Pengaruh Kebijakan Dividen dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi pada Perusahaan Sektor Energi yang Terdaftar di Bursa Efek Indonesia Periode 2018-2022

Abstract

This study aims to examine the influence of dividend policy and firm size on firm value with profitability as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange (IDX) from 2018 to 2022. The research is based on data obtained from the Indonesia Stock Exchange. The sampling technique used is purposive sampling. The population includes energy sector companies listed on the IDX during the specified period, totaling 82 companies, with a sample of 21 companies. The study utilizes secondary data, and data analysis techniques include panel data regression and Moderate Regression Analysis (MRA) using Eviews 10 software. The findings indicate that dividend policy does not significantly influence firm value, whereas firm size has a positive and significant impact on firm value. Profitability moderates positively (strengthening) the effect of dividend policy on firm value, and similarly moderates positively (strengthening) the impact of firm size on firm value.