<![CDATA[This study examines the effect of capital structure and dividend policy on the firm value of property and real estate companies listed on the Indonesia Stock Exchange (IDX) over 2020–2025, a period that spans the COVID-19 shock, the post-pandemic recovery, and a marked decline in sector valuations. Using purposive sampling, 18 of the 92 listed property and real estate companies met the selection criteria, yielding a balanced panel of 108 firm-year observations. Capital structure is proxied by the debt-to-asset ratio (DAR), dividend policy by the dividend payout ratio (DPR), and firm value by price-to-book value (PBV); investment decision (price-earnings ratio, PER) and debt policy (debt-to-equity ratio, DER) are included as control variables. After square-root transformation, the data were analyzed using pooled multiple linear regression. The model is jointly significant (F = 3.841; p = 0.006) but explains a modest share of the variation in firm value (adjusted R² = 0.096). Capital structure has a negative but statistically insignificant coefficient (B = −0.927; p = 0.304), so H1 is not supported. Dividend policy has a significant negative coefficient (B = −0.492; p = 0.038), which is opposite to the hypothesized positive relationship, so H2 is not supported. Because the Durbin–Watson statistic indicates positive serial correlation, these associations should be interpreted with caution. The findings suggest that, in a sector facing declining valuations, investors do not reward high payout ratios, which may instead reflect weak earnings or limited reinvestment capacity. The study relates its leverage evidence to the financial-ratio screening of the Indonesian sharia securities list and offers implications for managers balancing payout and reinvestment and for investors evaluating property stocks.]]>
