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

: 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.

investors' low expectations regarding the company's future prospects, resulting in a correction in the company's share price.Therefore, this research only focuses on dividend policy and company size as factors that influence company value.Good financial performance can also be reflected in the company's ability to generate high profits.When investors perceive that the company has good financial performance, investor confidence will increase and will ultimately increase the value of the company (Bafera & Kleinert, 2022).The company's ability to generate profits from the management of its assets is one of the factors considered in company assessment.The indicator used to measure this ability is profitability.Profitability is a company's ability to generate profits and measures the level of operational efficiency and efficiency in using its assets (Ngatemin, Maksum, Erlina, & Sirojuzilam, 2018).Based on research by Lalitha, Sandhyavani, & Sudha (2020), it is stated that profitability has a positive effect on company value, the higher the level of company profitability, the higher the company value.Generally, investors will assess the company positively if the profitability ratio shows an increase, so that creditors, suppliers and investors who are company stakeholders will assess the company's performance favorably (Ngatemin, Maksum, Erlina, & Sirojuzilam, 2018).Profitability is one of the factors that influences dividend policy to increase company value.When a company has a high level of profitability, this means the company has a high net profit value so that the company can have more flexibility in its dividend policy and is more likely to pay higher dividends to its shareholders.This is in line with the research results of Vasconcelos & Martins (2019) and Tekin & Polat (2021).Furthermore, when a company has increased profitability, this will have an impact on the company's ability to generate increased profits as well.Increasing profits will have an impact on increasing wealth or increasing company assets.When a company has large assets, the company will have a more stable condition (Pervan & Višić, 2012), and can help the company face risks and strengthen the company's image in the future (Ríos, 2023).This is in line with research by Sudiyatno, Puspitasari, Suwarti, & Asyif (2020) and Ilham, et al. (2022).
Based on the description of the phenomenon that occurs in energy sector companies listed on the Indonesia Stock Exchange and the inconsistencies in the results of previous studies regarding how dividend policy, company size and profitability influence company value in energy sector companies, this research reexamines how dividend policy and company size influences company value with profitability as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period.

THEORETICAL BASE Signalling Theory
Signaling theory was first introduced by Spence (1973) who argued that a signal or signal gives a signal, the sender (owner of the information) tries to provide relevant pieces of information that can be utilized by the recipient.Signal theory consists of a sender, signal, and receiver (Bafera & Kleinert, 2022).In this research, the sender is company management, the signal is a financial report prepared in accordance with Financial Accounting Standards (SAK), and the recipient is an external party to the company.

Agency Theory
Agency theory was first coined by Jensen & Meckling (1976) who stated that agency theory is a theory of the inequality of interests between principals and agents.Agency theory considers an agency relationship as a contract where the principal (shareholder) engages an agent (manager) to carry out operational activities on behalf of the principal (Mishra & Kapil, 2018).When there is no agency conflict between managers and shareholders, managers will strive for optimal stakeholder welfare to maximize shareholder value.

Firm Value
Company value is the current financial market estimate of the return value for each rupiah of additional investment or is a description of the effectiveness of company management in utilizing strong economic resources (Bukit, Mulyani, Nasution, & Sambath, 2019).In this research, to measure company value, researchers used the Tobin's Q method developed by Nobel Prize winner James Tobin.Tobin's Q is calculated by comparing the ratio of the market value of the company's shares (market value of equity) to the book value of the company's equity.The factors that influence company value in this research are dividend policy, company size and profitability.

Dividend Policy
Dividend policy is the amount that must be paid to shareholders for funds that have been deposited with the company (Qureshi, 2007).In this research, dividend policy refers to the portion of dividends that will be distributed to shareholders and retained as retained earnings.There are many considerations that companies must make in determining the optimal dividend amount.This is important because dividend policy is one of the factors in retaining existing investors and attracting new investors (Ilham, et al., 2022).When a company can make the market believe in the company's future prospects by distributing stable and consistent dividends, the company is able to increase company value.
Based on agency theory, high dividend payments reflect good management performance and indicate low agency problems so that dividends can replace the supervisory role of shareholders (Baker & Jabbouri, 2016).Meanwhile, based on signal theory, the higher the level of dividend returns to shareholders shows a positive signal that the company's condition is good, so it will have an impact on increasing share prices and ultimately increasing company value (Setiawan & Phua, 2013).2019), stated that dividend policy is considered as one of the most important financial decisions that can influence increasing the value of a company.So the higher the level of dividend distribution, the higher the company value.So it can be concluded that the first hypothesis in this research is as follows.H1 : Dividend policy has a positive and significant effect on company value.

Firm Size
The size of the company in this research is a reflection of the size of the company which is visible from the total value of the company's assets.The larger the company size, the faster the asset turnover will be, so that the company's net sales and profits will increase, and ultimately the company value will also increase.The larger the company size will influence investors' expectations of the company's performance (Kanakriyah, 2020).Increasing company size indicates that the company is experiencing good growth.This is in line with signal theory, where investors will perceive positive signals from companies that have large assets because they are considered to have large asset growth (Lumapow & Tumiwa, 2017).Investor sentiment will have an impact on increasing and decreasing demand for a company's shares, thereby triggering increases and decreases in share prices on the capital market.An increase in share prices indicates that the company is considered to have a value greater than book value, thus reflecting the increasing value of the company (Bukit, Nasution, Ginting, Nurzaimah, & Sambath, 2017).
Based on the research results of Sudiyatno, Puspitasari, Suwarti, & Asyif (2020), Bukit, Nasution, Ginting, Nurzaimah, & Sambath (2017), Lumapow & Tumiwa (2017), Dang, Vu, Ngo, & Hoang (2020) and Susanti & Restiana (2018), stated that company size is considered capable of influencing company value.The larger the company size, the higher the company value.Therefore, it can be concluded that the second hypothesis in this research is as follows.H2 : Company size has a positive and significant effect on company value.

Profitability
When a company has increased profitability, this reflects the company's ability to generate increased profits as well.Increasing profits will have an impact on the company's financial flexibility.The dividend payment ratio refers to the amount of dividends that will be distributed to shareholders from the company's net profit, so that the company's profits will greatly influence the level of dividend payments.
Based on signal theory, shareholders can interpret high profitability as a signal of increased dividend payments in the future (Priya & Mohanasundari, 2016).Management will pay dividends to provide a signal about the company's success in generating profits.This signal concludes that the company's ability to pay dividends is a function of profits.If the market reacts positively to high dividend payments then share prices will rise.Rising share prices will increase the value of the company.Meanwhile, based on agency theory, dividends are used as a disciplinary tool to limit managerial policies when the company's profitability level is high (Baker & Jabbouri, 2016).Dividends are one of the optimal impacts of reducing agency transaction costs in managing company , it is stated that companies that have increased profitability will be more likely to increase dividends to maximize company value.So it can be concluded that the third hypothesis in this research is as follows.H3 : Profitability is able to strengthen the influence of dividend policy on company value.
If a company adopts a generous dividend policy, investors are likely to perceive it as having promising prospects, making it a Company with a high level of profitability will tend to have a large growth rate in company size (Pervan & Višić, 2012).Companies that have increased profitability are companies that have assets that are managed efficiently (Alarussi & Alhaderi, 2018).Company size is the total assets of the company which shows how much wealth the company has.Large companies find it easier to access funding needs in the capital market.By easily connecting with capital markets, large companies have greater flexibility to obtain much-needed funds to implement profitable investment opportunities (Brun & González, 2017).
Based on signal theory, increasing profitability in larger companies will influence investor sentiment which is interpreted as a positive signal and will then have an impact on increasing company value (Lumapow & Tumiwa, 2017).This condition will cause an increase in the company's share price in the capital market which in turn will increase the company's value.Meanwhile, in agency theory, a company that has good financial performance will be able to increase company profits and become one of the considerations for investors to invest capital in the company.The stock market price of large-scale companies will increase if the resulting profitability is high (

RESEARCH RESULT
The research sample obtained the results of the number of observations from 2018-2022 as many as 105 observations.The description of variables in this study includes mean, median, standard deviation, minimum, maximum.

Normality Test Results
In this research, the normality test does not need to be carried out in this research, because the most appropriate model used is the Fixed Effect Model.Ajija, Sari, Rahmat, & Primanti (2011) added that the normality test is a test used if the number of observations is less than 30, to find out whether the error term approaches a normal distribution.So, in this study using a number of observations of more than 30, there is no need to carry out a normality test.

Multicollinearity Test Results
The following are the results of the multicollinearity test as shown in table 2 In this study, researchers used panel data (pooled data), namely a combination of time series and cross section data, where the cross section properties are more representative of panel data, while the time series properties are not so dominant, therefore autocorrelation testing is not needed.

Heteroscedasticity Test Results
The following are the results of the heteroscedasticity test as shown in table 4: Table 3.

Heteroscedasticity Test Results
The regression results of the squared residual log on all variables show a probability of more than 0.05.This shows that there are no heteroscedastic symptoms in the panel data regression model.So panel data regression can be continued after passing the classical assumption test.

Hypothesis Test Results
Based on the model specification test, the regression model with the Fixed Effect Model approach has passed the classical assumption test.Therefore, the estimation results are consistent and unbiased.The estimation results of the panel data regression model are as follows:

Table 4. Hypothesis Test Results
Based on the table above, it is known that X1 (dividend policy) has a value of Prob.amounting to 0.0970, which is greater than 0.05, which means that dividend policy has no effect on company value with a coefficient value of 0.506999.Then, X2 (company size) has the value Prob.amounting to 0.0140, which is smaller than 0.05, which means that company size has a positive effect on company value with a coefficient value of 1.234918.The Moderated Regression Analysis (MRA) test is used to determine whether the moderating variable can strengthen or weaken the relationship between the independent variable and the dependent variable.Based on the model specification test, the panel data regression model should use estimates using the Fixed Effect Model (FEM) and this model has passed the classical assumption test, so that the estimation results are consistent and unbiased.The estimation results of the panel data regression model are as follows.

Table 5. Hypothesis Test MRA Results
Based on the regression results of the MRA test in table 5.12 above, it shows that the interaction of profitability in moderating the influence of dividend policy on firm value has Prob. is 0.0083, which is smaller than 0.05, so profitability can moderate the influence of dividend policy on company value.Meanwhile, the interaction of profitability in moderating the influence of company size on company value has Prob.equal to 0.0001, which is smaller than 0.05, then profitability can strengthen the influence of company size on company value.So the type of moderation (profitability) is a quasi moderating variable.Pseudo moderation is a variable that moderates the relationship between an independent variable and a dependent variable which is also an independent variable (Erlina, Atmanegara, & Nasution, 2023)

Effect of Dividend Policy on Firm Value
Based on the regression results and significance tests that have been carried out, it is known that dividend policy has no effect on company value.In this research, the dividend policy calculated by the dividend payout ratio cannot affect company value as proxied by Tobin's Q in energy sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period.Whether the amount of funds distributed as dividends from the company's net profit is large or small cannot influence share price movements which ultimately have an impact on company value.There are several reasons why dividend policy has no effect on company value.First, descriptive data shows that there are companies that do not distribute dividends, reduce the level of dividend distribution, and increase the level of distribution of dividends to shareholders, the market does not react.This is reflected in the company's value which continues to fluctuate.Second, this research was conducted in the period 2018 to 2022, namely when the COVID-19 pandemic in 2020 occurred, which had an impact on risky economic and business conditions (Mazur, Dang, & Vo, 2020), this was due to the uncertainty experienced by investors, so that market estimates can motivate investors to reduce risk rather than obtain higher profits.Third, there is investor sentiment that is concerned about dividend traps even though the level of profitability is high, as happened in June 2021 with the company PT Bukit Asam Tbk (PTBA).Fourth, energy sector companies are companies to the climate crisis and environmental issues, so that when companies announce the amount of dividend distribution, the market does not react.Sixth, energy sector companies have high financial risks such as large debts or high capital costs, so investors do not react to the amount of dividends distributed.

Effect of Firm Size on Firm Value
Based on the results of the regression and significance tests that have been carried out, it is known that company size has a positive and significant effect on company value.In this research, company size as measured by the natural logarithm of company assets can explain the company value of energy sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period.The larger the company size, the higher the company value, and vice versa, the smaller the company size, the lower the company value.Energy sector companies registered in Indonesia are companies that have large and complex assets such as oil fields, power plants or gas pipeline networks.With a large company size, the company has greater flexibility to obtain the funds needed to implement profitable investment opportunities (Karlsson, 2021)

Profitability Able to Moderate the Effect of Dividend Policy on Firm Value
Based on the hypothetical decision in the Moderated Regression Analysis test that has been carried out, it is known that profitability as proxied by the return on assets ratio is able to moderate the influence of dividend policy on company value in energy sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period.The higher the level of profitability will be able to strengthen the positive influence of the company's dividend policy on company value.The results of this research are in line with signaling theory.Shareholders can interpret the level of profitability as a signal that the company has good performance and future prospects, thus having an impact on the company's share price and ultimately the company's value.The results of this research are also in line with agency theory, where it is said that dividend policy can be used as a disciplinary tool to limit managerial policies when the company's profitability level is high and is the optimal impact of reducing agency transaction costs in managing company funds to increase company value.The results of this research are in line with the research results of Tekin & Polat (2021), Jóźwiak (2015) and Vasconcelos & Martins (2019), which state that companies that have a higher increase in profitability tend to increase dividends to maximize company value.However, the results of this research are not in line with Lumapow & Tumiwa (2017), which states that for companies that are experiencing increasing profitability, increasing dividends can be bad news for investors.

Profitability Able to Moderate the Effect of Firm Size on Firm Value
Based on the hypothetical decision in the Moderated Regression Analysis test that has been carried out, it is known that profitability calculated using the return on assets ratio is able to strengthen the influence of company size on company value in energy sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period.Companies with a large growth rate in company size tend to have a high level of profitability (Pervan & Višić, 2012).Companies that have increased profitability are companies that have assets that are managed efficiently (Alarussi & Alhaderi, 2018).Profitability is one of the considerations for investors when making investments so that it will increase the value of the company.When a company has increased profitability, this will have an impact on the company's ability to generate increased profits as well.Increasing profits will have an impact on increasing wealth or increasing company assets.When a company has large assets, the company will have a more stable condition and can help the company face risks and strengthen the company's image in the future and will increase the company's value.This has been proven by the company PT.Indo Tambangraya Megah Tbk (ITMG) in 2022.Therefore, profitability can strengthen the influence of company size on company value.

ISSN
Sudiyatno, Puspitasari, Suwarti, & Asyif, 2020).Based on the research results of Lalitha, Sandhyavani, & Sudha (2020),Ríos (2023),Putri & Mutumanikam (2022),Firda & Efriadi (2020), andPervan & Višić (2012), stated that the higher the level of company profitability indicates that the company able to manage company assets optimally in order to maximize company value.So it can be concluded that the fourth hypothesis in this research is as follows.H4 : Profitability is able to strengthen the influence of company size on company valueRESEARCH METHODSIn this research, the population used is Energy Companies listed on the Indonesia Stock Exchange in the 2018-2021 period.The sampling technique used in this research was purposive sampling.The sampling criteria used in this research are as follows: (1) Energy companies listed on the Indonesia Stock Exchange for the 2018-2022 observation period.(2) Energy companies that do not have positive profits during the 2018-2022 period.therefore, there are 21 companies which used as samples.The secondary data collected in this research will be analyzed with the help of the EViews program which aims to predict the population average and the average value of the dependent variable.To see the influence of the variables studied on firm value, researchers used panel data regression analysis with the following regression equation:Y1it = α + β1X1it + β2X2it + µit Information: i = 1, 2, ….. n (cross section (firm)) t = 1, 2, …..n (time series (years)) α = intercept coefficient which is a scalar β = 1, 2, …..n (regression coefficient) Y = dependent variable (firm value) X1 = independent variable (dividend policy) X2 = independent variable (company size) µ = error term To see the influence of the moderating variables moderate dividend policy and firm size on firm value, researchers used Moderated Regression Analysis (MRA) with the following regression equation: Y2it = α + β1X1it + β2X2it + β3Zit + β6X1it*Zit + β7X2it*Zit + µit 3, ….. n (cross section (companies)) t = 1, 2, 3, ….. n (times series (years)) α = intercept coefficient which is a scalar β = 1, 2, 3, ….. n (regression coefficient) Y = dependent variable (firm value) X1 = independent variable (dividend policy) X2 = independent variable (company size) Z = moderating variable (profitability) µ = error term The results of this research are in line with the research results of Zainudin & Khaw (2021), Driver, Grosman, & Scaramozzino (2020), and Lumapow & Tumiwa (2017).However, this is not in line with the research results of Qureshi (2007), Dang, Vu, Ngo, & Hoang (2020) and Priya & Mohanasundari (2016).

Table 2 . Multicollinearity Test Results
: Based on the test results on the correlation coefficient value in the fixed effect model, each variable has a coefficient value of <0.8, so it can be concluded that the model does not experience multicollinearity problems.ISSN:
The results of this research are in line with the research results of Lalitha, Sandhyavani, & Sudha (2020), Ríos (2023), Putri & Mutumanikam (2022), Firda & Efriadi (2020), and Pervan & Višić (2012), which state that profitability can strengthen the influence of company size on company value.However, the results of this research are not in line with research conducted by Khotimah,