The Effect Of Company Size And Profitability On Company Value, With Dividend Policy as Mediating
DOI:
https://doi.org/10.29407/nusamba.v10i2.22656Keywords:
Company Size, Profitability, Company Value, Dividend PolicyAbstract
Research Aim: This study aims to analyze the factors that influence firm value in non-consumer cyclical industry sectors.
Approach: The study employs a descriptive quantitative approach using Partial Least Squares (PLS) analysis with SmartPLS software. Secondary data were obtained from financial reports of companies in the non-consumer cyclical sector listed on the Indonesia Stock Exchange (IDX). The tested variables include profitability, liquidity, leverage, and dividend policy as determinants of firm value.
Research Finding: The results show that only profitability has a significant and positive effect on firm value, while liquidity, leverage, and dividend policy do not have a significant influence. This finding emphasizes that investors still prioritize profitability as the main indicator of firm value.
Theoretical Contribution/Originality: This study contributes to strengthening the empirical literature on firm value by highlighting the dominance of profitability as a determinant variable in the non-consumer cyclical sector.
Practitioner/Policy Implication: The findings provide guidance for investors to assess firm value based on financial performance indicators, particularly profitability, when making investment decisions.
Research Limitation: This study is limited to the non-consumer cyclical industry sector and does not include other industries that may show different determinant patterns of firm value.
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References
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[28] Sari, Mislia Ambar Wati, Lela Nurlaela Rahardjo B. Pengaruh Struktur Modal Dan Kebijakan Dividen Terhadap Nilai Perusahaan 2020;9:1–13.
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[32] Sejati FR, Ponto S, Prasetianingrum S, Sumartono S, Sumbari NN. Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen. Berk Akunt Dan Keuang Indones 2020;5:110. https://doi.org/10.20473/baki.v5i2.21480.
[33] Tessya Nova LE, Sutrisno. The Effect of Profitability, Intangible Asset, and Leverage on Dividend Policy and Firm Value. Int J Econ Bus Manag Res 2023;07:30–45. https://doi.org/10.51505/IJEBMR.2023.7303.
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[35] Sari IAGDM, Sedana IBP. Profitabilitas dan Likuiditas pada Nilai Perusahaan dan Struktur Modal sebagai Variabel Intervensi. Int Res J Manag IT Soc Sci 2020;7:116–27.
[36] Apriasih, Arifin Siagian, Noviarti. Analisis Kinerja Keuangan, Ukuran Perusahaan Terhadap Nilai Perusahaan Dan Kebijakan Dividen Sebagai Variabel Intervening. J Liabilitas 2023;8:39–51. https://doi.org/10.54964/liabilitas.v8i1.243.
[2] Mulatsih S. Industrial development and greenhouse gas emissions in Indonesia. IOP Conf Ser Earth Environ Sci 2022;950. https://doi.org/10.1088/1755-1315/950/1/012064.
[3] Lestari R, Baihaqi M, Persada ISF. Praktik Manajemen Energi pada Industri. Prakt Manaj Energi Pada Ind Manufaktur 2018;7.
[4] Bhakti HD, Abror H. Aplikasi Adaptive Neuro Fuzzy System (ANFIS) Untuk Mem-prediksi Kebutuhan Gas Bumi Indonesia. JTIM J Teknol Inf Dan Multimed 2022;4:73–84. https://doi.org/10.35746/jtim.v4i2.198.
[5] Sugiyanto H. The causality between energy consumption and gross domestic product (GDP) in Indonesia, Malaysia, Thailand and Singapore. J Info Artha 2017;1:79–90.
[6] Wicaksono E, Nugroho SS, Woroutami AD. Pola Konsumsi dan Beban PPN Kelas Menengah Indonesia. Kaji Ekon Dan Keuang 2020;4:1–16. https://doi.org/10.31685/kek.v4i1.506.
[7] Memon SUR, Pawase VR, Soomro MA, Pavase TR. Investigation of covid-19 impact on the food and beverages industry: China and India perspective. Foods 2021;10:1–28. https://doi.org/10.3390/foods10051069.
[8] Galanakis CM, Rizou M, Aldawoud TMS, Ucak I, Rowan NJ. Innovations and technology disruptions in the food sector within the COVID-19 pandemic and post-lockdown era. Trends Food Sci Technol 2021;110:193–200. https://doi.org/10.1016/j.tifs.2021.02.002.
[9] Chowdhury MT, Sarkar A, Paul SK, Moktadir MA. A case study on strategies to deal with the impacts of COVID-19 pandemic in the food and beverage industry. Oper Manag Res 2020:166–78. https://doi.org/10.1007/s12063-020-00166-9.
[10] Afira N, Wijaya AH, Fitri W. Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening dimasa Pandemi. J Ekon Manaj Dan Bisnis 2023;2:121–8. https://doi.org/10.47233/jemb.v2i1.538.
[11] Firmanzah A, Marsoem BS. The Effect of Profitability, Leverage, Firm Size, and Related Party Transactions on Tax Avoidance with Earnings Management as a Moderating Variable. J Econ Financ Manag Stud 2023;06:258–68. https://doi.org/10.47191/jefms/v6-i1-29.
[12] Akbar T. Peran Ukuran Perusahaan dalam Memoderasi Hubungan Profitabilitas dengan Harga Saham Perusahaan Makanan dan Minuman. Ilomata Int J Tax Account 2023;4:1–13.
[13] Happrabu AS, Ariyani. Financial Performance and Prediction of Financial Distress in Food and Beverage Companies Listed on the Indonesia Stock Exchange. Int J Econ Bus Manag Res 2022;06:154–67. https://doi.org/10.51505/ijebmr.2022.6513.
[14] Kacaribu AA, Winata J. The Impact of Profitability and Liquidity on Firm Value with Tax Avoidance as Intervening Variable of F&B Company. J Inform Ekon Bisnis 2023;5:91–6. https://doi.org/10.37034/infeb.v5i1.202.
[15] Ingracia M, Wijayanto A, Saryadi S. The Mediating Effect of Company Performance on the Relationship Between Capital Structure and Firm Value in Food and Beverage Industry. J Adm Bisnis 2022;11:35–44. https://doi.org/10.14710/jab.v11i2.45445.
[16] Krylov S. Company Dividend Policy Modeling: Neutral Approach. Int J Financ Res 2020;12:50. https://doi.org/10.5430/ijfr.v12n1p50.
[17] Salawudeen A, Isa MA, Dandago KI. International Journal of Pedagogics International Journal of Pedagogics 2022;03:43–7.
[18] Charith K, Davydenko A. Informational Value of Dividend Initiations: Impact of Cash Dividends on Share Prices of Manufacturing Companies in Sri Lanka. Int J Econ Financ 2021;13:13. https://doi.org/10.5539/ijef.v13n3p13.
[19] Santoso C, Salim RF, Pranoto T, Adelina YE. Do Family and Institutional Ownerships Influence the Corporate Dividend Policy? Equity 2021;24:15–34. https://doi.org/10.34209/equ.v24i1.2292.
[20] Iskandar I, Tan S, Lubis TA, Machpudin A. Firm value model from the perspective of firm profitability and dividend-paying behavior with dividend payout as a mediator. J Perspekt Pembiayaan Dan Pembang Drh 2022;10:199–212. https://doi.org/10.22437/ppd.v10i4.14628.
[21] Foong JK, Abd Malek NI. The Impact of Dividend Policy on Firm Performance in Public Listed Company in Malaysia. Int J Acad Res Bus Soc Sci 2022;12:640–60. https://doi.org/10.6007/ijarbss/v12-i1/11008.
[22] Robbani AL, Hasbullah ES, Subartini B. Analisis Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. Teorema Teor Dan Ris Mat 2023;8:71. https://doi.org/10.25157/teorema.v8i1.8121.
[23] Suleiman RS, Permatasari M. Pengaruh Profitabilitas, Collateralizable Assets, Investment Opportunity Set, Dan Lagged Dividend Terhadap Kebijakan Dividen. PAPATUNG J Ilmu Adm Publik, Pemerintah Dan Polit 2022;5:46–59. https://doi.org/10.54783/japp.v5i1.508.
[24] Anggara IWG, Dwirandra AANB. Pengaruh Laba dan Leverage Terhadap Kebijakan Deviden. E-Jurnal Ekon Dan Bisnis Univ Udayana 2020;5:55.
[25] Dwijayati BR, Robiyanto R. Dampak Faktor Internal Dan Eksternal Terhadap Harga Saham Sektor Infrastruktur. Int J Soc Sci Bus 2020;4:10–7. https://doi.org/10.23887/ijssb.v4i1.23657.
[26] Nuryanti N, Roesdy R, Fitri K. Pengaruh Profitabilitas Dan Free Cash Flow Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Yang Terdaftar Di Indeks High Dividend 20. J Akunt Keuang Dan Bisnis 2021;14:261–70. https://doi.org/10.35143/jakb.v14i2.5153.
[27] Purnawati IWESNK. Pengaruh Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Perusahaan Indeks Kompas 100. E-Jurnal Manaj 2016;4:1–23.
[28] Sari, Mislia Ambar Wati, Lela Nurlaela Rahardjo B. Pengaruh Struktur Modal Dan Kebijakan Dividen Terhadap Nilai Perusahaan 2020;9:1–13.
[29] Indonesia Stock Exchange n.d. https://www.idx.co.id/id.
[30] Harjito DA, Martono. Manajemen Keuangan. 2nd ed. Yogyakarta: EKONISIA; 2014.
[31] Brigham EF, Houston JF. Dasar-dasar Manajemen Keuangan. Salemba Empat; 2019.
[32] Sejati FR, Ponto S, Prasetianingrum S, Sumartono S, Sumbari NN. Faktor-Faktor Yang Mempengaruhi Kebijakan Dividen. Berk Akunt Dan Keuang Indones 2020;5:110. https://doi.org/10.20473/baki.v5i2.21480.
[33] Tessya Nova LE, Sutrisno. The Effect of Profitability, Intangible Asset, and Leverage on Dividend Policy and Firm Value. Int J Econ Bus Manag Res 2023;07:30–45. https://doi.org/10.51505/IJEBMR.2023.7303.
[34] Nurfatma H, Purwohandoko M. Terhadap Kebijakan Dividen Di Bursa Efek Indonesia. J Ilmu Manaj 2020;8:482–93.
[35] Sari IAGDM, Sedana IBP. Profitabilitas dan Likuiditas pada Nilai Perusahaan dan Struktur Modal sebagai Variabel Intervensi. Int Res J Manag IT Soc Sci 2020;7:116–27.
[36] Apriasih, Arifin Siagian, Noviarti. Analisis Kinerja Keuangan, Ukuran Perusahaan Terhadap Nilai Perusahaan Dan Kebijakan Dividen Sebagai Variabel Intervening. J Liabilitas 2023;8:39–51. https://doi.org/10.54964/liabilitas.v8i1.243.
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2025-10-22
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How to Cite
The Effect Of Company Size And Profitability On Company Value, With Dividend Policy as Mediating. (2025). JURNAL NUSANTARA APLIKASI MANAJEMEN BISNIS, 10(2), 534-544. https://doi.org/10.29407/nusamba.v10i2.22656
