The Effect of Company Size, Capital Structure, and Profitability on Company Value Moderated by Dividend Policy
DOI:
https://doi.org/10.37385/ijedr.v5i1.3372Keywords:
capital structure, profitability, company value, dividend policyAbstract
This study aims to determine the influence of company size, capital structure, profitability on company value with dividend policy as moderation. This research uses associative and quantitative methods. The real estate sector is the population in this research and the sample population is determined using predetermined standard criteria. The sample was obtained from the financial reports of the real estate sector on the Indonesia Stock Exchange for the 2018-2022 research period. Purposive sampling technique was used in this research, with test equipment using SPSS version 26. The test results show that company size has a positive influence, profitability has a significant positive influence on company value. Capital structure has a negative and significant impact on company value. Furthermore, dividend policy strengthens the influence of profitability on company value, then dividend policy cannot moderate company size and capital structure on company value, and dividend policy strengthens profitability on company value. Simultaneously the independent variable on the dependent has a significant influence of 73.5% and other variables influence the dependency. The decision that was approved at the GMS was to pay dividends every accounting period to shareholders, which will affect the company's future value. To gain investor trust, company value is taken into consideration in making decisions
References
Afinindy, I., Salim, U., & Ratnawati, K. (2021). The effect of profitability, firm size, liquidity, sales growth on firm value mediated capital structure. International Journal of Business, Economics and Law, 24(4), 15–22.
Alghifari, E. S., Solikin, I., Nugraha, N., Waspada, I., Sari, M., & Puspitawati, L. (2022). Capital structure, profitability, hedging policy, firm size, and firm value: Mediation and moderation analysis. Journal of Eastern European and Central Asian Research (JEECAR), 9(5), 789–801.
AlMOMANI, T. M., Obeidat, M. I. S., Almomani, M. A., & Darkal, N. (2022). Capital structure and firm value relationship: The moderating role of profitability and firm size: Evidence from Amman stock exchange. WSEAS Transactions on Environment and Development, 18(1), 1073–1084.
Apriliyanti, V., Hermi, H., & Herawaty, V. (2019). Pengaruh kebijakan hutang, kebijakan dividen, profitabilitas, pertumbuhan penjualan dan kesempatan investasi terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi. Jurnal Magister Akuntansi Trisakti, 6(2), 201–224.
Brigham, E. F., & Houston, J. F. (2019). Dasar-Dasar Manajemen Keuangan, Buku 2.
Effendi, E., & Ulhaq, R. D. (2021). Pengaruh audit tenure, reputasi auditor, ukuran perusahaan dan komite audit terhadap kualitas audit. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 5(2), 1475–1504.
Firmansyah, F. (2020). Pengaruh Agresivitas Pajak dengan Pendekatan Moderasi Ukuran Perusahaan Terhadap Realisasi Nilai Perusahaan (Studi Kasus Perusahaan Terbuka Sub Sektor Food and Beverage) Tahun 2014-2018. Fakultas Ekonomi Dan Bisnis Universitas Pakuan.
Franita, R. (2018). Mekanisme good corporate governance dan nilai perusahaan: studi untuk perusahaan telekomunikasi. Lembaga Penelitian dan Penulisan Ilmiah Aqli.
Ganggi, R. A., Made, A., Aprilia, M. E., & Poernamawatie, F. (2023). Pengaruh Struktur Modal Dan Likuiditas Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Sektor Consumer Non-Cyclicals Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2021. Jurnal Akuntansi Manado (JAIM), 98–108.
Ge, C., Zhang, S.-G., & Wang, B. (2020). Modeling the joint distribution of firm size and firm age based on grouped data. Plos One, 15(7), e0235282.
Hapsoro, D., & Falih, Z. N. (2020). The effect of firm size, profitability, and liquidity on the firm value moderated by carbon emission disclosure. Journal of Accounting and Investment, 21(2), 240–257.
Hartanto, D., & Wijaya, H. (2019). Faktor-faktor yang mempengaruhi earning response coefficient (ERC) dengan profitabilitas sebagai prediktor. Jurnal Paradigma Akuntansi, 1(2), 344–354.
Hidayat, A., Rohaeni, N., & Nuraeni, Y. S. (2020). Effect of Capital Structure and Company Size on Firm Value With Profitability As a Moderator Variable in Metal Sector Manufacturing Companies and the Like Listed on the Indonesia Stock Exchange (Idx) Period 2013-2017. LèKTORAS, 2(01).
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability.
Husna, A., & Satria, I. (2019). Effects of return on asset, debt to asset ratio, current ratio, firm size, and dividend payout ratio on firm value. International Journal of Economics and Financial Issues, 9(5), 50–54.
Iwanty, K. I., & Surjandari, D. A. (2022). The effect of sales growth, responsibility, and institutional ownership on tax avoidance with profitability as moderating variables. Journal of Economics, Finance and Accounting Studies, 4(1), 423–436.
Janah, N., & Munandar, A. (2022). Pengaruh Perencanaan Pajak Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 6(2), 1421–1437.
Keni, C. E., & Pangkey, R. (2022). Pengaruh profitabilitas dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia periode 2016-2020. Jurnal Akuntansi Manado (JAIM), 445–454.
Kusumadewi, Y., & Edastami, M. (2022). Pengaruh kepemilikan institusional, kepemilikan publik dan profitabilitas terhadap penghindaran pajak dengan manajemen laba sebagai variabel intervening. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(9), 3764–3772.
Le, V. H., Vu, T. A. T., & Nguyen, M. H. (2022). Tax Planning and Firm Value: The Case of Companies with Different State Ownership in Vietnam. Journal of Eastern European and Central Asian Research (JEECAR), 9(2), 333–343.
Luu, D. H. (2021). The impact of capital structure on firm value: A case study in Vietnam. The Journal of Asian Finance, Economics and Business, 8(5), 287–292.
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.
Nianty, D. A., Mus, A. R., Sinring, B., & Dewi, R. (2023). The Effect of Investment Decisions, Capital Structure, and Dividend Policy on Financial Performance and Company Value in Banking Companies Listed on the Indonesia Stock Exchange for the 2019-2021 Period. Revista De Gestão Social E Ambiental, 17(6), e03599–e03599.
Ningrum, E. P. (2022). Nilai perusahaan: Konsep dan aplikasi. Penerbit Adab.
Nurhayati, I., Kartika, A., & Agustin, I. (2020). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Tahun 2016-2018. Dinamika Akuntansi Keuangan Dan Perbankan, 9(2), 133–144.
Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner: Riset Dan Jurnal Akuntansi, 4(2), 331–336.
Purwani, T. (2019). ABID concept in the effect of financial policy on firm value. HOLISTICA–Journal of Business and Public Administration, 10(2), 51–68.
Putri, S. W., & Ramadhan, Y. (2020). Pengaruh Kebijakan Dividen, Leverage, Ukuran Perusahaan, Dan Kepemilikan Manajerialterhadap Nilai Perusahaan. JCA of Economics and Business, 1(01).
Riki, M., Tubastuvi, N., Darmawan, A., & Rahmawati, I. Y. (2022). Struktur Modal, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Moderasi. Jurnal Akademi Akuntansi, 5(1), 62–75.
Rokhayati, I., Achadi, A., & Purnomo, S. D. (2022). Analysis of Company Characteristics to Company Value in Manufacturing Company Sector of Consumption Goods Industry Listed in Bei. MIMBAR: Jurnal Sosial Dan Pembangunan, 106–113.
Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127.
Setyaningsih, P. (2021). Pasar Properti Residensial Di Tengah Pandemi Covid-19. Retrieved from Djkn. Kemenkeu. Go. Id: Https://Www. Djkn. Kemenkeu. Go. Id/Kpknl-Tarakan/Baca-Artikel/14441/Pasar-Properti-Residensial-DiTengah-Pandemi-Covid-19. Html.
Sudana, I. M. (2019). Manajemen keuangan teori dan praktik. Airlangga University Press.
Sudiyatno, B., Puspitasari, E., Nurhayati, I., & Rijanti, T. (2021). The relationship between profitability and firm value: evidence from manufacturing industry in Indonesia. International Journal of Financial Research, 12(3), 466.
Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants of firm value and profitability: Evidence from Indonesia. The Journal of Asian Finance, Economics and Business (JAFEB), 7(11), 769–778.
Sudrajat, J., & Setiyawati, H. (2021). Role of firm size and profitability on capital structures and its impact over firm value. Dinasti International Journal of Economics, Finance & Accounting, 2(1), 13–27.
Suteja, J., Gunardi, A., Alghifari, E. S., Susiadi, A. A., Yulianti, A. S., & Lestari, A. (2023). Investment decision and firm value: moderating effects of corporate social responsibility and profitability of non-financial sector companies on the Indonesia stock exchange. Journal of Risk and Financial Management, 16(1), 40.
Sutrisno, S. (2020). Corporate governance, profitability, and firm value study on the Indonesian islamic index. JEBIS: Jurnal Ekonomi Dan Bisnis Islam, 6(2), 292–303.
Umdiana, N., & Claudia, H. (2020). Analisis Struktur Modal Berdasarkan Trade Off Theory. Jurnal Akuntansi: Kajian Ilmiah Akuntansi, 7(1), 52–70.
Wardani, S. D. M., Wijaya, A. L., Devi, H. P., & Ayera, A. (2022). Effect of Capital Structure, Tax Avoidance, and Firm Size on Firm Value with Dividend Payout Ratio as Moderating. Journal of Business and Management Review, 3(1), 69–81.
Wijayaningsih, S., & Yulianto, A. (2021). The effect of capital structure, firm size, and profitability on firm value with investment decisions as moderating. Accounting Analysis Journal, 10(3), 150–157.
Yanti, N. R., Komalasari, A., & Andi, K. (2022). Pengaruh Profitabilitas, Leverage, dan Struktur Modal terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Moderasi (Effect of Profitability, Leverage, and Capital Structure on Firm Value with Dividend Policy as Moderating Variable). Goodwood Akuntansi Dan Auditing Reviu, 1(1), 49–65.
Yousaf, M., Bris, P., & Haider, I. (2021). Working capital management and firm’s profitability: Evidence from Czech certified firms from the EFQM excellence model. Cogent Economics & Finance, 9(1), 1954318.