Company Value: Dividend Policy, Share Ownership Structure, and Asset Structure Mediated with Capital Structure (Case Study of Food and Beverage Companies Listed on the Indonesia Stock Exchange for the 2021–2023 Period)
Abstract
This research aims to analyze and determine the effect of Dividend Policy, Share Ownership Structure, and Asset Structure on Company Value with Capital Structure as an Mediating variable in Food and Beverage sector companies listed on the Indonesia Stock Exchange during the period of 2021-2023. The data processing in this study uses quantitative data analysis and employs SPSS 25 (Statistical Package for Social Science). The sample in this study consists of 30 Food and Beverage sector companies listed on the Indonesia Stock Exchange during the period of 2021-2023. The results show that Dividend Policy and Share Ownership Structure have a negative and significant impact on capital structure, while Asset Structure has a positive and significant impact on capital structure. Dividend Policy and Share Ownership Structure have a positive and significant impact on company value, while Asset Structure has a negative impact and is significant to firm value, while Asset Structure has a negative and significant effect on firm value. Capital Structure can mediate the relationship between Dividend Policy, Share Ownership Structure (Public Ownership), and Asset Structure on Firm Value.
Downloads
References
Aini, N., & Priadi, A. (2022). The effect of profitability, company size, and dividend policy on company value. Journal of Economics, Business, and Accounting, 24(2), 45–57. https://doi.org/10.31227/osf.io/6nz3j
Akyunina, N. (2021). The influence of ownership structure, company size, and innovation on company value. Indonesian Journal of Accounting and Finance Research, 6(1), 13–25. https://doi.org/10.23917/jrak.v6i1.14441
Amalia, N. (2020). The effect of profitability, company size, and asset structure on company value with capital structure as an intervening variable in property, real estate & building construction companies listed on the Indonesia Stock Exchange for the 2013–2018 period [Undergraduate thesis, University of Semarang].
Brigham, E. F., & Houston, J. F. (2018). Fundamentals of financial management (14th ed.). Cengage Learning.
Devita, D., & Dewi, N. K. (2024). The effect of managerial ownership and dividend policy on firm value. Journal of Management and Business Research, 19(1), 33–42. https://doi.org/10.21009/jrmb.019.1.03
Dianti, R., Prabowo, M. H., & Sulastri, E. (2022). The effect of capital structure on firm value. Journal of Modern Economics, 10(2), 85–94.
Fahmi, I. (2020). Introduction to financial management. Alfabeta.
Ghozali, I. (2018). Multivariate analysis application with IBM SPSS 25 program. Diponegoro University Publishing Agency.
Grediani, I., & Drainingih, Y. (2022). Analysis of firm value determinants. Scientific Journal of Accounting and Management, 5(2), 101–115.
Halim, A. (2020). Investment analysis. Salemba Empat.
Hamono, M. (2017). The influence of ownership structure on company value with profitability as an intervening variable. Journal of Accounting Science and Research, 6(5), 1–16.
Huriwanus, T., Susilawati, D., & Putra, R. (2019). Capital structure and firm value. Journal of Economics and Finance, 7(1), 21–30.
Indrarini, R. (2019). The effect of dividend policy on company value. Multiparadigm Accounting Journal, 10(1), 33–47.
Ismoyo, H. R., & Aprinanto, G. (2020). The effect of managerial ownership on firm value with profitability as an intervening variable. Journal of Accounting and Finance, 9(1), 88–97.
Kasmir. (2014). Financial statement analysis (Revised ed.). RajaGrafindo Persada.
Muslichah, & Hauteas, J. F. (2019). The effect of profitability and dividend policy on company value with capital structure as an intervening variable. Multiparadigm Accounting Journal, 10(2), 244–260. https://doi.org/10.18202/jamal.2019.08.10201
Nadirahman, M. R., & Nurhalis. (2024). The influence of ownership structure on capital structure decision making and dividend policy in manufacturing companies in Indonesia. Scientific Journal of Management Economics Students, 9(4), 935–953.
Pamungkas, A., Surya, A., & Wulandari, R. (2020). Asset structure, company size, and profitability on company value. Journal of Finance and Business, 12(1), 88–97.
Poetri, A., & Sugijanto, E. (2022). Capital structure and firm value: A study of the consumer sector. Journal of Economics and Business, 17(1), 50–60.
Pramurza, S. D. (2021). The effect of dividend policy and investment decisions on company value in mining sector companies on the Indonesia Stock Exchange. Journal of Management and Business Sciences, 10(2), 75–89.
Prilianti, R., Fikri, M., & Nuryanti. (2021). Determinants of company value in the food industry sector. Journal of Economics and Business Management, 4(3), 122–130.
Purwanti, E. (2020). Corporate financial and investment management. Deepublish.
Puteri, A. S., & Asyik, N. F. (2019). Factors influencing company value. Indonesian Accounting Journal, 8(2), 45–59.
Ramadhan, D., & Munawaroh, N. (2024). Ownership structure and firm value. Indonesian Journal of Islamic Economics, 12(1), 11–23.
Saadah, S., & Huriwanus, T. (2023). Analysis of the influence of dividend policy on company value. Journal of Business and Management, 11(2), 56–68.
Setiawati, I. (2021). Analysis of the effect of dividend policy on company value in pharmaceutical companies listed on the Indonesia Stock Exchange. Indonesian Accounting Journal, 6(1), 1–10.
Sudana, I. M. (2015). Corporate financial management: Theory and practice. Erlangga.
Sugeng, B. (2017). Advanced financial management. UPP STIM YKPN.
Sugiarto. (2009). Ownership structure and company performance. Airlangga University Press.
Sugiyono. (2019). Quantitative, qualitative and R&D research methods. Alfabeta.
Syamsudin, L. (2007). Corporate financial management. PT RajaGrafindo Persada.
Utami, S. (2019). The effect of company size and profitability on company value. Scientific Journal of Economics and Business, 5(3), 145–155.
Wijaya, D. S., & Pakpahan, A. M. (2021). Ownership structure and dividend policy. Indonesian Journal of Management, 8(2), 34–46.
Zavira, N. A. (2021). The effect of profitability on company value in food and beverage companies. Journal of Accounting and Finance, 10(1), 56–64.
Copyright (c) 2025 Erny Amriani Asmin, Jaka Paksilodra, Chandra Ayu Pramestidewi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
