The Impact of Firm Size, Dividend Policy, Profitability, and Investment Decisions on Firm Value in Indonesian SRI-KEHATI Index Companies

Farid Muhammad Rofifudin (Universitas Aisyiyah Surakarta)
Nurul Aisah (Universitas Aisyiyah Surakarta)
Ilham Karin Rizkiawan (Universitas Aisyiyah Surakarta)

Review of Applied Accounting Research
Vol. 5 No. 2 (2025): Review Of Applied Accounting Research (RAAR)-October

This study aims to examine the effect of company size, dividend policy, profitability, and investment decisions on company value in companies listed in the SRI-KEHATI Index for the 2021–2024 period. The data for this study are secondary panel data from the financial statements of SRI-KEHATI companies. The method used is multiple linear regression with the help of SPSS 26. The classical assumption test shows that the data is normally distributed, there is no multicollinearity, heteroscedasticity, or autocorrelation. The results of the regression analysis show a significant regression model (F = 8.959; p < 0.01) with a coefficient of determination R² = 0.366. There is a significant negative effect of company size (β = –0.447, p = 0.001), profitability (β = –0.764, p < 0.001), and investment decisions (β = –0.358, p = 0.001) on company value. In contrast, dividend policy had no significant effect (β = 0.098, p = 0.365). In conclusion, larger company size, profitability, or investment volume tended to decrease firm value in this sample, while dividend policy had no impact.