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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.

Determinants of Firm Value: A Case Study of Cigarette Companies Listed on the Indonesia Stock Exchange