The Effect of Capital Structure, Profitability, and Dividend Policy on Firm Value with Institutional Ownership as a Moderating Variable

Muhammad Didan Ramdhan (Universitas Widyatama)
Herry Achmad Buchory (Universitas Widyatama)

Al-Kharaj: Journal of Islamic Economic and Business
Vol. 8 No. 3 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi

By employing institutional ownership as a moderating variable, this study aims to analyze the effect of capital structure, profitability, and dividend policy on firm value in transportation and logistics businesses listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. From 2020 to 2024, a total of 38 companies were listed on the IDX; this study utilized 18 of these companies as samples. A total of 90 observations were collected over five years. This study was conducted using the Generalized Least Squares (GLS) method for Moderated Regression Analysis (MRA) utilizing multiple linear regression. Capital structure and profitability were proven to significantly affect firm value positively (p < 0.05), while dividend policy had no significant effect (p > 0.05). There was no moderating effect of institutional ownership on these relationships.