PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERASI

Maulana Malik Ibrahim, NIM.: 22108040083 (2026) PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI MODERASI. Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

This study aims to analyze the effect of capital structure, proxied by the Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR), on firm value and to examine the role of dividend policy, proxied by the Dividend Payout Ratio (DPR), in moderating these relationships among property and real estate companies listed on the Indonesia Stock Exchange during the 2020–2025 period. This study employs a quantitative approach using secondary data obtained from companies’ financial statements and annual reports. The research sample was determined using the purposive sampling method. Data analysis was conducted using panel data regression and Moderated Regression Analysis (MRA), with the Fixed Effect Model (FEM) applied to the DER model and the Random Effect Model (REM) applied to the DAR model, combined with cluster-robust standard errors using Stata 17. The results show that the Debt to Equity Ratio (DER) has a positive and significant effect on firm value. The Debt to Asset Ratio (DAR) also has a positive and significant effect on firm value at the 10 percent significance level. Furthermore, dividend policy is not proven to moderate the effect of DER on firm value. However, dividend policy is proven to strengthen the effect of DAR on firm value. Thus, dividend policy has a different moderating role depending on the proxy used to measure capital structure. The findings indicate that the optimal use of debt can contribute to increasing firm value, while dividend policy can strengthen the relationship between debt-based asset financing and firm value.

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