Pengaruh Kebijakan Dividen, Profitabilitas, dan Kebijakan Pendanaan terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur Subsektor Pulp dan Kertas yang Terdaftar di BEI Periode 2017-2024)

Dalva Wahdatul Rizkiyah (Universitas Ibn Khaldun Bogor)
Immas Nurhayati (Universitas Ibn Khaldun Bogor)
Rasiman Rasiman (Universitas Ibn Khaldun Bogor)

Journal of Business Economics and Management
Vol. 3 No. 1 (2026): Juli - September

This study aims to analyze the effect of dividend policy, proxied by the Dividend Payout Ratio (DPR), profitability, proxied by Return on Equity (ROE), and financing policy, proxied by the Debt to Equity Ratio (DER), on firm value, proxied by the Price to Book Value (PBV), in pulp and paper manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2017-2024 period. This study is grounded in signalling theory and trade-off theory. A quantitative approach was employed using secondary data drawn from the companies' audited annual financial reports. The sample was selected through purposive sampling, yielding six companies with a total of 48 firm-year observations, and was analyzed using panel-data multiple linear regression with EViews 12. The results show that, partially, dividend policy and profitability have a positive and significant effect on firm value, while financing policy has no significant effect. Simultaneously, all three independent variables significantly affect firm value, with profitability being the most dominant determinant. These findings indicate that profitability and dividend policy are the key factors investors respond to when valuing pulp and paper manufacturing companies.