Jul 2026· Jurnal Manajemen Bisnis Digital Terkini· 0 citations
Abstract
This study aims to examine the effects of capital structure, dividend policy, and profitability on firm value, as well as to investigate the moderating role of institutional ownership in energy sector companies listed on the Indonesia Stock Exchange during the 2019–2024 period. This research employed a quantitative approach using secondary data obtained from companies' annual reports and financial statements. The sample was selected using purposive sampling, resulting in 50 companies observed over a six-year period. Data were analyzed using panel data regression with the FEM and robust standard errors estimated through EViews 13. The findings indicate that capital structure and profitability have a positive and significant effect on firm value, while dividend policy has no significant effect. Institutional ownership does not moderate the relationship between capital structure and firm value or between dividend policy and firm value; however, it significantly strengthens the effect of profitability on firm value. These findings suggest that, in the capital-intensive energy sector, firm value is driven more by effective financing decisions and the company's ability to generate profits than by dividend distribution policies. This study implies that energy companies should optimize their capital structure, improve profitability, and strengthen institutional monitoring to enhance firm value.
This study aims to analyze the effect of liquidity, profitability, and capital structure on firm value with firm size as a moderating variable in food and beverage subsector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This study employs a quantitative approach using secondary data obtained from companies’ financial statements and annual reports. The sample was determined using the purposive sampling method with a total of 156 observations. The data analysis techniques include descriptive statistics, classical assumption tests, multiple linear regression analysis, t-test, F-test, and Moderated Regression Analysis. The results indicate that profitability has an effect on firm value, while liquidity and capital structure do not affect firm value. In addition, firm size is unable to moderate the relationship between liquidity, profitability, and capital structure and firm value. These findings indicate that investors tend to place greater emphasis on a company’s ability to generate profits when assessing firm value in the sector.
Muhamad Yoga Pratama, Ira Septriana, Enny Susilowati Mardjono et al.· Jurnal Bina Akuntansi· 0 citations
This study aims to examine the effect of leverage and capital structure on firm value, with dividend policy serving as a moderating variable, in consumer cyclicals companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study employed a quantitative research approach using secondary data obtained from companies’ annual reports and financial statements. Purposive sampling was applied to select the research sample, resulting in 25 companies with a total of 125 firm-year observations. Data analysis was conducted using panel data regression and Moderated Regression Analysis (MRA) with EViews 12 software. The results indicate that leverage has a positive and significant effect on firm value, suggesting that an optimal level of debt can enhance investor confidence and increase corporate value. In contrast, capital structure does not have a significant effect on firm value. Furthermore, dividend policy positively and significantly strengthens the relationship between leverage and firm value, while negatively and significantly weakening the relationship between capital structure and firm value. These findings imply that dividend policy plays an important moderating role in corporate financial decisions and provides valuable insights for managers, investors, and policymakers in optimizing financing strategies to enhance firm value and maintain long-term corporate sustainability.
Della Puspita, Endah Prawesti Ningrum, Tri Yulaeli· Jurnal Kendali Akuntansi· 0 citations
This study aims to analyze the effect of dividend policy, profitability, and liquidity on firm value in the manufacturing sector listed on the Indonesia Stock Exchange for the 2020–2024 period. The research method used is a quantitative approach with a causal design. Data were collected from the annual financial reports of 10 selected manufacturing companies in the Industrials sector using a purposive sampling technique. Data analysis was performed using panel data regression with a Fixed Effect Model (FEM). The results show that dividend policy has no significant effect on firm value, profitability has no significant effect on firm value, and liquidity has a negative and significant effect on firm value. The Adjusted R-squared value of 79.81% indicates that the three independent variables are able to explain variations in firm value well. This means that higher company liquidity can actually decrease firm value because it indicates inefficiency in asset management.
D. Ayu, Romansyah Sahabuddin, Nurman et al.· SINOMIKA JOURNAL: Publikasi...· 0 citations
This study addresses the inconsistency of prior findings on how profitability, capital structure, and liquidity affect firm value in energy and mining companies, particularly under governance and macroeconomic pressures. The purpose of this study is to examine the effects of Return on Equity (ROE), Debt to Equity Ratio (DER), and Current Ratio (CR) on Tobin's Q, and to test the moderating roles of gender diversity and inflation. This quantitative study uses secondary data from annual financial statements and annual reports of energy and mining companies listed on the Indonesia Stock Exchange during 2017-2024. The sample was selected using purposive sampling and produced 100 valid firm-year observations. Data were analyzed using Moderated Regression Analysis (MRA) with SPSS. The results show that ROE, DER, CR, gender diversity, and inflation have negative and significant effects on firm value. Gender diversity weakens the negative effect of DER and strengthens the effect of CR on firm value, while inflation only strengthens the relationship between CR and firm value. The novelty of this study lies in the simultaneous use of gender diversity and inflation as quasi-moderators in a capital-intensive and macro-sensitive sector. The limitation of this study is that it uses a limited sectoral sample, a national inflation proxy, and an OLS-based MRA model that still indicates positive autocorrelation.
Gita Delviana Deli, S. Sunarto· Jurnal Pendidikan Ekonomi· 0 citations
This study aims to examine the effect of profitability and dividend policy on firm value with ESG disclosure as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange during 2023–2025. This research employed a quantitative approach using secondary data collected from annual reports, financial statements, and sustainability reports. The sample consisted of 15 companies selected through purposive sampling, resulting in 45 observations. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with EViews 12. The findings indicate that profitability and dividend policy have a positive and significant effect on firm value. Furthermore, ESG disclosure significantly strengthens the positive effect of profitability on firm value, suggesting that sustainability disclosure enhances investor confidence in profitable firms. Conversely, ESG disclosure weakens the positive effect of dividend policy on firm value, indicating that investors also consider companies’ commitments to sustainability initiatives when evaluating dividend decisions. These findings highlight that integrating strong financial performance with comprehensive ESG disclosure is essential for enhancing firm value and strengthening long-term competitiveness in the energy sector.
I. W. M. Putra, I. Nyoman Sunarta· Trending: Jurnal Manajemen d...· 0 citations
The purpose of this study was to analyze This study aims to analyze the effect of green investment and dividend policy on firm value in the mining sector listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024, with profitability as a moderating variable. The study employs a quantitative approach using panel data from 45 mining companies obtained through purposive sampling. Data were analyzed using E-Views 13 with Moderated Regression Analysis (MRA) on 155 valid samples. The results indicate that green investment has a significant negative effect on firm value, while dividend policy and profitability have no significant direct effect; however, profitability is proven to moderate and strengthen the effect of both green investment and dividend policy on firm value. These findings support the concept of conditional signal credibility within Signalling Theory, whereby green investment and dividends only serve as positive signals for investors when supported by adequate profitability. Practically, management should first ensure stable profitability before expanding green investment or distributing dividends, so that both policies effectively enhance firm value in the eyes of investors. Future research is recommended to extend the observation period, incorporate additional moderating variables such as firm size and corporate governance, and test the model across other sectors to examine the generalizability of these findings.
