Efek Moderasi Kebijakan Dividen terhadap Pengaruh Profitabilitas dan Leverage terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Kontrol: (Studi Kasus Pada Perusahaan yang Terdaftar Pada Sektor Infrastruktur di BEI Tahun 2014-2023)

Salva Aulia; Fauji Sanusi; Ana Susi Mulyani

doi:10.55606/jaemb.v5i3.7251

Authors

Salva Aulia Universitas Sultan Ageng Tirtayasa
Fauji Sanusi Universitas Sultan Ageng Tirtayasa
Ana Susi Mulyani Universitas Sultan Ageng Tirtayasa

DOI:

https://doi.org/10.55606/jaemb.v5i3.7251

Keywords:

firm value, profitability, leverage, dividend policy, firm size

Abstract

This study aims to analyze the effect of profitability (ROA) and leverage (DER) on firm value (PBV), and to examine the role of dividend policy (DPR) as a moderating variable. Firm size (SIZE) is also included as a control variable. The research objects are infrastructure sector companies listed on the Indonesia Stock Exchange (IDX) during the 2014–2023 period. The analytical methods used are multiple linear regression and moderated regression analysis (MRA). The results show that both ROA and DER have a significant positive effect on firm value. However, DPR does not moderate the relationship between ROA or DER and PBV, and SIZE as a control variable also has no significant effect. These findings indicate that firm value is more influenced by financial performance, such as profitability and leverage, rather than dividend policy or firm size.

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