Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan Terhadap Nilai Perusahaan Yang Dimoderasi Oleh Kebijakan Dividen

Rafli Rafli (Program Studi Manajemen Retail, Fakultas Ekonomi, Universitas Muhammadiyah Sukabumi)
Nurni Arrina Lestari (Program Studi Manajemen Retail, Fakultas Ekonomi, Universitas Muhammadiyah Sukabumi)
Antony Antony (Program Studi Manajemen Retail, Fakultas Ekonomi, Universitas Muhammadiyah Sukabumi)

Cantaka: Jurnal Ilmu Ekonomi dan Manajemen
Vol. 4 No. 3 (2026): Desember

This study aims to examine the effect of capital structure, profitability, and firm size on firm value with dividend policy as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange during the period 2021–2024. This research employs a quantitative approach using secondary data obtained from the companies’ annual financial reports. The sampling technique used is purposive sampling based on predetermined criteria. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA). The results indicate that capital structure, profitability, and firm size influence firm value. Furthermore, dividend policy is able to moderate the relationship between capital structure, profitability, and firm size on firm value. The findings of this study are expected to provide useful insights for company management in enhancing firm value and serve as a reference for investors in making investment decisions.