Pengaruh Profitabilitas, Kebijakan Dividen, dan Struktur Modal terhadap Nilai Perusahaan (Studi pada Perusahaan Sub Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2021-2024)
DOI:
https://doi.org/10.58784/rapi.457Keywords:
Profitability, Dividend Policy, Capital Structure, Firm ValueAbstract
This study examines the effect of probability, dividend policy, and capital structure on firm value in banking subsector companies listed on the Indonesia Stock Exchange (IDX) during 2021-2024. The research is grounded in Signaling Theory and the Efficient Market Hypothesis, explaining how financial performance interpreted by investors and reflected stock prices. A quantitative approach is employed using secondary data, collected through documentation of published financial statements and market data from the IDX. Samples were selected using purposive sampling, resulting in 17 firms. Variables were measured using ROA (profitability), DPR (dividend policy), DER (capital structure), and PBV (firm value). Data were analyzed using multiple linear regression (SPSS) along with classical assumption tests. The findings indicate that profitability (ROA) has a positive and significant effect on firm value, while dividend policy (DPR) has a negative but insignificant effect, and capital structure (DER) shows a positive and significant effect. Simultaneously, the three independent variables have a significant influence on firm value, with the model explaining 51,2% of the variance. In conclusion, profitability is the most dominant factor in enhancing the firm value of banking companies during the study period.
Downloads
References
AlGhazali, A., Al-Yahyaee, K. H., Fairchild, R., dan Guney, Y. (2024). What do dividend changes reveal? theory and evidence from a unique environment. Review of Quantitative Finance and Accounting, 62(2), 499–552. https://doi.org/10.1007/s11156-023-01211-x DOI: https://doi.org/10.1007/s11156-023-01211-x
Anggrayini, N. (2021). Faktor-faktor yang mempengaruhi profitabilitas perbankan (Studi : bank umum yang go publik erdaftar di Bursa Efek Indonesia tahun 2014-2018). Magenta, 9(2), 53–64. https://magenta.untama.ac.id/index.php/1192012/article/view/58
Brigham, E. F. ., dan Houston, J. F. . (2009). Fundamentals of financial management. South-Western Cengage Learning.
Cindy, T. M., dan Ardini, L. (2023). Pengaruh kebijakan dividen, kebijakan hutang dan profitabilitas terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Akuntansi (JIRA), (2). https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5107 DOI: https://doi.org/10.59024/jis.v2i1.622
Erdi, T. W. (2024). Pengaruh struktur modal, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan pada perusahaan infrastruktur di Indonesia. Jurnal Akuntansi Dan Pajak (JAP), 25(1), 1–6. https://www.jurnal.stie-aas.ac.id/index.php/jap/article/view/14697 DOI: https://doi.org/10.32696/jaapi.v6i1.4330
Fama, E. F. (1991). Efficient capital markets: II. The Journal of Finance, 46(5), 1575–1617. https://doi.org/10.1111/j.1540-6261.1991.tb04636.x DOI: https://doi.org/10.1111/j.1540-6261.1991.tb04636.x
Gz, A. A., dan Lisiantara, G. A. (2022). Pengaruh profitabilitas, struktur modal, ukuran perusahaan, likuiditas dan kebijakan dividen terhadap nilai perusahaan. Owner : Riset Dan Jurnal Akuntansi, 6(4), 3974–3987. https://doi.org/10.33395/owner.v6i4.1030 DOI: https://doi.org/10.33395/owner.v6i4.1030
Hidayat, W. W. (2022). Struktur modal (capital structure) (1st ed.). PT. Pena Persada Kerta Utama Redaksi.
Junaidi, J. (2024). Financial development contribution to economic growth and poverty reduction. Journal of the Knowledge Economy, 16(1), 4516–4537. https://doi.org/10.1007/s13132-024-02032-6 DOI: https://doi.org/10.1007/s13132-024-02032-6
Kasmir. (2022). Analisis laporan keuangan (Edisi Revisi). RajaGrafindo Persada.
Kieso, D. E. ., Weygandt, J. J. ., dan Warfield, T. D. . (2020). Intermediate accounting : IFRS fourth edition (E. Marcoux, Ed.). John Wiley & Sons, Inc.
Mustajirin, J., dan Putri, N. R. (2025). Analisis pengaruh struktur modal terhadap nilai perusahaan (Studi kasus perusahaan yang terdaftar pada Jakarta Islamic Index tahun 2025). Jurnal Riset Ekonomi Dan Bisnis, 18, 41–48. https://doi.org/10.26623/jreb.v18i1.11883 DOI: https://doi.org/10.26623/jreb.v18i1.11883
Oktaviana, R. A., dan Rosita. (2023). Pengaruh profitabilitas, struktur modal, dan kebijakan dividen terhadap nilai perusahaan. Edunomika, 07(2). https://jurnal.stie-aas.ac.id/index.php/jie/article/view/9185
Otoritas Jasa Keuangan. (2024). Otoritas Jasa Keuangan Indonesia financial services authority fact book 2024.
Purwitasari, R. (2024). Studi empiris hubungan inflasi terhadap volatilitas saham BBRI: analisis dengan pendekatan korelasi dan standard deviasi tahun 2021-2023. Jurnal Ekonomi, Bisnis Dan Pendidikan, 4(7). https://doi.org/10.17977/um066v4i72024p4 DOI: https://doi.org/10.17977/um066v4i72024p4
Rizkyka, T. N., dan Efendi, D. (2024). Pengaruh profitabilitas, struktur modal, kebijakan dividen, dan keputusan investasi terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 13(1), 1–17. https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/5717
Sapna, A., Said, S., dan Mellisyah. (2025). Pengaruh struktur modal, kebijakan dividen, dan profitabilitas terhadap nilai perusahaan (Studi kasus perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2020-2023). Paradoks : Jurnal Ilmu Ekonomi, 8(2). https://jurnal.feb-umi.id/index.php/PARADOKS/article/view/1284
Sidiki, J. I. P., dan D P Aritonang, R. (2025). Pengaruh kebijakan dividen, struktur modal, ukuran perusahaan dan profitabilitas terhadap nilai perusahaan. Jurnal Akuntansi dan Governance, 6(1), 1–22. https://doi.org/10.24853/jago.6.1.1-22 DOI: https://doi.org/10.24853/jago.6.1.1-22
Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355–4. DOI: https://doi.org/10.2307/1882010
Sudarsono, Renaldo, N., BR Hutahuruk, M., Tavip Junaedi, A., dan Suyono. (2022). Teori penelitian keuangan (Andi, Ed.). CV. Literasi Nusantara Abadi.
Sugiyono. (2023). Metode penelitian kuantitatif, kualitatif, dan r&d (Sutopo, Ed.). ALFAVETA cv. www.cvalfabeta.com
Winarti, Y. A., dan Handayani, N. (2024). Pengaruh struktur modal, ukuran perusahaan, dan pertumbuhan aset terhadap nilai perusahaan. Jurnal Ilmiah Akuntansi Dan Keuangan (JIAKu), 3(2), 127–146. https://doi.org/10.24034/jiaku.v3i2.6663 DOI: https://doi.org/10.24034/jiaku.v3i2.6663
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Vanessa Meisyang Tatuil, David P. E. Saerang, Steven J. Tangkuman
This work is licensed under a Creative Commons Attribution 4.0 International License.
Under this license then authors free to:
- Share - copy and redistribute the material in any medium or format.
- Adapt - remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution - You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions - You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
- You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation.
- No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
