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Journal : infestasi

Dividends as a Signal or Merely a Routine? The Mediating Role of Dividend Policy on Firm Value Dika Setia Nugraha; Hersugondo Hersugondo
InFestasi Vol 22, No 1 (2026): JUNE
Publisher : Universitas Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/infestasi.v22i1.33895

Abstract

The primary objective of this study is to investigate whether dividend policy functions as a market signal or simply follows a standard corporate protocol. Furthermore, the research explores the capacity of dividend policy to bridge the relationship between corporate attributes and market value. By examining non-financial firms within the LQ45 index from 2020 to 2023, the study analyzes the impact of firm size, profitability, and cash holdings on corporate valuation, with dividend policy serving as an intervening factor. Utilizing a quantitative framework, the study employed panel data regression and the Sobel test to evaluate mediation outcomes. Following outlier removal, a final dataset of 26 observations was gathered via purposive sampling. The empirical findings suggest that while profitability significantly influences both firm value and dividend policy, variables such as firm size and cash reserves do not demonstrate a meaningful impact. Ultimately, the results indicate that dividend policy is not a significant mediator between company characteristics and overall firm value.
Co-Authors 08.05.52.0043 Handy Setyo Tamtomo 08.05.52.0127 George Agust Hermianto 09.05.51.0116 Dody Wijaya__ 09.05.52.0074 Deasy Purnamasari Abdul Karim Abdul Rouf Abi Kumalasari, Irmadela Alya Syafi Rifiana Amie Kusumawardhani, Amie Ardira, Givantoro Agma Augusty Tae Ferdinand Azzahra, Widad Nabila Catur Kepirianto Cipto, Noventinus Surya Daniel W Kristia Daryono Daryono DAVID SANTOSO Deby Fakhriyana, Deby Deni Sunaryo Deni Sunaryo, Deni Dianitasari, Nadya Dihardjo, Jason Ferdianto Dika Setia Nugraha Dimaciela V Sekarlangit Eka Febiyanti Etty Puji Lestari Euis Soliha Fajar Ihrom Fathin, Nadime Abiyyu Fatima, Dahniar Fara Febrianto, Sigit Figosutansyah, Atev Firdauzi, Annisa Gabriella Krisvania Wisnuwardani Ghofur, Azizul Mukminun Haerani, Ega Devana Hermawan Hermawan Hermin Pancasakti Kusumaningrum Idris Idris Innany Mirrahmatikal Maula Irene Rini Demi Pangestuti Kartika Andi Kinasih, Raras Sekar Krismonika Hidayat Kristyaningrum, Agatha Canonia Lesticya, Widya Lilis Sugiarti Listianawati, Listianawati Majid, Muhammad Abdul Maulana, Bachtiar Rifqi Muhammad Zainuri Naufal, Muhammad Heru Nugroho, Naufal Adi Nurahman, Dany Perdanaputra, Mahardika Putri Nur Syarifah Rahardian, Tito Renanduta Candra Nugraha Rio Dhani Laksana Rizka Aulia S, Ruth Dwijayanti Sa'adah, Ardiana Alifatus Saadah, Ardiana Alifatus Saadiya, Audrey Lize Salisa Nur Maulina Salsabilla, Talitha Sahda Santoso, Balqis Salsabila Sidabutar, Maxsuel Herianto Siska Nofita Ana Pertiwi, 14.05.51.0203 Siska Nofita Ana Pertiwi, 14.05.51.0203 Siswahyudianto SITI PURYANDANI Siti Puryandani Sri Supriyati Sudibyo Ikhsan SUGENG WAHYUDI Suharnomo Suharnomo Sunarto Sunarto Umi Aulya Khofifah Universe Universe Wafdayanti, Haasya Wahyu Irawan Widyaningsih, Novita Yuliastuti, Nur Rachmalina