The Effect of Company Size, Liquidity, and Profitability on Market Value with Dividend Policy Moderation in Infrastructure Sector Companies on The IDX in 2020-2024
DOI:
https://doi.org/10.32832/neraca.v21i2.24059Kata Kunci:
Company Size, Liquidity, Profitability, Market Value Company, Dividend PolicyAbstrak
This study aims to analyze the effect of company size, liquidity, and profitability on company market value with dividend policy as a moderating variable in infrastructure sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative method with an associative approach. The research sample consisted of 20 companies selected using a purposive sampling technique. Secondary data in the form of annual financial reports were analyzed using panel data regression and Moderated Regression Analysis (MRA) with the help of EViews 14. The results show that company size, liquidity, and profitability have a positive effect on company market value. In addition, dividend policy is proven to strengthen the effect of company size on company market value, but is unable to moderate the effect of liquidity and profitability on company market value. These findings indicate that internal company characteristics play an important role in increasing company market value, while the moderating role of dividend policy is only effective in the relationship between company size and company market value.
Referensi
Alamsyah, R. , & H. S. S. (2025). Analysis of the Effect of Company Size and Profitability on Company Value in the Pharmaceutical Sector of Companies Listed on the Indonesia Stock Exchange for the 2020-2024 Period. Musytari: Management Balance Sheet, Economics, 24(10).
Aldo, & I. J. (2020). The Effect of Company Size, Liquidity, and Profitability on Company Value. Journal of Accounting Paradigms, 2(3), 120–130.
Alifian, D., & Susilo, D. E. (2024). The Effect of Profitability, Liquidity, Company Size, and Capital Structure on Company Value. Owner, 8(1), 46–55. https://doi.org/10.33395/owner.v8i1.1914
Asikin, N., & Hendra K., J. (2024). The Influence of Intellectual Capital on Market Value of Companies Listed on the Indonesia Stock Exchange (IDX) 2018-2022. MBISKU: Journal of Business Management and Finance, 1(2), 147–159. https://doi.org/10.56633/mbisku.v1i2.846
Brigham, E. F., & H. J. F. (2019). Fundamentals of Financial Management (15th ed.). Cengage Learning.
Fazria, M., Christya Rahayu, H., Novita Anwar, A., Management Studies, P., & Economics University of Pasir Pengaraian, F. (2026). The Influence of Dividend Policy and Profitability on Company Value in Manufacturing Companies in the Food and Beverage Sub-Sector Listed on the Indonesia Stock Exchange for the 2020-2024 Period. Journal of Innovative and Creativity, 6(1), 2026.
Ghozali, I. (2021). Partial Least Squares: Concepts, Techniques, and Applications Using SmartPLS 3.2.9 for Empirical Research (3rd ed.). Diponegoro University, Semarang.
Gordon, M. J. (1963). Optimal Investment and Financing Policy. The Journal of Finance, 18(2), 264–272.
Hermawan Kustanta, H. K. (2024). The Effect of Dividend Policy, Profitability, Liquidity, and Capital Structure on Firm Value with Firm Size as a Moderating Variable. Al-Kharaj: Journal of Islamic Economics, Finance & Business, 6(5), 3465–3477. https://doi.org/10.47467/alkharaj.v6i5.1000
Jensen, M. C., & M. W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kasmir. (2019). Financial statement analysis. RajaGrafindoPersada.
Lasmo, R., & H. E. (2025). The role of dividend policy in moderating the relationship between financial performance and firm value. Journal of Modern Economics, 10(1), 55–68.
Lintner, J. (1962). Dividends, earnings, leverage, stock prices, and the supply of capital to corporations. The Review of Economics and Statistics, 44(3).
Lita, R., & F. D. (2022). The effect of dividend policy on firm value with moderating variables. Indonesian Accounting Journal, 7(2), 102–115.
Muttakin, Z., & S. E. (2024). The influence of profitability, liquidity, and firm size on firm value in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2019–2023. Journal of Economic, Business, and Accounting (COSTING), 7(6), 1120–1135.
Nadaredo, S. H., K. H. W., P. R. D., P. A., & F. K. (2023). The influence of profitability, liquidity, capital structure, dividend policy, and firm size on firm value. Journal of Accounting, Finance, and Auditing, 5(2), 150–165.
Nahdhiyah, A. I., & A. S. (2021). The influence of profitability, liquidity, leverage, firm size, and market value on stock returns of consumer goods companies listed on the IDX. Accounting Global Journal, 7(1), 25–39.
Rahayu, N. E., Primasiwi, A., Ibrahim, R., Akuntansi, J., & Madiun, P. N. (2025). The Effect of Profitability and Leverage on Firm Value in Companies Listed on the IDX Indexed with the LQ45 Index for the 2022-2024 Period. Journal of Interdisciplinary Research and Community Service, 2(2). https://doi.org/10.37905/jrpi.v2i2.33519
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signaling Approach. The Bell Journal of Economics, 8(1).
Setiawan, E. (2022). Profitability, Firm Size, and Asset Growth and Their Effect on Firm Leverage. Rcipress.rcipublisher.
Sholihuddin, E. F. (2023). The Effect of Profitability and Liquidity on Firm Value with Capital Structure as an Intervening Variable. Journal of Accounting Science and Research, 12(9).
Sugiyono. (2018). Mixed Methods Research. ALFABETA. CV.
Wahyuni, A. S., & S. (2025). The Effect of Dividend Policy, Profitability, Capital Structure, Liquidity, and Firm Size on Firm Value in Energy Companies Listed on the Indonesian Stock Exchange (IDX) for the Period 2020–2023. Journal of Economics, Management, and Business, 2(6), 490–499.
Weston, J. F., & C. T. E. (1992). Managerial Finance (9th ed.). DrydenPress.
Yuliyani, Y., K. I. C., & H. Y. P. (2023). The Effect of Capital Structure, Liquidity, Firm Size, and Profitability on Firm Value. Tambusai Education Journal, 7(2), 1450–1460.
