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All Journal Majapahit Journal of Islamic Finance dan Management Majapahit Journal of Islamic Finance dan Management Danadyaksa: Post Modern Economy Journal
Mardiyani
Universitas Swadaya Gunung Jati, Cirebon, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Capital Structure and Risk Management in Enhancing Financial Performance: The Moderating Role of CSR in Indonesian Banking Sector Aliyah Fadhilah; Luky Afriliyana; Mardiyani; Nurhana Dhea
Danadyaksa: Post Modern Economy Journal Vol. 4 No. 1 (2026): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v4i1.184

Abstract

The banking sector constitutes a foundational pillar in maintaining economic stability, yet its financial performance continues to face persistent challenges arising from internal capital management and exposure to credit risk. This study seeks to evaluate the extent to which financial soundness, reflected through capital strength and loan quality, influences profitability, and whether socially oriented initiatives condition these relationships. Employing a quantitative approach, the analysis draws upon firm-level data from Indonesian commercial banks over a four-year period, utilizing regression-based techniques to examine both direct effects and interactive influences. The results indicate that capital strength does not exert a statistically significant impact on profitability, and socially oriented programs do not moderate this relationship. Conversely, such programs are found to intensify the adverse effect of poor loan quality on financial performance, suggesting that, in the absence of strategic alignment, social initiatives may exacerbate financial pressures. This study contributes a novel perspective by reconceptualizing socially driven programs as conditional financial variables rather than solely reputational tools. The findings imply that policy and managerial decisions must integrate social objectives with prudent risk oversight to enhance sustainable banking performance.
The Effect of Profitability and Capital Structure on Firm Value with Dividend Policy as an Intervening Variable Friska Dwi; Mardiyani
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1085

Abstract

This study aims to examine the effect of profitability and capital structure on firm value with dividend policy as an intervening variable in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This study employed a quantitative approach with a causal associative design. Secondary data were obtained from the companies' annual financial statements, and the samples were selected using purposive sampling based on predetermined criteria. Data analysis was conducted using path analysis with the assistance of LISREL 8.8 software. The findings indicate that profitability has no significant effect on dividend policy, whereas capital structure has a significant effect on dividend policy. Profitability and capital structure significantly affect firm value, while dividend policy does not significantly affect firm value. In addition, dividend policy is unable to mediate the effect of profitability on firm value, but it is capable of mediating the effect of capital structure on firm value. These findings suggest that firm value in the food and beverage manufacturing subsector is more strongly influenced by the company's ability to generate profits and manage its capital structure optimally than by its dividend policy. Therefore, dividend policy tends to function as a mechanism that transmits the effect of capital structure on firm value rather than as a factor that directly enhances firm value.
The Effect of Profitability and Capital Structure on Firm Value with Dividend Policy as an Intervening Variable Friska Dwi; Mardiyani
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i2.1085

Abstract

This study aims to examine the effect of profitability and capital structure on firm value with dividend policy as an intervening variable in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This study employed a quantitative approach with a causal associative design. Secondary data were obtained from the companies' annual financial statements, and the samples were selected using purposive sampling based on predetermined criteria. Data analysis was conducted using path analysis with the assistance of LISREL 8.8 software. The findings indicate that profitability has no significant effect on dividend policy, whereas capital structure has a significant effect on dividend policy. Profitability and capital structure significantly affect firm value, while dividend policy does not significantly affect firm value. In addition, dividend policy is unable to mediate the effect of profitability on firm value, but it is capable of mediating the effect of capital structure on firm value. These findings suggest that firm value in the food and beverage manufacturing subsector is more strongly influenced by the company's ability to generate profits and manage its capital structure optimally than by its dividend policy. Therefore, dividend policy tends to function as a mechanism that transmits the effect of capital structure on firm value rather than as a factor that directly enhances firm value.
Co-Authors Aliyah Fadhilah Friska Dwi Luky Afriliyana Nurhana Dhea