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All Journal Al-Kharaj: Journal of Islamic Economic and Business
Cita Restuningsih
Esa Unggul University
Economics, Econometrics & Finance

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Analysis of the Influence of Dividend Policy and Independent Board of Commissioners on Firm Value: The Moderating Role of Audit Quality Cita Restuningsih; Riris Rotua Sitorus
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.10924

Abstract

The study aims to examinate the moderating effect of audit quality on the relationship between dividen policy and the independent board of commissioners on firm value. The sample and data werw drawn from companies indexed in LQ45 during the 2018-2022 period. Fluctuations in stock prices reflect change in firm value, which are critical to investors. Dividend policy is a significant factors as it rewards investors and can signal a company’s value. The effectiveness of corporate oversight can be enhanced by an independent board of commissioners. High audit quality is expected to moderate the impact of dividend policy and the independent board of commissioners on firm value. The method applied in this study is panel data regression, and the results indicate that firm value is not influenced by dividend policy, but is significanly and possitively influenced by the independent board of commissioners. Audit qualityi does not moderate the effect of dividend policy on firm value, but it positively moderates the relationship between the independent board of commissioners and firm value. Understanding the factors that drive firm value aids investors in developing effective investment strategies, while increasing the effectiveness of the independent board of commissioners highlights the importance of good audit quality in improving transparency and investor confidence, contributing to the stufy’s finding. Future research should expand the study period, utilize audit opinion and audit tenure to measure audit quality, and use PBV and MBV to measure firm value.
Co-Authors Riris Rotua Sitorus