An Analysis of the Effects of Capital Structure, Dividend Policy, and  Firm Size on Corporate Value

Yulius Ama Kii; Puji Astuti; Andy Kurniawan

doi:10.63922/ijebir.v5i04.5220

Yulius Ama Kii Akuntasi FEB Universitas Nusantara PGRI Kediri
Puji Astuti Akuntasi FEB Universitas Nusantara PGRI Kediri
Andy Kurniawan Akuntasi FEB Universitas Nusantara PGRI Kediri

DOI: https://doi.org/10.63922/ijebir.v5i04.5220

Keywords: Firm Value, Capital Structure, Dividend Policy, Firm Size, Price-to-Book Value

Abstract

This research examines how firm value is affected by capital structure, dividend policy, and firm size, focusing on consumer goods manufacturers listed on the Indonesia Stock Exchange between 2024 and 2025. In this quantitative descriptive study, financial metrics such as the Price-to-Book Value (PBV) ratio represent firm value, whereas the Debt-to-Equity Ratio (DER), Dividend Payout Ratio (DPR), and the natural log of total assets measure the independent variables. Utilizing a purposive sampling method, 30 out of 83 potential companies were selected, providing 60 distinct firm-year observations from published annual reports. Following successful classical assumption testing, the secondary data underwent multiple linear regression analysis via IBM SPSS. The empirical findings reveal that while capital structure and firm size fail to influence firm value significantly, dividend policy demonstrates a significant positive effect. However, when tested simultaneously, all independent variables collectively show a significant impact on firm value.

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