The Effect of Dividend Policy and Investment Opportunity on Firm Value Is Mediated by Capital Structure
Keywords:
Investment Opportunity; Dividend Policy; Capital Structure; Firm Value
Abstract
The purpose of this study is to analyze investment opportunity and dividend policy on the firm value and moderated by the company's capital structure. The sample used in this study consists of the annual financial statements of all listed LQ 45 companies. on the Indonesia Stock Exchange. The sample of this study was 23 companies selected through the purposive sampling method. The company data for this sample selection were taken from financial reports and annual reports from the official website of the Indonesia Stock Exchange, namely IDX.co.id and the company's official website. Data processing is done using Sobel software (path analysis). The results of this study indicate the influence of investment opportunity, and dividend policy on firm value in LQ45 companies on the Indonesia Stock Exchange (IDX) mediated by the company's capital structure.
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Anita, A., & Yulianto, A. (2016). Pengaruh Kepemilikan Manajerial Dan Kebijakan Dividen Terhadap Nilai Perusahaan. Management Analysis Journal, 5(1), 17-23.
Apriliyanti, V., & Hermi, Herawaty, V. (2019). Pengaruh Kebijakan Hutang, Kebijakan Dividen, Profitabilitas, Pertumbuhan Penjualan dan Kesempatan Investasi Terhadap Nilai dan Ukuran Perusahaan Sebagai Variabel Moderasi. Jurnal Magister Akuntansi Trisakti, 6(2), 201-224.
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Bursa Efek Indonesia (2020), “Indeks”. Tersedia dari: https://www.idx.co.id/produk/indeks/ (diakses pada 12 November 2020).
Febriyanto, F. C. (2018). The Effect Of Leverage, Sales Growth and Liquidity To The Firm Value Of Real Estate And Property Sector In Indonesia Stock Exchange. Economics and Accounting Journal, 1(3), 198-205.
Gamayuni, R. R. (2015). The Effect Of Intangible Asset, Financial Performance And Financial Policies On The Firm Value. International Journal Of Scientific & Technology Research, 4(1), 212-212.
Hamidy, R. R., Wiksuana, I. G. B., & Artini, L. G. S. (2015). Pengaruh struktur modal terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening pada perusahaan properti dan real estate di Bursa Efek Indonesia. E-jurnal Ekonomi dan Bisnis Universitas Udayana, 4(10), 665-682.
Hasnawati, S. (2005). Dampak Set Peluang Investasi Terhadap Nilai Perusahaan Publik di Bursa Efek Jakarta. Jurnal Akuntansi dan Auditing Indonesia, 9(2), 117-126.
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Modereted by Profitability. International Journal of Economic and Business Administration, 7(1), 174-191.
Indrayati, Rachmat, B., & Slamet. (2021). Assets Growth, Earnings Persistence, Investment Opportunity Setand Earnings Management On Dividend Policy And Firm Value (Study At Bank Companies In Indonesia). Journal Of Southwest Jiaotong University, 56(2), 220-234.
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.
Limbago, E., & Dedhy, S. (2019). The Effect of Gender in the Board of Commissioners on Company Value With Family Control as a Moderation Variable in Indonesia. Review of Management and Entrepreneurship, 3(2), 155-168.
Luthfiah, A. A., & Suherman. (2018). The Effects Of Financial Performance Toward Firm Value With Ownership Structure As Moderating Variable (The Study On Manufacturing Companies Listed In Indonesia Stock Exchange In The Period Of 2012- 2016). Journal of Business and Behavioural Entrepreneurship, 2(1), 18-27.
Meivinia, L. (2018). Pengaruh Likuiditas, Profitabilitas, Struktur Modal, Dan Suku Bunga Terhadap Nilai Perusahaan. Jurnal Muara Ilmu Ekonomi dan Bisnis, 2(2), 380-393.
Modigliani, F., & Miller, M. H. (1963). Corporate Income Tax and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433-443.
Mujahid, M., & Akhtar, K. (2014). Impact of Capital Structure on Firms Financial Performance and Shareholders Wealth: Textile Sector of Pakistan. International Journal of Learning & Development, 4(2), 27-33.
Mulyatno, I. W. (2014). Kepemilikan Manajerial, Kesempatan Investasi, Risiko Finansial, dan Nilai Perusahaan Yang Terdaftar di Indeks Saham Syariah Indonesia (ISSI). Jurnal Bisnis & Manajemen, 14(2), 81-97.
Naceur, S. B., & Goaied, M. (2002). The relationship between dividend policy, financial structure, profitability and firm value. Applied Financial Economics, 12, 843-849.
Natsir, K., & Yusbardini. (2019). The Effect of Capital Structure and Firm Size on Firm Value Through Profitability as Intervening Variable. Advances in Economics, Business and Management Research, 145, 218-224.
Nurhayati, M. (2013). Profitabilitas, Likuiditas Dan Ukuran Perusahaan Pengaruhnya Terhadap Kebijakan Dividen Dan Nilai Perusahaan Sektor Non Jasa. Jurnal Keuangan dan Bisnis, 5(2), 144-153.
Parhusip, H. A. G., Topowijono, Sulasmiyati, S. (2016). Pengaruh Struktur Modaldan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Administrasi Bisnis,37(2), 163-172.
Putra, A. A. N. D. A., & Lestari, P. V. (2016) Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, 5(7), 4044-4070.
Prastuti, N. K. R., & Sudiartha, I. G. M. (2016). Pengaruh Struktur Modal, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 5(3), 1572-1598.
Rahayu, S. M., Suhadak, & Saifi, M. (2019). The reciprocal relationship between profitability and capital structure and its impacts on the corporate values of manufacturing companies in Indonesia. International Journal of Productivity and Performance Management, 69(2), 236-251.
Rizqia, D. A., Aisjah, S., & Sumiati. (2013). Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting, 4(11), 120-130.
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A SkillBuilding Approach (7th Edition). New York, United States: John Wiley & Sons Inc.
Soewarno, N., & Ramadhan, A. H. A. (2020). The Effect of Ownership Structure and Intellectual Capital on Firm Value with Firm Performance as an Intervening Variable. International Journal of Innovation, Creativity and Change, 10(12), 215-236.
Spence, M. (1978). Job Market Signaling. Uncertainty in Economics, 355-374.
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(81), 259-267. Sugiyono (2007). Statistika untuk penelitian. Bandung: ALFABETA Bandung.
Suhadak, Kurniaty, Handayani, S. R., & Rahayu, S. M. (2018). Stock Return and Financial Performance as Moderation Variable in Influence of Good Corporate Governance Towards Corporate Value. Asian Journal of Accounting Research, 4(1), 18-34.
Sukirni, D. (2012). Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Deviden dan Kebijakan Hutang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal, 1(2), 1-12.
Tyastari, T. T. D., Rosidi, & Saraswati, E. (2017). Dividend Policy and Corporate Value (A Meta-Analysis). Jurnal Keuangan dan Perbankan, 21(3), 344- 355.
Widarjono, A. (2005). Ekonometrika: Teori dan Aplikasi Untuk Ekonomi dan Bisnis. Yogyakarta: EKONISIA.
Widnyana, I. W., Wiksuana, I. G. B., Artini, L. G. S., & Sedana, I. B. P. (2020). Influence of financial architecture, intangible assets on financial performance and corporate value in the Indonesian capital market. International Journal of Productivity and Performance Management.
Published
2023-03-07
How to Cite
Yusbardini, Y., & W. Andani, K. (2023). The Effect of Dividend Policy and Investment Opportunity on Firm Value Is Mediated by Capital Structure. International Journal of Social Science Research and Review, 6(3), 228-239. https://doi.org/10.47814/ijssrr.v6i3.1091
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