THE EFFECT OF DEBT POLICY AND DIVIDEND POLICY ON FIRM VALUE WITH GROWTH OPPORTUNITY AS A MODERATING VARIABLE

Alvina Nurwandini Eka Putri, Anggita Langgeng Wijaya, Aliffianti Safiria Ayu Ditta

Abstract


This study analyzes the relationship between debt policy, dividend policy, and firm value by considering growth opportunity as a moderating variable. The research focuses on energy-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2024 period. A quantitative approach was employed using secondary data obtained from the official IDX website and the respective companies' websites. Based on purposive sampling, 67 companies met the established criteria. The data were examined through multiple linear regression and Moderated Regression Analysis (MRA) using SPSS version 26. The results demonstrate that debt policy and dividend policy significantly affect firm value. Nevertheless, growth opportunity does not moderate the effect of debt policy on firm value and growth opportunity does not moderate the relationship between dividend policy and firm value.

Keywords: Debt Policy, Dividend Policy, Firm Value, Growth Opportunity

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References


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