Pengaruh Struktur Modal, Dividen, dan Profitabilitas terhadap Nilai Perusahaan: Moderasi Kepemilikan Institusional

Abstract

This study aims to examine the effects of capital structure, dividend policy, and profitability on firm value, as well as to investigate the moderating role of institutional ownership in energy sector companies listed on the Indonesia Stock Exchange during the 2019–2024 period. This research employed a quantitative approach using secondary data obtained from companies' annual reports and financial statements. The sample was selected using purposive sampling, resulting in 50 companies observed over a six-year period. Data were analyzed using panel data regression with the FEM and robust standard errors estimated through EViews 13. The findings indicate that capital structure and profitability have a positive and significant effect on firm value, while dividend policy has no significant effect. Institutional ownership does not moderate the relationship between capital structure and firm value or between dividend policy and firm value; however, it significantly strengthens the effect of profitability on firm value. These findings suggest that, in the capital-intensive energy sector, firm value is driven more by effective financing decisions and the company's ability to generate profits than by dividend distribution policies. This study implies that energy companies should optimize their capital structure, improve profitability, and strengthen institutional monitoring to enhance firm value.