PROFITABILITAS, LEVERAGE, DAN DIVIDEN TERHADAP NILAI PERUSAHAAN PROPERTI DAN REAL ESTATE DI INDONESIA
Bilah Samping Artikel
Isi Artikel Utama
Abstrak
Abstrak: Penelitian ini menganalisis pengaruh profitabilitas, leverage, dan kebijakan dividen terhadap nilai perusahaan pada sektor properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2020–2024. Metode penelitian yang digunakan adalah pendekatan kuantitatif dengan jenis penelitian asosiatif. Data sekunder diperoleh dari laporan keuangan tahunan 37 perusahaan yang dipilih melalui metode purposive sampling. Variabel penelitian meliputi profitabilitas (ROA), leverage (DER), kebijakan dividen (DPR), dan nilai perusahaan (Tobin’s Q). Analisis data menggunakan Partial Least Squares Structural Equation Modeling (PLS-SEM) dengan SmartPLS. Hasil penelitian menunjukkan bahwa ROA, DER, dan DPR berpengaruh positif dan signifikan terhadap nilai perusahaan. Nilai R-Square sebesar 0,170 menunjukkan bahwa variabel independen menjelaskan 17% variasi nilai perusahaan. Temuan ini mendukung teori sinyal, yang menyatakan bahwa informasi keuangan memberikan sinyal positif kepada investor.
Kata kunci: profitabilitas, leverage, kebijakan dividen, nilai perusahaan
Unduhan
Rincian Artikel
Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
Referensi
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), p.210. Available at: https://www.mdpi.com/1911-8074/17/5/210
Bagh, T. (2025). The impact of corporate governance on Firm Value. ScienceDirect.
Bastian, M. (2018). Pengaruh profitabilitas, keputusan pendanaan, dan kebijakan dividen terhadap nilai perusahaan dengan kepemilikan institusional sebagai variabel moderating [Tesis Magister, Universitas Sumatera Utara]. Repositori Universitas Sumatera Utara.
Bastian, M., Roesli, E., & Sadalia, I. (2019). The influence of profitability, funding decisions, and dividend policy on the values of property and real estate firms in Indonesia: Institutional ownership as a moderator variable. In Proceedings of the 1st Aceh Global Conference (AGC 2018) (pp. 668–676). Atlantis Press.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.
Dainelli, F., Bet, G. & Fabrizi, E., (2024). The financial health of a company and the risk of its default: back to the future. International Review of Financial Analysis, 95, article 103449.
Deiciassie, D., et al. (2025). The effect of leverage, profitability, and dividend policy on Firm Value.
Dsouza, S. (2025). Do firm-level variables impact dividend pay-out? Taylor & Francis.
Financial Stability Board (FSB), 2023. The financial stability implications of leverage in non-bank financial intermediation [pdf]. Basel: FSB. Available at: https://www.fsb.org/uploads/P060923-2.pdf [Accessed 8 December 2025].
Hair, J.F., Hult, G.T.M., Ringle, C.M. and Sarstedt, M. (2021) A primer on partial least squares structural equation modeling (PLS-SEM). 3rd edn. Thousand Oaks, CA: Sage.
Hidayat, T. (2025). Good Corporate Governance Strategy and Firm Value.
Ilomata / IJJM. (2025). The effect of profitability, leverage, and liquidity on company value with dividend policy as a moderation variable.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Khan, M., Qureshi, M. A., & Ashraf, R. (2021). Dividend policy and Firm Value: Testing the signaling theory in emerging markets. Cogent Economics & Finance, 9(1), 1–17.
Lindenberg, E. B., & Ross, S. A. (1981). Tobin’s q ratio and industrial organization. Journal of Business, 54(1), 1–32.
Manurung, A. D. P. (2022). The effect of Good Corporate Governance on Firm Value with financial performance as an intervening variable.
Mayangsari, S., & Suwarno, T. E. (2023). Audit report quality, sustainability and profitability on stock price in Indonesia securities exchange. Jurnal Magister Akuntansi Trisakti, 10(2), 193–202.
Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. The Journal of Business, 34(4), 411–433.
Mutmainah, M., Nadiar, R., & Alfikri, R. (2025). The role of digital transformation in managerial accounting practices: Empirical study of Indonesian companies. EL MUHASABA: Jurnal Akuntansi (e-Journal), 16(2), 185–198.
Nurjanah, S., Wijaya, S.N., Komara, A. & Mahadianto, M.Y. (2025) ‘Financial Performance Evaluation: The Role of ROA and ROE in Increase Company Value’, International Journal of Business, Economics, and Social Development, Vol. 6 No. 2.
Paeleman, I., 2023. The consequences of financial leverage: certified B [online]. Available at: https://pmc.ncbi.nlm.nih.gov/articles/PMC9925939/ [Accessed 8 December 2025]
Pristiana, U. (2025). Improving Firm Value to dividend policy evidence of...
Sarstedt, M., Ringle, C.M. and Hair, J.F. (2020) ‘Partial least squares structural equation modeling’, International Journal of Research in Marketing, 37(2), pp. 215–220.
Satriya, Y. J. (2024). Analysis of dividend policy, corporate governance, macroeconomic and Firm Value. Atlantis Press.
Singh, R., Gupta, C.P. & Chaudhary, P. (2024) ‘Defining Return on Assets (ROA) in empirical corporate finance research: a critical review’, Empirical Economics Letters, 23 (Special Issue 1).
Sebayang, Y.P.B., Siregar, R., Dalimunthe, H. & Nasution, S.T.A. (2025) ‘The Influence of Asset Management, Solvency, and Liquidity on Financial Performance in Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange in 2021–2023’, Jurnal Akuntansi, 15(2), pp.95–106.
Setiawan, R., & Khalifaturofi’ah, S. O. (2024). Profitability’s impact on Firm Value in Indonesia’s real estate firms: A panel data investigation. Property Management.
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Suwarno, T. E., & Muthmainnah, R. (2024). Fundamental factors on stock price with sustainability report as moderating variable. International Journal of Social Science and Education Research Studies, 4(9), 956–965.
Yilmaz, E. (2024). Dividend signaling and firm valuation: Evidence from emerging economies. Journal of Financial Management and Analysis, 37(2), 45–59.