FINANCIAL PERFORMANCE AND OWNERSHIP STRUCTURE EFFECTS ON DIVIDEND POLICY THROUGH FIRM VALUE

Rizky Anggiona Putra, Abd Rohman Taufiq, Heidy Paramitha Devi

Abstract


This study examines the effects of financial performance, institutional ownership, and managerial ownership on dividend policy through firm value as an intervening variable in consumer cyclicals companies listed on the Indonesia Stock Exchange (IDX) during 2020–2025. A quantitative approach was applied using secondary data from audited financial statements and annual reports. Purposive sampling produced 56 companies and 336 initial firm-year observations; after excluding non-dividend observations and outliers, 127 observations were analyzed. Data were analyzed using descriptive statistics, classical assumption tests, path analysis, the Sobel test, and hypothesis testing with IBM SPSS. The results show that financial performance significantly affects dividend policy. Institutional ownership and managerial ownership do not significantly affect dividend policy, while firm value also does not have a statistically significant direct effect on dividend policy. The Sobel tests indicate that firm value does not mediate the effects of financial performance, institutional ownership, or managerial ownership on dividend policy. The findings imply that dividend decisions in consumer cyclicals companies are more closely associated with internal financial considerations than with ownership structure or market-based firm value.

Keywords: financial performance, institutional ownership, managerial ownership, firm value, dividend policy.



Full Text:

PDF

References


Aritopan, M., Hermuningsih, S., & Hidayat, R. (2024). The influence of institutional ownership and profitability on company value with dividend policy as a moderating variable. EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi Dan Bisnis, 12(4), 3751–3758.

Astuti, P., & Wulandari, S. (2024). Company value: Profitability, leverage, dividend policy, institutional ownership and growth. Jurnal Ekonomi, 13(1), 1893–1907.

Chandra, B., & Junita, N. (2021). Tata kelola perusahaan dan manajemen laba terhadap kebijakan dividen di Indonesia. Jurnal Ekonomi Modernisasi, 17(1), 15–26.

Firmansyah, D., & Dede. (2022). Teknik pengambilan sampel umum dalam metodologi penelitian: Literature review. Jurnal Ilmiah Pendidikan Holistik (JIPH), 1(2), 85–114.

Khairi, H. (2023). Pengaruh struktur modal dan kinerja keuangan terhadap kebijakan dividen pada perusahaan berindeks syariah. Ad-Deenar: Jurnal Ekonomi Dan Bisnis Islam, 7(2).

Monika, R. R., Zulaecha, H. E., Hamdani, H., & Watiyarrahmah, W. (2022). Pengaruh kepemilikan manajerial, kepemilikan institusional, profitabilitas dan ukuran perusahaan terhadap kebijakan deviden. Jurnal Mahasiswa Manajemen Dan Akuntansi, 1(2), 184–204.

Praduana, V. R., Rinofah, R., & Maulida, A. (2024). The influence of managerial ownership, institutional ownership, and leverage on dividend policy. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 7(1), 965–972.

Prasetiya, Y. P., & Asyik, N. F. (2022). Pengaruh kinerja keuangan terhadap kebijakan dividen. Jurnal Ilmu dan Riset Akuntansi (JIRA), 11(4).

Ramdani, Z. P., & Retnani, E. D. (2021). Pengaruh kinerja keuangan dan kepemilikan institusional terhadap kebijakan dividen. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 10(6).

Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2024). Fundamentals of corporate finance (14th ed.). McGraw-Hill Education.

Setyabudi, T. G. (2022). Pengaruh profitabilitas, leverage, dan kepemilikan institusional terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening. Jurnal Ilmiah Akuntansi dan Keuangan (JIAKu), 1(1), 1–19.

Shalini, W., Hulu, T. H. S., & Sagala, E. (2024). Pengaruh kinerja keuangan terhadap kebijakan dividen pada perusahaan telekomunikasi saat pandemi Covid-19. Owner: Riset dan Jurnal Akuntansi, 8(1), 107–118.

Sholikhah, N. N., & Trisnawati, R. (2022). Pengaruh kebijakan dividen, ukuran perusahaan, profitabilitas, kepemilikan institusional dan kepemilikan manajerial terhadap nilai perusahaan. Eqien-Jurnal Ekonomi Dan Bisnis, 11(1), 1191–1200.

Sutrisno, Y. A. E., & Riduwan, A. (2022). Pengaruh ukuran perusahaan, umur perusahaan, kepemilikan institusional, dan kepemilikan manajerial terhadap kinerja keuangan perusahaan. Jurnal Ilmu dan Riset Akuntansi (JIRA), 11(11).

Tanujaya, T., Hasibuan, R. J. F., & Mais, R. G. (2025). Kebijakan deviden: Peran likuiditas, profitabilitas, dan ukuran perusahaan. Jurnal Masharif Al-Syariah: Jurnal Ekonomi dan Perbankan Syariah, 10(1).

Wiyanto, D. A. P., & Artini, L. G. S. (2024). Pengaruh free cash flow, kepemilikan manajerial, dan kepemilikan institusional terhadap kebijakan dividen. Journal of Business, Finance, and Economics (JBFE), 5(2), 415–427.

Yuwono, W., & Aurelia, D. (2021). The effect of profitability, leverage, institutional ownership, managerial ownership, and dividend policy on firm value. Journal of Global Business and Management Review, 3(1), 15–29.


Refbacks

  • There are currently no refbacks.


 

 

 

 

 

 

 

Editorial Office:

Universitas PGRI Madiun

Kampus 3 Lantai 2

Fakultas Ekonomi dan Bisnis

Jl. Auri no. 14-16 Madiun