Pengaruh Leverage, Profitabilitas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Sektor Consume Non Cylicals yang Terdaftar di Bursa Efek Indonesia Tahun 2019 – 2024

Abellia Nababan (Universitas Harapan Medan)
Rizki Fillhayati Rambe (Universitas Harapan Medan)

Jurnal Akutansi Manajemen Ekonomi Kewirausahaan (JAMEK)
Vol 6 No 2 (2026): Edisi Mei 2026

This research aims to analyze the effect of Leverage, Profitability, and Firm Size on Firm Value with Dividend Policy as a moderating variable in Consumer Non-Cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Firm Value is one of the important indicators that reflects shareholders’ welfare and investors’ perceptions of the company’s future prospects. Factors such as Leverage, Profitability, Firm Size, and Dividend Policy are expected to influence the increase or decrease in Firm Value. This research employed a quantitative approach with a descriptive method. The data used were secondary data obtained from the companies’ annual financial statements. The sampling technique used purposive sampling, resulting in 27 companies with six years of observation as the research sample. The data analysis methods used were multiple linear regression analysis and Moderated Regression Analysis (MRA) or interaction testing with the assistance of IBM SPSS Statistics 26 software. The results showed that Leverage had a positive and significant effect on Firm Value. Profitability and Firm Size had a negative and significant effect on Firm Value. Meanwhile, Dividend Policy was unable to moderate the effect of Leverage, Profitability, and Firm Size on Firm Value in Consumer Non-Cyclicals sector companies listed on the Indonesia Stock Exchange during the 2019–2024 period.