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All Journal Didaktik : Jurnal Ilmiah PGSD STKIP Subang JIMEK
Jeudi A.T.P. Sianturi
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Economics, Econometrics & Finance Education

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The Influence of Profitability, Liquidity, and Managerial Ownership on Firm Value with Dividend Policy as a Mediating Variable W.D. Waleri; Jeudi A.T.P. Sianturi; Winarto Winarto
Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan Vol. 5 No. 2 (2025): Juli : Jurnal Ilmu Manajemen, Ekonomi dan Kewirausahaan
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jimek.v5i2.6337

Abstract

The goal of this research is to elucidate how dividend policy contributes to the relationship between business valuation and profitability levels. Purposive sampling is used in this study to choose 22 logistics and transportation companies that are listed on the Indonesia Stock Exchange between 2019 and 2023. Version 8.0 of the WarpPLS program was used to analyze the data. The study's findings suggest that business value is positively impacted by management ownership, liquidity, and profitability. Profitability has a favorable impact on dividend policy, which serves as a bridge connecting profitability and business value.
PENGARUH UKURAN PERUSAHAAN, STRUKTUR MODAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN MELALUI KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MEDIASI PADA PERUSAHAAN SEKTOR ENERGI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2021-2024 Melysa Yeremia Arta Ulina Silaen; Jeudi A.T.P. Sianturi; Merry Anna Napitupulu
Didaktik : Jurnal Ilmiah PGSD STKIP Subang Vol. 12 No. 01 (2026): Volume 12 No. 01, Maret 2026 Release
Publisher : STKIP Subang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36989/didaktik.v12i01.12159

Abstract

The energy sector is a capital-intensive industry with a high level of risk influenced by economic dynamics and fluctuations in commodity prices. These conditions require companies to maintain strong financial performance in order to sustain firm value in the eyes of investors. This study aims to analyze the effect of firm size, capital structure, and profitability on firm value through dividend policy as a mediating variable in energy sector companies listed on the Indonesia Stock Exchange during the period 2021–2024. This research employs a quantitative approach using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The sample was determined through a purposive sampling method using secondary data obtained from companies’ annual financial statements. Firm size is proxied by the natural logarithm of total assets, capital structure by the Debt to Equity Ratio (DER), profitability by Return on Assets (ROA), dividend policy by the Dividend Payout Ratio (DPR), and firm value by Tobin’s Q. The results show that firm size and capital structure have a negative and significant effect on firm value, while profitability has a negative but insignificant effect on firm value. Firm size and profitability have a negative and significant effect on dividend policy, whereas capital structure does not have a significant effect on dividend policy. In addition, dividend policy does not have a significant effect on firm value and is not proven to mediate the relationship between firm size, capital structure, and profitability on firm value. These findings indicate that firm size and capital structure play an important role in influencing firm value directly, while dividend policy does not act as an effective mechanism in mediating the relationship between fundamental corporate variables and firm value in energy sector companies.
PENGARUH STRUKTUR MODAL, PROFITABILITAS, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAN SEBAGAI VARIABEL MEDIASI PADA PERUSAHAAN SEKTOR PERINDUSTRIAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024 Josua Putra Prahdya Nababan; Jeudi A.T.P. Sianturi; Wesly A. Simanjuntak
Didaktik : Jurnal Ilmiah PGSD STKIP Subang Vol. 12 No. 01 (2026): Volume 12 No. 01, Maret 2026 Release
Publisher : STKIP Subang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36989/didaktik.v12i01.12165

Abstract

This study aims to obtain empirical evidence of firm size in mediating the effect of capital structure, profitability, and dividend policy on firm value. The sampling method used purposive sampling from industrials sector companies listed on the Indonesia Stock Exchange for the 2022-2024 period. A total of 42 companies met the criteria. The analysis software used is WarpPLS 8.0. The results show that capital structure has a positive and significant effect on firm value. Profitability and dividend policy have a positive but not significant effect on firm value. Capital structure and dividend policy have a positive and significant effect on firm size, while profitability has a negative and insignificant effect on firm size. Firm size has a positive and significant effect on firm value. The test results prove that firm size is able to partially mediate the effect of capital structure on firm value, and fully mediate the effect of profitability and dividend policy on firm value.
Co-Authors Josua Putra Prahdya Nababan Melysa Yeremia Arta Ulina Silaen Merry Anna Napitupulu W.D. Waleri Wesly A. Simanjuntak Winarto Winarto