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All Journal Jurnal Bisnis dan Manajemen Jurnal Ilmiah Edunomika (JIE)
Maran
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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PENGARUH PROFITABILITAS DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI Hiu, Eve Josephine; Maran
JURNAL ILMIAH EDUNOMIKA Vol. 9 No. 4 (2025): EDUNOMIKA
Publisher : ITB AAS Indonesia Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jie.v9i4.18248

Abstract

This study seeks to examine how profitability and leverage influence company worth, with dividend policy acting as a moderating factor. This research was conducted using a quantitative approach with panel data regression and Moderated Regression Analysis (MRA) techniques. The population in this study uses industrials companies listed on the Indonesia Stock Exchange (IDX) for the period 2020-2023. The sample in this study used a purposive sampling method, the sample obtained was 24 companies that were consistently listed on the IDX in 2019-2024, so that 109 observational data were obtained. Data processing was carried out using EViews 13 software. The analysis results indicate that profitability has a direct (positive) and substantial impact on company value. In the meantime, leverage exerts no notable impact. By incorporating dividend policy as a moderating variable, it was determined that dividend policy can notably enhance (moderate) the connection between profitability and leverage regarding company value, despite the effect's direction being contrary (negative). These results highlight the significance of dividend policy in reinforcing the relationship framework among financial variables and aiding strategic choices to enhance company worth.
The Moderating Role of Profitability: Good Corporate Governance and Company Size on Financial Distress Phania, Fraciska; Maran
Jurnal Bisnis dan Manajemen Vol. 12 No. 2 (2025): Jurnal Bisnis dan Manajemen Volume 12 Nomor 2 Tahun 2025
Publisher : Jurnal Bisnis dan Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jbm.v12i2.16215

Abstract

The phenomenon of financial distress is increasingly drawing attention due to its capacity to serve as an early warning sign of potential corporate failure. This research investigates the moderating role of profitability in the association between good corporate governance (GCG) and company size and the chances of encountering financial distress, focuses on healthcare entities traded on the Indonesia Stock Exchange from 2020 until 2024. A quantitative methodology was adopted, utilizing Moderated Regression Analysis and panel data regression, using data analyzed through EViews 12 software. This research involved 21 purposively selected firms, resulting in 105 firm-year observations. Financial distress levels were calculated using the Altman Z-Score model. The findings reveal that while GCG and company size jointly influence financial distress, their individual influences are statistically insignificant. Profitability plays a significant moderator in the correlation between GCG and financial distress, but not between company size and financial distress. This study provides actionable insights for corporate decision makers and regulators, particularly in developing governance frameworks and profitability-based strategies to mitigate financial vulnerability. Moreover, it offers contextually grounded implications for strengthening financial sustainability within Indonesia’s healthcare sector an industry where stability and ethical stewardship are vital to maintaining public trust.
Co-Authors Hiu, Eve Josephine Phania, Fraciska