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This study examines the effect of capital structure, dividend policy, and firm size on firm value at PT Adhi Karya (Persero) Tbk during the period 2014–2024. The company’s firm value has shown fluctuations and a declining trend despite an increase in total assets, indicating a mismatch between asset growth and market perception. This study aims to analyze the influence of internal financial factors on firm value, both partially and simultaneously. A quantitative approach is employed using secondary data obtained from the company’s annual financial statements. Capital structure is measured using the Debt to Equity Ratio (DER), dividend policy using the Dividend Payout Ratio (DPR), firm size using the natural logarithm of total assets, and firm value using Tobin’s Q. Data are analyzed using multiple linear regression with the assistance of SPSS, supported by classical assumption tests, t-test, F-test, and coefficient of determination (R²). The results show that partially, capital structure and dividend policy do not have a significant effect on firm value, while firm size has a significant effect. Simultaneously, all independent variables have a significant effect on firm value. The findings indicate that firm size plays a dominant role, while other factors may also influence firm value beyond the model.

This study examines the influence of earnings quality and dividend policy on firm value at PT Alkindo Naratama Tbk during the period 2014–2024. Firm value is measured using the Price to Book Value (PBV), earnings quality is proxied by the ratio of operating cash flow to net income (QOE), and dividend policy is measured using the Dividend Payout Ratio (DPR). This research adopts a quantitative approach with an associative causal design using secondary data obtained from the company’s quarterly financial reports over eleven years, resulting in 44 observations. The analysis method applied is multiple linear regression. The findings reveal that earnings quality has a positive and significant impact on firm value. Dividend policy also shows a positive and significant effect on firm value. Simultaneously, earnings quality and dividend policy significantly influence firm value. The coefficient of determination indicates that a large proportion of firm value variation can be explained by these two variables. These results support signaling theory, which suggests that high earnings quality and stable dividend distribution provide positive signals to investors and increase market confidence in the company. The study contributes to financial management literature by highlighting the importance of financial performance indicators in determining firm value.

This study investigates the determinants of dividend payout policy in energy sector firms listed on the Indonesia Stock Exchange during the 2020–2024 period. Dividend policy is a critical issue in emerging markets, especially in capital-intensive industries with high investment needs and earnings volatility. The research examines whether profitability and ownership structure—specifically institutional and managerial ownership—significantly influence dividend payout decisions, considering firm characteristics. The study analyzes the effect of profitability, institutional ownership, and managerial ownership on the dividend payout ratio, while controlling for firm size and leverage. A quantitative approach is used, employing pooled ordinary least squares (OLS) regression on 245 firm-year observations. Dividend payout ratio is measured as dividend per share divided by earnings per share, profitability is proxied by return on equity, and ownership variables are expressed as shareholding proportions. Descriptive analysis and classical assumption tests precede hypothesis testing. The results show that profitability positively and significantly affects dividend payout, suggesting that firms with better financial performance tend to distribute higher dividends. Firm size also positively influences dividend policy, while leverage negatively impacts it, reflecting the role of financial capacity and capital structure. However, institutional and managerial ownership do not show significant effects on dividend payout decisions. The findings indicate that dividend policy in Indonesian energy firms is primarily driven by financial performance and structural characteristics rather than ownership-based governance mechanisms. This study offers sector-specific evidence that refines agency and signaling perspectives on dividend policy in emerging markets, with practical implications for managers, investors, and regulators.

This study examines the effect of financial ratios on dividend policy with sales growth as a moderating variable in technology sector companies listed on the Indonesia Stock Exchange during the period 2019–2023. Dividend policy is an important corporate decision because it reflects management considerations in balancing company growth and shareholder returns. The independent variables used in this research are profitability, liquidity, and leverage, while dividend policy is the dependent variable and sales growth acts as a moderating variable. Profitability is measured using Return on Assets (ROA), liquidity is proxied by the Current Ratio (CR), leverage is measured using the Debt to Equity Ratio (DER), and dividend policy is measured by the Dividend Payout Ratio (DPR). This study employs a quantitative approach using secondary data obtained from the annual financial statements of technology sector companies listed on the Indonesia Stock Exchange. The data are analyzed using multiple linear regression and moderated regression analysis.The results show that profitability does not have a significant effect on dividend policy, indicating that net profit generated during the year is not the main consideration in dividend distribution decisions within technology companies. Liquidity has a significant effect on dividend policy, suggesting that companies with stronger short-term financial conditions tend to have a greater ability to distribute dividends. Leverage also significantly affects dividend policy, implying that the level of corporate debt influences management decisions regarding dividend payments. Furthermore, sales growth does not moderate the relationship between profitability and dividend policy. However, sales growth is proven to moderate the effect of liquidity and leverage on dividend policy. These findings provide insights for management and investors in understanding dividend policy determinants in technology sector companies in Indonesia.

This study aims to examine and analyze the influence of debt maturity and cash holding on dividend policy, the effect of debt maturity and cash holdings on company value, and the effect of debt maturity and cash holdings on company value through dividend policies in banking sub-sector companies listed on the Indonesia Stock Exchange for the 2020-2023 period. The sampling technique uses the purposive sampling method. Secondary data was obtained from the annual financial statements. The data analysis method uses path analysis with two structural equations to test the direct and indirect influence of independent variables on dependent variables through intervening variables. The results of the structural equation 1 study show that debt maturity has no effect on dividend policy, and cash holdings have an effect on dividend policy. The results of structural equation 2 show that debt maturity affects the value of the company and cash holdings have no effect on the value of the company. The results of the testing of intervening variables show that dividend policy can mediate debt maturity to company value and dividend policy can mediate cash holdings to company value. The predictive ability of the two variables on the dividend policy was 13.6% and the remaining 12.6% was influenced by other variables outside the research model and the predictability of the three variables on the company's value was 15.7% and the remaining 14.7% was influenced by other variables outside the research model.

The purpose of this research is to examine and ascertain how capital structure and growth affect company value in FBM KLCI businesses listed on Bursa Malaysia between 2019 and 2023, dividend policy being used as a moderating factor.  The study's sample consists of 16 FBM KLCI firms that were listed on Bursa Malaysia between 2019 and 2023.  The secondary data utilized was gathered from Bursa Malaysia's website and financial statement documentation studies.  Descriptive analysis, panel data regression analysis, MRA, traditional assumption testing, and hypothesis testing are among the data analysis methods used.  Eviews Version 13 was used to process the data for this investigation.  According to the study's findings, for the 2019–2023 timeframe, capital structure significantly and favorably affects company value in FBM KLCI businesses listed on Bursa Malaysia.  In these businesses, growth has no bearing on firm value.  In FBM KLCI businesses listed on Bursa Malaysia for the 2019–2023 timeframe, both the correlation between capital structure and company value and the effect of growth on firm value are unaffected by dividend policy.

This study examines the influence of financial factors on the capital structure of basic chemical manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The sample selection method used is purposive sampling, with specific criteria resulting in a sample of 51 companies and a total of 255 data points. After data processing, 80 outliers were identified, reducing the final sample to 175 company data points. This research adopts a quantitative approach, utilizing multiple linear regression analysis with SPSS version 25. The findings reveal that profitability, asset structure, company size, and business risk have a significant impact on capital structure. In contrast, sales growth and dividend policy do not show a significant contribution to capital structure. Based on these findings, it is recommended that companies in the basic chemical manufacturing sector focus on improving profitability, optimizing asset structure, and managing business risks effectively to strengthen their capital structure. Additionally, company size should be considered when making financing decisions. Since sales growth and dividend policy were not significant factors, firms might prioritize internal financial management and risk control over aggressive sales expansion or dividend adjustments when aiming to optimize their capital structure. Future research could explore other potential factors or use alternative methodologies to deepen understanding in this area.

This study aims to analyze the effect of cum and ex-dividend dates and company size on stock prices using the Dividend Payout Ratio (DPR) as a moderating variable. This study uses multiple linear regression analysis with moderating variables on companies listed on the Indonesia Stock Exchange. This research is based on signaling theory, which states that dividend information can serve as a signal for investors in making investment decisions. The results of the study indicate that all independent and moderating variables in the model simultaneously have a significant influence on stock prices. This suggests that the regression model used in this study is valid and can comprehensively explain stock price variations. This study implies that companies need to develop a more structured financial communication strategy, particularly in the disclosure of dividend information. Not only should the timing of dividend distribution be communicated, but the number of dividends to be distributed should also be clearly communicated to strengthen investor response. The implementation of this strategy must be accompanied by compliance with OJK and IDX regulations to maintain market confidence and increase the value of company shares.

This study aims to analyze the differences in financial performance between PT Ciputra Development Tbk (CTRA) and PT Pakuwon Jati Tbk (PWON) during 2019–2023 based on liquidity, profitability, solvency, and dividend policy ratios. A quantitative approach with a descriptive-comparative method was employed. The study utilized secondary data obtained from the annual financial reports of both companies listed on the Indonesia Stock Exchange. Financial ratios were analyzed, including the Current Ratio (CR), Return on Assets (ROA), Debt to Equity Ratio (DER), and Dividend Payout Ratio (DPR). Data normality and homogeneity tests were conducted, followed by Independent Sample t-Test and Mann–Whitney U test using SPSS version 26 to identify statistical differences. The results indicate no significant differences between CTRA and PWON in CR, ROA, and DPR, but a significant difference in DER, where CTRA shows higher leverage compared to PWON. These findings suggest that the key distinction between the two companies lies in their capital structure rather than profitability or dividend policy, reflecting different financial management strategies within Indonesia’s property sector.

The Indonesia Stock Exchange (IDX) provides public access to investment. Investors can invest in various companies through publicly listed securities using capital market processes to obtain returns and dividends. To obtain returns and dividends, investors first read the company's financial statements to avoid losses. Aiming to provide empirical evidence, this study analyzed non-financial corporations listed on the IDX between 2020 and 2023 to determine the impact of financial performance on dividend policy, along with company size as a moderating variable. This research employed a quantitative approach and purposive sampling for data selection, which was updated in line with predetermined indicators. Over four years, 147 different companies served as study samples. The study used warpPLS 7.0 as a data analysis tool and combined outer and inner models to evaluate independent variable hypotheses and moderating hypotheses. The study found that liquidity plays a role in dividend policy, profitability plays a role in dividend policy, activity plays a role in dividend policy, and only solvency does not play a role in dividend policy. It was also found that company size does not moderate the relationship between liquidity and dividend policy, but it does moderate the relationship between profitability and dividend policy. Company size also does not moderate the relationship between activity and dividend policy, and does not strengthen the relationship between solvency and dividend policy.

The Dividend Payout Ratio (DPR) changes in food and beverage companies listed on the Indonesia Stock Exchange between 2019 and 2023, which reflect shifts in dividend policy, are what spurred this study.  Dividend policy is important since it helps to win over investors.  Nonetheless, management frequently has to decide whether to pay dividends or keep profits for investments.  Finding out how management ownership, profitability, leverage, and business size affect dividend policy in food and beverage companies listed on the Indonesia Stock Exchange is the aim of this study. This study is classified as a quantitative causality study.  50 food and beverage firms made up the sample, which was selected using a purposive sampling technique.  The SPSS version 25 multiple linear regression software was used to examine these data.  This study demonstrates that the dividend policy of companies in the food and beverage sector listed on the Indonesia Stock Exchange is influenced, in part, by management ownership, profitability, leverage, and company size.  Conversely, the dividend policy of companies in the food and beverage sector listed on the Indonesia Stock Exchange is influenced by management ownership, profitability, leverage, and company size.

This study aims to explain and prove the hypothesis regarding the influence of investment decisions, financing decisions, and dividend policies on firm value in coal sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. This study used a quantitative approach with a purposive sampling method, resulting in 10 companies as research samples. Data analysis was conducted through classical assumption tests to ensure the fulfillment of regression analysis requirements, followed by hypothesis testing using multiple regression analysis. Data processing was carried out using E-Views software version 13. The results showed that partially, investment decisions have a positive and significant effect on firm value, with a probability value of 0.0000, which is smaller than the 0.05 significance level. This finding indicates that the more appropriate a company's investment decisions are, the higher the company's value is reflected in its stock performance in the capital market. Conversely, the financing decision variable does not have a significant effect on firm value, with a probability value of 0.3796, which is greater than 0.05. This indicates that the funding structure, whether derived from equity or debt, did not directly affect firm value during the study period. Similarly, the dividend policy variable did not significantly influence firm value, with a probability value of 0.7493 > 0.05. This means that the amount of dividends distributed was not a determining factor in firm value in the sample studied. However, simultaneously, all three independent variables—investment decisions, financing decisions, and dividend policy—were shown to have a significant effect on firm value, with a probability value (F-statistic) of 0.0000 < 0.05. This confirms that the combination of these three factors collectively contributes to changes in firm value in the coal sub-sector.

The Indonesian manufacturing industry is currently facing intense pressure due to global economic fluctuations and domestic volatility, prompting a strategic reassessment of sustainability practices to maintain competitiveness. While firm value reflects investor confidence, discrepancies remain between operational performance and market valuation, particularly in highly profitable firms. This study aims to systematically investigate how internal corporate factors namely dividend policy, firm size, and green accounting influence firm value. Using a Systematic Literature Review (SLR) method, ten journal articles published between 2023 and 2025 were selected based on indexation (SINTA, Scopus, Copernicus), methodological clarity, and variable alignment. The articles were screened and analyzed using content analysis techniques, supported by Microsoft Excel and Mendeley for structured data extraction. The findings reveal that a stable dividend policy serves as a strong signal of financial stability, firm size reinforces strategic positioning and resource capacity, and green accounting strengthens legitimacy through sustainability disclosure. These factors jointly shape market perceptions and ultimately influence firm valuation. The synthesis supports both signal theory and legitimacy theory in explaining the transmission of value through internal policies. This study contributes theoretically by integrating financial and sustainability variables into a unified value framework and offers practical insights for corporate decision-makers seeking to align internal strategies with investor expectations. Limitations include reliance on secondary data and scope restricted to the manufacturing sector. Future studies should explore empirical validation through cross-sectoral analysis and primary data to enrich the findings.

Firm value refers to the price a prospective buyer is willing to pay if the company were to be sold. It serves as an economic metric to assess the overall financial position of a company, reflecting how valuable the firm is in terms of its assets, earnings, growth potential, and other relevant factors. This study aims to analyze dividend policy as a moderating variable in the relationship between liquidity, leverage, and firm value among organizations listed on the Indonesia Stock Exchange (IDX) in 2023. The data employed in this study is secondary information sourced from annual financial reviews published through the reliable IDX website or the companies’ individual websites. Liquidity is estimated using the current ratio, leverage is estimated using the debt-to-equity ratio, firm value is calculated using the price-to-book value, and dividend policy is calculated using the dividend payout ratio. The sample consists of 248 companies, selected using the Slovin sampling technique. The findings reveal that liquidity and leverage have no impact on firm value. Dividend policy does not slight the impact of liquidity on firm value. However, dividend policy does moderate the effect of leverage on firm value.

Corporate profits may be allocated either as dividends to shareholders or retained to support future investment activities. The proportion of dividends distributed serves as an indicator of management’s ability to balance reinvestment needs with shareholder returns. Decisions regarding dividend distribution are typically finalized during the General Meeting of Shareholders (GMS), following recommendations put forth by the board of directors. This research investigates how asset management influences dividend payments, assesses the impact of leverage on dividend distribution, and explores the moderating effect of company growth on the relationship between asset management and leverage with dividend payouts. The study focuses on companies listed in the High Dividend 20 Index (IDXHIDIV20) from 2019 to 2023. Using purposive sampling, 29 companies were selected, yielding 145 observations that consistently issued dividends throughout the study period. The analysis was conducted using Moderated Regression Analysis (MRA). Findings indicate that asset management positively affects dividend payments, whereas leverage does not exhibit a significant influence. Moreover, company growth is found to weaken the positive association between asset management and dividends, while it does not moderate the relationship between leverage and dividend payouts. These findings support both signaling theory and contingency theory, emphasizing that efficient asset utilization enhances corporate profitability, which in turn can lead to higher dividend distributions.

Decisions regarding dividend payment policy represent a key aspect of corporate governance, closely tied to the active involvement of board members. These decisions are often shaped by the firm's ownership structure. The growing presence of women in managerial roles further emphasizes their influence in strategic decision-making, including dividend-related choices. This study investigates the impact of board size, ownership structure, and female board representation on dividend policy among companies listed in the Kompas 100 index from 2019 to 2023, grounded in agency theory and corporate governance principles. Using multiple linear regression, the research analyzes the dividend payout ratio as the dependent variable, with independent variables including managerial, family, institutional, and government ownership, along with board size and female board representation. The findings reveal that board size, ownership structure, and female board membership collectively influence dividend policy. However, individually, ownership structure shows no significant impact, while both board size and female representation exhibit a significant positive effect on dividend policy, suggesting that larger boards and greater female participation contribute positively to dividend decisions.

Article 26 Income Tax (PPh Article 26) is a tax imposed on income received by foreign taxpayers from sources within Indonesia. This tax applies to foreign entities or individuals who do not reside, are not domiciled, and do not have a permanent establishment in Indonesia. Types of taxable income include interest, dividends, royalties, rent, and service fees. The standard tax rate is 20% of the gross income, but it can be reduced if a Double Tax Avoidance Agreement (DTAA) exists between Indonesia and the taxpayer’s country. The Indonesian income payer is responsible for withholding the tax. After withholding, the tax must be paid to the government by the 10th of the following month and reported to the tax authority by the 20th. To apply DTAA rates, the foreign taxpayer must submit a Certificate of Domicile (CoD). This mechanism ensures that Indonesia maintains its right to tax income derived within its territory. By understanding the procedures for withholding, paying, and reporting Article 26 tax, taxpayers can fulfill their tax obligations correctly and avoid administrative penalties.

Income Tax Article 26 (PPh 26) is a type of tax imposed on income received by foreign taxpayers from Indonesia, including royalties, interest, dividends, prizes, as well as technical and managerial services. This study aims to analyze the implementation of Article 26 in cross-border transactions, the level of compliance by foreign taxpayers, and the effectiveness of tax withholding and payment by withholding agents. The method used is a descriptive qualitative approach through literature review and analysis of tax regulations. The results show that although the regulations concerning PPh 26 are relatively clear, there are still obstacles in its implementation, such as a lack of understanding by tax withholders, difficulties in validating foreign tax documents, and suboptimal utilization of tax treaties (Double Tax Avoidance Agreements). This research recommends enhanced education and training for withholding agents, stronger integration of digital reporting systems, and stricter supervision by tax authorities in order to maximize state revenue potential from Article 26 income tax.

Article 26 of the Indonesian Income Tax Law (PPh Pasal 26) is a significant fiscal regulation that imposes withholding tax on income derived from Indonesian sources and received by foreign taxpayers who do not have a permanent establishment (PE) in Indonesia. The implementation of this regulation plays a crucial role in securing state revenue from cross-border transactions while also addressing the issue of double taxation through Double Taxation Avoidance Agreements (DTAAs). Income subject to PPh 26 includes dividends, interest, royalties, rent, service fees, rewards, pensions, and insurance premiums. The standard withholding tax rate is 20% of the gross or estimated net income, although lower rates may apply depending on applicable tax treaties. The calculation method varies depending on the type of income and the existence of a DTAA. This article also highlights the importance of determining the beneficial owner in applying tax treaty benefits, as well as the challenges faced by companies and tax authorities in enforcement. A case study is presented to illustrate how PPh 26 is calculated on insurance and reinsurance transactions involving foreign entities. Understanding the mechanism, rates, and legal context of PPh 26 is essential for taxpayers and practitioners to ensure compliance and mitigate potential tax disputes.

This study aims to analyze the effect of financial variables—namely firm size, profitability, and capital structure (debt to equity ratio)—on dividend policy in energy sector companies listed on the Indonesia Stock Exchange during the period 2019–2023. The method used is multiple linear regression with secondary data obtained from financial statements and annual reports, selected through purposive sampling, comprising 13 companies and 65 observations. The analysis results indicate that firm size has a significant positive effect on dividend policy, while profitability (ROA) and capital structure (debt to equity ratio) have significant negative effects. These findings confirm that larger firms tend to pay higher dividends, whereas high profitability and leverage exert downward pressure on dividend policy. This study contributes to the development of financial literature concerning the determinants of dividend policy in the energy sector.