International Journal of Managerial Studies and Research (IJMSR) Volume 6, Issue 8, August 2018, PP 51-59 ISSN 2349-0330 (Print) & ISSN 2349-0349 (Online) http://dx.doi.org/10.20431/2349-0349.0608006 www.arcjournals.org International Journal of Managerial Studies and Research (IJMSR) Page |51 Determinants of Firm Value: A Case Study of Cigarette Companies Listed on the Indonesia Stock Exchange Ceriawati Daeli, Endri Magister Manajemen, Universitas Mercu Buana, Jakarta, Indonesia 1. INTRODUCTION The value of a company can reflect the value of assets owned by a company such as securities that are important for company management, considering the value of the company because it is related to the interests of the owner of the company in maximizing its welfare (Endri, 2018a). Company value can describe the state of the company. With the good value of the company, the company will be considered good by potential investors, and vice versa. Increasing the value of the company can be achieved if there is cooperation between the management of the company and other parties which include sharehoders and stakeholders in making financial decisions with the aim of maximizing working capital owned (Raheman et al., 2010). Maximizing company value is very important for the company, because maximizing the value of a company means maximizing shareholder prosperity which is the company's main goal. While the company's value will be reflected in the stock market price (Ding et al., 2006). The higher the value of the company, the greater the prosperity that the owner of the company will receive. For companies that issue shares in the capital market, the share price traded on the stock exchange is an indicator of the company's value. 2. THEORETICAL BACKGROUND 2.1. Entreprise Value In making financial decisions, financial managers need to determine goals to be achieved. The right financial decisions can maximize the value of the company so as to increase the prosperity of the company owner. The value of the company itself is the price that is willing to be paid by prospective buyers if the company is sold. According to Fama and French (2015), company value can be seen from the stock price. Share prices are formed at the request and offer of investors, so that the stock price can be used as a proxy for the company's value. High stock prices make the value of the company also high. High company value will make the market believe not only in the company's current performance but also in the company's prospects in the future. To maximize the value of the company, not only the equity value is considered, but financial sources such as debt and preferred shares. Abstract: The purpose of this research is to know whether there is influence of capital structure, profitability, liquidity, and market share to company value. This research was conducted on consumer goods sector of cigarette sub sector in Indonesia Stock Exchange in period 2012-2016. The population of this study are 4 companies. While the sample company taken with purposive sampling method as many as 4 companies with multiple regression analysis method. Multiple regression analysis in this research is used to see the relation between independent variable to dependent variable, either individually or together. The result of analysis shows that as long as the research of capital structure and profitability have positive and significant influence to firm value. While liquidity has a negative and insignificant influence on the value of the company. Other results also show that market share has a positive but insignificant effect on firm value. Keywords: Entreprise value, capital structure, profitability, liquidity, market share *Corresponding Author: Ceriawati Daeli, Magister Manajemen, Universitas Mercu Buana, Jakarta, Indonesia