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All Journal JDM (Jurnal Dinamika Manajemen) E-Dimas: Jurnal Pengabdian kepada Masyarakat Journal of Economic Education International Journal of Artificial Intelligence Research Jurnal Ecodemica : Jurnal Ekonomi Manajemen dan Bisnis Scientific Journal of Reflection : Economic, Accounting, Management and Business JMKSP (Jurnal Manajemen, Kepemimpinan, dan Supervisi Pendidikan) Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan IKRA-ITH ABDIMAS JURNAL MANAJEMEN BISNIS Jurnal Ilmiah Edunomika (JIE) Enrichment : Journal of Management Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Jurnal Kajian Ilmiah Jurnal ABDIMAS (Pengabdian kepada Masyarakat) UBJ Jurnal Ilmiah Wahana Pendidikan International Journal of Social Science International Journal of Social Service and Research Jurnal Ekonomi JURNAL ILMIAH GLOBAL EDUCATION Co-Creation : Jurnal Ilmiah Ekonomi Manajemen Akuntansi dan Bisnis International Journal of Economics and Management Research West Science Interdisciplinary Studies DEDIKASI : Jurnal Pengabdian Kepada Masyarakat West Science Interdisciplinary Studies West Science Social and Humanities Studies International Journal of Educational and Life Sciences (IJELS) Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah ENDLESS : International Journal of Future Studies Jurnal Pengabdian Masyarakat Darul Ulum Multidisciplinary Indonesian Center Journal International Journal of Economics and Management Research
Irma Setyawati
Universitas Nasional
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Kebijakan Deviden Menjadi Moderasi Profitabilitas, Leverage, Free Cash Flow Terhadap Price to Book Value Industri Makanan, Minuman dan Farmasi Tahun 2018 - 2023 Zaenal Musthofa; Irma Setyawati
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 2 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i2.5920

Abstract

The purpose of this study is to analyze and obtain empirical evidence on the impact of profitability, leverage, and free cash flow on firm value through dividend policy in companies within the Food, Beverage, and Pharmaceutical subsector from 2018 to 2023. The research was conducted on 18 companies using purposive sampling for the period 2018-2023. The data analysis method used was panel data regression, employing Structural Equation Modeling (SEM) with Stata 17 software. The results of the study reveal the following Return on Equity (ROE) has a significant positive effect on Price to Book Value (PBV), Debt-to-Equity Ratio (DER) has a positive but not significant effect on PBV, Free Cash Flow (FCF) has a positive but not significant effect on PBV, Dividend Payout Ratio (DPR) has a significant positive effect on PBV, ROE has a significant positive indirect effect on firm value (PBV) through dividend policy, DER has a negative but not significant indirect effect on PBV through dividend policy, FCF has a positive but not significant indirect effect on PBV through dividend policy. These findings suggest that while profitability, as measured by ROE, directly and indirectly enhances firm value, leverage and free cash flow do not show significant direct or indirect effects on firm value within the observed period and subsector.
Co-Authors Ahmad Nurdin Hasibuan Ahya Zulfikar Ai Yeti Mulyati Amalia, Bela ANDINI NURWULANDARI Anissha Ferliany Anugrah Rega Setiawan Ardani, Putri Aulia Awaloedin, Dipa Teruna Azizah, Fadilla Nur Bambang Subiyanto Beureukat Beureukat Beureukat Beureukat Beureukat, Beureukat Cut Chandrika Delila Rambe Delila Rambe, Delila Dewi, Dyah Handayani Dharmawan, Rifky Diah Mutiara Syamer Disti Paremono Priatsaleh Dyah Handayani Dewi Ferliany, Anissha Handayani Dewi, Dyah Hasanudin Hasanudin Heti Hendrayati Huda , Irennizha Eka Widya Nurul Karyatun, Subur Kusumaningrum, Anisa Putri Lisa Sarinah Lubis, Amanda Putri Molina, Molina Muhamad Bagas Prastio Muhammad Naufal Hardianto Muhan Muhan Muhani Muhani Muhani Muhani, Muhani Mulyati, Ai Yeti Naufal Hardianto, Muhammad Nazriah, Ainun Nelson Simamora Novie Zaraswati Nugraha, Rizki Nurul Nugroho, M Yusuf Octavia, Santi Pradini, Gagih Prastio , Muhamad Bagas Rahayu , Puji Ramadhan, Abdul Fathir Rambe , Delila Rasa, Agus Warmar Rega Setiawan, Anugrah Retno Andriyana Retno Setioningsih Rinaldi , Dwiningtyas Riyadi, Fauzi Achmad Rizki Amelia SARINAH, LISA Sasmita, Ady Sekarani, Shalsyadila Safira Sinulingga, Gairah Sri Setiawati, Sri Subur Karyatun Sugeng Suroso SUGENG SUROSO, SUGENG Syamer, Diah Mutiara Tri Waluyo Wijanarko, Andi Yulia Susanti Zaenal Musthofa Zulfikar, Ahya Zumratul Meini Zumratul Meini