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All Journal EL-MUHASABA The Indonesian Accounting Review Jurnal Akuntansi Multiparadigma JURNAL AKUNTANSI UNIVERSITAS JEMBER Jurnal Akuntansi Bisnis Jurnal Ilmiah Akuntansi dan Finansial Indonesia Parsimonia: Jurnal Akuntansi, Manajemen dan Bisnis Jurnal Pemberdayaan: Publikasi Hasil Pengabdian kepada Masyarakat (JPM ITTC ) Prosiding Seminar Nasional Ekonomi dan Bisnis Universitas Ma Chung Prosiding Seminar Nasional Pengabdian Masyarakat Khidmat: Journal Community Service E-Jurnal Ekonomi dan Bisnis Universitas Udayana
Daniel Sugama Stephanus
Akuntansi, Fakultas Ekonomi Dan Bisnis, Universitas Ma Chung
Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Medicine & Pharmacology Social Sciences Other

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DOES DIVIDEND POLICY MEDIATE THE EFFECT OF FINANCIAL PERFORMANCE AND CAPITAL STRUCTURE ON FIRM VALUE? Reza Septiana Wibowo; Tarsisius Renald Suganda; Daniel Sugama Stephanus
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.14.NO.10.TAHUN.2025
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EEB.2025.v14.i10.p04

Abstract

A company's dividend policy is a crucial element that influences financial performance and capital structure on firm value. This study builds on earlier research by analyzing the function of dividend policy as a mediator between financial performance, capital structure and firm value, with a focus on stocks included in the ISSI Index. This research aims to examine whether dividend policy serves as a mediating variable in the relationship between financial performance, capital structure and firm value among manufacturing firms listed on the ISSI Index. This quantitative study utilized a sample of 425 observations from manufacturing companies on the ISSI Index during the 2019–2023 period. The PLS-SEM position was employed in regression analysis. Profitability (ROA), liquidity (CR), leverage (DER), and capital structure (DAR) seemed amid the independent variables this were studied. Firm value was measured by Tobin’s Q and PBV as dependent variables, while dividend policy (DPR) served as the mediating variable. It was found that profitability and capital structure contribute positively to firm value, as measured by Tobin’s Q and PBV, whereas liquidity has a negative impact. Leverage only affects firm value when PBV is used as a proxy. Also, this study demonstrates that the relationship between profitability, liquidity, leverage, and capital structure on firm value (Tobin’s Q and PBV) is significantly mediated by dividend policy. By strengthening and extending the bird-in-the-hand theory, this research offers a theoretical contribution by highlighting the importance of dividend payouts in enhancing firm value, particularly for manufacturing companies listed on the ISSI Index.
Co-Authors Afdil Galang Pamungkas Angelene, Deana Putri Anugrah, Audito Aji Carolina, Sienny Jesica Caroline, Yoan Catherine Agatha Soesanto Dian Wijayanti Fanny Rastiti Hartati Hartati Indah Eva Ambarwati Indah Eva Ambarwati Lim, Alex Christian Monica Angelina Tandiyo Monica Angelina Tandiyo Pamungkas, Afdil Galang Pratama, Bagas Brian Rachel Widya Fernanda Reza Septiana Wibowo Rino Tam Cahyadi, Rino Tam Rony Joyo Negoro Octavianus Sahala Manalu Suryakusuma, Andy Tarsisius Renald Suganda Tedja, The Wechen Abraham Wiguna, Roy Saputra Wongso, Devina Andreny Yanuary Eka Christy Ybanez Vijeysechan Hamadi