Corporate Value Analysis Based on Profitability, Firm Growth, and Funding Decision through Dividend Policy in Consumer Non-Cyclicals Issuers on the Indonesia Stock Exchange

This study analyzes the effect of Profitability (ROE), Firm Growth (AGR), and Funding Decision (DER) on Corporate Value (PBV) through Dividend Policy (DPR) as an intervening variable among Consumer Non-Cyclicals issuers listed on the Indonesia Stock Exchange over the 2021-2025 period. A quantitative approach was applied using panel data regression with the Fixed Effect Model (FEM) on 16 sample companies (80 observations). The results show that Profitability has a significant positive effect on both Dividend Policy and Corporate Value. Firm Growth has a significant negative effect on both Dividend Policy and Corporate Value. Funding Decision has a significant negative effect on Dividend Policy but a significant positive effect on Corporate Value. Dividend Policy has a significant positive effect on Corporate Value and is confirmed as a partial mediator linking Profitability, Firm Growth, and Funding Decision to Corporate Value. These findings support Agency Theory, Signalling Theory, Pecking Order Theory, Trade-off Theory, and Dividend Signalling Theory in the context of Indonesian Consumer Non-Cyclicals issuers.