Analysis of Firm Value Based on Growth, Dividend Policy, Capital Structure, and Profitability: An Empirical Study on LQ45 Companies Listed on the IDX During 2022–2024

Anisa Dwi Pramita, Imronudin Imronudin

Abstract


This study examines the effects of company growth, dividend policy, capital structure, and profitability on firm value and the moderating role of dividend policy among LQ45 companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. This causal study examines firm value as the dependent variable and determinants. Secondary data were obtained from audited financial reports and IDX sources. Using purposive sampling, 33 companies were selected, producing 99 firm-year observations. After removing 18 outliers, 81 observations remained for analysis. Data were analyzed using classical assumption tests, multiple linear regression, Moderated Regression Analysis (MRA), and 1,000-resampling bootstrap estimation. The results show that company growth has a significant negative effect on firm value, while dividend policy and capital structure have no significant effects. Profitability has a positive and significant effect and is the most dominant determinant of firm value. Furthermore, dividend policy significantly strengthens the effect of profitability on firm value, but does not moderate the effects of company growth or capital structure.

Keywords


Capital Structure; Company Growth; Dividend Policy; Firm Value; Profitability.

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References


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DOI: https://doi.org/10.17509/ijdb.v6i1.105350

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