Dividend Policy as a Moderator of Internal Financial Determinants of Firm Value

This study investigates how profitability, leverage, company size, and liquidity influence firm value among manufacturing firms listed on the Indonesia Stock Exchange from 2015 to 2024. It also evaluates whether dividend policy changes the strength of these relationships. Using purposive sampling, five companies were selected as the research sample. The data were examined through panel data regression and Moderated Regression Analysis using EViews 12. The findings indicate that profitability is the only variable that significantly increases firm value. In contrast, leverage, company size, and liquidity do not show a significant influence. The moderation analysis further reveals that dividend policy reduces the influence of leverage on firm value, while it does not alter the relationship between profitability, company size, liquidity, and firm value.