DOES DIVIDEND POLICY, AUDIT QUALITY, CAPITAL STRUCTURE AND PROFITABILITY AFFECT FIRM VALUE?

Agus Sihono

doi:10.60090/kar.v5i1.1046.12-23

Agus Sihono Universitas Esa Unggul

DOI: https://doi.org/10.60090/kar.v5i1.1046.12-23

Abstract

This study examines how dividend policy, audit quality, capital structure, and profitability affect firm value. The purposive sampling method was used to take samples from banking companies’ annual reports for the period 2019 to 2022, with multiple linear regression as data analysis. We find that companies with higher dividend and profitability linear with firm value. This study successfully the support view of signaling theory. Furthermore, the result show audit quality effected on firm value positively. This caused audit quality to make an important contribution the credibility of financial statements and reduce the opportunistic behavior of a manager. In addition, companies with larger external capital structures will increasing of firm value, thus supporting the view of trade off theory. We conclude that using balance and efficient capital structure accompanied by the effective implementation of corporate governance, maximum profits will be created, thereby increasing the firm value. Therefore, we suggest to managers that increasing firm value can be done by increasing profits through a balanced capital structure, accompanied by increasing transparency.

Keywords: Dividend policy, audit quality, capital structure, profitability, and firm value

Penelitian ini menguji pengaruh kebijakan dividen, kualitas audit, struktur modal dan profitabilitas terhadap nilai perusahaan. Metode purposive sampling digunakan untuk mengambil sampel terhadap laporan keuangan tahunan perusahaan perbankan periode 2019 sampai 2022, yang dianalisis dengan metode regresi linier berganda. Kami menemukan bahwa kebijakan dividend dan profitabilitas berpengaruh terhadap nilai perusahaan. Hasil studi ini mendukung pandangan signaling theory. Selanjutnya, hasil penelitian menunjukkan bahwa kualitas audit berpengaruh positif terhadap nilai perusahaan. Hasil ini menunjukkan kualitas audit memberikan kontribusi penting terhadap kredibilitas laporan keuangan dan mengurangi perilaku oportunistik seorang manajer. Selain itu, perusahaan dengan struktur modal eksternal yang lebih besar akan meningkatkan nilai perusahaan, sehingga mendukung pandangan trade off theory. Kami menyimpulkan bahwa melalui penggunaan struktur modal yang seimbang dan efisien disertai dengan penerapan tata kelola perusahaan yang efektif, akan tercipta keuntungan yang maksimal sehingga meningkatkan nilai perusahaan. Oleh karena itu, kami menyarankan kepada para manajer bahwa peningkatan nilai perusahaan dapat dilakukan dengan meningkatkan laba melalui struktur modal yang seimbang, disertai dengan peningkatan transparansi.

Kata kunci: Kebijakan dividen, kualitas audit, struktur modal dan profitabilitas terhadap nilai perusahaan

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