Pengaruh Kepemilikan Institusional, Struktur Modal, dan Free Cash Flow Terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Intervening
Studi pada Perusahaan Sub Sektor Food and Beverage yang Terdaftar di BEI Periode Tahun 2020-2024
DOI:
https://doi.org/10.62007/joumi.v4i2.741Keywords:
Capital Structure, Dividend Policy, Firm Value, Free Cash Flow, Institutional OwnershipAbstract
This study aims to examine the effect of institutional ownership, capital structure, and free cash flow on firm value in food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period, with dividend policy serving as an intervening variable. This study employed a quantitative approach using secondary data obtained from the companies' annual financial reports. The research sample consisted of 30 companies selected through purposive sampling. Data were analyzed using EViews version 13, including descriptive statistical analysis, panel data regression model selection, panel data regression analysis, hypothesis testing, path analysis, and the Sobel test. The results indicate that institutional ownership and capital structure, proxied by the Long-Term Debt to Equity Ratio (LDER), have a negative effect on firm value. Meanwhile, free cash flow, proxied by the Dividend Payout Ratio (DPR), and dividend policy do not have a significant effect on firm value. Furthermore, dividend policy is unable to mediate the effects of institutional ownership, capital structure, and free cash flow on firm value. These findings indicate that dividend policy has not been able to serve as a mechanism for strengthening the relationship between the company's internal factors and firm value in the food and beverage sector during the study period.
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