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August 22, 2025Journal of Economics Finance and Management StudiesOpen Access

The Influence of Profitability, Leverage, and Liquidity on Firm Value with Dividend Policy as an Intervening Variable: A Study on Financial Services Companies Listed on the Indonesia Stock Exchange

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Authors

YNYohana NanutPKPutu KepramareniGTGregorius Paulus Tahu

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Overview

Quantitative analysis reveals profitability, leverage, and liquidity affect firm value, indicating the need for balanced dividend policy.

Key Points

  • Profitability, leverage, and liquidity positively influence firm value, demonstrating their critical role in financial health.
  • The analysis using Partial Least Squares Structural Equation Modeling shows profitability is the strongest factor affecting firm value.
  • Dividend policy negatively affects firm value while only weakly mediating between financial metrics and firm valuation.
  • Firms must enhance profitability and carefully design dividend policies to align with investor expectations and optimize value.

Cite This Study

Nanut et al. (2025) studied this question.

synapsesocial.com/papers/68af70687567bf4f94febcf7https://doi.org/10.47191/jefms/v8-i8-42
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1The Effect of Profitability and Liquidity on Firm Value with Dividend Policy as an Intervening Variable (Empirical Study on Non-Cyclical Consumer Sector Companies Listed on the Indonesia Stock Exchange Period 2018-2023)2025 · 1 citations
  2. 2The Effect of Profitability, Liquidity and Firm Size on Firm Value with Dividend Policy as a Moderating Variable2025
  3. 3Firm value determinants: Reconsidering dividend policy’s moderating role in Indonesia’s top-tier stock index2025
  4. 4FACTORS THAT INFLUENCE FINANCIAL PERFORMANCE WITH DIVIDEND POLICY AS A MODERATING VARIABLE2024
  5. 5The Effect of Capital Structure, Profitability and Liquidity on Company Value with Dividend Policy as an Intervening Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange in the 2020-2024 Period2025