Corporate Value Analysis Based on Profitability, Firm Growth, and Funding Decision through Dividend Policy in Consumer Non-Cyclicals Issuers on the Indonesia Stock Exchange
Downloads
Abstract
This study analyzes the effect of Profitability (ROE), Firm Growth (AGR), and Funding Decision (DER) on Corporate Value (PBV) through Dividend Policy (DPR) as an intervening variable among Consumer Non-Cyclicals issuers listed on the Indonesia Stock Exchange over the 2021-2025 period. A quantitative approach was applied using panel data regression with the Fixed Effect Model (FEM) on 16 sample companies (80 observations). The results show that Profitability has a significant positive effect on both Dividend Policy and Corporate Value. Firm Growth has a significant negative effect on both Dividend Policy and Corporate Value. Funding Decision has a significant negative effect on Dividend Policy but a significant positive effect on Corporate Value. Dividend Policy has a significant positive effect on Corporate Value and is confirmed as a partial mediator linking Profitability, Firm Growth, and Funding Decision to Corporate Value. These findings support Agency Theory, Signalling Theory, Pecking Order Theory, Trade-off Theory, and Dividend Signalling Theory in the context of Indonesian Consumer Non-Cyclicals issuers.
Keywords:
Corporate Value Profitability Firm Growth Funding Decision Dividend Policy Consumer Non-CyclicalsReferences
Akpadaka, O. S., Farouk, M. A., Dang, D. Y., & Fodio, M. I. (2024). Does profitability moderate the relationship between the leverage and dividend policy of manufacturing firms in Nigeria and South Africa? Journal of Risk and Financial Management, 17(12), 563. https://doi.org/10.3390/jrfm17120563
Amalia, F. P., & Wahyuni, L. (2023). Pengaruh profitabilitas, leverage, dan pertumbuhan perusahaan terhadap kebijakan dividen. Jurnal Ekonomi Trisakti, 3(2), 2289-2298. https://doi.org/10.25105/jet.v3i2.16919
Amimakmur, S. A., Saifi, M., Damayanti, C. R., & Hutahayan, B. (2024). Exploring the nexus of dividend policy, third-party funds, financial performance, and company value: The role of IT innovation as a moderator. Journal of Risk and Financial Management, 17(5), 210. https://doi.org/10.3390/jrfm17050210
Basuki, A. T. (2016). Analisis Regresi dalam Penelitian Ekonomi dan Bisnis: Dilengkapi Aplikasi SPSS dan Eviews. Rajawali Pers.
Brealey, R. A., Myers, S. C., & Allen, F. (2023). Principles of Corporate Finance (14th ed.). McGraw-Hill Education.
Brigham, E. F., & Ehrhardt, M. C. (2014). Financial Management: Theory & Practice (14th ed.). Cengage Learning.
Brigham, E. F., & Houston, J. F. (2021). Dasar-Dasar Manajemen Keuangan (14th ed.). Salemba Empat.
Cooper, D. R., & Schindler, P. S. (2014). Business Research Methods (12th ed.). McGraw-Hill Education.
Ghozali, I. (2015). Aplikasi Analisis Multivariate dengan Program IBM SPSS 23 (8th ed.). Badan Penerbit Universitas Diponegoro.
Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika: Teori, Konsep, dan Aplikasi dengan Eviews 10. Badan Penerbit Universitas Diponegoro.
Hermuningsih, S., Wardani, D. K., & Pamungkas, A. S. (2022). Pengaruh keputusan pendanaan terhadap nilai perusahaan dengan profitabilitas sebagai variabel intervening. Jurnal Manajemen dan Bisnis Indonesia, 8(1), 1-12.
Hery. (2016). Analisis Laporan Keuangan: Integrated and Comprehensive Edition. Grasindo.
Hitten. (2016). Manajemen Keuangan Lanjutan. Andi Offset.
Kaulika, F. M., & Imronudin. (2025). The influence of profitability, firm size, and company growth on firm value. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(1), 1284-1300. https://doi.org/10.31538/iijse.v8i1.6068
Louziri, R., & Oubal, K. (2022). Determinants of dividend policy: The case of the Casablanca Stock Exchange. Journal of Risk and Financial Management, 15(12), 548. https://doi.org/10.3390/jrfm15120548
Maimanah, M., Wahyudi, S., & Mawardi, W. (2021). Faktor-faktor yang mempengaruhi kebijakan dividen pada perusahaan manufaktur. Jurnal Bisnis Strategi, 10(1), 1-14.
Marpaung, W. M., Sianturi, J. A. T. P., & Sipayung, S. M. (2026). Pengaruh pertumbuhan perusahaan, kebijakan dividen dan struktur kepemilikan terhadap nilai perusahaan dengan profitabilitas sebagai pemediasi pada perusahaan sektor consumer non-cyclicals. RIGGS: Journal of Artificial Intelligence and Digital Business, 5(1), 10567-10581. https://doi.org/10.31004/riggs.v5i1.7545
Martono, & Harjito, A. (2021). Manajemen Keuangan (3rd ed.). Ekonisia.
Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031-1051. https://doi.org/10.1111/j.1540-6261.1985.tb02362.x
Muslih, M., Pratomo, D., & Hartono. (2020). Pengaruh keputusan pendanaan terhadap nilai perusahaan. Jurnal Akuntansi dan Keuangan, 9(2), 101-110.
Oktavia, R. (2020). Pengaruh keputusan pendanaan terhadap nilai perusahaan manufaktur. Jurnal Riset Akuntansi dan Keuangan, 8(1), 55-66.
Purba, N. P., & Hasyim, D. (2024). Pengaruh struktur modal, profitabilitas, growth dan kepemilikan manajerial terhadap nilai perusahaan consumer non-cyclical yang terdaftar pada BEI. CEMERLANG: Jurnal Manajemen dan Ekonomi Bisnis, 4(3), 235-251. https://doi.org/10.55606/cemerlang.v4i3.3057
Puspitaningrum, A., & Hanah, S. (2024). Pengaruh ukuran perusahaan, kebijakan dividen dan kebijakan hutang terhadap nilai perusahaan (Studi empiris pada perusahaan sektor consumer non-cyclicals subsektor makanan & minuman di BEI tahun 2018-2022). Jurnal Economina, 3(2), 180-196. https://doi.org/10.55681/economina.v3i2.1180
Salsabila, A. A., & Imronudin. (2025). The effect of profitability, capital structure, company size, dividend policy on firm value: A comparative study on the consumer cyclical and non-cyclical on the IDX. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(3), 13992-14004. https://doi.org/10.31538/iijse.v8i3.8648
Sari, L., Lakoni, I., & Puspita, V. (2025). Pengaruh profitabilitas dan keputusan pendanaan terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi pada perusahaan sektor healthcare yang terdaftar di BEI periode 2022-2024. Co-Creation: Jurnal Ilmiah Ekonomi Manajemen Akuntansi dan Bisnis, 4(1), 209-220. https://doi.org/10.55904/cocreation.v4i1.1558
Simatupang, A. M. R., Nasution, A. A., & Siregar, N. B. (2024). The influence of company growth, capital structure, and business risk on company value with company size as a moderating. International Journal of Current Science Research and Review, 7(6), 4081-4095. https://doi.org/10.47191/ijcsrr/v7-i6-59
Siregar, S. D., Toni, N., & Ariesa, Y. (2023). Impact of dividend policy, capital structure, and profitability on consumer goods firm value: Role of firm size (2013-2022). Journal of Economics and Business Letters, 3(4), 38-48. https://doi.org/10.55942/jebl.v3i4.234
Souza Junior, C. B., et al. (2025). Determinants of dividend payout policy: More evidence from emerging markets of G20 bloc. International Journal of Finance & Economics, 30(4), 4113-4124. https://doi.org/10.1002/ijfe.3111
Subramanyam, K. R. (2024). Financial Statement Analysis (12th ed.). McGraw-Hill Education.
Sudaryono. (2014). Metodologi Penelitian. Rajawali Pers.
Sugiyono. (2017). Metode Penelitian Bisnis: Pendekatan Kuantitatif, Kualitatif, Kombinasi, dan R&D. Alfabeta.
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Alfabeta.
Supantiningrum, Rr. (2025). Faktor-faktor yang mempengaruhi nilai perusahaan: Perspektif kebijakan dividen, kepemilikan manajerial, dan ukuran perusahaan (Studi pada perusahaan sektor consumer non-cyclicals di BEI tahun 2023). Inisiatif: Jurnal Ekonomi, Akuntansi dan Manajemen, 4(2), 117-139. https://doi.org/10.30640/inisiatif.v4i2.3798
License
Copyright (c) 2026 Theresia Dwi Wahyuni, Rachmawaty, Sri Retnaning Sampurnaningsih
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
This journal is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Downloads
How to Cite
