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 Effect of Financial Technology, Financial Literacy, and Financial Behavior on Investment Decisions in the Capital Market in Investors during the Post-Covid-19 Pandemic

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This study aims to examine the effect of financial technology, financial literacy, and financial behavior on an investor’s investment decisions. The sample in this study is someone who has invested in the capital market at least once and lives in the city of Jakarta. The sample was taken using purposive sampling and obtained from 180 respondents. Data analysis uses SmartPLS3 through an outer, inner model, and hypothesis testing. The external and internal models show the results of all valid research instruments, and reliable and appropriate models are used to explain the dependent variable. The results show that financial technology, financial literacy, and financial behavior positively and significantly impact investment decisions.