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Sherla Mahtiza Rani
Universitas Islam Negeri Raden Intan Lampung
Economics, Econometrics & Finance

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FINANCIAL DECISIONS, DIVIDEND POLICY, AND FIRM VALUE IN THE BASIC MATERIAL SECTOR: AN ISLAMIC PERSPECTIVE ANALYSIS Sherla Mahtiza Rani; Dinda Fali Rifan; Anas Malik
I-Finance Journal Vol 12 No 1 (2026): I-FINANCE: a Research Journal on Islamic Finance
Publisher : Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Raden Fatah Palembang, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19109/ifinance.v12i1.35944

Abstract

This study aims to examine the impact of investment decisions, financing decisions, and dividend policies on firm value from an Islamic perspective among companies in the basic materials sector listed on the ISSI during the 2020-2024 period. The study employs a quantitative method, with a population of 43 companies. The sample was selected through purposive sampling, resulting in 12 companies. The analysis technique employed panel data regression using the Random Effects Model. Hypothesis testing utilized the t-test, F-test, and the coefficient of determination (R2). The results indicate that, when considered individually, investment decisions have a significant effect on firm value, whereas financing decisions and dividend policies do not affect firm value. Simultaneously, these three variables influence firm value. From an Islamic perspective, these findings are validated by the principles of tawazun, maslahah, and maqasid al-sharia. This reflects that the creation of corporate value is driven more by productive investment management as a form of asset development (tasghil al-mal), while financing decisions and dividend policies are guided by the principles of avoiding riba and iktinaz. Thus, corporate value represents not only financial achievements but also the company’s success in realizing benefits and business sustainability in line with Sharia objectives.
Co-Authors Anas Malik Dinda Fali Rifan