Pengaruh Struktur Modal, Kebijakan Dividen Dan Likuiditas Terhadap Nilai Perusahaan (Studi Empiris Perusahaan Sektor Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2020-2022)

M. Eka Fathoni, Junaidi Junaidi, Siti Aminah Anwar

Abstract


Fluctuations in corporate values within the property and real estate sectors reflect the dynamics of financial decisions made by management in response to structural and market challenges. This study aims to examine the Influence of capital structure, dividend policy, and liquidity on company value in property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2022 period. The company's value is proxied using the Tobin's Q ratio, while the independent variables consist of the Debt-to-Equity Ratio (DER), Dividend Payout Ratio (DPR), and Current Ratio (CR). This study uses a quantitative approach with an associative method. Samples were obtained through purposive sampling and consisted of 16 companies over a three-year observation period. Data analysis was conducted using multiple linear regression tests in the SPSS application. The results of the study indicate that capital structure has a significant adverse effect on the company's value, dividend policy has a considerable positive impact, and liquidity has no substantial impact on the company's value. These findings suggest that investors respond positively to consistent dividend policies, while overly aggressive capital structures raise concerns about financial risks. This research offers practical implications for management in designing balanced financing and profit distribution policies to enhance the company's value.

Keywords: Company value, capital structure, dividend policy, liquidity, Tobin's Q


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