Julio Indra Pratama Sidiki, Reikman D P Aritonang

Pengaruh Kebijakan Dividen, Struktur Modal, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan

Introduction

Pengaruh kebijakan dividen, struktur modal, ukuran perusahaan dan profitabilitas terhadap nilai perusahaan. Teliti pengaruh kebijakan dividen, struktur modal, ukuran perusahaan & profitabilitas pada nilai perusahaan di sektor barang konsumsi IDX. Dividen & ukuran perusahaan signifikan positif.

Abstract

Objective: This study aims to analyze the effect of dividend policy, capital structure, firm size, and profitability on firm value in the consumer goods sector listed on the Indonesia Stock Exchange (IDX) during the period 2018–2022. Design/Methodology/Approach: Quantitative approach was employed using secondary data obtained from the financial statements available on the official website of the Indonesia Stock Exchange. The study sample comprises 46 publicly listed companies in the consumer goods sector, resulting in a total of 230 firm-year observations. Data analysis was conducted using panel data regression with the assistance of EViews 13 software. Findings: The results indicate that dividend policy and firm size have a positive and significant effect on firm value. In contrast, capital structure and profitability do not have a significant impact on firm value. Theoretical Contribution: This study contributes to the literature by reinforcing signaling theory and agency theory in the context of dividend policy and capital structure. The findings suggest that dividends serve as positive signals to investors, while firm size reflects a company’s competitive strength in the market. Practical/Policy Implications: The results are valuable for corporate management in formulating dividend policies and expansion strategies and assist investors in evaluating firms based on their size and dividend decisions. Limitations: The study is limited to manufacturing firms in the consumer goods sector listed on the IDX and relies solely on secondary data from financial statements. Additionally, Price to Book Value (PBV) data for the year 2017 was excluded due to time and resource constraints.

Review

This study, titled "The Effect of Dividend Policy, Capital Structure, Firm Size, and Profitability on Firm Value," provides a relevant examination of critical corporate finance factors influencing firm value within the Indonesian consumer goods sector. Analyzing data from 46 publicly listed companies on the Indonesia Stock Exchange between 2018 and 2022, the research employs a quantitative approach utilizing panel data regression. The key findings indicate that dividend policy and firm size exert a positive and significant influence on firm value, while, interestingly, capital structure and profitability do not demonstrate a significant impact. This investigation offers valuable insights into the dynamics of firm valuation within an emerging market context. The research's strengths lie in its clear objective, robust quantitative methodology, and specific contributions to both theory and practice. The application of panel data regression on a substantial dataset of 230 firm-year observations enhances the reliability of the findings. Theoretically, the study reinforces signaling theory by demonstrating how dividend policies act as positive signals to investors, and highlights firm size as a proxy for competitive strength, thereby clarifying their roles in shaping firm value. Practically, the results are highly beneficial for corporate management in crafting effective dividend and expansion strategies, and for investors seeking to refine their evaluation criteria when assessing companies based on their scale and dividend decisions. While offering valuable contributions, the study acknowledges several limitations that warrant consideration for future research. Its scope is restricted to the manufacturing firms within the consumer goods sector listed on the IDX, which may limit the generalizability of the findings to other industries or geographical contexts. The exclusive reliance on secondary data from financial statements, while a common practice, might not fully capture all qualitative market sentiments or unquantifiable factors. Additionally, the exclusion of Price to Book Value data for 2017 due to time and resource constraints could potentially impact the completeness of the historical analysis. Future studies could explore these avenues by expanding the sample to diverse sectors, incorporating primary data, or utilizing alternative methodological approaches to further enrich the understanding of firm value determinants.

Full Text

Comments

You need to be logged in to post a comment.