INFLUENCE INVESTMENT DECISIONS AND DIVIDEND POLICY ON COMPANY VALUE MEDIATED BY FINANCIAL PERFORMANCE

Ni Nyoman Nuryanti Bella; I Made Dauh  Wijana; I Wayan  Widnyana; I Nengah  Suardhika

doi:10.62207/gegzan96

Authors

Ni Nyoman Nuryanti Bella Universitas Mahasaraswati Denpasar, Indonesia Author
I Made Dauh Wijana Universitas Mahasaraswati Denpasar, Indonesia Author
I Wayan Widnyana Universitas Mahasaraswati Denpasar, Indonesia Author
I Nengah Suardhika Universitas Mahasaraswati Denpasar, Indonesia Author

DOI:

https://doi.org/10.62207/gegzan96

Keywords:

Corporate Value, Investment Decisions, Dividend Policy, Financial Performance

Abstract

This study aims to analyze the influence of investment decisions and dividend policies on firm value, with financial performance as a mediating variable, in property companies listed on the Indonesia Stock Exchange for the 2021–2024 period. This study uses secondary data in the form of annual financial reports. The study population consisted of 62 companies, using a purposive sampling technique, resulting in 248 observational samples. Path analysis and the Sobel test were used to examine the mediating role of the data. The research results show that investment decisions and dividend policy have a positive and significant effect on firm value. Investment decisions and dividend policy also have a positive and significant effect on financial performance. Furthermore, financial performance has a positive and significant effect on firm value. The mediation test results indicate that financial performance mediates the influence of investment decisions and dividend policy on firm value. The findings of this study indicate that improving the quality of investment decisions and dividend policies, supported by strong financial performance, can increase company value. This research is expected to contribute to company management, investors, and future researchers in understanding the factors influencing company value.

References

Amaliyah, Fitri. Eliada Herwiyanti. (2020). The Influence of Investment Decisions, Company Size, Financing Decisions and Dividend Policy on the Value of Companies in the Mining Sector. Jurnal Penelitian Ekonomi dan Bisnis (JPEB), 5 (1), 50

Anggia, Gita. Jaja Suteja. (2019). Keputusan Investasi, Pendanaan, Kebijakan Dividen Terhadap Kinerja Keuangan Dan Nilai Perusahaan. Jurnal Riset Bisnis dan Manajemen, 12 (2), 104

Deska, Engla Pautyara. Hamdy Hady. Zefri Yenni. (2022). The Influence of Investment Decisions, Funding Decisions and Dividend Policy on Company Value with Financial Performance as a Mediator. Journal of Business and Economics (JBE) UPI YPTK, 7 (3), 248-249

Elisa, Nova. Akhmad Riduwan. (2021). Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmu dan Riset Akuntansi, 10 (4), 3

Fadillah, St Nurul. Moh. Yasin Soumena. Darwis. (2024). Pengaruh Kinerja Keuangan Terhadap Keputusan Investasi Pada Perusahaan Telekomunikasi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Dan Manajemen (JBM), 20 (3), 167

Febrianto, Hendra Galuh. Amalia Indah Fitriana. Aulia Nabila. (2020). Analisis Keputusan Investasi dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Perusahaan Property, Real Estate and Building Construction yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2015 – 2018. Prosiding Konferensi Nasional Ekonomi Manajemen dan Akuntansi (KNEMA), 4-5

Ghozali. (2019). Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23 (8th ed.). Badan Penerbit Universitas Diponegoro.

Giansaria, Retno. Agung Guritno. (2022). Peran Kebijakan Dividen Sebagai Variabel Mediasi Terhadap Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan. Jurnal Akuntansi dan Keuangan Terapan Indonesia, 2 (1), 14

Kanakriyah, Raed. (2020). Dividend Policy and Companies’ Financial Performance. Journal of Asian Finance, Economics and Business, 7 (10), 540

Nirawati, Lia. Acep Samsudin. Alsya Puteri Pradanti. Aisyah Widya Ayu. Cantika Aura Jahzy. Intan Dwi Isma Saputri. Azzahra Prisichella. (2022). Analysis of the Influence of Dividend Policy on Company Value. Sinomika Journal, 1 (2), 195

Ovami, Debbi Chyntia. Ananda Anugrah Nasution. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner: Riset dan Jurnal Akuntansi, 4 (2), 333

Rosyidah, Ida. David Efendi. (2023). The Influence of Investment Decisions, Debt Policy and Dividend Policy on Financial Performance. Jurnal Ilmu dan Riset Akuntansi, 12 (5), 17

Selfiani. Hendi Prihanto. Usmar. Wizanasari. (2023). The Influence of Investment Decisions and Dividend Policy on company value. Jurnal Bisnis Dan Manajemen, 3 (1), 56

Susanti. Azizatul Munawaroh. (2022). Set Peluang Investasi Nilai Perusahaan E-Issn 2339-0840 Dengan Kebijakan Dividen Sebagai Mediasi Pada Perusahaan Manufaktur. Jurnal Ekonomi Trisakti, 2 (1), 80