PENGARUH STRUKTUR MODAL, PROFITABILITAS, DAN PERTUMBUHAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN: MODERASI KEBIJAKAN DIVIDEN

Abstract

This research aims to analyze the effect of capital structure, profitability, and company’s growth on the firm value with dividend policy as a moderating variable. The independent variables were capital structure, which was proxy bu Debt to Equity Ratio, profitability was proxy by Return on Assets, and firm groeth was proxy by assets growth. Meanwhile, the dependent variable was firm value, which was proxy by Price to Book Value. The moderating variable was dividend policy, which was procy by Dividend Payout Ratio. This research applies quantitatively with a population of Mining companies listed on the Indonesia Stock Exchange during 2019-2023. Using the purpose sampling technique, 22 companies were obtained that met the criteria as samples, with a total of 110 data for 5 years of research. The data analysis technique used moderate regression with the SPSS program 26 version. The result shows that capital structure did not affect firm value. However, profitability has a positive effect on firm value. In contrast, firm growth has a negative effect on firm value. Additionally, dividend policy moderates positively the effect of capital structure and profitability on firm value. Meanwhile, dividend policy negatively moderates the effect of firm growth on firm value.