DIVIDEND POLICY MODERATES GROWTH OPPORTUNITY, FREE CASH FLOW, AND DEBT POLICY ON THE FIRM VALUE

Fera Tjahjani (Program Studi Akuntansi, Sekolah Tinggi Ilmu Ekonomi Malangkucecwara, Indonesia)
Stefen Satria Tanoto (Program Studi Akuntansi, Sekolah Tinggi Ilmu Ekonomi Malangkucecwara, Indonesia)
Nawang Kalbuana (Program Studi Pertolongan Kecelakaan Pesawat, Politeknik Penerbangan Indonesia Curug, Indonesia)

INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Vol. 1 No. 9 (2025): INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)

Purpose: This research is conducted to know the role of dividend policy as a moderating variable on the effects of growth opportunity, free cash flow, and debt policy on the firm value. Methods: Purposive sampling method was used to obtain 23 primary consumer goods companies from Indonesia Stock Exchange (IDX) for year 2018 – 2020. Analysis data: multiple regression analysis technique was used to test hypothesis. Result and discussions: growth opportunity has no effect on the firm value. Otherwise, free cash flow influence firm value positively and debt policy has negative effect on the firm value. Dividend policy cannot moderate the relationship of growth opportunity, free cash flow, and debt policy to the firm value.