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All Journal KEUNIS Business and Accounting Education Journal
Gymnastiar, Hamzah
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Economics, Econometrics & Finance

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Mengoptimalkan Kinerja Perusahaan: Apakah Dividen Memiliki Peran Moderasi? Gymnastiar, Hamzah; Mukhibad, Hasan; Jayanto, Prabowo Yudo; Wahyuningrum, Indah Fajarini Sri
Business and Accounting Education Journal Vol. 6 No. 2 (2025): Business and Accounting Education Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/baej.v6i2.20636

Abstract

This study set out to investigate experimentally how capital structure, as influenced by dividend policy, affects business performance. The study's population consists of 113 Basic Consumer Sector Manufacturing Companies that were listed between 2019 and 2022 on the Indonesia Stock Exchange (IDX). Purposive sampling was applied in the sampling process, yielding a sample of 46 businesses and 162 units of analysis with imbalanced data. Using panel data regression analysis and Moderated Regression Analysis (MRA) with the aid of the STATA software, the approach combines descriptive and inferential analysis. The results showed that capital structure negatively affects firm performance. Furthermore, dividend policy in this study has a moderating role by strengthening the negative effect of capital structure on firm performance. This study makes a new contribution to the existing literature because it considers the moderating effect of dividend policy on firm performance.
The Role of Corporate Governance Attributes in Moderating the Impact of Dividend Policy on Firm Value: Evidence from the Indonesian Manufacturing Sector Gymnastiar, Hamzah; Mukhibad, Hasan; Jafar, Noor Ismawati
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6638

Abstract

To date, empirical findings on the relationship between dividend policy and firm value remain inconsistent, particularly in emerging markets with relatively weak governance quality and investor protection. Unlike other studies that only examine the direct effects, this study includes several indicators of good corporate governance (GCG), namely the proportion of independent commissioners, board meeting frequency, board busyness, and board size, as moderating variables. Panel data regression was performed to analyze a sample of 45 manufacturing companies in the primary consumer goods sector listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The results indicate that dividend policy has no significant direct impact on firm value. However, board independence and board size magnify the effect of dividend policy on firm value, while board busyness weakens it. Board meeting frequency, on the other hand, exerts no effect on this relationship. These findings suggest that the effectiveness of dividend policy depends on the quality of governance. This study provides new evidence from Indonesia and has practical implications for companies and regulators seeking to improve the credibility of governance in dividend policy decision-making.
Co-Authors Hasan Mukhibad Indah Fajarini Sri Wahyuningrum, Indah Fajarini Sri Jafar, Noor Ismawati Prabowo Yudo Jayanto