The Effect of Dividend Policy on Company Value with Capital Structure as a Moderator in Undervalued Issuers on the Bei Development Board in 2021-2025: Financial, Logistics and Mining Sectors
DOI:
https://doi.org/10.68050/JAMS.2026.380Keywords:
Dividend Policy, Capital Structure, Firm Value, DPR, DER, PBV, Undervalued Issuers.Abstract
This study aims to analyze the influence of dividend policy on firm value, with capital structure serving as a moderating variable, among undervalued issuers listed on the Indonesia Stock Exchange (IDX) Development Board during the 2021–2025 period within the financial, logistics, and mining sectors. The study employs a quantitative approach using an explanatory method. The sample was selected via purposive sampling, resulting in 19 companies and a total of 95 observations. Secondary data obtained from corporate financial statements and annual reports were used. Dividend policy was measured using the Dividend Payout Ratio (DPR), firm value using the Price to Book Value (PBV), and capital structure using the Debt to Equity Ratio (DER). Data analysis was conducted using Moderated Regression Analysis (MRA). The results indicate that dividend policy has a positive and significant effect on firm value. Furthermore, capital structure was found to significantly moderate the influence of dividend policy on firm value in a negative direction. These findings suggest that while dividend payments can enhance firm value, this effect tends to weaken in companies with high leverage levels. The study implies that companies need to balance dividend policy and capital structure considerations to maximize firm value.
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