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All Journal Dinasti Accounting Review
Hendi Aryanta Tarigan
Perbanas Institute, Jakarta, Indonesia
Economics, Econometrics & Finance

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Revisiting Firm Value in Banking: Do Dividend Policies Still Matter? Aviliani Aviliani; Hendi Aryanta Tarigan; Hedwigis Esti Riwayati
Dinasti Accounting Review Vol. 3 No. 4 (2026): Dinasti Accounting Review (April - June 2026)
Publisher : Dinasti Research & Yayasan Dharma Indonesia Tercinta (DINASTI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dar.v3i4.3903

Abstract

This study investigates the impact of profitability and the investment opportunity set on firm value, with dividend policy as a mediating variable, in Indonesian Banking Sector during the period 2018–2025. This period captures both the COVID-19 pandemic crisis and the subsequent economic recovery, which significantly affected corporate investment and profit distribution decisions. A quantitative research approach was applied using Smart Partial Least Squares 4 (SmartPLS 4), and secondary data were sourced from annual reports and financial statements published on the official websites of the Indonesian Banking Sector. The empirical results reveal that both profitability and the investment opportunity set have a positive and significant effect on firm value, while dividend policy does not significantly influence firm value. Additionally, profitability positively and significantly affects dividend policy, whereas the investment opportunity set has no significant effect. Mediation analysis indicates that dividend policy does not mediate the relationships between profitability, the investment opportunity set, and firm value. These findings provide theoretical contributions to the literature on corporate finance in the banking sector and offer practical implications for managers, investors, and regulators in enhancing firm value sustainably.
Co-Authors Aviliani Aviliani Hedwigis Esti Riwayati