Analysis of the Influence of Company Size, Return on Equity, and Leverage on Company Value with Dividend Policy as a Moderating Variable in the Property Sub-Sector Listed on the Indonesia Stock Exchange

Fikry Zulfiandi; Dedi  Hariyanto

doi:10.47667/ijppr.v6i4.418

Authors

Fikry Zulfiandi Management Study Program, Faculty of Economics and Business, Muhammadiyah University of Pontianak
Dedi Hariyanto Management Study Program, Faculty of Economics and Business, Muhammadiyah University of Pontianak

DOI:

https://doi.org/10.47667/ijppr.v6i4.418

Keywords:

Firm Value, Firm Size, Return on Equity, Leverage, Dividend Policy

Abstract

This study aims to analyze the influence of firm size, return on equity (ROE), and leverage on firm value, with dividend policy as a moderating variable in property sector companies listed on the Indonesia Stock Exchange (IDX) for the 2022–2024 period. This research adopts a quantitative associative approach with purposive sampling, resulting in a sample of 94 property companies. Data were obtained through documentation of secondary financial reports sourced from the IDX. The analytical methods used include classical assumption tests, multiple linear regression, Moderated Regression Analysis (MRA), and hypothesis testing. The results show that simultaneously, firm size, ROE, and leverage significantly affect firm value. Partially, firm size and leverage have a significant positive effect on firm value, while ROE has no significant effect. The MRA test reveals that dividend policy does not moderate the relationship between firm size, ROE, and leverage on firm value. The coefficient of determination (R²) value is 4.8%, indicating that the independent variables explain 4.8% of the variation in firm value, while 95.2% is influenced by other factors not examined. This study provides insight for investors and managers regarding financial determinants of firm value in the property sector.

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