Kebijakan Deviden dalam Memediasi Faktor yang Mempengaruhi Nilai Perusahaan
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.
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.
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Alamsyah, A. R., & Muchlas, Z. (2018). Pengaruh Struktur Kepemilikan, Struktur Modal dan IOS terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Intervening. Jurnal JIBEKA, 12(1), 9–16.
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. https://doi.org/10.12928/fokus.v11i2.4228
Anita, A., & Yulianto, A. (2014). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividend terhadap Nilai Perusahaan. Management Analysis Journal, 15(4), 229–232.
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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. https://doi.org/10.35912/jakman.v5i4.3480
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. https://doi.org/10.24018/ejbmr.2022.7.3.1405
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. https://doi.org/10.35912/jakman.v5i4.3432
Chabachib, M., Hersugondo, 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(11), 139–156.
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, 1–7. https://doi.org/10.25105/semnas.v0i0.5824
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), 863. https://doi.org/10.29040/ijebar.v6i2.5363
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 and Economics, 26(4), 5815–5825. https://doi.org/10.1002/ijfe.2095
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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. https://doi.org/10.33021/jaaf.v5i2.1168
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Khongrat, E., Kusumawati, A., Habsyi, T. Al, & Suharyono, S. (2021). The Effect of Ownership Structure and Leverage Towards Dividend Policy and Corporate Values. Journal of Public Administration Studies, 006(01), 28–31. https://doi.org/10.21776/ub.jpas.2021.006.01.5
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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.
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. https://doi.org/10.24912/je.v22i1.189
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Novryanius, R., Hasan, A., & Gusnardi. (2017). Pengaruh profitabilitas dan investment opportunity set terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening (studi pada perusahaan manufaktur di bursa efek indonesia). Jurnal Tepak Manajemen Bisnis, XI(3), 619–636.
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(01), 1–8.
Prasetya Margono, F., & Gantino, R. (2021). 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. https://doi.org/10.12775/cjfa.2021.007
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Rachmawati, D., & Br.Pinem, D. (2015b). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Equity, 18(1), 1–18.
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), 66–83. https://doi.org/10.29303/jseh.v5i1.34
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Salju, S., Sapar, S., & Asrianti, A. (2022). The Influence of Ownership Structure, Capital Structure, Investment Opportunities on Dividend Policy and Company Value. Jurnal Mantik, 6(36), 89–101.
Saputra, R., Masril, M., & Safrizal, S. (2023). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2022. Goodwood Akuntansi Dan Auditing Reviu, 1(2), 153–163. https://doi.org/10.35912/gaar.v1i2.2002
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Sinurat, W., Erlina, & Bukit, R. (2017b). Analysis of The Effect of Investment Opportunity Set and Profitability on Firm Values with Dividend Policy as Intervening Variables in Main Sector Companies Listed in Indonesia Stock Exchange in 2015-2017. International Journal of Public Budgeting, Accounting and Finance, 2(3), 1–12.
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Suartawan, I. Gst. Ngr. P. A., & Yasa, G. W. (2016b). Pengaruh Investment Opportunity Set dan Free Cash Flow pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 11(2), 63–74.
Sudiani, N. K. A., & Wiksuana, I. G. B. (2018). Capital Structure, Investment Opportunity Set, Dividend Policy and Profitability as a Firm Value Determinants. Russian Journal of Agricultural and Socio-Economic Sciences, 9(September), 259–267.
Tahu, G. P., & Susilo, D. D. B. (2017). Effect of Liquidity , Leverage and profitability to The Firm Value ( Dividend Policy as Moderating Variable ) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 8(18), 89–98.
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- Alamsyah, A. R., & Muchlas, Z. (2018). Pengaruh Struktur Kepemilikan, Struktur Modal dan IOS terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Intervening. Jurnal JIBEKA, 12(1), 9–16.
- 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. https://doi.org/10.12928/fokus.v11i2.4228
- Anita, A., & Yulianto, A. (2014). Pengaruh Kepemilikan Manajerial dan Kebijakan Dividend terhadap Nilai Perusahaan. Management Analysis Journal, 15(4), 229–232.
- Astriani, E. F. (2014). Pengaruh Kepemilikan Manajerial, Leverage, Profitabilitas, Ukuran Perusahaan dan Investment Opportunity Set terhadap Nilai Perusahaan. Jurnal Akuntansi, 2(1), 1–25.
- 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. https://doi.org/10.35912/jakman.v5i4.3480
- 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. https://doi.org/10.24018/ejbmr.2022.7.3.1405
- 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. https://doi.org/10.35912/jakman.v5i4.3432
- Chabachib, M., Hersugondo, 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(11), 139–156.
- 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, 1–7. https://doi.org/10.25105/semnas.v0i0.5824
- 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), 863. https://doi.org/10.29040/ijebar.v6i2.5363
- 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 and Economics, 26(4), 5815–5825. https://doi.org/10.1002/ijfe.2095
- Erfiana, D., & Ardiansari, A. (2016). Pengaruh Masalah Keagenan, Kebijakan Deviden, dan Variabel Moderasi Growth Opportunity terhadap Nilai Perusahaan. Management Analysis Journal, 5(3), 244–256.
- 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. https://doi.org/10.1016/j.sbspro.2016.05.013
- Handayani, S. (2023). Pengaruh Investment Opportunity Set , Likuiditas , Leverage Dan Profitabilitas Terhadap Dividend Payout Ratio ( Studi Kasus Perusahaan LQ45 Yang Terdaftar di Bursa Efek Indonesia / BEI Tahun 2018-2021 ). INNOVATIVE: Journal Of Social Science Research, 3(5), 8754–8769.
- Ibrahim, U. A. (2020). Effect of Financial Leverage on Firm Value: Evidence From Selected Firms Quoted on the Nigerian Stock Exchange. European Journal of Business and Management, 124–135. https://doi.org/10.7176/ejbm/12-3-16
- Indrayani, N. K., Endiana, I. D. M., & Pramesti, I. G. A. A. (2021). Pengaruh Ukuran Perusahaan, Profitabilitas, Kebijakan Dividen, Leverage Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Kharisma, 3(1), 52–62. https://doi.org/10.24114/niaga.v11i1.28449
- Ishlah, R. N., & 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, 1(1), 673–683. https://doi.org/10.24912/v1i1.673-683
- 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. https://doi.org/10.33021/jaaf.v5i2.1168
- 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. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
- Khongrat, E., Kusumawati, A., Habsyi, T. Al, & Suharyono, S. (2021). The Effect of Ownership Structure and Leverage Towards Dividend Policy and Corporate Values. Journal of Public Administration Studies, 006(01), 28–31. https://doi.org/10.21776/ub.jpas.2021.006.01.5
- Khumairoh, Kalbuana, N., & Mulyati, H. (2016). Pengaruh Leverage, Profitabilitas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Syariah Paper Accounting FEB UMS, 71–81.
- Kodriyah, K., Kurnia, D., & Octaviani, S. (2021). Nilai Perusahaan: Dapatkah Dipengaruhi oleh Kebijakan Dividen, CSR, Struktur Modal dan Profitabilitas? Accounthink?: Journal of Accounting and Finance, 6(02), 131–144. https://doi.org/10.35706/acc.v6i02.5359
- 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.
- 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. https://doi.org/10.24912/je.v22i1.189
- Munawar, A. (2019). The Effect of Leverage, Dividend Policy, Effectiveness, Efficiency, and Firm Size on Firm Value in Plantation Companies Listed IDX. International Journal of Science and Research (IJSR), 8(10 October 2019), 9. https://doi.org/10.21275/ART20201693
- Novryanius, R., Hasan, A., & Gusnardi. (2017). Pengaruh profitabilitas dan investment opportunity set terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening (studi pada perusahaan manufaktur di bursa efek indonesia). Jurnal Tepak Manajemen Bisnis, XI(3), 619–636.
- 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(01), 1–8.
- Prasetya Margono, F., & Gantino, R. (2021). 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. https://doi.org/10.12775/cjfa.2021.007
- Rachmawati, D., & Br.Pinem, D. (2015a). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Equity, 18(1), 1–18.
- Rachmawati, D., & Br.Pinem, D. (2015b). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Equity, 18(1), 1–18.
- 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), 66–83. https://doi.org/10.29303/jseh.v5i1.34
- Resti, A. A., Purwanto, B., & Ermawati, W. J. (2019). Investment opportunity set, dividend policy, company’s performance, and firm’s value: Some Indonesian firms evidence. Jurnal Keuangan Dan Perbankan, 23(4), 611–622. https://doi.org/10.26905/jkdp.v23i4.2753
- Salju, S., Sapar, S., & Asrianti, A. (2022). The Influence of Ownership Structure, Capital Structure, Investment Opportunities on Dividend Policy and Company Value. Jurnal Mantik, 6(36), 89–101.
- Saputra, R., Masril, M., & Safrizal, S. (2023). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2022. Goodwood Akuntansi Dan Auditing Reviu, 1(2), 153–163. https://doi.org/10.35912/gaar.v1i2.2002
- Saputri, D. R., & Bahri, S. (2021). The Effect Of Leverage, Profitability, And Dividend Policy On Firm Value. International Journal of Educational Research & Social Sciences, 2(6), 1316–1324. https://doi.org/10.51601/ijersc.v2i6.223
- Setyabudi, T. (2021). The Effect of Institutional Ownership, Leverage, and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021
- Sinurat, W., Erlina, & Bukit, R. (2017a). Analysis of The Effect of Investment Opportunity Set and Profitability on Firm Values with Dividend Policy as Intervening Variables in Main Sector Companies Listed in Indonesia Stock Exchange in 2015-2017. International Journal of Public Budgeting, Accounting and Finance, 2(3), 1–12.
- Sinurat, W., Erlina, & Bukit, R. (2017b). Analysis of The Effect of Investment Opportunity Set and Profitability on Firm Values with Dividend Policy as Intervening Variables in Main Sector Companies Listed in Indonesia Stock Exchange in 2015-2017. International Journal of Public Budgeting, Accounting and Finance, 2(3), 1–12.
- Spense, M. (1973). Job Market Signalling. The Quarterly Journal OfEconomics, 87(3), 355–374. https://doi.org/10.1055/s-2004-820924
- Suartawan, I. Gst. Ngr. P. A., & Yasa, G. W. (2016a). Pengaruh Investment Opportunity Set dan Free Cash Flow pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 11(2), 63–74.
- Suartawan, I. Gst. Ngr. P. A., & Yasa, G. W. (2016b). Pengaruh Investment Opportunity Set dan Free Cash Flow pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 11(2), 63–74.
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