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All Journal Jurnal Reviu Akuntansi dan Keuangan Jurnal Akuntansi & Auditing Indonesia Media Riset Akuntansi Journal The Winners Akuntansi Krida Wacana Journal of Accounting and Investment Riset Akuntansi dan Keuangan Indonesia Indonesian Journal of Sustainability Accounting and Management Jurnal Kajian Akuntansi JURNAL AKUNTANSI KEUANGAN DAN MANAJEMEN Jurnal Akuntansi dan Keuangan Indonesia Proceeding National Conference Business, Management, and Accounting (NCBMA) Jurnal Dinamika Akuntansi dan Bisnis (JDAB) Indonesian Journal of Sustainability Accounting and Management Proceeding of International Conference on Entrepreneurship (IConEnt) Riset Akuntansi dan Keuangan Indonesia Jurnal Akuntansi
Antonius Herusetya
Department Of Accounting, Faculty Of Economic And Business, Universitas Pelita Harapan, Tangerang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Mathematics Social Sciences

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Dividends, Investment Opportunities, and Company Performance: The Moderating Role of Corporate Governance Triandolla, Bunga; Herusetya, Antonius
Jurnal Akuntansi, Keuangan, dan Manajemen Vol. 7 No. 1 (2025): Desember
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7i1.5338

Abstract

Purpose: This study aims to analyze the influence of dividend policy and investment opportunities set on firm performance, with corporate governance as a moderating variable. The study focuses on mining sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. Methodology/approach: This study is quantitative approach. Firm performance is proxied by Return on Equity, dividend policy by Dividend Payout Ratio, and IOS by the ratio of capital expenditure to total assets. Corporate governance is assessed through an index comprising 17 indicators aligned with the principles of Good Corporate Governance. Data analysis was conducted using panel data moderation regression with the Generalized Least Squares. Results/findings: The results indicate that dividend policy tends to positively influence ROE, whereas IOS shows no direct significant impact on ROE. Conversely, corporate governance negatively moderates the relationship between dividend policy and ROE, suggesting that stricter corporate governance weakens the positive effect of dividend policy on firm performance. However, corporate governance does not significantly moderate the relationship between IOS and ROE Conclusion: Dividends positively affect ROE; IOS has no direct effect; governance weakens the dividend effect on ROE but does not moderate the IOS–ROE relationship. Limitations: This research was limited to mining companies in Indonesia. Therefore, the results are limited to one industry and cannot be generalized to all companies in Indonesia. Contribution: This study offers practical implications, emphasizing that management of mining companies should carefully design balanced dividend policies, considering their long-term effects and highlighting the importance of effective corporate governance implementation.
Co-Authors Ahmad Kamil Amabel, Vania Amelia Susanto Angelina Novena Tjiano Cyrilla Stefani Hadisurja, Andrea Chrysanti Halim, Yiska Cornelia Hartiwi Prabowo Hartiwi Prabowo, Hartiwi Kezia Natalie Lawu, Sintya Andrey Natalie, Kezia Purba, Golrida Karyawati Reisha Pujilestari Rian Nur Aulia Sambuaga, Elfina Astrella Synthia Atas Sari Synthia Atas Sari, Synthia Atas Tantomi, Gabriella Thalia, Michelle Totong, Allysa Triandolla, Bunga Vionna Lievia Wijaya, Hana Yiska Cornelia Halim