THE INFLUENCE OF DIVIDEND POLICY, PROFITABILITY, AND LEVERAGE ON THE FIRM VALUE OF FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE 2021-2024

Dita Ayu Puspita; Mohammad Syafik; Yenni Vera Fibriyanti; An'im Fatach

THE INFLUENCE OF DIVIDEND POLICY, PROFITABILITY, AND LEVERAGE ON THE FIRM VALUE OF FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE 2021-2024

Authors

Dita Ayu Puspita Universitas Islam Lamongan
Mohammad Syafik Universitas Islam Lamongan
Yenni Vera Fibriyanti Universitas Islam Lamongan
An'im Fatach Universitas Islam Lamongan

Keywords:

Dividend Policy, Profitability, Leverage, Firm Value

Abstract

The Objective of this study is to analyze the effect of dividend policy, profitability, and leverage on firm value in food beverage sub-sector companies listed on the Indonesia Stock Exchange for the 2021-2024 period. In this study, the independent variables are dividend policy, measured by the Dividend Payout Ratio (DPR), profitability, measured by the Return On Assets Ratio (ROA), and leverage, measured by the Debt-Equity Ratio (DER). The dependent variable is firm value, measured by Price to Book Value (PBV). The sample collection technique used purposive sampling, obtaining 32 companies over four years of observation, resulting in a sample size of 128. The analysis method used was panel data regression with a Random Effect Model (REM) approach, processed using Stata software. The results of this study indicate that divident policy and profitability have a partial positive but insignificant effect on firm value. Leverage has a significant positive effect on firm value, and all three variables simultaneously aslo have a significant effect on firm value

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Published

2026-10-20

How to Cite

Ayu Puspita, D., Syafik, M., Vera Fibriyanti, Y., & Fatach, A. (2026). THE INFLUENCE OF DIVIDEND POLICY, PROFITABILITY, AND LEVERAGE ON THE FIRM VALUE OF FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE 2021-2024. JEKMA (Jurnal Ekonomi Mahasiswa), 4(2), 458–467. Retrieved from https://jurnalekonomi.unisla.ac.id/index.php/JEKMA/article/view/2916