Mampukah Kebijakan Dividen Memoderasi Kinerja ESG, Profitabilitas, dan Struktur Modal terhadap Nilai Perusahaan?
Abstract
Financial factors and non-financial factors currently influence company value. This research also wants to look at the role of Dividend Policy in the relationship between ESG Performance, Profitability and Capital Structure with Company Value. This research uses non-financial sector companies that have been listed on the Indonesia Stock Exchange, Singapore Exchange, Bursa Malaysia and Thailand Stock Exchange for the 2019-2022 period with a total of 103 companies as samples. The analysis technique used is multiple linear regression. The research results obtained show that ESG Performance, Profitability, Capital Structure and Dividend Policy are positively correlated with Company Value. Dividend policy strengthens the relationship between Profitability and Company Value, but Dividend Policy cannot moderate the relationship between ESG Performance and Capital Structure and Company Value.
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References
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Ismiyatun, I., Aryani, N., & Ispriyahadi, H. (2021). Determinants of firm value: evidence from listed insurance companies in Indonesia. Diponegoro International Journal of Business, 4(2), 82–94. https://doi.org/10.14710/dijb.4.2.2021.82-94
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Amelinda, R., & Darmawan, H. (2018). Analisis Faktor Pengendali Konflik Keagenan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi. Jurnal Manajemen, 22(2), 139. https://doi.org/10.24912/jm.v22i2.355
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Ayem, S., & Maryanti, T. (2022). Pengaruh Tax Avoidance Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi. Religion Education Social Laa Roiba Journal, 4(4), 1225–1237. https://doi.org/10.47476/reslaj.v4i4.1077
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Buallay, A. (2020). Sustainability reporting and firm’s performance: Comparative study between manufacturing and banking sectors. International Journal of Productivity and Performance Management, 69(3), 431–445. https://doi.org/10.1108/IJPPM-10-2018-0371
Chakkravarthy, B., Irudayasamy, F. G., Elangovan, R., Rengaraju, N., & Parayitam, S. (2023). Relationship between return on assets and firm value: institutional holdings and firm size as moderators. Quality and Quantity. https://doi.org/10.1007/s11135-023-01696-7
Cheng, R., Kim, H., & Ryu, D. (2023). ESG performance and firm value in the Chinese market. Investment Analysts Journal, 0(0), 1–15. https://doi.org/10.1080/10293523.2023.2218124
Dewi, V. Si., & Ekadjaja, A. (2020). Pengaruh Profitabilitas, Likuiditas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur. Teknologi Industri, 2(15), 1–6. https://doi.org/10.24912/jpa.v2i1.7139
Dhani, I. P., & Utama, A. . G. S. (2017). Pengaruh Pertumbuhan Perusahaan, Struktur Modal, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(1). https://doi.org/10.31093/jraba.v2i1.28
Dzahabiyya, J., Jhoansyah, D., & Danial, R. D. M. (2020). Analisis Nilai Perusahaan Dengan Model Rasio Tobin’s Q. JAD : Jurnal Riset Akuntansi & Keuangan Dewantara, 3(1), 46–55. https://doi.org/10.26533/jad.v3i1.520
Endri, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 10(1), 111–120. https://doi.org/10.5267/j.msl.2019.8.011
Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The Ownership Structure, and the Environmental, Social, and Governance (ESG) Disclosure, Firm Value and Firm Performance: The Audit Committee as Moderating Variable. Economies, 10(12). https://doi.org/10.3390/economies10120314
Haryono, S. A., Fitriany, F., & Fatima, E. (2017). Pengaruh Struktur Modal Dan Struktur Kepemilikan Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan Indonesia, 14(2), 119–141. https://doi.org/10.21002/jaki.2017.07
Hilsya, R. N., Lestari, N., Dewi, Q., & Lestari, H. S. (2022). Pengaruh Pembayaran Dividen Terhadap Kinerja Keuangan Perusahaan Manufaktur. Jurnal Ekonomi, 27(2), 242–260. https://doi.org/10.24912/je.v27i2.1065
Irawati, A. E., Trisanti, T., & Handayani, S. (2019). The Effect Of Dividend Policy, Company Growth, And Business Risk On Company Value With Capital Structure As Intervening Variable. International Journal of Business, Humanities, Education and Social Sciences (IJBHES), 1(2), 33–46. https://doi.org/10.46923/ijbhes.v1i2.39
Ismiyatun, I., Aryani, N., & Ispriyahadi, H. (2021). Determinants of firm value: evidence from listed insurance companies in Indonesia. Diponegoro International Journal of Business, 4(2), 82–94. https://doi.org/10.14710/dijb.4.2.2021.82-94
Kieso, W. K. (2018). Financial Accounting (4th ed.). Wiley.
Matos, P. V., Barros, V., & Sarmento, J. M. (2020). Does esg affect the stability of dividend policies in Europe? Sustainability (Switzerland), 12(21), 1–15. https://doi.org/10.3390/su12218804
Nelson, M. (2021). Is your ESG data unlocking long-term value? Ernst & Young. https://www.ey.com/en_gl/assurance/is-your-esg-data-unlocking-long-term-value
Niccolo, N., Battisti, E., Papa, A., & Miglietta, N. (2020). Shareholder value and dividend policy: The role of ESG strategies. 2020 IEEE International Conference on Technology Management, Operations and Decisions, ICTMOD 2020. https://doi.org/10.1109/ICTMOD49425.2020.9380585
Noviani, A. V., Atahau, A. D. R., & Robiyanto, R. (2019). Struktur modal, profitabilitas, dan nilai perusahaan: Efek moderasi Good Corporate Governance. Jurnal Ekonomi Dan Bisnis, 22(2), 391–415. https://doi.org/10.24914/jeb.v22i2.2601
Nurhayati, I., & Kartika, A. (2020). Pengaruh Struktur Modal dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Tahun 2016-2018. Dinamika Akuntansi, Keuangan Dan Perbankan, 9(2), 133–144. https://www.unisbank.ac.id/ojs/index.php/fe9/article/view/8301
Oktaviani, R. F., & Mulya, A. A. (2018). Pengaruh Struktur Modal, Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Moderasi. Jurnal Akuntansi Dan Keuangan, 7(2). https://doi.org/10.36080/jak.v7i2.768
Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner (Riset Dan Jurnal Akuntansi), 4(2), 331. https://doi.org/10.33395/owner.v4i2.247
Pangaribuan, L. N., Susanti, E., Putri, J. A., & Sembiring, L. D. (2019). Kebijakan Hutang Dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Sub Sektor Rokok Yang Terdaftar Di Bursa Efek Indonesia. Financial: Jurnal Akuntansi, 5(2), 80–90. https://doi.org/10.37403/financial.v5i2.113
Rezaee, Z., & Fogarty, T. (2019). Business Sustainability, Corporate Governance, And Organizational Ethics. Wiley.
Rizki, M., Tubastuvi, N., Darmawan, A., & Rahmawati, I. Y. (2022). Struktur Modal, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Moderasi. Jurnal Akademi Akuntansi, 5(1), 62–75. https://doi.org/10.22219/jaa.v5i1.19409
Ronoowah, R. K., & Seetanah, B. (2023). The moderating and mediating effects of corporate governance and capital structure on firm performance: empirical evidence from an emerging market. Managerial Finance. https://doi.org/10.1108/MF-08-2022-0382
Safriani, M. N., & Utomo, D. C. (2020). Pengaruh Environmental, Social, Governance (ESG) Disclosure Terhadap Kinerja Perusahaan. Diponegoro Journal of Accounting, 9 No. 3, 1–11. https://doi.org/https://ejournal3.undip.ac.id/index.php/accounting/article/view/29093
Salim, S., & Cynthia. (2020). Pengaruh Dividend Yield, Sales Growth, Firm Value, Firm Size Terhadap Return Saham. Jurnal Paradigma Akuntansi, 2(4), 1540. https://doi.org/10.24912/jpa.v2i4.9331
Santini, A. L., & Indrayani, E. (2020). the Effect of Profitability, Liquidity, Leverage, Capital Intensity and Firm Size on Tax Aggressiveness With Market Performance As an Intervening Variable (Banking Companies Listed on Indonesia Stock Exchange in 2014 - 2018). Jurnal Ilmiah Ekonomi Bisnis, 25(3), 290–303. https://doi.org/10.35760/eb.2020.v25i3.2853
Sembiring, S., & Trisnawati, I. (2019). Faktor – Faktor Yang Mempengaruhi Nilai Perusahaan. JURNAL BISNIS DAN AKUNTANSI, 21(1a-2), 173–184. https://doi.org/10.34208/jba.v21i1a-2.754
Setyawati, W. (2019). Pengaruh Struktur Kepemilikan, Struktur Modal, Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Moderasi (studi empiris pada perusahaan sektor pertambangan yang terdaftar di BEI periode 2011-2015). Jurnal Akuntansi Berkelanjutan Indonesia, 2(2), 214–240. https://doi.org/10.32493/JABI.v2i2.y2019.p214-240
Siregar, M. E. S., Dalimunthe, S., & Trijuniyanto, R. S. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Kebijakan Dividen dan Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 10(2), 356–385. https://doi.org/10.21009/JRMSI.010.2.07
Sulistiono, S., & Yusna, Y. (2020). Analysis of the Effect of Funding Decision and Dividend Policy on the Firm Value and Investment Decision as Mediation (Study on Manufacturing Companies in Indonesia Stock Exchange). 136(Ambec 2019), 173–177. https://doi.org/10.2991/aebmr.k.200415.035
Suryawan, I. D. G., & Wirajaya, I. G. A. (2017). Pengaruh Current Ratio, Debt To Equity Ratio dan Return On Assets pada Harga Saham. E-Jurnal Akuntansi, 21(2), 1317–1345.
Widiastari, P. A., & Yasa, G. W. (2018). Pengaruh Profitabilitas, Free Cash Flow, dan Ukuran Perusahaan pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 23(2), 957–981. https://doi.org/10.24843/EJA.2018.v23.i02.p06
Wu, S., Li, X., Du, X., & Li, Z. (2022). The Impact of ESG Performance on Firm Value: The Moderating Role of Ownership Structure. Sustainability (Switzerland), 14(21), 1–22. https://doi.org/10.3390/su142114507
Published
2024-03-20
How to Cite
LUSMEIDA, Herlina; SUDARDJA, Cheryl.
Mampukah Kebijakan Dividen Memoderasi Kinerja ESG, Profitabilitas, dan Struktur Modal terhadap Nilai Perusahaan?.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 3, mar. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/113329>. Date accessed: 30 apr. 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i03.p06.
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