Dividends as a Signal or Merely a Routine? The Mediating Role of Dividend Policy on Firm Value

Dika Setia Nugraha, Hersugondo Hersugondo

Abstract


The primary objective of this study is to investigate whether dividend policy functions as a market signal or simply follows a standard corporate protocol. Furthermore, the research explores the capacity of dividend policy to bridge the relationship between corporate attributes and market value. By examining non-financial firms within the LQ45 index from 2020 to 2023, the study analyzes the impact of firm size, profitability, and cash holdings on corporate valuation, with dividend policy serving as an intervening factor. Utilizing a quantitative framework, the study employed panel data regression and the Sobel test to evaluate mediation outcomes. Following outlier removal, a final dataset of 26 observations was gathered via purposive sampling. The empirical findings suggest that while profitability significantly influences both firm value and dividend policy, variables such as firm size and cash reserves do not demonstrate a meaningful impact. Ultimately, the results indicate that dividend policy is not a significant mediator between company characteristics and overall firm value.

Keywords


Firm Size, Profitability, Cash Holdings, Dividend Policy, Firm Value.

Full Text:

PDF

References


Abdeljawad, I., Hakawati, A. A., Abu Alia, M., & Rashid, M. (2024). Capital structure and public corruption among non-financial firms in the MENA region: The impact of the Arab spring. Heliyon, 10(11), Article e32527. https://doi.org/10.1016/j.heliyon.2024.e32527

Adini, A., & Azis, M. (2025). Analisis dampak likuiditas dan kepemilikan kas terhadap nilai perusahaan Exchange Traded Fund yang terdaftar di Bursa Efek Indonesia tahun 2020-2024. Management & Accounting Expose, 8(2), 81-91. https://doi.org/10.36441/mae.v8i2.3275

Ahmed, F., Rahman, M. U., Rehman, H. M., Imran, M., Dunay, A., & Hossain, M. B. (2024). Corporate capital structure effects on corporate performance pursuing a strategy of innovation in manufacturing companies. Heliyon, 10(3), Article e24677. https://doi.org/10.1016/j.heliyon.2024.e24677

Ahmed, O., & Abu Khalaf, B. (2025). The impact of ESG on firm value: The moderating role of cash holdings. Heliyon, 11(2), Article e41868. https://doi.org/10.1016/j.heliyon.2025.e41868

Ajiani, I. P. F., & Khairunnisa. (2026). The effectiveness of Environmental, Social, and Governance (ESG) disclosure on investor preferences. Jurnal Ekonomi, Manajemen, dan Bisnis, 4(1), 52–63. https://doi.org/10.70716/emis.v4i1.492

Akhmadi, A., & Januarsi, Y. (2021). Profitability and firm value: Does dividend policy matter for Indonesian sustainable and responsible investment (SRI)-KEHATI listed firms? Economies, 9(4), 163. https://doi.org/10.3390/economies9040163

Al-Hadi, A., et al. (2022). Corporate social responsibility, cash holdings and firm value: Evidence from the GCC countries. Emerging Markets Review, 51, Article 100892. https://doi.org/10.1080/09638180.2016.1187074

Al-Hiyari, A., Kolsi, M. C., Lutfi, A., Shakkour, A. S. & Aljumah, A. I., 2024. Information asymmetry and dividend payout in an emerging market: Does corporate governance quality matter?. Journal of Open Innovation: Technology, Market, and Complexity, 10(1), p. 100188. Available at: https://doi.org/10.1016/j.joitmc.2023.100188.

Al-Omari, R., Oroud, Y., Makhlouf, M. H., Alshehadeh, A. R., & Al-Khawaja, H. A. (2024). The impact of profitability and asset management on firm value and the moderating role of dividend policy: Evidence from Jordan. Asian Economic and Financial Review, 14(1), 1–11. https://doi.org/10.55493/5002.v14i1.4937

Aladwey, L., Almaged, S., & Kaamoosh, S. (2026). Does ESG influence the link between cash holdings and investment efficiency? International Journal of Service Science, Management, Engineering, and Technology, 17(1), Article 410214. https://doi.org/10.4018/IJSSMET.410214

Alfarah, A. S. Y., & Hadinugroho, B. (2026). Examining firm size as a moderator of efficiency and liquidity effects on profitability. Jurnal Manajemen Motivasi, 22(1), 672–681. https://www.openjurnal.unmuhpnk.ac.id/index.php/jm_motivasi

Ali, M. A. S., Aly, S. A. S., Abdelazim, S. I., & Metwally, A. B. M. (2024). Cash holdings, board governance characteristics, and Egyptian firms’ performance. Cogent Business & Management, 11(1), Article 2302205. https://doi.org/10.1080/23311975.2024.2302205

Amimakmur, S. A., Saifi, M., Damayanti, C. R., & Hutahayan, B. (2024). Exploring the nexus of dividend policy, third-party funds, financial performance, and company value: The role of IT innovation as a moderator. Journal of Risk and Financial Management, 17(5), 210. https://doi.org/10.3390/jrfm17050210

Amimakmur, S. A., Saifi, M., Damayanti, C. R., & Hutahayan, B. (2024). Exploring the nexus of dividend policy, third-party funds, financial performance, and company value: The role of IT innovation as a moderator. Journal of Risk and Financial Management, 17(5), Article 210. https://doi.org/10.3390/jrfm17050210

Amimakmur, S. A., Saifi, M., Damayanti, C. R., & Hutahayan, B. (2024). Exploring the nexus of dividend policy, third-party funds, financial performance, and company value: The role of IT innovation as a moderator. Journal of Risk and Financial Management, 17(5), Article 210. https://doi.org/10.3390/jrfm17050210

Ammari, A., Souak, Y., & Remah, K. (2026). Strength in unity: Unraveling the determinants of dividend payouts across industries. International Review of Economics & Finance, 106, Article 104977. https://doi.org/10.1016/j.iref.2026.104977

Amrulloh, A., Hartono, H. R. P., Kurniawan, Y. D., & Almasah, N. M. (2025). The effect of financial performance on firm value in transportation sector companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. International Journal of Management, Accounting & Finance, 2(4), 1–7. https://doi.org/10.70142/kbijmaf.v2i4.366

Anindya, W., & Yuyetta, E. N. A. (2020). Pengaruh leverage, sales growth, ukuran perusahaan dan profitabilitas terhadap manajemen laba. Diponegoro Journal of Accounting, 9(3), 1–13. https://ejournal3.undip.ac.id/index.php/accounting/article/view/29136/24632

Atiningsih, S., & Izzaty, K. N. (2021). The effect firm size on company value with profitability as intervening variable and dividend policy as moderating variable. International Journal of Economics, Business and Accounting Research (IJEBAR), 5(3). https://doi.org/10.29040/ijebar.v5i4.3450

Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(Suppl. 2), S119–S127. https://doi.org/10.1016/j.bir.2022.11.006

Bagiana, I. K., Yulia, R. M., Rengganis, D., Putri, L., Mirayani, M., Pande, L., & Setiawati, E. (2025). Impact of dividend policy on firm performance: Moderating role of credit risk. Jurnal Akuntansi dan Bisnis, 5(1), 276–284. https://doi.org/10.51903/jiab.v5i1.998

Bakri, M. A., Nasir Samsulbahri, M., Isa Abd Jalil, M., Ahsan, M. H., & Chia Yong, C. (2024). A conceptual review paper: Revisiting the non-linear relationship between dividend and firm value in Shariah and non-Shariah compliant firms. Suhuf, 36(2), 173–182. https://doi.org/10.23917/suhuf.v36i2.6260

Baltagi, B. H. (2021). Econometric analysis of panel data (6th ed.). Springer. https://doi.org/10.1007/978-3-030-53953-5

Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173

Bhattacharya, S. (1979). Imperfect information, dividend policy, and "bird in the hand" fallacy. The Bell Journal of Economics, 10(1), 259–270. https://doi.org/10.2307/3003330

Bon, S. F., & Hartoko, S. (2022). The effect of dividend policy, investment decision, leverage, profitability, and firm size on firm value. European Journal of Business Management and Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405

Cahyani P. D., Muktiyanto, A., & Geraldina, I. (2022). Role of profitability, business risk, and intellectual capital in increasing firm value. Journal of Indonesian Economy and Business, 37(3), 311–338. https://journal.ugm.ac.id/v3/jieb

Choudhury, M. M. (2024). Signaling theory: An approach to organizational behavior research. Journal of Accounting, Business and Management, 31(2), 98–120.

Cyntia, N., Utami, R., Made Wianto, I., & Surasmi, I. A. (2025). The effect of profitability and firm size on firm value with capital structure as a mediating variable. Journal of Economics and Business, 6(4), 700–713. https://doi.org/10.38142/ijesss.v6i4.1442

Deng, X., De Groote, S., & Kevin Li, C. (2024). Dividend signalling and investor protection: An international comparison. Journal of Contemporary Accounting and Economics, 20(3), Article 100441. https://doi.org/10.1016/j.jcae.2024.100441

Dewasiri, N. J., Koralalage, W. B. Y., Azeez, A. A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331

Ding, S., Kim, M., Zhang, X., & Zhou, Y. (2024). The impact of cash flow uncertainty on investment-cash flow sensitivity in China: The debt financing channel. International Review of Financial Analysis, 91, Article 103011. https://doi.org/10.1002/ijfe.3103

Dintha IZFS, R., Tarmedi, E., Murtadlo Hidayat, Y., Surachim, A., & Debora, C. (2022). The effect of profitability and liquidity on firms value. Jurnal Pendidikan Akuntansi & Keuangan, 10(2). https://doi.org/10.2991/aebmr.k.220701.025

El-Deeb, M. S., & Allam, M. F. (2024). The moderating effect of dividend policy on the relationship between corporate risk disclosure and firm value: Evidence from Egypt. Future Business Journal, 10, Article 25. https://doi.org/10.1186/s43093-024-00311-x

Ermalini, A., Dewa, I., & Badera, N. (2025). Free cash flow, leverage, and firm value: The moderating role of managerial ownership. Dewa International Journal of Economics, Finance and Accounting, 6(3). https://doi.org/10.38035/dijefa.v6i3

Faradilla Sari, F., & Azmi Khatamy, A. (2025). Exploring the impact of good corporate governance on firm value with CSR disclosure as a moderating variable in IDX. Journal of Finance and Corporate Governance, 3(1). https://journal.uii.ac.id/inCAF/article/view/38763

Febriati, Y., Mudjiyanti, R., Santoso, S. B., & Pramono, H. (2024). The influence of profitability, solvency, institutional ownership, and investment decisions on company value. Innovation Business Management and Accounting Journal, 3(4), 563–574. https://doi.org/10.56070/ibmaj.2024.060

Frankfurter, G. M., & Wood, B. G. (2002). Dividend policy theories and their empirical tests. International Review of Financial Analysis, 11(2), 111–138. https://doi.org/10.1016/S1057-5219(02)00071-6

Halawa, J. (2025). Firm value in banking sector: The role of size, profitability, risk profile and dividend policy. Journal of Banking and Financial Dynamics, 9(2). https://journal.stiemb.ac.id/index.php/mea/article/download/6090/2485

Hamadneh, N. N., Jaber, J. J., & Sathasivam, S. (2024). Estimating volatility of Saudi stock market using hybrid dynamic evolving neural fuzzy inference system models. Journal of Risk and Financial Management, 17(8), Article 377. https://doi.org/10.3390/jrfm17080377

Handini, E. D. & Susilo, D. E., 2025. Analyzing profitability, firm size, and capital structure’s impact on firm value. Journal of Accounting Science, 9(1), pp. 114–134. https://doi.org/10.21070/jas.v9i1.1953.

Handoko, W. A., & Lubis, A. W. (2026). The impact of stock liquidity on corporate cash holding: The role of ownership concentration in Indonesia. Eduvest - Journal of Universal Studies, 6(1), 103–113. https://doi.org/10.59188/eduvest.v6i1.52095

Hasa, S., & Salva, C. (2024). Cash holdings in pension funds. Journal of Banking & Finance, 161, Article 107112. https://doi.org/10.1016/j.jbankfin.2024.107112

Hermansyah, A. M. S. (2023). The effect of dividend policy on corporate financial performance. Journal of Contemporary Administration and Management (ADMAN), 1(1), 5–8. https://doi.org/10.61100/adman.v1i1.2

Hersugondo, Parmitasari, N. A., & Pamungkas, I. D. (2021). The role of non-performing asset, capital adequacy and insolvency risk on bank performance: A case study in Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 319–329. https://doi.org/10.13106/jafeb.2021.vol8.no3.0319

Hindasah, L., & Suprijanto, D. H. (2026). Capital structure, firm size, and firm growth: Do they influence firm value through profitability? Evidence from Indonesian manufacturing firms. RIGGS: Journal of Artificial Intelligence and Digital Business, 5(1), 8654–8661. https://doi.org/10.31004/riggs.v5i1.7333

Hussain, A., & Akbar, M. (2022). Dividend policy and earnings management: Do agency problem and financing constraints matter? Borsa Istanbul Review, 22(5), 839–853. https://doi.org/10.1016/j.bir.2022.05.003

Hutabarat, F. (2024). Effect of green accounting, leverage, firm size on firm value with profitability as intervening variable. International Journal of Professional Business Review, 9(4), Article e04612. https://doi.org/10.26668/businessreview/2024.v9i4.4612

Indra, Supian, S., Sukono, Riaman, Saputra, M. P. A., Azahra, A. S., & Pirdaus, D. I. (2025). Stock return prediction on the LQ45 market index in the Indonesia Stock Exchange using a machine learning algorithm based on technical indicators. Journal of Risk and Financial Management, 18(12), Article 714. https://doi.org/10.3390/jrfm18120714

Juliani, P. R. (2023). The effect of dividend policy and profitability on firm value. Accounting and Finance Studies, 3(2), 142–156. https://doi.org/10.47153/afs32.6622023

Jung, C., Foege, J. N., & Nüesch, S. (2020). Cash for contingencies: How the organizational task environment shapes the cash-performance relationship. Long Range Planning, 53(3), Article 101905. https://doi.org/10.1016/j.lrp.2019.05.005

Khandelwal, V., Tripathi, P., Chotia, V., Srivastava, M., Sharma, P., & Kalyani, S. (2023). Examining the impact of agency issues on corporate performance: A bibliometric analysis. Journal of Risk and Financial Management, 16(12), Article 497. https://doi.org/10.3390/jrfm16120497

Khoiriyah, A., Amalia Arifah, D., & Indriastuti, M. (2025). The influence of dividend policy, investment policy, and profitability on firm value. Journal of Accounting and Strategic Finance, 3(2). Retrieved from https://journal.uii.ac.id/inCAF/article/view/39040

Lestari, D. I. T., Hanifah, R. U., & Amalia, N. R. (2026). The moderating role of good corporate governance in the relationship between intellectual capital, green accounting, and company performance. INVEST: Jurnal Inovasi Bisnis dan Akuntansi, 7(1), 324–340. http://journal.al-matani.com/index.php/invest/index

Lim, J., & Jeong, B. K. (2025). The impact of cash holding decisions on firm performance in the IT industry. Journal of Risk and Financial Management, 18(11), Article 625. https://doi.org/10.3390/jrfm18110625

Lisiantara, G. A. (2025). The effect of DPR, SIZE, ROA, and DER on PBV empirical study on food and beverage sector companies listed on the IDX for the 2018-2021 period. Riwayat: Educational Journal of History and Humanities, 8(2), 1233–1247. https://doi.org/10.24815/jr.v8i2.45102

Malva Kaulika, F. (2025). The influence of profitability, firm size, and company growth on firm value. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(1). https://doi.org/10.31538/iijse.v8i1.6068

Mamahit, T. A., Budiarso, N. S., & Kapojos, P. M. (2025). Determinan kebijakan dividen: Peran profitabilitas, leverage, dan ukuran perusahaan pada perusahaan LQ45 di Indonesia [Determinants of dividend policy: The role of profitability, leverage, and firm size in LQ45 companies in Indonesia]. Riset Akuntansi dan Manajemen Pragmatis, 3(2), 87–99. https://doi.org/10.58784/ramp.347

Marchelina, D., Sanusi, F., & Purbasari, I. (2025). The effect of profitability and liquidity on firm value with dividend policy as an intervening variable (Empirical study on non-cyclical consumer sector companies listed on the Indonesia Stock Exchange period 2018-2023). Jurnal Riset Bisnis dan Manajemen, 8(2). https://doi.org/10.38142/jogta.v4i1.1518

Mashele, A., Mouton, M., & Pelcher, L. (2024). Corporate governance and financial performance: Family firms vs. non-family firms. Journal of Risk and Financial Management, 17(10), Article 444. https://doi.org/10.3390/jrfm17100444

Medyawati, H., & Yunanto, M. (2021). Determining firm value in the Indonesian banking sub sector. Economics and Business Quarterly Reviews, 4(2), 68–78. https://doi.org/10.31014/aior.1992.04.02.346

Melina, & Tanny, F. E. (2022). The influence of Earning Per Share, Price to Book Value, Return on Asset and Return on Equity toward stock price on basic industry and chemicals company listed in Indonesia Stock Exchange. Jurnal Penelitian Akuntansi, 3(1), 40–61. https://ojs.uph.edu/index.php/JPA/article/view/5764

Morni, F., Iskandar, A. M., & Banchit, A. (2019). The relevance of bird-in-hand theory to Shariah-inclined investors: A case study of Malaysia. Journal of International Business, Economics and Entrepreneurship, 4(2), 67–72. https://doi.org/10.24191/jibe.v4i2.14317

Munzhelele, N. F., & Obadire, A. M. (2023). Determinants of cash distribution options in South African listed firms: An empirical analysis of earnings, company size, and economic value added. Risks, 11(10), Article 181. https://doi.org/10.3390/risks11100181

Mussanadah, A. U., & Innercentia, M. (2025). The most important determinants of stock price volatility evidence from firms of LQ45 index. Jurnal Riset Akuntansi dan Keuangan, 21(1), 57–68. https://doi.org/10.21460/jrak.v21i1.262

Mustaqim, H., Zuraida, & Yusmita, F. (2025). The influence of profitability, company dynamics and digital transformation on company value. Journal of Contemporary Accounting, 7(1), 63–73. https://doi.org/10.20885/jca.vol7.iss1.art6

Nextzita, V., Nugroho, A. H. L., & Kristanti, P. (2025). Financial performance’s impact on firm value in tourism and hospitality sector. Jurnal Riset Akuntansi Dan Keuangan, 13(2), 449–468. https://doi.org/10.17509/jrak.v13i2.81177

Nguyen, V. D., & Phan, Q. T. (2026). Chairperson characteristics, dividend policy, and firm value: Evidence from a Bayesian analysis in Vietnamese listed firms. Cogent Business & Management, 13(1), Article 2600117. https://doi.org/10.1080/23311975.2025.2600117

Nisa, Z., Haiqal, M., Yusnidar, C., Saputra, R., & Yanti, E. M. (2025). Dividend policy and firm value: The mediating role of financial performance. Jurnal MANDIRI: Ilmu Pengetahuan, Seni, Dan Teknologi, 9(1), 11–26. https://doi.org/10.33753/mandiri.v9i1.303

Njoku, O. E. & Lee, Y., 2024. Revisiting the effect of dividend policy on firm performance and value: Empirical evidence from the Korean market. International Journal of Financial Studies, 12(1), p. 22. Available at: https://doi.org/10.3390/ijfs12010022.

Njoku, O. E. & Lee, Y., 2025. Debt capital and dividend policy as complementary indicators of firm valuation. International Journal of Financial Studies, 13(1), p. 18. Available at: https://doi.org/10.3390/ijfs13010018.

Njoku, O. E., & Lee, Y. (2024). Revisiting the effect of dividend policy on firm performance and value: Empirical evidence from the Korean market. International Journal of Financial Studies, 12(1), 22. https://doi.org/10.3390/ijfs12010022

Njoku, O. E., & Lee, Y. (2025). Debt capital and dividend policy as complementary indicators of firm valuation. International Journal of Financial Studies, 13(1), Article 18. https://doi.org/10.3390/ijfs13010018

Nugroho, B. Y. (2020). Analysis of cash holding on investment cash flow sensitivity in Indonesia. Accounting, 6(5), 713–720. https://doi.org/10.5267/j.ac.2020.6.013

Nugroho, D. S., & Aji, T. S. W. (2026). Bank efficiency and risk-taking: The role of revenue differentiation. InFestasi, 21(2), 154–166. https://doi.org/10.21107/infestasi.v21i2.32095

Nurdin, E., Fitriaman, F., & Nur Aqurat, W. (2023). Empirical testing of capital structure and profitability as mechanisms to enhance firm value. Jurnal ASET (Akuntansi Riset), 15(2). https://doi.org/10.17509/jaset.v15i2

Ontorael, R., Saifi, M., Firdausi Nuzula, N., & Zahroh, Z. A. (2024). Firm size moderating effect on financial performance and dividend policy from Indonesia. Revista de Gestao Social e Ambiental, 18(4), Article e109. https://doi.org/10.24857/rgsa.v18n4-109

Ozkan, S., & Alfarhan, L. (2025). Earnings manipulation and cash holdings: A Beneish M-score analysis in G7 nations. Cogent Business & Management, 12(1), Article 2502542. https://doi.org/10.1080/23311975.2025.2502542

Panda, B., & Nanda, S. (2022). Corporate governance, firm profitability and market value: Evidence from India. Journal of Management and Governance, 26(2), 527–561. https://doi.org/10.1007/s10997-021-09571-0

Prameswari, K. D. W., & Ratnaningsih, S. D. A. (2023). Pengaruh cash holding, profitabilitas, dan likuiditas terhadap nilai perusahaan. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi, 10 concert(3), 2208. https://doi.org/10.35794/jmbi.v10i3.51540

Putri, N. A., Hitten, A., & Heniwati, E. (2024). Determinants of dividend policy and their implications for firm value using the signaling model. APSSAI Accounting Review, 4(2), 195–209. https://doi.org/10.26418/apssai.v4i2.41

Putri, Z. B., Khuzaini, K., & Suhermin, S. (2023). Dividend policy mediates the effect of financial performance on firm value. Kontigensi: Jurnal Ilmiah Manajemen, 11(2). https://doi.org/10.56457/jimk.v11i2.364

Putu, L., Hartini, Y., Suarmanayasa, N., & Sinarwati, N. K. (2022). The influence of internal and external factors on investment decisions with financial literature as moderate variables. International Journal of Social Science and Business, 6(1), 91–102. https://doi.org/10.23887/ijssb.v6i1

Raed, K. (2020). Dividend policy and companies’ financial performance. Journal of Asian Finance, Economics and Business, 7(10), 531–542. https://doi.org/10.13106/jafeb.2020.vol7.no10.531

Rakim, A. A., Wijayani, D. I. L., & Misra, I. (2026). Profitable dividend yield investment strategy: Empirical evidence from Indonesian Stock Exchange. Akuntansi: Jurnal Akuntansi Integratif, 12(1), 63–79. https://doi.org/10.29080/jai.v12i1.2176

Rodríguez V. L,. (2025). Financial performance and corporate governance on firm value: Evidence from Spain. International Journal of Financial Studies, 13(3), Article 123. https://doi.org/10.3390/ijfs13030123

Rohman, T., Wahyuni, N. I., & Wardayati, S. M. (2025). The effect of profitability, company size and dividend policy on firm value: Evidence from Indonesia’s banking sector. Journal of Global Economics, Management and Business Research, 17(3), 100–110. https://doi.org/10.56557/jgembr/2025/v17i39671

Rossa, E. (2025). The role of profitability in corporate sustainable growth: An empirical analysis of Indonesian listed companies. Digital Innovation International Journal of Management, 2(4), 226–237. https://doi.org/10.61132/digitalinnovation.v2i4.553

Rosyid, M., Saraswati, F., & Ghofar, E. (2022). Firm value: CSR disclosure, risk management and good corporate governance dimensions. Jurnal Reviu Akuntansi Dan Keuangan, 12(1), 186–209. https://doi.org/10.22219/jrak.v11i3.20367

Sahroni, Amin, S. binti M., & Ganar, Y. B. (2026). Investment and financing decisions on firm value: The mediating effect of dividend policy. Jurnal Ilmiah Manajemen Kesatuan, 14(1), 1029–1040. https://doi.org/10.37641/jimkes.v14i1.4639

Seretidou, D., Billios, D., & Stavropoulos, A. (2023). Integrative analysis of traditional and cash flow financial ratios: Insights from a systematic comparative review. Preprints. https://doi.org/10.20944/preprints202311.1548.v1

Setyabudi, T. (2021). The effect of institutional ownership, leverage, and profitability on firm value with dividend policy as an intervening variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021

Shabira, A., & Hidayati, S. A. (2025). The effect of company size and profitability on company value with dividend policy as an intervening variable. East Asian Journal of Multidisciplinary Research, 4(3). https://doi.org/10.55927/eajmr.v4i3.62

Siahaan, L., & Iskandar, D. (2021). The effect of capital structure mediation on the influence of liquidity and profitability on firm value. Jurnal Ilmiah Manajemen, 19(3).

Sirait, E. C. J., Butar-Butar, H., & Melianna, S. (2025). The influence of firm size, profitability, and solvency on dividend policy in BEI-listed property companies (2019-2023). Jurnal Bisnis Mahasiswa, 5(4), 1982–1996. https://doi.org/10.60036/jbm.713

Sohdi, L. R. (2024). The influence of growth rate, profitability, liquidity, and company valuation on stock price. Jurnal Riset Akuntansi dan Bisnis Airlangga, 9(1), 1–23. https://doi.org/10.20473/jraba.v9i1.56477

Sudrajat, J., & Setiyawati, H. (2021). Role of firm size and profitability on capital structures and its impact over firm value. Dinasti International Journal of Economics, Finance and Accounting, 2(1), 34-48. https://doi.org/10.38035/dijefa.v2i1

Sun, M., Li, Z., & Yang, L. (2025). Inconsistency across short-term and long-term oriented signals: Effect on investor reactions. Journal of Business Research, 189, Article 115175. https://doi.org/10.1016/j.jbusres.2024.115175

Susanti, M., & Susanto, L. (2024). The determinants of cash holding. International Journal of Application on Economics and Business (IJAEB), 2(2), 3649–3656. https://doi.org/10.24912/ijaeb.v2i2.3649-3656

Tekin, H., & Polat, A. Y. (2021). Do market differences matter on dividend policy? Borsa Istanbul Review, 21(2), 197–208. https://doi.org/10.1016/j.bir.2020.10.009

Tiffany, T., & Sufiyati, S. (2023). The analysis of factors affecting profitability. International Journal of Application on Economics and Business, 1(1), 603–612. https://doi.org/10.24912/ijaeb.v1i1.603-612

Ummah, D. R., & Yuliana, I. (2023). Liquidity relations, current ratio, profitability, gender diversity, company size, and company value: Studies in Indonesia. Jurnal Keuangan Dan Perbankan, 27(1), 81–95. https://doi.org/10.26905/jkdp.v27i1.9169

Vuković, B., Mijić, K., Jakšić, D., & Saković, D. (2022). Determinants of cash holdings: Evidence from Balkan countries. E&M Economics and Management, 25(1), 130–142. https://doi.org/10.15240/tul/001/2022-1-008

Widhiatmoko, A. R., & Sucipto, B. (2025). Signaling theory dalam konteks pasar kerja dan bisnis di Indonesia. Journal of Accounting and Finance Management, 6 concert(5), 6(5), 3016–3024. https://doi.org/10.38035/jafm.v6i5

Widodo, F. P. T., Praptapa, A., Suparlinah, I., & Setyorini, C. T. (2021). The effect of company size, institutional ownership, profitability and leverage on dividends payout ratio. Journal of Contemporary Accounting, 3(2), 77–87. https://doi.org/10.20885/jca.vol3.iss2.art3

Wijaya, H., Andy, A., Febrianty, L., & Morgan, C. E. B. (2023). The influence of dividend policy, firm size, capital structure, and CSR on banking companies’ value. International Journal of Application on Economics and Business (IJAEB), 1(2), 2987–1972. https://doi.org/10.24912/ijaeb.v1.i2.442-450

Wirianata, H., & Viriany, V. (2023). Determinants of cash holdings moderated by firm size. International Journal of Application on Economics and Business, 1(2), 361–375. https://doi.org/10.24912/ijaeb.v1.i2.361-375

Wulandari, A., Nuryati, T., & Siladjaja, M. (2022). Analysis of the influence of profitability on company value with dividend policy as an intervening variable. Journal of Public Auditing and Financial Management, 2(1), 11–20. https://doi.org/10.36407/jpafm.v2i1.1586

Yun, J., Ahmad, H., Jebran, K., & Muhammad, S. (2021). Cash holdings and firm performance relationship: Do firm-specific factors matter? Economic Research-Ekonomska Istrazivanja, 34(1), 1283–1305. https://doi.org/10.1080/1331677X.2020.1823241

Yuswandani, A. E., Tubastuvi, N., Darmawan, A., & Rahmawati, I. Y. (2023). The effect of capital structure, profitability and liquidity on firm value with dividend policy as a moderating variable. Jurnal Ilmiah Manajemen Bisnis, 9(2). https://doi.org/10.33506/sl.v12i2.2156




DOI: https://doi.org/10.21107/infestasi.v22i1.33895

Refbacks

  • There are currently no refbacks.


Copyright (c) 2026 DIKA SETIA NUGRAHA

Creative Commons License

This journal is licensed under a Creative Commons Attribution 4.0 International License.