Articles

Do Financial Policies and Firm Characteristics Affect Firm Value? Evidence from Indonesian Mining Firms Listed on the Indonesia Stock Exchange (2020–2024)

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Firm value reflects market assessments of a company’s financial performance and future prospects, particularly in capital-intensive and volatile industries such as mining. This study examines the effects of dividend policy, investment decisions, leverage, profitability, and firm size on firm value in mining companies listed on the Indonesia Stock Exchange during the 2020– 2024 period. Using a quantitative approach, this study employs panel data regression analysis on financial statement data obtained through purposive sampling. Firm value is measured using Tobin’s Q, while the independent variables are proxied by standard financial indicators. The results show that dividend policy, investment decisions, leverage, profitability, and firm size do not have a statistically significant effect on firm value. These findings indicate that investors in the mining sector tend to prioritize growth prospects, overall firm performance, and risk considerations rather than short-term financial policies or firm-specific characteristics. In addition, high dividend payouts may limit internal funds for investment, while investment allocation, leverage utilization, and profitability improvements may not immediately translate into higher market valuation due to perceived risks, liquidity constraints, and industry uncertainty. This study suggests that market valuation in the mining sector is influenced more by broader expectations and external conditions than by individual financial indicators, providing important implications for managers and investors in understanding firm value dynamics.

The Influence of Dividend Policy and Company Size on Company Value with Profitability as a Moderating Variable in Listed Energy Sector Companies on the Indonesian Stock Exchange 2018-2022 Period

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This research aims to determine the effect of dividend policy and company size on company value with profitability as a moderating variable in energy sector companies listed on the BEI in 2018-2022. This research was conducted based on information obtained on the Indonesian Stock Exchange. The sampling technique for this research uses a purposive sampling method. The population in this study was 82 energy sector companies listed on the IDX in 2018-2022 and the sample used was 21 companies. The type of data used is secondary data and the data analysis technique is panel data regression and the Moderate Regression Analysis (MRA) test with analysis tools using Eviews 10 software. The results of this research show that dividend policy has no effect on company value and company size has a positive and significant effect on company value. Profitability is able to positively moderate (strengthen) of dividend policy on company value, while profitability is able to positively moderate (strengthen) the influence of company size on company value.

The Effect of Corporate Social Responsibility Disclosure, Dividend Policy on Earning Management with Audit Quality as Moderation Variable in Listed Manufacturing Companies in Indonesian Stock Exchange (2018-2022)

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This research aims to test and prove empirically the effect of independent variables, namely corporate social responsibility disclosure, dividend policy on the dependent variable is earnings management and audit quality moderating variables. The research method used is quantitative research in the form of correlational research using panel data from company financial report taken at PT www.idx.co.id. The sampling technique in this research was purposive sampling with a total sample of 122 manufacturing companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The data analysis method used is multiple linear regression using the EViews application. The research results found that corporate social responsibility has no effect on earnings management. Dividend policy has a negative effect on earnings management. Audit quality is unable to moderate the influence of corporate social responsibility on earnings management. Audit quality is unable to moderate the influence of dividend policy on earnings management. The Adjusted R2 value shows that 1.65% of earnings management can be explained by corporate social responsibility and the remaining 98.35% of dividend policy is influenced by other variables not examined in this research.

The Effect of Debt, Liquidity and Corporate Tax Policy on Dividend Policy with Profitability as Intervening Variables in Trading Companies Listed on the Indonesia Stock Exchange for the 2014-2019

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Study this aim for get Proof empirical is Policy Debt, Liquidity and Corporate Tax have an effect to Policy Dividend with Profitability as intervening variables in the company Trades listed on the IDX for the period 2014 to 2019. Research this using 16 companies Trades listed on the IDX from 2014 to 2019 with use purposive sampling method. Research data this analyzed with Analysis of Moment Structure (AMOS) method. Research results show that variable Policy Debt, Liquidity and Corporate Tax together take effect to Policy Dividends. Variable Policy Debt, Liquidity and Profitability take effect to Policy Dividends. Variable Policy Debt and Liquidity take effect to Profitability. Study this also finds that variable Profitability could mediate influence Policy Debt, Liquidity and Corporate Tax on Policy Dividends.