The influence of dividend policy, profitability, and capital structure on firm value
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Published:
Jun 29, 2024
Keywords:
Capital Structure, Dividend Policy, Firm Value, Profitabillity
Section
Articles
Statistics Article
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Abstract
This research seeks to determine and analyze the impact of dividend policy, profitability, and capital structure on company value, focusing on LO45 companies listed on the Indonesia Stock Exchange from 2020 to 2022. Using a purposive sampling method, 27 companies met the predetermined criteria, resulting in a sample size of 81. The secondary data for this research was obtained from annual and sustainability reports published by the companies on the website www.ids.co.id. The results indicate that dividend policy and profitability significantly influence company value, while capital structure does not.
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How to Cite
Syahara, C. C. A., & Nursiam, N. (2024). The influence of dividend policy, profitability, and capital structure on firm value. Indonesia Auditing Research Journal, 13(2), 74–81. Retrieved from https://journals.iarn.or.id/index.php/ARJ/article/view/283
References
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Alfian, C. B., & Ghozali, I. (2024). Influence Capital Structure, Policy Dividends, Profitability and Tax Avoidance on Intrinsic Firm Value. International Journal of Economics Development Research, 5(1), 2024–2429.
Aru, Y. A. P., & ListyoriniWahyu Widati. (2022). Profitabilitas, Struktur Modal, Ukuran Perusahaan, dan Kebijakan Dividen terhadap Nilai Perusahaan di BEI. Kompak :Jurnal Ilmiah Komputerisasi Akuntansi, 15(1), 110–121. https://doi.org/10.51903/kompak.v15i1.623
Butar-Butar, T. T. R., Amalia Fachrudin, K., Syahputra Silalahi, A., & Author, C. (2021). Analysis of the Effect of Profitability and Leverage on Firm Value with Dividend Policy as an Intervening Variable in Business Index 27, 2016-2019 Period. International Journal of Research and Review (ijrrjournal.com), 8(2), 264–269.
Damayanti, R., & Sucipto, A. (2022). THE EFFECT OF PROFITABILITY, LIQUIDITY, AND LEVERAGE ON FIRM VALUE WITH DIVIDEND POLICY AS INTERVENING VARIABLE (Case Study on Finance Sector In Indonesian Stock Exchange 2016-2020 Period). International Journal of Economics, Business and Accounting Research (IJEBAR), 6(2), 863. https://doi.org/10.29040/ijebar.v6i2.5363
Dewi, R. P., Suhadak, & Handayani, S. R. (2015). The effects of capital structure and good corporate governance on dividend policy and firm value. Profit (Jurnal Administrasi Bisnis), 9(2), 51–69.
Hasanuddin, R. (2021). The Influence of Investment Decisions, Dividend Policy and Capital Structure on Firm Value. Jurnal Economic Resources, 4(1), 39–48.
Huda, S., Zuhroh, D., & Firdiansjah, A. (2020). The Effect of Profitability and Capital Structure on Firm Value Through Dividend Policy in Transportation Companies Listed on the Indonesia Stock Exchange for the Period of 2015-2018. International Journal of Advances in Scientific Research and Engineering, 06(09), 44–55. https://doi.org/10.31695/ijasre.2020.33878
Irawan, A., Setiawan, S., & Andini, R. D. (2022). Pengaruh Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Nilai Perusahaan pada Perusahaan LQ45. JPEKA: Jurnal Pendidikan Ekonomi, Manajemen dan Keuangan, 6(1), 1–14. https://doi.org/10.26740/jpeka.v6n1.p1-14
Irawan, J., & Ruslim, H. (2023). Pengaruh Profitabilitas, Kebijakan Dividen, dan Earning per Share terhadap Nilai Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 5(2), 333–342. https://doi.org/10.24912/jmk.v5i2.23402
Izzaty, R. E., Astuti, B., & Cholimah, N. (1967). Influence of Dividend Policy and Capital Structure on Firm Value. Angewandte Chemie International Edition, 6(11), 951–952., 17(November), 5–24.
Kanta, A. G. A., Hermanto, & Surasni, N. K. (2021). Comparative Study of Post-Marriage Nationality Of Women in Legal Systems of Different Countries The Effect of Leverage and Profitability on Firm Value with Dividend Policy as Moderation Variable (Studies in Manufacturing Companies for the International Jo. International Journal of Multicultural and Multireligious Understanding, 8(1), 245–255.
Luckyardi, S., Agustini, K., Nugraha, N., & Sari, M. (2021). the Impact of Dividend Policy and Capital Structure on Firm Value in Agricultural Sector. Jurnal Ilmu Keuangan dan Perbankan (JIKA), 11(1), 1–20. https://doi.org/10.34010/jika.v11i1.5717
Noviyanti, D., & Ruslim, H. (2021). Pengaruh Struktur Modal, Profitabilitas, Rasio Aktivitas Terhadap Nilai Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 3(1), 34. https://doi.org/10.24912/jmk.v3i1.11285
Octavus, C., & Adiputra, I. G. (2020). Pengaruh Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan Asuransi di Indonesia. Jurnal Manajerial Dan Kewirausahaan, 2(4), 873. https://doi.org/10.24912/jmk.v2i4.9866
Olivia, M., Putri, D., & Wiksuana, I. G. B. (2021). the Effect of Liquidity and Profitability on Firm Value Mediated By Dividend Policy. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 204–212.
Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner (Riset dan Jurnal Akuntansi), 4(2), 331. https://doi.org/10.33395/owner.v4i2.247
Prasetya Margono, F., & Gantino, R. (2021). Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007
Rahmawati, V. D., Darmawan, A., Setyarini, F., & Bagis, F. (2021). Profitability, Capital Structure, and Dividend Policy on Firm Value Using Company Size as A Moderating Variable (In the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2015-2019 Periods). International Journal of Economics, Business, and Accounting Research (IJEBAR), 5(1), 282–292.
Riki, M., Tubastuvi, N., Darmawan, A., & Rahmawati, I. Y. (2022). Struktur Modal, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Moderasi. Jurnal Akademi Akuntansi, 5(1), 62–75. https://doi.org/10.22219/jaa.v5i1.19409
Saputri, D. R., & Bahri, S. (2021). The Effect Of Leverage, Profitability, And Dividend Policy On Firm Value. International Journal of Educational Research & Social Sciences, 2(6), 1316–1324. https://doi.org/10.51601/ijersc.v2i6.223
Sari, E. P., Ilham, R. N., Putri, D. E., & Syahputri, A. (2022). Kebijakan Dividen Sebagai Pemediasi Pengaruh Antara Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Indeks Lq 45. Jurnal Akuntansi dan Pajak, 22(2), 676. https://doi.org/10.29040/jap.v22i2.3902
Setyabudi, T. (2021). The Effect of Institutional Ownership, Leverage, and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021
Sintyana, I. P. H., & Artini, L. G. S. (2018). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(2), 757. https://doi.org/10.24843/ejmunud.2019.v08.i02.p07
Soewignyo, T. I. (2020). Analysis of the Effect of Profitability, Solvability, and Dividend Policy on Banking Firm Value. Human Behavior, Development and Society, 21(1), 2837.
Sualehkhattak, M., & Hussain, C. M. (2017). Do Growth Opportunities Influence the Relationship of Capital Structure, Dividend Policy and Ownership Structure with Firm Value: Empirical Evidence of KSE? Journal of Accounting & Marketing, 06(01). https://doi.org/10.4172/2168-9601.1000216
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 8(18), 89–98.
Tamrin, M., Rahman Mus, H., Arfah, A., & Sudirman. (2017). Effect of profitability and dividend policy on corporate governance and firm value: Evidence from the Indonesian manufacturing Sectors. IOSR Journal of Business and Management, 19(10), 66–74. https://doi.org/10.9790/487X-1910086674
Taufiq, A. R., & Trianti, Y. F. (2021). Effect of Capital Structure, Profitability, Tax Planning and Dividend Policy on the Value of Companies Listed on the IDX. International Journal of Economics,Businessand Accounting Research, 5(4), 171–179.
Widiyasari, C., & Nursiam. (2019). Analisis Pengaruh Kebijakan Deviden, Kebijakan Hutang, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Akuntansi dan Bisnis, 5(3), 73–86.
Wijaya, D., & Pakpahan, H. M. E. (2021). The Effect Of Liquidity, Capital Structure, Dividen Policy On Firm Value Through Profitability as Intervening Variable. International Journal of Business, Economics and Law, 24(6), 190–197.
Alfian, C. B., & Ghozali, I. (2024). Influence Capital Structure, Policy Dividends, Profitability and Tax Avoidance on Intrinsic Firm Value. International Journal of Economics Development Research, 5(1), 2024–2429.
Aru, Y. A. P., & ListyoriniWahyu Widati. (2022). Profitabilitas, Struktur Modal, Ukuran Perusahaan, dan Kebijakan Dividen terhadap Nilai Perusahaan di BEI. Kompak :Jurnal Ilmiah Komputerisasi Akuntansi, 15(1), 110–121. https://doi.org/10.51903/kompak.v15i1.623
Butar-Butar, T. T. R., Amalia Fachrudin, K., Syahputra Silalahi, A., & Author, C. (2021). Analysis of the Effect of Profitability and Leverage on Firm Value with Dividend Policy as an Intervening Variable in Business Index 27, 2016-2019 Period. International Journal of Research and Review (ijrrjournal.com), 8(2), 264–269.
Damayanti, R., & Sucipto, A. (2022). THE EFFECT OF PROFITABILITY, LIQUIDITY, AND LEVERAGE ON FIRM VALUE WITH DIVIDEND POLICY AS INTERVENING VARIABLE (Case Study on Finance Sector In Indonesian Stock Exchange 2016-2020 Period). International Journal of Economics, Business and Accounting Research (IJEBAR), 6(2), 863. https://doi.org/10.29040/ijebar.v6i2.5363
Dewi, R. P., Suhadak, & Handayani, S. R. (2015). The effects of capital structure and good corporate governance on dividend policy and firm value. Profit (Jurnal Administrasi Bisnis), 9(2), 51–69.
Hasanuddin, R. (2021). The Influence of Investment Decisions, Dividend Policy and Capital Structure on Firm Value. Jurnal Economic Resources, 4(1), 39–48.
Huda, S., Zuhroh, D., & Firdiansjah, A. (2020). The Effect of Profitability and Capital Structure on Firm Value Through Dividend Policy in Transportation Companies Listed on the Indonesia Stock Exchange for the Period of 2015-2018. International Journal of Advances in Scientific Research and Engineering, 06(09), 44–55. https://doi.org/10.31695/ijasre.2020.33878
Irawan, A., Setiawan, S., & Andini, R. D. (2022). Pengaruh Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Nilai Perusahaan pada Perusahaan LQ45. JPEKA: Jurnal Pendidikan Ekonomi, Manajemen dan Keuangan, 6(1), 1–14. https://doi.org/10.26740/jpeka.v6n1.p1-14
Irawan, J., & Ruslim, H. (2023). Pengaruh Profitabilitas, Kebijakan Dividen, dan Earning per Share terhadap Nilai Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 5(2), 333–342. https://doi.org/10.24912/jmk.v5i2.23402
Izzaty, R. E., Astuti, B., & Cholimah, N. (1967). Influence of Dividend Policy and Capital Structure on Firm Value. Angewandte Chemie International Edition, 6(11), 951–952., 17(November), 5–24.
Kanta, A. G. A., Hermanto, & Surasni, N. K. (2021). Comparative Study of Post-Marriage Nationality Of Women in Legal Systems of Different Countries The Effect of Leverage and Profitability on Firm Value with Dividend Policy as Moderation Variable (Studies in Manufacturing Companies for the International Jo. International Journal of Multicultural and Multireligious Understanding, 8(1), 245–255.
Luckyardi, S., Agustini, K., Nugraha, N., & Sari, M. (2021). the Impact of Dividend Policy and Capital Structure on Firm Value in Agricultural Sector. Jurnal Ilmu Keuangan dan Perbankan (JIKA), 11(1), 1–20. https://doi.org/10.34010/jika.v11i1.5717
Noviyanti, D., & Ruslim, H. (2021). Pengaruh Struktur Modal, Profitabilitas, Rasio Aktivitas Terhadap Nilai Perusahaan. Jurnal Manajerial Dan Kewirausahaan, 3(1), 34. https://doi.org/10.24912/jmk.v3i1.11285
Octavus, C., & Adiputra, I. G. (2020). Pengaruh Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan Asuransi di Indonesia. Jurnal Manajerial Dan Kewirausahaan, 2(4), 873. https://doi.org/10.24912/jmk.v2i4.9866
Olivia, M., Putri, D., & Wiksuana, I. G. B. (2021). the Effect of Liquidity and Profitability on Firm Value Mediated By Dividend Policy. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(1), 204–212.
Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner (Riset dan Jurnal Akuntansi), 4(2), 331. https://doi.org/10.33395/owner.v4i2.247
Prasetya Margono, F., & Gantino, R. (2021). Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007
Rahmawati, V. D., Darmawan, A., Setyarini, F., & Bagis, F. (2021). Profitability, Capital Structure, and Dividend Policy on Firm Value Using Company Size as A Moderating Variable (In the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2015-2019 Periods). International Journal of Economics, Business, and Accounting Research (IJEBAR), 5(1), 282–292.
Riki, M., Tubastuvi, N., Darmawan, A., & Rahmawati, I. Y. (2022). Struktur Modal, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Moderasi. Jurnal Akademi Akuntansi, 5(1), 62–75. https://doi.org/10.22219/jaa.v5i1.19409
Saputri, D. R., & Bahri, S. (2021). The Effect Of Leverage, Profitability, And Dividend Policy On Firm Value. International Journal of Educational Research & Social Sciences, 2(6), 1316–1324. https://doi.org/10.51601/ijersc.v2i6.223
Sari, E. P., Ilham, R. N., Putri, D. E., & Syahputri, A. (2022). Kebijakan Dividen Sebagai Pemediasi Pengaruh Antara Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Indeks Lq 45. Jurnal Akuntansi dan Pajak, 22(2), 676. https://doi.org/10.29040/jap.v22i2.3902
Setyabudi, T. (2021). The Effect of Institutional Ownership, Leverage, and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021
Sintyana, I. P. H., & Artini, L. G. S. (2018). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(2), 757. https://doi.org/10.24843/ejmunud.2019.v08.i02.p07
Soewignyo, T. I. (2020). Analysis of the Effect of Profitability, Solvability, and Dividend Policy on Banking Firm Value. Human Behavior, Development and Society, 21(1), 2837.
Sualehkhattak, M., & Hussain, C. M. (2017). Do Growth Opportunities Influence the Relationship of Capital Structure, Dividend Policy and Ownership Structure with Firm Value: Empirical Evidence of KSE? Journal of Accounting & Marketing, 06(01). https://doi.org/10.4172/2168-9601.1000216
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 8(18), 89–98.
Tamrin, M., Rahman Mus, H., Arfah, A., & Sudirman. (2017). Effect of profitability and dividend policy on corporate governance and firm value: Evidence from the Indonesian manufacturing Sectors. IOSR Journal of Business and Management, 19(10), 66–74. https://doi.org/10.9790/487X-1910086674
Taufiq, A. R., & Trianti, Y. F. (2021). Effect of Capital Structure, Profitability, Tax Planning and Dividend Policy on the Value of Companies Listed on the IDX. International Journal of Economics,Businessand Accounting Research, 5(4), 171–179.
Widiyasari, C., & Nursiam. (2019). Analisis Pengaruh Kebijakan Deviden, Kebijakan Hutang, Profitabilitas, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Akuntansi dan Bisnis, 5(3), 73–86.
Wijaya, D., & Pakpahan, H. M. E. (2021). The Effect Of Liquidity, Capital Structure, Dividen Policy On Firm Value Through Profitability as Intervening Variable. International Journal of Business, Economics and Law, 24(6), 190–197.
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