Pengaruh Struktur Kepemilikan dan Struktur Modal Terhadap Kebijakan Dividen dengan Nilai Perusahaan sebagai Variabel Moderasi

The Influence of Ownership Structure and Capital Structure on Dividend Policy with Firm Value as Moderating Variable

Penelitian ini dilakukan untuk mengetahui pengaruh kepemilikan manajerial, kepemilikan institusional, struktur modal dan nilai perusahaan terhadap kebijakan dividen serta pengaruh moderasi dari nilai perusahaan terhadap hubungan kepemilikan manajerial, kepemilikan institusional dan struktur modal dengan kebijakan dividen. Berdasarkan metode penelitian kuantitatif dengan teknik pengambilan sampel purposive sampling, didapatkan 10 perusahaan sektor manufaktur sub sektor industri barang konsumsi di BEI pada periode 2018-2022. Hasil penelitian menunjukkan bahwa terdapat pengaruh antara kepemilikan institusional, struktur modal dan nilai perusahaan terhadap kebijakan dividen, sedangkan kepemilikan manajerial belum mampu mempengaruhi kebijakan dividen, serta nilai perusahaan dapat memoderasi hubungan antara kepemilikan institusional dan struktur modal terhadap kebijakan dividen.

This study was conducted to determine the effect of managerial ownership, institutional ownership, capital structure and firm value on dividend policy as well as the moderating effect of firm value on the relationship between managerial ownership, institutional ownership and capital structure with dividend policy. Based on quantitative research methods with purposive sampling techniques, 10 companies in the manufacturing sector of the consumer goods industry sub-sector were obtained on the IDX in the 2018-2022 period. The results showed that there is an influence between institutional ownership, capital structure and firm value on dividend policy, while managerial ownership has not been able to influence dividend policy, and firm value can moderate the relationship between institutional ownership and capital structure on dividend policy.