ANALYSIS CORRELATION CAPITAL STRUCTURE, POLICY DIVIDENDS, GOOD CORPORATE GOVERNANCE, OPPORTUNITIES GROWTH AND PROFITABILITY ON FIRM VALUE IN MANUFACTURING COMPANIES ON THE INDONESIA STOCK EXCHANGE 2019-2024
DOI:
10.54443/morfai.v5i5.4278Published:
2025-10-19Downloads
Abstract
This research study is about the correlation between capital structure, dividend policies, good corporate governance (GCG), opportunities for growth, and profitability with the firm value of manufacturing companies that are listed on the Indonesia Stock Exchange (IDX) from 2019 to 2024. By using the purposive sampling method, we obtained a sample of 120 companies with a total of 720 observations (firm-year). Firm value is measured using Price to Book Value (PBV). At the same time, variables include the Debt-to-Equity Ratio (DER), Dividend Payout Ratio (DPR), institutional ownership, independent board of commissioners, independent audit committee, Market to Book Value of Equity (MBVE), Return on Equity (ROE), and company size (Ln Asset). Because data distribution is not normal, the research uses the Spearman correlation test. The results indicate that DPR, MBVE, ROE, and the proportion of commissioner independence have a positive and significant connection with the market company in the upcoming year. On the other hand, DER, ownership institutions, the audit committee, and company size do positively impact market value. These findings confirm that profitability, policy dividends, growth opportunities, and governance effectiveness through the role of the independent commissioner all contribute significantly to increasing firm value. Managerial implications indicate that the company needs to prioritize improvement strategies for profitability, maintain consistent dividend policies, strengthen governance quality, and utilize growth opportunities strategically to enhance market and investor confidence.
Keywords:
firm value capital structure policy dividends good corporate governance profitability growth opportunitiesReferences
Abidin, J., & Lestari, S. A. (2020). The Pengaruh Ukuran perusahaan dan Ukuran Komite Audit terhadap Pengungkapan Corporate Social Responsibility. Owner, 4(1), 48. https://doi.org/10.33395/owner.v4i1.214
Adebambo, B. N., & Yan, X. (Sterling). (2018). Investor Overconfidence, Firm Valuation, and Corporate Decisions. Management Science, 64(11), 5349–5369. https://doi.org/10.1287/mnsc.2017.2806
Ahmad Fiqih Baidhlowi, Luis Leonaldo, & Rohmawati Kusumaningtias. (2025). 7644-Article Text-34097-1-10-20250625 (1). ournal: https://jurnal.unismuhpalu.ac.id/index.php/JKS
AlGhazali, A., Al-Yahyaee, K. H., Fairchild, R., & 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
Amrullah, A. A., & Wijaya, H. (2018). Dividend and Agency Conflict in Indonesian Manufacturing Firms. Jurnal Keuangan Dan Perbankan, 22(3). https://doi.org/10.26905/jkdp.v22i3.1820
Aprianti, V., & Khomsiyah, K. (2022). Capital Structure, Accounting Conservatism, Agency Cost, dan Firm Value. Owner, 6(4), 3881–3888. https://doi.org/10.33395/owner.v6i4.1133
Asep Risman, Parwoto, & Agus Sunarya Sulaeman. (2021). The Mediating Role of Firm’s Performance on The Relationship between Free Cash Flow and Capital Structure. Psychology and Education Journal, 58(1), 1209–1216. https://doi.org/10.17762/pae.v58i1.871
Azaro, K., Djajanto, L., & Sari, P. A. (2020). The Influence of Financial Ratios and Firm Size on Firm Value (An Empirical Study on Manufacturing Companies Sector Consumers Goods Industry Listed in Indonesian Stock Exchange in 2013–2017). Proceedings of the 1st Annual Management, Business and Economic Conference (AMBEC 2019). https://doi.org/10.2991/aebmr.k.200415.028
Bakhtiar, H. A., Nurlaela, S., & Hendra, K. (2021). Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, Komite Audit, dan Nilai Perusahaan. AFRE (Accounting and Financial Review), 3(2), 136–142. https://doi.org/10.26905/afr.v3i2.3927
Brahmayanti, I. A. S. (2024). Revealing Corporate Value: The Role of Investment Decisions, Debt Policy, and Ownership Structure. Journal of Accounting and Strategic Finance, 7(2), 235–251. https://doi.org/10.33005/jasf.v7i2.493
Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The Effect of Capital Structure on Firm Value: A Study of Companies Listed on the Vietnamese Stock Market. International Journal of Financial Studies, 11(3). https://doi.org/10.3390/ijfs11030100
Dinda Nelandi Junia, Rita Friyani, & Wendry, W. S. (2025). THE EFFECT OF CAPITAL STRUCTURE, PROFITABILITY, AND COMPANY GROWTH ON COMPANY VALUE. JURNAL AKUNTANSI DAN KEUANGAN UNIVERSITAS JAMBI. https://doi.org/10.22437/jaku.v10i02.46312
Effendi, B. (2022). FAKTOR-FAKTOR YANG MEMPENGARUHI FIRM VALUE DENGAN PERTUMBUHAN PERUSAHAAN SEBAGAI VARIABEL INTERVENING. Ultimaccounting Jurnal Ilmu Akuntansi, 331–348. https://doi.org/10.31937/akuntansi.v14i2.2924
Fauziyah, N., & Muazaroh. (2025). Jurnal Impresi Indonesia (JII) Analysis of Factors Affecting the Firm Value and Profitability as a mediation on Health Company Sector in BEI 2017-2022. https://doi.org/https://doi.org/10.58344/jii.v4i5.6504
Febrianti, S., Giriati, Malini, H., & Wendy. (2024). Determinants of Capital Structure and the Effect on Firm Value: Evidence from Indonesia. Asian Journal of Economics, Business and Accounting, 24(6), 407–421. https://doi.org/10.9734/ajeba/2024/v24i61370
Ghalandari, K. (2013). The Moderating Effects of Growth Opportunities on the Relationship between Capital Structure and Dividend Policy and Ownership Structure with Firm Value in Iran: Case Study of Tehran Securities Exchange. Research Journal of Applied Sciences, Engineering and Technology, 5(4), 1424–1431. https://doi.org/10.19026/rjaset.5.4883
Glenn Indrajaya, Herlina, & Rini Setiadi. (2011). Pengaruh Struktur Aktiva, Ukuran Perusahaan, Tingkat Pertumbuhan, Profitabilitas dan Risiko Bisnis Terhadap Struktur Modal: Studi Empiris Pada Perusahaan Sektor Pertambangan yang Listing di Bursa Efek Indonesia Periode 2004-2007. Jurnal Ilmiah Akuntansi., 2(6).
Gultom, O. G., Karamoy, H., & Rondonuwu, S. (2022). The Effect of Capital Structure and Profitability on Firm Value of Listed Companies Under Indonesia Stock Exchange’s Non-cyclical Consumer Sector. AFEBI Accounting Review, 7(1), 37. https://doi.org/10.47312/aar.v7i1.567
Guna, & Herawaty. (2010). Pengaruh mekanisme good corporate governance, independensi auditor, kualitas audit dan faktor lainnya terhadap manajemen laba. Jurnal Bisnis Dan Akuntansi, 12(1), 53–68.
Harmana, I. M. D. (2023). Meningkatkan Nilai Perusahaan Melalui Struktur Modal Dan Good Corporate Governance. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(2), 165–173. https://doi.org/10.38043/jiab.v8i2.5103
Hastalona, D., Tulim, A., Wahyuni, R. S., Pelawi, P., & Sitorus, E. (2025). Liquidity, Growth Opportunities, and Profitability as Determinants of Firm Value: Evidence from Manufacturing Companies from Indonesia. Golden Ratio of Finance Management, 5(2), 460–471. https://doi.org/10.52970/grfm.v5i2.1268
Hirdinis. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration, VII(Issue 1), 174–191. https://doi.org/10.35808/ijeba/204
Husna, A., & Satria, I. (2019). EFFECTS OF RETURN ON ASSET, DEBT TO ASSET RATIO, CURRENT RATIO, FIRM SIZE, AND DIVIDEND PAYOUT RATIO ON FIRM VALUE. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Ichwan Syahrul Gunawan, Dirvi Surya Abbas, & Triana Zuhrotun Aulia. (2023). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Mutiara Ilmu Akuntansi, 2(1), 39–55. https://doi.org/10.55606/jumia.v2i1.2275
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kapons, M., Kelly, P., Stoumbos, R., & Zambrana, R. (2023). Dividends, trust, and firm value. Review of Accounting Studies, 28(3), 1354–1387. https://doi.org/10.1007/s11142-023-09795-4
Kasmir. (2019). Analisis Laporan Keuangan (12th ed.). PT. Rajagrafindo Persada. .
KEMENKEU. (2025, February 3). Aktivitas Manufaktur Indonesia Menguat, Inflasi Terkendali di Awal 2025. https://fiskal.kemenkeu.go.id/publikasi/siaran-pers-detil/605
Kepramareni, P., Mirayani, L. P. M., & Idayani, N. P. T. M. (2024). Impact of Investment, Funding, and Profitability on Indonesian Manufacturing Firm Valuation. Jurnal Ekonomi Dan Bisnis Jagaditha, 11(1), 77–87. https://doi.org/10.22225/jj.11.1.2024.77-87
Kusna, I., & Setijani, E. (2018). Analisis Pengaruh Kinerja Keuangan, Growth Opportunity Dan Ukuran Perusahaan Terhadap Struktur Modal Dan Nilai Perusahaan. JURNAL MANAJEMEN DAN KEWIRAUSAHAAN, 6(1). https://doi.org/10.26905/jmdk.v6i1.2155
Leny Suzan, & Nurul Izza Ramadhani. (2023). Firm Value Factors: The Effect Of Intellectual Capital, Managerial Ownership, And Profitability. Jurnal Akuntansi, 27(3), 401–420. https://doi.org/10.24912/ja.v27i3.1487
Machali, I. (2017). STATISTIK ITU MUDAH Dilengkapi dengan latihan-latihan dalam Penelitian Pendidikan, Manajemen, dan ilmu-ilmu Sosial Lainnya. Program Studi Manajemen Pendidikan Islam (MPI) Fakultas Ilmu Tarbiyah dan Keguruan Universitas Islam Negeri (UIN) Sunan Kalijaga Yogyakarta.
Mohammad Alvin Nur Rohman, & Fitriyah, F. (2024). Firm Value: The Mediating Effects of Capital Structure on Profitability, Size, and Asset Structure. International Journal of Science, Technology & Management, 5(3), 655–666. https://doi.org/10.46729/ijstm.v5i3.1113
Nadia Amila. (2025, February). Kontribusi Industri Manufaktur ke PDB Capai 18,98 Persen pada 2024. Pajak.Com. https://www.pajak.com/ekonomi/kontribusi-industri-manufaktur-ke-pdb-capai-1898-persen-pada-2024/
Psychoyios, D. (2024). Income growth, forecasting and stock valuation. IMA Journal of Management Mathematics, 35(2), 285–300. https://doi.org/10.1093/imaman/dpad018
Putro, G. M. H., Imawan, A., Megasyara, I., & Febrianti, D. (2024). DOES FIRM VALUE MATTER? EMPIRICAL EVIDANCE FROM INDONESIA. AKSY Jurnal Ilmu Akuntansi Dan Bisnis Syariah), 6(2), 159–173. https://doi.org/10.15575/aksy.v6i2.34719
Riyadh, H. A., Al-Shmam, M. A., & Firdaus, J. I. (2022). CORPORATE SOCIAL RESPONSIBILITY AND GCG DISCLOSURE ON FIRM VALUE WITH PROFITABILITY. International Journal of Professional Business Review, 7(3). https://doi.org/10.26668/businessreview/2022.v7i3.e655
Rochman, Muh. F. F., Tangngisalu, J., & Agus, A. (2025). The Effect of Financial Performance and Firm Size on Firm Value with CSR as a Moderating Variable. Golden Ratio of Auditing Research, 6(1), 214–224. https://doi.org/10.52970/grar.v6i1.1696
Saleh, M. S. A. H., Ibrahim, Y., & Shahar, H. K. (2020). The Simultaneous Effect of Corporate Ownership on Dividends and Capital Structure: Malaysian Evidence. International Journal of Financial Research, 11(6), 46. https://doi.org/10.5430/ijfr.v11n6p46
Santosa, P. W., Setianingrum, A., & Yusuf, C. (2022a). Corporate governance and leverage on firm value: Evidence of Indonesian large firms. Jurnal Keuangan Dan Perbankan, 26(4), 862–873. https://doi.org/10.26905/jkdp.v26i4.7664
Santosa, P. W., Setianingrum, A., & Yusuf, C. (2022b). Corporate governance and leverage on firm value: Evidence of Indonesian large firms. Jurnal Keuangan Dan Perbankan, 26(4), 862–873. https://doi.org/10.26905/jkdp.v26i4.7664
Setiawati, C., Orbaningsih, D., & Muawanah, U. (2024). Financial Performance And Company Value: Good Corporate Governance As Moderation. JAS (Jurnal Akuntansi Syariah), 8(2), 341–363. https://doi.org/10.46367/jas.v8i2.2076
Setyawan, C. D., & Ghozali, I. (2025). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Corporate Social Responsibility sebagai Variabel Mediasi. Owner, 9(2). https://doi.org/10.33395/owner.v9i2.2655
Silalahi, B. M. U., & Lestari, T. U. (2023). The effect of managerial ownership, institutional ownership, and market activity on firm value. Gema Wiralodra, 14(2), 629–637. https://doi.org/10.31943/gw.v14i2.485
Sintyana, I. P. H., & Artini, L. G. S. (2018). PENGARUH PROFITABILITAS, STRUKTUR MODAL, UKURAN PERUSAHAAN DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN. E-Jurnal Manajemen Universitas Udayana, 8(2), 757. https://doi.org/10.24843/EJMUNUD.2019.v08.i02.p07
Stevanus, L., Ramon, L., & Ferry Tumiwa, A. (2017). The Effect of Dividend Policy, Firm Size, and Productivity to The Firm Value. In Research Journal of Finance and Accounting www.iiste.org ISSN (Vol. 8, Issue 22). Online. www.iiste.org
Suari, C. I. W., & Oktaryani, G. A. S. (2025). The Effect of Good Corporate Governance on Firm Value with Profitability as Moderator in Food and Beverage Companies Listed on the IDX. Formosa Journal of Applied Sciences, 4(5), 1467–1480. https://doi.org/10.55927/fjas.v4i5.148
Subiyanto, B., & Maulidya, R. (2024). Profitability And Firm Value: How Does Good Corporate Governance Affect Them? Management, Business and Social Science (IJEMBIS) Peer-Reviewed-International Journal, 4(1). https://doi.org/10.59889/ijembis.v3i3.322
Sudana. (2011). Manajemen Keuangan Perusahaan Teori dan Praktik. Erlangga.
Susilowati, D., Nurlia, N., & Juwari, J. (2022). Good Corporate Governance Characteristic, Profitability and Firm Value: Evidence from Indonesia. IQTISHODUNA, 18(2), 99–121. https://doi.org/10.18860/iq.v18i2.17056
Taufik, M., & Jonathan, J. (2021). Implikasi Pengawasan Tata Kelola dan Corporate Social Responsibility Terhadap Profitabilitas di Indonesia. Berkala Akuntansi Dan Keuangan Indonesia, 6(1), 81. https://doi.org/10.20473/baki.v6i1.25829
Teguh Ari Maulana. (2023). ANALISIS PENGARUH CORPORATE SOCIAL RESPONSIBILITY (CSR) TERHADAP PROFITABILITAS (STUDI KASUS PADA PT ADARO ENERGY TBK). SENTRI: Jurnal Riset Ilmiah, 2(3), 575–581. https://doi.org/10.55681/sentri.v2i3.469
Trading Economics. (2025, October). Indonesia Manufacturing PMI. https://tradingeconomics.com/indonesia/manufacturing-pmi
Worokinasih, S., Zuhdi, M. L., & Zaini, M. (2020). The Mediating Role of Corporate Social Responsibility (CSR) Disclosure on Good Corporate Governance (GCG) and Firm Value.
License
Copyright (c) 2025 Angela Ayu Kusumaning Ratri, Astri Wening Perwitasari, Aditya Narendra Wardhana, Mirza Dwinanda Ilmawan
This work is licensed under a Creative Commons Attribution 4.0 International License.
Downloads
How to Cite
