PENGARUH STRUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Abstract

Abstract

This study investigates the effect of capital structure and dividend policy on firm value among Basic Materials sector companies listed on the Indonesia Stock Exchange. Using a quantitative associative method, this research employs secondary financial data from annual reports during 2020–2024. Capital structure is measured using Leverage ratios, dividend policy using dividend payout ratio, and firm value using Tobin’s Q. The study is grounded in agency theory and signaling theory which explain the mechanisms through which financing and dividend decisions influence investor perceptions. The findings are expected to contribute to academic literature and provide practical implications for corporate managers and investors in optimizing financial decisions to enhance firm value. This study aims to analyze the effect of capital structure, proxied by the Debt to Equity Ratio (DER), and dividend policy, proxied by the Dividend Payout Ratio (DPR), on firm value measured using Tobin’s Q in Basic Materials sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The research problem is based on inconsistent findings from previous studies regarding the influence of DER and DPR on firm value, particularly in the Basic Materials sector which is capital-intensive and highly sensitive to commodity price fluctuations. This study employs a quantitative method using panel data regression analysis. The sample was selected through purposive sampling, resulting in 14 companies with a total of 70 observations. Model selection using Chow, Hausman, and Lagrange Multiplier tests indicates that the Random Effect Model is the most appropriate. The results reveal that DER and DPR do not have a significant effect, either partially or simultaneously, on firm value. The low R² value indicates that variations in firm value are largely influenced by other factors outside the model, such as profitability, firm size, business risk, and macroeconomic conditions. This research contributes by providing updated empirical evidence regarding financial determinants of firm value in the Basic Materials sector and offers insights for management and investors in making financial decisions.

 Keywords: Capital Structure; Dividend Policy; Firm Value; Basic Materials; Tobin’s Q.

Abstrak

Penelitian ini bertujuan untuk menganalisis pengaruh struktur modal yang diproksikan dengan Debt to Equity Ratio (DER) dan kebijakan dividen yang diproksikan dengan Dividend Payout Ratio (DPR) terhadap nilai perusahaan yang diukur menggunakan Tobin’s Q pada perusahaan sektor Basic Materials yang terdaftar di Bursa Efek Indonesia (BEI) periode 2020–2024. Masalah yang melatarbelakangi penelitian ini adalah ketidakonsistenan hasil penelitian sebelumnya mengenai pengaruh DER dan DPR terhadap nilai perusahaan, khususnya pada sektor Basic Materials yang memiliki karakteristik padat modal dan sensitif terhadap fluktuasi komoditas. Penelitian ini menggunakan metode kuantitatif dengan pendekatan regresi data panel. Sampel dipilih menggunakan teknik purposive sampling sehingga diperoleh 14 perusahaan dengan total 70 observasi. Pemilihan model terbaik dilakukan melalui uji Chow, Hausman, dan Lagrange Multiplier, yang menunjukkan bahwa model Random Effect lebih tepat digunakan. Hasil penelitian menunjukkan bahwa DER dan DPR tidak berpengaruh signifikan baik secara parsial maupun simultan terhadap nilai perusahaan. Nilai R² yang rendah mengindikasikan bahwa variasi nilai perusahaan lebih banyak dipengaruhi oleh faktor lain di luar model penelitian seperti profitabilitas, ukuran perusahaan, risiko bisnis, dan kondisi makroekonomi. Penelitian ini berkontribusi dalam memberikan bukti empiris terbaru mengenai faktor-faktor keuangan yang memengaruhi nilai perusahaan pada sektor Basic Materials serta memberikan wawasan bagi manajemen dan investor dalam pengambilan keputusan keuangan.

Kata kunci: Struktur Modal; Kebijakan Dividen; Nilai Perusahaan; Basic Materials: Tobin’s Q.