DIVIDEND POLICY AS A MEDIATOR IN THE INFLUENCE OF LEVERAGE, PROFITABILITY, AND COMPANY SIZE ON COMPANY VALUE (Study on the Listed Manufacturing Industry of the Consumer Goods Sector) on the Indonesia Stock Exchange 2018-2022)

This research aims to analyze the influence of leverage, profitability, and firm size on firm value, both directly and indirectly through dividend policy, in the consumer goods manufacturing sector listed on the Indonesia Stock Exchange (IDX) during the 2018-2022 period. Using a purposive sampling method, the study collected 135 observational data from companies in this sector. The analytical methods used were multiple linear regression and the Sobel test for mediation. The results show that leverage has a negative and significant effect on firm value, while profitability has a positive and significant effect. Although firm size has a positive effect, it does not show significance on firm value. Dividend policy is proven to mediate the effect of leverage and profitability on firm value, but not the effect of firm size. These findings emphasize the importance of dividend policy as a mediating mechanism in the relationship between leverage and profitability on firm value, providing new insights for financial managers and investors in the consumer goods sector in Indonesia.