The Influence of Capital Structure and Dividend Policy on the Value of Packaged Food and Beverage Companies Listed on the Indonesia Stock Exchange

Muhamad Adittyia Nugraha; Nazwa Ayudiya

Authors

Muhamad Adittyia Nugraha Universitas Nusa Putra
Nazwa Ayudiya Universitas Nusa Putra

Keywords:

Capital_structure1, Dividend_Policy2, Firm_Value3

Abstract

This study aims to analyze the effect of capital structure and dividend policy on firm value in packaged food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2022–2024 period. The independent variables used in this study are capital structure, proxied by the Debt to Equity Ratio (DER), and dividend policy, proxied by the Dividend Payout Ratio (DPR). The dependent variable is firm value, proxied by the Price to Book Value (PBV). This research employed a quantitative approach with a causal research design. The sampling technique used was purposive sampling, resulting in 13 companies with a total of 39 observations. Data analysis was conducted using multiple linear regression analysis with IBM SPSS Statistics. The results indicate that capital structure does not have a significant effect on firm value, while dividend policy has a positive and significant effect on firm value. Simultaneously, capital structure and dividend policy significantly affect firm value. Furthermore, the coefficient of determination shows that capital structure and dividend policy are able to explain 43.2% of the variation in firm value, while the remaining 56.8% is influenced by other factors outside the research model. This study is expected to contribute to the development of financial management literature and provide insights for companies and investors in making financial and investment decisions.

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