Kebijakan Deviden dalam Memediasi Faktor yang Mempengaruhi Nilai Perusahaan

https://doi.org/10.35912/sakman.v4i2.3796
Published: Jan 3, 2025

Abstract:

Purpose: With dividend policy acting as an intervening variable, this study intends to investigate the impact of leverage and investment opportunity set on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) between 2016 and 2022.

Research methodology: The sample method used is purposive sampling, with a total of 122 companies as samples. The analysis method of this research uses path analysis and is processed using SPSS 25 tools.

Results: The findings indicate that the following factors affect firm value: leverage, investment opportunity set, and dividend policy. Leverage has no effect on firm value, while investment opportunity set has an impact on dividend policy. Additionally, dividend policy cannot be an intervening variable between leverage and investment opportunity set.

Conclusions: The study concludes that leverage significantly influences firm value, as companies with higher debt levels are perceived to have greater future growth prospects. Investment opportunity set also positively affects firm value, indicating that broader investment opportunities enhance returns and increase firm value. However, dividend policy neither directly influences firm value nor mediates the relationship between leverage or investment opportunity set and firm value.

Limitations: Limited research proves the effect of leverage, Investment Opportunity Set, and devidend policy as mediating variables on firm value.

Contribution: This research contributes to investors' understanding that if they want to invest, they should look at the company's prospects through firm value. Companies must be considered from an investor's perspective, including the level of debt and Investment Opportunity Set, if they want to be considered good.

Keywords:
1. firm value
2. leverage
3. investment opportunity set
4. dividend policy
Authors:
1 . Kodriyah Kodriyah
2 . Nikke Yusnita Mahardini
3 . Abdul Malik
4 . Maudi Wulandari
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How to Cite
Kodriyah, K., Mahardini, N. Y., Malik, A., & Wulandari, M. (2025). Kebijakan Deviden dalam Memediasi Faktor yang Mempengaruhi Nilai Perusahaan. Studi Akuntansi, Keuangan, Dan Manajemen, 4(2), 391–404. https://doi.org/10.35912/sakman.v4i2.3796
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Issue & Section
Vol. 4 No. 2 (2025): Januari
Articles
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  1. Alamsyah, A. R. (2018). Pengaruh Struktur Kepemilikan, Struktur Modal, dan IOS terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Intervening pada Perusahaan Manufaktur Terdaftar di BEI. Jurnal Ilmiah Bisnis dan Ekonomi Asia, 12(1), 9-16. doi:https://doi.org/10.32812/jibeka.v12i1.5
  2. Alamsyah, M. F., & Malanua, W. (2021). Pengaruh Investment Opportunity Set, Corporate Social Responsibility, dan Risiko Bisnis Terhadap Nilai Perusahaan. Jurnal Fokus Manajemen Bisnis, 11(2), 154-172. doi:https://doi.org/10.12928/fokus.v11i2.4228
  3. Anita, A., & Yulianto, A. (2016). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen terhadap Nilai Perusahaan. Management Analysis Journal, 5(1), 17-23. doi:https://doi.org/10.15294/maj.v5i1.8116
  4. Ardhiyansyah, A., Sulistyowati, N. W., Hidayati, N., & Handayani, E. (2023). Inovasi Berkelanjutan: Pendekatan Kolaboratif untuk Mengatasi Tantangan Sosial-Ekonomi di Provinsi Jawa Barat. Jurnal Pengabdian West Science, 2(6), 460-467. doi:https://doi.org/10.58812/jpws.v2i6.451
  5. Azizah, F., & Sulistyowati, E. (2024). Pengaruh Economic Value Added , Market Value Added, dan Kebijakan Dividen terhadap Nilai Perusahan. Jurnal Akuntansi, Keuangan, dan Manajemen, 5(4), 451-466. doi:https://doi.org/10.35912/jakman.v5i4.3480
  6. Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7-13. doi:https://doi.org/10.24018/ejbmr.2022.7.3.1405
  7. Budiman, L. S., Yadiati, W., & Abdul Hasyir, D. (2024). Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan. Jurnal Akuntansi, Keuangan, dan Manajemen, 5(4), 383-399. doi:https://doi.org/10.35912/jakman.v5i4.3432
  8. Chabachib, M., Hersugondob, H., Septiviardi, D., & Pamungkas, I. D. (2020). The Effect of Investment Opportunity Set and Company Growth on Firm Value: Capital Structure as an Intervening Variable. International Journal of Innovation, Creativity and Change, 12(1), 139-156.
  9. Christiani, L., & Herawaty, V. (2019). Pengaruh Kepemilikan Manajerial, Komite Audit, Leverage, Profitabilitas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Manajemen Laba Sebagai Variabel Moderasi. Prosiding Seminar Nasional Cendekiawan, 5(2), 1-7. doi:https://doi.org/10.25105/semnas.v0i0.5824
  10. Damayanti, R., & Sucipto, A. (2022). The Effect of Profitability, Liquidity, and Leverage on Firm Value with Dividend Policy as Intervening Variable (Case Study on Finance Sector in Indonesian Stock Exchange 2016-2020 Period). International Journal of Economics, Business and Accounting Research (IJEBAR), 6(2), 1214-1223. doi:https://doi.org/10.29040/ijebar.v6i2.5363
  11. Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2021). Impact of Dividend Policy on Corporate Value: Experiment in Vietnam. International Journal of Finance & Economics, 26(4), 5815-5825. doi:https://doi.org/10.1002/ijfe.2095
  12. Dessriadi, G. A., Harsuti, Muntahanah, S., & Murdijaningsih, T. (2022). Pengaruh Kebijakan Dividen, Leverage dan Profitabilitas terhadap Nilai Perusahaan LQ-45 yang Terdaftar di Bursa Efek Indonesia. Ekonomis: Journal of Economics and Business, 6(1), 195-198. doi:http://dx.doi.org/10.33087/ekonomis.v6i1.506
  13. Erfiana, D., & Ardiansari, A. (2016). Pengaruh Masalah Keagenan, Kebijakan Dividen, dan Variabel Moderasi Growth Opportunity Terhadap Nilai Perusahaan. Management Analysis Journal, 5(3), 244-256.
  14. Giriati. (2016). Free Cash Flow, Dividend Policy, Investment Opportunity Set, Opportunistic Behavior and Firm's Value: (A Study About Agency Theory). Procedia - Social and Behavioral Sciences, 219, 248-254. doi:https://doi.org/10.1016/j.sbspro.2016.05.013
  15. Haron, R., Abdul Subar, N., & Ibrahim, K. (2020). Service Quality of Islamic Banks: Satisfaction, Loyalty and the Mediating Role of Trust. Islamic Economic Studies, 28(1), 3-23. doi:https://doi.org/10.1108/ies-12-2019-0041
  16. Ishlah, R. N. m., & Natsir, K. (2023). The Effect of Financial Performance, Tax Avoidance, and Investment Opportunity Set on Firm Value in The Agricultural Sector. International Journal of Application on Economics and Business (IJAEB), 1(1), 673-683. doi:https://doi.org/10.24912/ijaeb.11.673-683
  17. Ispriyahadi, H., & Putri, G. A. U. (2021). The Effects of Leverage, Investment Decision, Dividend Policy and Profitability, on Firm Value of the Automotive Sector Companies. JAAF (Journal of Applied Accounting and Finance), 5(2), 68-80. doi:http://dx.doi.org/10.33021/jaaf.v5i2.1168
  18. Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 8(3), 423-431. doi:http://dx.doi.org/10.13106/jafeb.2021.vol8.no3.0423
  19. Khongrat, E., Kusumawati, A., Habsyi, T. A., & Suharyono. (2021). The Effect of Ownership Structure and Leverage Towards Dividend Policy and Corporate Values. JPAS (Journal of Public Administration Studies), 6(1), 28-31. doi:https://doi.org/10.21776/ub.jpas.2021.006.01.5
  20. Kodriyah, Kurnia, D., & Octaviani, S. (2021). Nilai Perusahaan: Dapatkah Dipengaruhi oleh Kebijakan Dividen, CSR, Struktur Modal dan Profitabilitas?. ACCOUNTHINK: Journal of Accounting and Finance, 6(2), 131-144. doi:https://doi.org/10.35706/acc.v6i02.5359
  21. Kolamban, D. V., Murni, S., & Baramuli, D. N. (2020). Analisis Pengaruh Leverage, Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Industri Perbankan yang Terdaftar di BEI. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 8(3), 174-183. doi:https://doi.org/10.35794/emba.v8i3.29862
  22. Kurniawan, N., & Mawardi, W. (2017). Analisis Pengaruh Profitabilitas Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan (Studi Kasus pada Perusahaan yang Terdaftar di Jakarta Islamic Index Tahun 2011-2015). Diponegoro Journal of Management, 6(2), 1-11.
  23. Linawaty, & Ekadjaja, A. (2017). Analisis Pengaruh Leverage Terhadap Nilai Perusahaan dengan Kepemilikan Manajerial dan Arus Kas Bebas Sebagai Variabel Pemoderasi. Jurnal Ekonomi, 22(1), 164-176. doi:https://doi.org/10.24912/je.v22i1.189
  24. Margono, F. P., & Gantino, R. (2021). The Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45-61. doi:https://doi.org/10.12775/CJFA.2021.007
  25. Munawar, A. (2019). The Effect of Leverage, Dividend Policy, Effectiveness, Efficiency, and Firm Size on Firm Value in Plantation Companies Listed on IDX. International Journal of Science and Research (IJSR), 8(10), 244-252. doi:https://doi.org/10.21275/art20201693
  26. Nikmah, U., & Amanah, L. (2019). Pengaruh Investment Opportunity Set, Profitabilitas, dan Sustainability Reporting Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi (JIRA), 8(6), 1-20.
  27. Novryanius, R., Hasan, A., & Gusnardi. (2019). Pengaruh Profitabilitas dan Investment Opportunity Set Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Intervening (Studi pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2013-2017). Jurnal Tepak Manajemen Bisnis, 11(3), 619-636.
  28. Nurwulandari, A., & Djaya, M. O. N. (2022). The Effect of Investor Sentiment Manager Behavior and Investment Opportunity Set (IOS) on Company Value with Dividend Policy As Intervening Variables. Jurnal Ekonomi, 11(1), 1-8. doi:https://doi.org/10.58471/ekonomi.v11i01.157
  29. Pradana, I. Y. (2021). Effect of Leverage, Growth, Firm Size, Dividend Policy, and Interest Rate on Company Value. Dinasti International Journal of Economics, Finance & Accounting, 2(3), 316-327. doi:https://doi.org/10.38035/dijefa.v2i3.938
  30. Rachmawati, D., & Pinem, D. B. (2015). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Equity, 18(1), 1-18. doi:https://doi.org/10.34209/equ.v18i1.456
  31. Rahmasari, D., Suryani, E., & Oktaryani, S. (2019). Pengaruh Leverage dan Likuiditas Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Intervening. Jurnal Sosial Ekonomi dan Humaniora, 5(1), 66-82. doi:https://doi.org/10.29303/jseh.v5i1.34
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