Pengaruh Profitabilias, Kebijakan Dividen & Pertumbuhan Perusahaan terhadap Nilai Perusahaan dengan KDKI Sebagai Variabel Moderasi
(Studi pada Perusahaan LQ45 di BEI Periode 2021-2024)
DOI:
https://doi.org/10.30640/akuntansi45.v7i1.6362Keywords:
Company Value, Dividend Policy, Independent Commissioners, Profitability, Sales GrowthAbstract
This study is designed to evaluate the impact of profitability (ROA), dividend policy (DPR), and corporate expansion on company value (PBV), with the structure of the independent board of commissioners serving as a moderator. Enterprise value reflects investors' perceptions of a company's future potential, which is influenced by financial performance and corporate governance practices. Profitability indicates an entity's capacity to generate profits, dividend policy reflects the strategy for distributing profits to shareholders, and company growth indicates the prospect of improved performance in the future. On the other hand, independent board members play a crucial role in the oversight system to ensure that management actions are in line with the interests of shareholders. This study uses a quantitative method with a sample of companies listed on the LQ45 index on the Indonesia Stock Exchange during the 2021-2024 period. The sample selection was conducted using purposive sampling. Secondary data were obtained from published annual financial reports and corporate governance reports through the official IDX website. The data analysis methods applied include multiple linear regression analysis and Moderated Regression Analysis (MRA) to evaluate the moderation function.
References
Amelia, A. N., & Hartono, U. (2024). Pengaruh ukuran perusahaan, pertumbuhan perusahaan, profitabilitas dan struktur modal terhadap nilai perusahaan pada perusahaan sektor basic industry and chemicals, consumer goods industry, miscellaneous industry yang terdaftar di Bursa Efek Indonesia periode 2017 – 2020. Jurnal Ilmu Manajemen, 12(4), 888–899. https://doi.org/10.26740/jim.v12n4.p888-899
Ardi, N., & Isnayanti. (2020). Structural Equation Modelling-Partial Least Square to Determine the Correlation of Factors Affecting Poverty in Indonesian Provinces. IOP Conference Series: Materials Science and Engineering, 846. https://doi.org/10.1088/1757-899x/846/1/012054
Chang, J. (2023). The Role of Independent Directors in Ensuring Good Corporate Governance. Frontiers in Business, Economics and Management. https://doi.org/10.54097/fbem.v12i1.13618
Darwis, D., Meylinda, M., & Suaidah, S. (2022a). PENGUKURAN KINERJA LAPORAN KEUANGAN MENGGUNAKAN ANALISIS RASIO PROFITABILITAS PADA PERUSAHAAN GO PUBLIC. Jurnal Ilmiah Sistem Informasi Akuntansi. https://doi.org/10.33365/jimasia.v2i1.1875
Darwis, D., Meylinda, M., & Suaidah, S. (2022b). PENGUKURAN KINERJA LAPORAN KEUANGAN MENGGUNAKAN ANALISIS RASIO PROFITABILITAS PADA PERUSAHAAN GO PUBLIC. Jurnal Ilmiah Sistem Informasi Akuntansi. https://doi.org/10.33365/jimasia.v2i1.1875
Dewi, A. S., & Fernando, R. (2020). Dewan Komisaris Independen dan Komite Audit sebagai Faktor yang Menentukan Kinerja Keuangan Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2013-2017. 4. https://doi.org/10.31575/jp.v4i1.220
Dinosh, A. M. (2025). Performance Evaluation of Mutual Funds with Respect to Growth Funds. INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT. https://doi.org/10.55041/ijsrem45343
Elwisam, Muhani, Ria, Digdowiseiso, K., Kartini, Juliandi, D., & Saputra, D. (2024). Implementation of Signaling Theory in Financial Management: A Bibliometric Analysis. Revista de Gestão Social e Ambiental, 18, e04963. https://doi.org/10.24857/rgsa.v18n3-092
Ferriswara, D., Sayidah, N., & Buniarto, E. A. (2022). Do corporate governance, capital structure predict financial performance and firm value?(empirical study of Jakarta Islamic index). Cogent Business & Management, 9. https://doi.org/10.1080/23311975.2022.2147123
Guluma, T. F. (2021). The impact of corporate governance measures on firm performance: the influences of managerial overconfidence. Future Business Journal, 7. https://doi.org/10.1186/s43093-021-00093-6
Halim, K. I. (2024). The Effect of Retention Rate, Debt to Equity Ratio, and Current Ratio on Company Sustainable Growth Rate. InFestasi. https://doi.org/10.21107/infestasi.v20i2.27846
Handayani, S., & Yusuf, M. (2022). Pengaruh Kebijakan Dividen, Leverage, dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Akuntansi Kontemporer Indonesia, 10(1), 45–57. https://journal.unair.ac.id/JAKI
Hanindia, C., & Mayangsari, S. (2022). PENGARUH KEBIJAKAN DIVIDEN, PROFITABILITAS, DAN CORPORATE SOCIAL RESPONSIBILITY (CSR) TERHADAP NILAI PERUSAHAAN. Jurnal Ekonomi Trisakti. https://doi.org/10.25105/jet.v2i2.14310
Hasanah, N. (2023). TERHADAP NILAI PERUSAHAAN (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR FOOD AND BEVEREGE YANG TERDAFTAR DI BURSA EFEK INDONESIA 2018-2021) (Vol. 10, Number 1).
Indarti, M., Faisal, F., Yuyetta, E., & Widiatmoko, J. (2021). Corporate Governance Mechanisms and Real Earnings Management: Evidence from Indonesia. Proceedings of the First International Conference of Economics, Business & Entrepreneurship, ICEBE 2020, 1st October 2020, Tangerang, Indonesia. https://doi.org/10.4108/eai.1-10-2020.2304918
Irawan, A., Setiawan, S., & Andini, R. D. (2022). Pengaruh Profitabilitas, Leverage, dan Kebijakan Dividen Terhadap Nilai Perusahaan pada Perusahaan LQ45. JPEKA: Jurnal Pendidikan Ekonomi, Manajemen Dan Keuangan, 6(1), 1–14. https://doi.org/10.26740/jpeka.v6n1.p1-14
Isabel, E., & Ratnadi, N. M. D. (2023). Pengaruh Komponen Good Corporate Governance Pada Nilai Perusahaan. Serat Acitya. https://doi.org/10.56444/sa.v12i2.1198
Kaltsum Ummi, & Afandi Agus. (2025). PENGARUH PERTUMBUHAN PERUSAHAAN, STRUKTUR MODAL, KINERJA KEUANGAN DAN GOOD CORPORATE GOVERNANCETERHADAP NILAI PERUSAHAAN. Jurnal Nusa Akuntansi, 2.
Kaymaz, Ö., Kaymaz, O., & Güvemli, B. (2021). Testing Dividend Signaling Theory in Turkey as an Emerging Market: Empirical Evidence From Public Firms Listed in Borsa Istanbul. Muhasebe ve Finansman Dergisi. https://doi.org/10.25095/mufad.934750
Kilincarslan, E. (2021). The influence of board independence on dividend policy in controlling agency problems in family firms. International Journal of Accounting & Information Management. https://doi.org/10.1108/ijaim-03-2021-0056
Manahaar, P., Ikhwansyah, I., & Kartikasari, R. (2021). KEDUDUKAN PERATURAN DEWAN KOMISARIS DALAM PENGELOLAAN PERUSAHAAN DIHUBUNGKAN DENGAN TANGGUNG JAWAB DIREKSI DAN DEWAN KOMISARIS BERDASARKAN PRINSIP-PRINSIP PENGELOLAAN PERUSAHAAN. Jurnal Poros Hukum Padjadjaran. https://doi.org/10.23920/jphp.v3i1.552
Maulidya, A. E., Dajwoto, & Santoso, B. H. (2025). Hubungan Antara Keuntungan, Kinerja Keuangan, Pertumbuhan Perusahaan, dan Nilai Perusahaan di Indonesia. Jurnal Manajerial, 12(03), 581–608. https://doi.org/10.30587/jurnalmanajerial.v12i03.9682
Mulekano, M. A., & Miroga Julius. (2023). RETAINED EARNINGS AND PROFITABILITY OF MANUFACTURING FIRMS LISTED AT NAIROBI SECURITIES EXCHANGE. Strategic Journal of Business & Change Management. https://doi.org/10.61426/sjbcm.v10i4.2741
Murhadi, W., Handoyo, A., & Ernawati, E. (2024). The Good Corporate Governance: Case Study in Indonesia and Philippines. JBTI : Jurnal Bisnis : Teori Dan Implementasi. https://doi.org/10.18196/jbti.v15i1.19871
Nasution, Y., & Setyowati, R. (2023). PENGARUH DEWAN KOMISARIS INDEPENDEN, UKURAN PERUSAHAAN, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN INDEKS KOMPAS 100. Jurnal Manajemen, 7, 33–43. https://doi.org/10.54964/manajemen.v7i2.241
Nguyen, L., Khanh Tran, T., & Truong, C. (2023). Family ownership and speed of adjustment towards targeted capital structures: A study of ASEAN firms. Accounting & Finance. https://doi.org/10.1111/acfi.13151
Novatiani, R. (2021). Analysis Of Financial Performance Affecting Corporate Value. 12, 1006–1009. https://doi.org/10.17762/turcomat.v12i8.2980
Oktananda, M. R., & Sinta, D. (2025). Akreditasi Sinta 4 SK No. 5(1), 121–132.
Olii, N., Solikahan, E. Z., & Ariawan, A. (2021). Pertumbuhan Perusahaan dan Struktur Modal terhadap Nilai Perusahaan pada Sub Sektor Makanan dan Minuman di Bursa Efek Indonesia. Journal of Technopreneurship on Economics and Business Review. https://doi.org/10.37195/jtebr.v3i1.76
Putri, A. S. (2021). Pengaruh Good Corporate Governance Terhadap Manajemen Laba Perusahaan. TECHNOBIZ : International Journal of Business. https://doi.org/10.33365/tb.v4i1.1077
Razak, A., Muhaini, U., Widyastuti, R. D., & Umar, I. (2025). Firm value determinants: Reconsidering dividend policy’s moderating role in Indonesia’s top-tier stock index. Investment Management and Financial Innovations. https://doi.org/10.21511/imfi.22(3).2025.11
Rusmanto, T., & Setyaningrum, L. (2021). The Effect of Growth, Managerial Ownership and Profitability toward Firm Value. The International Journal of Business & Management. https://doi.org/10.24940/theijbm/2021/v9/i7/bm2107-038
Tambunan, H., & Rosharlianti, Z. (2023). THE EFFECT OF THE AUDIT COMMITTEE AND THE INDEPENDENT BOARD OF COMMISSIONERS ON FIRM VALUE WITH FINANCIAL PERFORMANCE AS A MODERATING VARIABLE. MARGINAL JOURNAL OF MANAGEMENT ACCOUNTING GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES. https://doi.org/10.55047/marginal.v2i4.782
Wijayanto, W., Mustaruddin, M., & Afifah, N. (2024). Determinants of Firm Value: Perspectives of Free Cash Flow, Investment Opportunities, Managerial Ownership, and Opportunistic Behavior. AJARCDE (Asian Journal of Applied Research for Community Development and Empowerment). https://doi.org/10.29165/ajarcde.v8i2.389
Winarti, Y. A., & Handayani, N. (2024). PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN, DAN PERTUMBUHAN ASET TERHADAP NILAI PERUSAHAAN. Jurnal Ilmiah Akuntansi Dan Keuangan (JIAKu), 3(2), 127–146. https://doi.org/10.24034/jiaku.v3i2.6663
Wulandari, C., & Efendi, D. (n.d.). PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL MODERASI.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Farista Damayanti, Supami Wahyu Setiyowati, Ati Retna Sari
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
