Jurnal Ilmiah Manajemen Kesatuan
Vol. 14 No. 1 (2026): JIMKES Edisi January 2026

Investment and Financing Decisions on Firm Value: The Mediating Effect of Dividend Policy

Sahroni (Unknown)
Amin, Sakdiah binti Md (Unknown)
Ganar, Yulian Bayu (Unknown)



Article Info

Publish Date
31 Jan 2026

Abstract

This study aims to analyze the influence of investment decisions and financing decisions on firm value with dividend policy as a mediating variable in sharia manufacturing companies listed in the Indonesian Sharia Stock Index. The research method uses a quantitative approach with Partial Least Squares-Structural Equation Modeling analysis. Data were obtained from the financial statements of sharia manufacturing companies during a certain observation period and processed using SmartPLS software. The results show that investment decisions have a positive and significant effect on both firm value and dividend policy. Financing decisions are also proven to have a positive effect on both firm value and dividend policy. Furthermore, dividend policy has a significant effect on firm value, confirming its role as a signal for investors. In addition, dividend policy is proven to mediate the relationship between investment decisions and financing decisions on firm value, thus strengthening the indirect influence mechanism in increasing firm value. These findings contribute to the development of financial management theory, particularly in the context of sharia manufacturing companies, and provide practical implications for management in formulating optimal financial strategies to increase firm value.

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Journal Info

Abbrev

jimkes

Publisher

Subject

Economics, Econometrics & Finance Social Sciences

Description

Jurnal Ilmiah Manajemen Kesatuan (JIMKES) dikelola dan diterbitkan oleh Lembaga Penelitian dan Pengabdian Kepada Masyarakat (LPPM) Institut Bisnis dan Informatika Kesatuan bekerjasama dengan Fakultas Bisnis dan Fakultas Vokasional IBI ...