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Determinants Of Dividend Policy And Their Implications On Firm Value Moderated By BI Rate: (Case Study on Companies Listed in the High Dividend 20 Index on the Indonesia Stock Exchange, 2017–2022) Mohamad Duddy Dinantara; Azhar Affandi; Dedi Mulyadi
International Journal of Social Sciences Vol. 2 No. 2 (2026): IJSS: International Journal of Social Sciences
Publisher : STEBIS Bina Mandiri

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51805/ijss.v2i2.557

Abstract

This study examines the effects of institutional ownership, public ownership, liquidity, debt policy, and exchange rate on dividend policy, and their implications for firm value, with the Bank Indonesia Rate (BI Rate) as a moderating variable. The research focuses on companies in the High Dividend 20 Index listed on the Indonesia Stock Exchange (IDX) for the period 2017–2022. A quantitative approach using explanatory research was employed, with secondary data obtained from annual financial statements, official IDX publications, and Bank Indonesia. Panel data regression and Moderated Regression Analysis (MRA) were used for analysis. Results indicate that institutional ownership, public ownership, liquidity, debt policy, and exchange rate simultaneously have a significant effect on dividend policy. Partially, institutional ownership, public ownership, and liquidity show a significant positive effect, while debt policy and exchange rate show significant negative effects. Dividend policy significantly influences firm value, and the BI Rate acts as a moderating variable that strengthens this relationship.