PENGARUH KEBIJAKAN DIVIDEN DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE SOCIAL RESPONSIBILITY (CSR) SEBAGAI VARIABEL MODERASI STUDI PADA PERUSAHAAN FOOD AND BEVERAGE DI BURSA EFEK INDONESIA PERIODE 2022–2024

Entin Melanda Sari; Sri Hasnawati

doi:10.59003/nhj.v5i9.1940

Authors

Entin Melanda Sari Universitas Lampung
Sri Hasnawati Universitas Lampung

DOI:

https://doi.org/10.59003/nhj.v5i9.1940

Keywords:

Dividend Policy, Capital Structure, Firm Value, Corporate Social Responsibility, Food and Beverage Companies

Abstract

This study aims to analyze the effect of dividend policy and capital structure on firm value with Corporate Social Responsibility (CSR) as a moderating variable in food and beverage companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The study employs a quantitative approach using secondary data obtained from financial statements, annual reports, and sustainability reports. The sampling technique used purposive sampling, resulting in 28 companies as research samples with a total of 84 observations. The analysis method applied panel data regression with Moderated Regression Analysis (MRA) using EViews 13 software. The variables used in this study include dividend policy proxied by Dividend Payout Ratio (DPR), capital structure proxied by Long-term Debt to Equity Ratio (LtDER), firm value proxied by Price to Book Value (PBV), and Corporate Social Responsibility (CSR) measured using the GRI Standards 2021 disclosure index. The results indicate that dividend policy does not have a significant effect on firm value. Meanwhile, capital structure has a negative and significant effect on firm value, indicating that higher long-term debt tends to reduce firm value. Furthermore, CSR is not able to moderate the relationship between dividend policy and firm value. However, CSR is proven to moderate the relationship between capital structure and firm value by weakening the negative impact of capital structure on firm value. These findings imply that CSR disclosure plays an important role in improving investor confidence and reducing negative perceptions related to financial risk caused by high debt levels. Therefore, companies are encouraged to strengthen CSR implementation as part of their long-term strategy to enhance firm value and maintain business sustainability.

Downloads

Download data is not yet available.

References

Abdi, Y., Li, X., & Càmara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance in the airline industry: The moderating role of size and age. Environment, Development and Sustainability, 24(4), 5052–5079. https://doi.org/10.1007/s10668-021-01649-w

Adiguna, K. A., & Adib, N. (2013). Analisis pengaruh EPS, PER, dan dividend yield serta aliran dana asing terhadap perubahan harga saham bluechip dan harga saham lini kedua di Bursa Efek Indonesia tahun 2009–2011. Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya, 1(2), 1–25.

Agustina, L. W. E., Andriani, N., & Syarif, M. (2025). Strategi corporate social responsibility untuk stabilitas saham dan keberlanjutan bisnis pasca initial public offering (IPO). Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(1), 3128–3143. https://doi.org/10.31955/mea.v9i1.5018

Ahmad Pebrian, A., Abbas, D. S., & Zulaecha, H. E. (2023). Pengaruh corporate social responsibility, corporate image, dan competitive advantages terhadap economic performance. Jurnal Mutiara Ilmu Akuntansi, 2(1), 67–80. https://doi.org/10.55606/jumia.v2i1.2277

Ajija, S. R., Sari, D. W., & Setianto, R. H. (2011). Cara cerdas menguasai EViews. Salemba Empat.

Al-Khadhiri, A., & Alzomaia, T. S. (2013). Determination of dividend policy: The evidence from Saudi Arabia. International Journal of Business and Social Science, 4(1), 181–192.

Amro, P. Z. N., & Asyik, N. F. (2021). Pengaruh profitabilitas, ukuran perusahaan, dan struktur modal terhadap nilai perusahaan. Jurnal Ilmu dan Riset Akuntansi, 10(7).

Arianti, B. F. (2022). Pengaruh struktur modal, pertumbuhan penjualan, dan keputusan investasi terhadap nilai perusahaan. Gorontalo Accounting Journal, 5(1), 1–10. https://doi.org/10.32662/gaj.v5i1.1845

Awa, H. O., Etim, W., & Ogbonda, E. (2024). Stakeholders, stakeholder theory and corporate social responsibility (CSR). International Journal of Corporate Social Responsibility, 9(1). https://doi.org/10.1186/s40991-024-00094-y

Basuki, A. T., & Prawoto, N. (2016). Analisis regresi dalam penelitian ekonomi dan bisnis. PT Rajagrafindo Persada.

Brigham, E. F., & Ehrhardt, M. C. (2019). Financial management: Theory and practice. Cengage Learning.

Brooks, C. (2019). Introductory econometrics for finance (4th ed.). Cambridge University Press.

Cowan, K., & Guzman, F. (2020). How CSR reputation, sustainability signals, and country-of-origin sustainability reputation contribute to corporate brand performance: An exploratory study. Journal of Business Research, 117, 683–693. https://doi.org/10.1016/j.jbusres.2018.11.017

Creswell, J. W., & Creswell, J. D. (2023). Research design: Qualitative, quantitative, and mixed methods approaches. SAGE Publications.

Cynthia, H., & Susanti, M. (2024). Faktor-faktor yang memengaruhi nilai perusahaan non-keuangan. E-Jurnal Akuntansi TSM, 3(4), 327–344. https://doi.org/10.34208/ejatsm.v3i4.2307

Damawan, M. (2021). Keuangan perusahaan. FEBI UIN Sunan Kalijaga.

Daud, D., Yusuf, M., Sambo, E. M., Lalo, A., & Asgar, M. A. F. (2024). Implementasi corporate social responsibility pada PT PLTD Suppa (Persero). Equilibrium: Jurnal Ilmiah Ekonomi, Manajemen dan Akuntansi, 13(1), 207–216. https://doi.org/10.35906/equili.v13i1.1902

Desniati, N. E., & Suartini, S. (2021). Pengaruh struktur modal, profitabilitas, dan kebijakan dividen terhadap nilai perusahaan. Journal of Economic, Business and Accounting, 4(2).

Dewi, P. R. A. (2017). Pengaruh kebijakan dividen pada nilai perusahaan dengan pengungkapan CSR dan good corporate governance sebagai pemoderasi. E-Jurnal Akuntansi, 21(1), 173–199.

Diez-Cañamero, B., Bishara, T., Otegi-Olaso, J. R., Minguez, R., & Fernández, J. M. (2020). Measurement of corporate social responsibility: A review of corporate sustainability indexes, rankings and ratings. Sustainability, 12(5). https://doi.org/10.3390/su12052153

Endri, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 10(1), 111–120. https://doi.org/10.5267/j.msl.2019.8.011

Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder theory and the resource-based view of the firm. Journal of Management, 47(7), 1757–1770. https://doi.org/10.1177/0149206321993576

Gao, H., Li, K., & Ma, U. (2020). Stakeholder orientation and the cost of debt: Evidence from state-level adoption of constituency statutes. Journal of Financial and Quantitative Analysis, 56(6), 1908–1944. https://doi.org/10.1017/S0022109020000605

Ghozali, I. (2016). Aplikasi analisis multivariate dengan program IBM SPSS 23. Badan Penerbit Universitas Diponegoro.

Gujarati, D. N., & Porter, D. C. (2019). Basic econometrics (6th ed.). McGraw-Hill Education.

Hannawanti, & Naibaho, E. A. B. (2021). Likuiditas, profitabilitas dan struktur modal terhadap nilai perusahaan dengan variabel moderasi CSR. Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS), 3(2), 145–155. https://doi.org/10.47065/ekuitas.v3i2.1105

Hayes, A. F. (2022). Introduction to mediation, moderation, and conditional process analysis (3rd ed.). Guilford Press.

Hery. (2018). Analisis laporan keuangan (Cetakan ke-3). Grasindo.

Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204

Ika, S. R., Indriani, L., Setianan, A. R., & Widagdo, A. K. (2022). Corporate Social Responsibility Disclosures and Earnings Quality : Evidence from Indonesia. 8–11. https://doi.org/10.4108/eai.10-8-2022.2320882

Ilahi, B., Jannah, Q. N., & Arifin, L. L. (2021). Struktur modal dalam perusahaan.

(2), 8–14.

Imbang, K. S., Karamoy, H., & Mawikere, L. M. (2024). The Effect of Corporate Social Responsibility on Profitability in Mining Companies Listed on the IDX in 2020–2023. Accountability Journal.

Inayah, Z. (2022). Analisis Struktur Modal, Profitabilitas Dan Kinerja Keuangan Terhadap Nilai Perusahaan (Penelitian Literature Review Manajemen Keuangan). Jurnal Manajemen Pendidikan Dan Ilmu Sosial, 3(2), 788–795. https://doi.org/10.38035/jmpis.v3i2.1141

Iqbal, M. (2015). Regresi Data Panel (2): Tahap Analisis.

Irawati, D. M., Hermuningsih, S., & Maulida, A. (2021). Analisis Pengaruh Struktur Modal, Ukuran Perusahaan, dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(3), 813–827. https://doi.org/10.47467/alkharaj.v4i3.741

Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics andBusiness,8(3),423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423

Jufrizen, Putri, A. M., Radiman, M., & Sari, M. (2019). Pengaruh Debt Ratio, LongTerm Debt to Equity Ratio dan Kepemilikan Institusional Terhadap Return on Asset pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Motivas, 7–18.

Kashyap, R., Menisy, M., Caiazzo, P., & Samuel, J. (2020). Transparency versus Performance in Financial Markets: The Role of CSR Communications. Tucker 2007. http://arxiv.org/abs/2008.03443

Kennedy, P. (2020). A guide to econometrics (6th ed.). MIT Press.

Khoirunnisa, W., & Muhammad, R. N. (2022). Penerapan Corporate Social Responsibility (CSR) pada PT Kereta Api Indonesia (Persero). Indonesian AccountinLiteracJournal, 2(3),619–629. https://doi.org/10.35313/ialj.v2i3.4106

Lilianti, E. (2018). Pengaruh Dividend Per Share (DPS) dan Earning Per Share (EPS) terhadap Harga Saham pada Perusahaan Sub Sektor Farmasi di Bursa Efek Indonesia (BEI). Jurnal Ecomen Global, 3(1), 12–22.

Manurung, T. M. S. (2023). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahan Sektor Makanan Dan Minuman Yang Terdaftar Di Bei Periode (2016-2020). Jurnal Ilmiah Manajemen Kesatuan, 11(1), 83–90. https://doi.org/10.37641/jimkes.v11i1.1661

Minh Ha, N., Minh Tai, L., & Minh City, C. (2017). International Journal of Economics and Financial Issues Impact of Capital Structure and Cash Holdings on Firm Value: Case of Firms Listed on the Ho Chi Minh Stock Exchange. International Journal of Economics and Financial Issues, 7(1), 24–30. http:www.econjournals.com

Mukti, A. H. (2020). PENGARUH PROFITABILITAS DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN VARIABEL CORPORATE SOCIAL RESPONSIBILITY SEBAGAI MODERASI.

Jurnal Akuntansi, 1–15.

Napitupulu, M. B. R., & Hutabarat, F. M. (2021). Pengaruh Profitabilitas Terhadap Penghindaran Pajak Dengan Variabel Mediasi Leverage Pada Perusahaan Migas Terdaftar di BEI Pada Tahun 2017–2019. Dinamika Ekonomi: Jurnal Ekonomi Dan Bisnis, 13(2), 296–310.

Narmaditya, B. S. (2022). Corporate Social Responsibility disclosure and Indonesian firm value : The moderating effect of profitability and firm ’ s size CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE AND INDONESIAN FIRM VALUE : THE MODERATING EFFECT OF PROFITABILITY AND FIRM ’ S SIZE. October.

https://doi.org/10.15549/jeecar.v9i4.940

Nurhayati, D., Wibowo, M. A., & Purwanti, E. (2020). Pengaruh Kebijakan Deviden, Likuiditas, Profitabilitas, Dan Struktur Modal Terhadap Nilai Perusahaan Yang Terdaftar Di Jakarta Islamic Index (Jii) Tahun 2017-2019. Jurnal Akuntansi Dan Ekonomika, 1–16.

Nurhayati, I., Sudiyatno, B., Puspitasari, E., & Basiya, R. (2021). Moderating effect of firm performance on firm value: Evidence from Indonesia. Problems and PerspectiveinManagement, 19(3),85–94. https://doi.org/10.21511/ppm.19(3).2021.08

Nurhidayah, N., Purwidianti, W., Miftahuddin, M. A., & Handayani, E. (2024). The Influence of Capital Structure, Profitability, Company Size and Dividend Policy on Firm Value With Investment Decision as a Moderator. Asian Journal of Economics, Business and Accounting, 24(11), 547–558. https://doi.org/10.9734/ajeba/2024/v24i111575

Odum, A. N., Odum, C. G., Omeziri, R. I., & Egbunike, C. F. (2019). Impact of Dividend Payout Ratio on the Value of Firm: A Study of Companies Listed on the Nigerian Stock Exchange. Indonesian Journal of Contemporary Management Research, 1(1), 25. https://doi.org/10.33455/ijcmr.v1i1.84

Ovami, D. C., & Nasution, A. A. (2020). Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan yang Terdaftar dalam Indeks LQ 45. Owner (Riset Dan Jurnal Akuntansi), 4(2), 331. https://doi.org/10.33395/owner.v4i2.247

Pambudi, A. S., Ahmad, G. N., & Mardiyati, U. (2022). Pengaruh Profitabilitas, Likuiditas dan Kebijakan Dividen Terhadap Nilai Perusahaan: Studi pada Industri Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2015-2019. MEV: Jurnal Bisnis, Manajemen, Dan Keuangan, 3(1), 257–269.

Priyatno, D. (2023). Olah Data Sendiri Analisis Regresi Linier Dengan SPSS Dan Analisis Regresi Data Panel Dengan Eviews. Penerbit Andi.

Puspitaningrum, A., & Hanah, S. (2024). Pengaruh Ukuran Perusahaan, Kebijakan Dividen dan Kebijakan Hutang terhadap Nilai Perusahaan. Bank Dan Sistem Perbankan, 3(2), 180–196.

Putratama, R. (2023). Kondisi Bumi Kian Mengkhawatirkan, BMKG Ajak Masyarakat Kontribusi Tahan Laju Perubahan Iklim. https://www.bmkg.go.id/siaran-pers/kondisi-bumi-kian-mengkhawatirkan- bmkg-ajak-masyarakat-kontribusi-tahan-laju-perubahan-iklim

Putri, N.A.B & Budyastuti, T. (2021). The Effect of Investment Decisions,Devidend and Profitability on Firm Balue in the Indonesian Manufacturing Companies. Ajhssr, 5(4), 47–53.

Putri, N. P., & Budyastuti, T. (2021). The Effect of Investment Decisions , Dividend Policy and Profitability on Firm Value in the Indonesian Manufacturing Companies. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(4), 47–53.

Ramdhonah, Z., Solikin, I., & Sari, M. (2019). PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN, PERTUMBUHAN PERUSAHAAN, DAN PROFITABILITAS TERHADAP NILAI

PERUSAHAAN (Studi Empiris pada Perusahaan Sektor Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2017). Jurnal Riset Akuntansi Dan Keuangan, 7(1), 67–82. https://doi.org/10.17509/jrak.v7i1.15117

Rezaee, Z., & Fogarty, T. (2019). Business Sustainability, Corporate Governance, And Organizational Ethics. Wiley.

Rialdy, N. (2018). Pengaruh Struktur Modal, Keputusan Investasi dan Kebijakan Dividen terhadap Nilai Perusahaan pada Perusahaan BUMN yang Terdaftar di Bursa Efek Indonesia Periode 2013–2017. 1(3). https://doi.org/https://doi.org/10.30596/liabilities.v1i3.2689

Riyanto, B. (2013). Dasar-dasar pembelanjaan perusahaan. BPFE- Yogyakarta. Rosalia, J., Utami, W. B., & Pratiwi, D. N. (2022). Pengaruh Struktur Modal,

Profitabilitas, Kebijakan Dividen, Sales Growth, dan Ukuran Perusahaan terhadap Nilai Perusahaan (Studi Kasus pada Perusahaan Properti dan Real Estate yang Terdaftar pada Bursa Efek Indonesia Tahun 2015–2019). Jurnal Akuntansi Dan Pajak.

Ruroh, I. N., Latifah, S. W., & Program. (2018). PENGARUH PROFITABILITAS, LEVERAGE, UKURAN PERUSAHAAN DAN RISK MINIMIZATION TERHADAP PENGUNGKAPAN CORPORATE SOCIAL

RESPONSIBILITY (CSR) (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar Di Bei Periode 2015- 2016). Jurnal Akademi Akuntansi, 1, 12.

Sakaran, U., & Bougie, R. (2019). Research Methods for Business: A Skill- Building Approach. In Leadership & Organization Development Journal (Vol. 34, Issue 7). John Wiley & Sons.

Santa, M. (2020). Pengaruh Profitabilitas dan Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Pemoderasi: Studi Empiris pada Perusahaan Pertambangan yang Listing di Bursa Efek Indonesia Periode Tahun 2015– 201.

Saputri, D. R., & Bahri, S. (2021). The Effect of Leverage, Profitability, and Dividend Policy on Firm Value. International Journal of Educational Research and Social Sciences (IJERSC), 2(6), 1316–1324.

Saragih, P. Y. K., Siahaan, Y., Susanti, E., & Supitriyani, S. (2019). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Pada Perusahaan Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Financial: Jurnal Akuntansi, 4(2), 20–27. https://doi.org/10.37403/financial.v4i2.77

Sartono, S., & Ratnawati, T. (2020). Faktor-Faktor Penentu Struktur Modal,” DiE: Jurnal Ilmu Ekonomi dan Manajemen. Ilmu Ekonomi Dan Manajemen, 11(1), 35–44. https://doi.org/https://doi.org/10.30996/die.v11i01.3403.

Sentosa, D. R., & Tambunan, P. (2024). Analysis of Profitability and Dividend Policy on Company Value with Corporate Social Responsibility as a Moderation Variable (Banking Companies Listed on BEI 2020-2022). Management Studies and Entrepreneurship Journal, 5(2), 7338–7352. http://journal.yrpipku.com/index.php/msej

Seran, E. Y., Ndoen, W. M., Makatita, R. F., & Foenay, C. C. (2023). Pengaruh Kebijakan Dividen, Kebijakan Hutang, dan Profitabilitas terhadap Nilai Perusahaan Manufaktur yang Terdaftar di BEI 2017–2021. GLORY Jurnal Ekonomi Dan Ilmu Sosial, 4(3), 535–547.

Seth, R., & Mahenthiran, S. (2022). Impact of dividend payouts and corporate social responsibility on firm value – Evidence from India. Journal of Business Research,146(March),571–581. https://doi.org/10.1016/j.jbusres.2022.03.053

Setiawan, K., Novitasari, N. L. G., & Widhiastuti, N. L. P. (2021). Pengaruh Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Corporate Social Responsibilitu sebagai variabel Pemoderasi. Jurnal Kharisma, 3(1), 302– 312.

Siregar, M. E. S., & Dalimunthe, S. (2019). Pengaruh profitabilitas, ukuran perusahaan, kebijakan dividen dan struktur modal terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonessia periode 2015-2017. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 10(2), 356–385.

Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104(August), 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039

Sondakh, R. (2019). The Effect of Dividend Policy, Liquidity, Profitability and Firm Size on Firm Value in Financial Service Sector Industries Listed in Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2), 91–101. Sunaryo, D. (2020). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaanpada Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa

Efek Indonesia (BEI) Periode 2013 -2018. Jurnal Ekonomi Vokasi, 3(1), 18–35.

Susanti, A., Putri, H. N., Bakhtiar, M. R., Sunarka, P. S., & Trimiati, K. E. (2022). Pengaruh Keputusan Investasi, Profitabilitas, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2015- 2019). Jurnal EBISTEK (Ekonomi Bisnis Dan Teknologi), 3(1), 1–18.

Susanto Salim, C. (2020). Pengaruh Dividend Yield, Sales Growth, Firm Value, Firm Size Terhadap Return Saham. Jurnal Paradigma Akuntansi, 2(4), 1540. https://doi.org/10.24912/jpa.v2i4.9331

Syaharani, A. F., & Nur, D. I. (2022). Analisis Nilai Perusahaan pada Perusahaan Sub Sektor Makanan dan Minuman: Bukti Empiris di Bursa Efek Indonesia. Jurnal Manajemen, 12(2), 111–123.

Taghian, M., D’Souza, C., & Polonsky, M. J. (2015). A stakeholder approach to corporate social responsibility, reputation and business performance. Social Responsibility Journal, 11(2), 340–363. https://doi.org/10.1108/SRJ-06-

-0068

Uli, R., Ichwanudin, W., & Suryani, E. (2020). Pengaruh Likuiditas Terhadap Nilai Perusahaan Melalui Struktur Modal Dan Profitabilitas. Tirtayasa Ekonomika, 15(2), 321. https://doi.org/10.35448/jte.v15i2.6795

ur Rehman, R., Riaz, Z., Cullinan, C., Zhang, J., & Wang, F. (2020). Institutional ownership and value relevance of corporate social responsibility disclosure: Empirical evidence from China. Sustainability (Switzerland), 12(6). https://doi.org/10.3390/su12062311

Wardani, D. K., & Lestari, N. D. (2022). Pengaruh Kinerja Keuangan Dan Struktur Modal Terhadap Nilai Perusahaan Dengan Corporate Social Responsibility (Csr) …. AKURAT| Jurnal Ilmiah Akuntansi FE …, 13(2), 113–125.

Wati, L. N. (2019). Model Corporate Social Responsibility (CSR) (M. Publisher (ed.)). Myria Publisher.

Winarti, Y. A., & Handayani, N. (2024). Pengaruh Struktur Modal, Ukuran Perusahaan, Dan Pertumbuhan Aset Terhadap Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Keuangan (JIAKu), 3(2), 127–146. https://doi.org/10.24034/jiaku.v3i2.6663

Wirama, D. G., Krisnadewi, K. A., Artini, L. G. S., & Ardiana, P. A. (2024). Dividend policy and residual dividend theory: evidence from Indonesia. Asian Journal of Accounting Research, 9(3), 201–216. https://doi.org/10.1108/AJAR-10-2023-0347

Wiweko, H., & Martianis, M. E. (2020). Pengaruh profitabilitas, kebijakan dividen dan kebijakan hutang terhadap nilai perusahaan. Jurnal Riset Manajemen Dan Bisnis, 15(1), 1–12.

Wooldridge, J. M. (2020). Introductory econometrics: A modern approach (7th ed.).

Cengage Learning.

Yulianti, G., Chaidir, M., Qalbia, F., Tinggi, S., Ekonomi, I., & Bangsa, K. (2025). Peran Stakeholder Dalam Mengukur Rente Ekonomi Perusahaan: Perspektif Baru Terhadap Keunggulan Kompetitif. Jurnal Visi Manajemen, 11, 248– 260.

Yuniastri, N. P. A., I Dewa Made Endiana, & Kumalasari, P. D. (2021). Pengaruh keputusan investasi, struktur modal, profitabilitas, dan kebijakan dividen terhadap nilai perusahaan. Entrepreneurship Bisnis Manajemen Akuntansi (E-BISMA), Analisa 2011, 1–11. https://doi.org/10.37631/e-bisma.v2i1.354

Zuraida, I. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Profitabilitas dan Kebijakan Dividen terhadap Nilai Perusahaan. 4(1).