Peran Kebijakan Dividen dalam Memoderasi Keterkaitan Struktur Kepemilikan, Struktur Modal, dan Perencanaan Pajak terhadap Nilai Perusahaan
DOI:
https://doi.org/10.37481/jmh.v6i3.2350Keywords:
Ownership Structure, Capital Structure, Tax Planning, Dividend Policy, Firm ValueAbstract
This study aims to examine the effect of ownership structure, capital structure, and tax planning on firm value, as well as to investigate the role of dividend policy as a moderating variable in primary consumer goods companies listed on the Indonesia Stock Exchange during the 2021–2025 period. Firm value is an important indicator that reflects investors' perceptions of a company's performance and future prospects; therefore, it should be supported by optimal financial policies. This study employed a quantitative research approach using secondary data obtained from the annual reports and financial statements of the selected companies. The sample was determined using a purposive sampling technique based on predetermined criteria, resulting in companies that met the research requirements. Data were analyzed using panel data regression with the Random Effects Model (REM) as the most appropriate estimation model based on the model selection tests, while the moderating effect was examined using Moderated Regression Analysis (MRA). The findings indicate that ownership structure has no significant effect on firm value. Capital structure has a positive and significant effect on firm value, whereas tax planning has no significant effect on firm value. Simultaneously, ownership structure, capital structure, and tax planning significantly affect firm value. Furthermore, the moderating analysis reveals that dividend policy is unable to moderate the relationship between ownership structure, capital structure, and tax planning and firm value. These findings suggest that financing decisions reflected in capital structure are considered by investors to be more influential in enhancing firm value than ownership structure and tax planning. This study is expected to contribute to the development of the financial accounting literature and provide useful insights for corporate management, investors, and other stakeholders in formulating policies aimed at enhancing firm value.
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