Peran Kebijakan Dividen dalam Memoderasi Pengaruh Leverage dan Profitabilitas terhadap Nilai Perusahaan Properti dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2020 - 2024

Ryantiar Fahmi Faisal
Damayanti, Prisilia
Gusni

JURNAL MANAJEMEN MOTIVASI
Vol 22 No 2 (2026): Jurnal Manajemen Motivasi

This study examines dividend policy’s moderating role in the relationships of leverage and profitability with firm value among property and real estate companies listed on the Indonesia Stock Exchange during 2020–2024. Purposive sampling yielded six companies and 30 firm-year observations. Data were analysed using random-effects panel regression and moderated regression analysis. Leverage and profitability were positively and significantly associated with firm value. Dividend policy did not significantly moderate the leverage–firm value relationship but significantly strengthened the profitability–firm value relationship. These findings highlight dividend policy’s role in reinforcing the association between profitability and firm value. Keywords: Dividend Policy; Leverage; Profitability; Firm Value; Property and Real Estate; Panel Data