The Influence of Capital Structure and Company Growth on Company Value with Dividend Policy as a Mediation Variable: Study on Property & Real Estate Companies Go Public on the IDX in 2019-2024

Rizki Dwi Farotul Khasanah ; Nasharuddin Mas ; Alfiana Alfiana
International Journal of Management and Digital Sc... 📅 2026 Vol 3, No 2 🔗 DOI: 10.70062/managementdynamics.v3i2.511
Abstract
This study analyzes the effect of capital structure and firm growth on firm value with dividend policy as a mediating variable in property and real estate companies listed on the Indonesia Stock Exchange for the period 2019-2024. The volatility of the property sector influenced by global and domestic economic conditions encourages the importance of understanding firm value formation mechanisms. The research method uses a quantitative approach with purposive sampling technique resulting in 66 observations from 11 companies during the research period. Data analysis uses Partial Least Squares-Structural Equation Modeling through SmartPLS application to test relationships between variables. The results show that capital structure and firm growth have no direct significant effect on firm value, but have a significant negative effect on dividend policy. Dividend policy has a significant positive effect on firm value and is able to fully mediate the effect of capital structure and firm growth on firm value with Variance Accounted For values of 151.6% and 90.4% respectively. These findings confirm the importance of dividend policy as a credible signaling mechanism regarding the company's ability to generate sustainable cash flows in creating value for shareholders amid the volatility of Indonesia's property sector.
 
Keywords
Capital Structure; Dividend Policy; Firm Growth; Firm Value; Property
How to Cite

Rizki Dwi Farotul Khasanah, et al. (2026). The Influence of Capital Structure and Company Growth on Company Value with Dividend Policy as a Mediation Variable: Study on Property & Real Estate Companies Go Public on the IDX in 2019-2024. International Journal of Management and Digital Sciences, 3(2). https://doi.org/10.70062/managementdynamics.v3i2.511

Rizki Dwi Farotul Khasanah; Nasharuddin Mas; Alfiana Alfiana, "The Influence of Capital Structure and Company Growth on Company Value with Dividend Policy as a Mediation Variable: Study on Property & Real Estate Companies Go Public on the IDX in 2019-2024," International Journal of Management and Digital Sciences, vol. 3, no. 2, 2026.

Rizki Dwi Farotul Khasanah; Nasharuddin Mas; Alfiana Alfiana. "The Influence of Capital Structure and Company Growth on Company Value with Dividend Policy as a Mediation Variable: Study on Property & Real Estate Companies Go Public on the IDX in 2019-2024." International Journal of Management and Digital Sciences, vol. 3, no. 2, 2026.

Rizki Dwi Farotul Khasanah; Nasharuddin Mas; Alfiana Alfiana. "The Influence of Capital Structure and Company Growth on Company Value with Dividend Policy as a Mediation Variable: Study on Property & Real Estate Companies Go Public on the IDX in 2019-2024." International Journal of Management and Digital Sciences 3, no. 2 (2026).

Rizki Dwi Farotul Khasanah, et al. (2026) 'The Influence of Capital Structure and Company Growth on Company Value with Dividend Policy as a Mediation Variable: Study on Property & Real Estate Companies Go Public on the IDX in 2019-2024', International Journal of Management and Digital Sciences, 3(2). doi: 10.70062/managementdynamics.v3i2.511.

Rizki Dwi Farotul Khasanah; Nasharuddin Mas; Alfiana Alfiana. The Influence of Capital Structure and Company Growth on Company Value with Dividend Policy as a Mediation Variable: Study on Property & Real Estate Companies Go Public on the IDX in 2019-2024. International Journal of Management and Digital Sciences. 2026;3(2).

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