Institutional Ownership and Firm Value: The Moderating Role of Dividend Policy

Puspita Handayani, Fina Ratnasari, Meta Nursita

Abstract


This study examines how institutional ownership affects firm value and analyses the role of dividend policy as a moderator in consumer non-cyclical companies listed on the Indonesia Stock Exchange during 2022–2024. The research employs an explanatory quantitative approach using panel data regression and Moderated Regression Analysis (MRA) on 48 company observations selected through purposive sampling. The results indicate that institutional ownership does not significantly affect firm value. Meanwhile, dividend policy is shown to negatively moderate the relationship between institutional ownership and firm value, suggesting that high dividend payouts may weaken the role of institutional ownership in enhancing firm value. These findings support agency theory, particularly the free cash flow perspective, and signalling theory, emphasising that dividend policy can influence market perception and the effectiveness of institutional investor monitoring. This study is expected to contribute to the corporate governance literature and provide practical considerations for management and institutional investors in formulating optimal ownership and dividend policies.


Keywords


institutional ownership

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References


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DOI: https://doi.org/10.17509/jrak.v14i1.97312

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