<![CDATA[ABSTRAK Industri otomotif memiliki peran strategis dalam mendorong pertumbuhan ekonomi nasional, namun dalam satu dekade terakhir menghadapi berbagai tantangan seperti perlambatan ekonomi global, fluktuasi nilai tukar, serta dampak pandemi COVID-19 yang memengaruhi kinerja dan nilai perusahaan. Penelitian ini bertujuan menganalisis pengaruh struktur modal, profitabilitas, dan kebijakan dividen terhadap nilai perusahaan otomotif yang terdaftar di Bursa Efek Indonesia periode 2015–2024. Penelitian menggunakan pendekatan kuantitatif asosiatif dengan data panel berupa laporan keuangan tahunan perusahaan yang telah diaudit. Sampel penelitian terdiri atas 11 perusahaan dengan total 110 observasi. Analisis data dilakukan menggunakan regresi data panel dengan pemilihan model random effect setelah melalui uji Chow, hausman, dan lagrange multiplier. Hasil penelitian menunjukkan bahwa profitabilitas yang diproksikan dengan Return on Assets (ROA) berpengaruh positif dan signifikan terhadap nilai perusahaan yang diukur menggunakan Price to Book Value (PBV). Sementara itu, struktur modal yang diproksikan melalui Debt to Equity Ratio (DER) dan kebijakan dividen yang diukur dengan Dividend per Share (DPS) tidak berpengaruh signifikan secara parsial terhadap PBV. Namun, secara simultan ketiga variabel tersebut berpengaruh signifikan terhadap nilai perusahaan. Simpulan penelitian menegaskan bahwa kemampuan perusahaan dalam menghasilkan laba menjadi faktor utama dalam menentukan valuasi pasar, sedangkan keputusan struktur modal dan dividen lebih dipengaruhi oleh strategi manajerial dan kondisi eksternal. ABSTRACT The automotive industry plays a strategic role in supporting national economic growth; however, over the past decade it has faced various challenges, including global economic slowdowns, exchange rate fluctuations, and the impact of COVID-19, which have affected corporate financial performance and firm value. This study aims to analyze the effect of capital structure, profitability, and dividend policy on the firm value of automotive companies listed on the Indonesia Stock Exchange during the 2015–2024 period. The study employs a quantitative associative approach using panel data derived from audited annual financial statements. The research sample consists of 11 companies with a total of 110 observations. Data analysis was conducted using panel data regression with a random effect model, selected based on the Chow test, Hausman test, and Lagrange Multiplier test. The results indicate that profitability, proxied by Return on Assets (ROA), has a positive and significant effect on firm value measured by Price to Book Value (PBV). Meanwhile, capital structure proxied by Debt to Equity Ratio (DER) and dividend policy measured by Dividend per Share (DPS) do not have a significant partial effect on PBV. However, simultaneously, capital structure, profitability, and dividend policy have a significant effect on firm value. The findings suggest that a firm’s ability to generate profits is the dominant factor influencing market valuation, while capital structure and dividend decisions are more dependent on managerial strategies and external conditions.]]>
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