B AND C). Australian Finance & Banking Review, 10(1), 1-8. https://doi.org/10.46281/abfr.v10i1.2912

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