The Influence of Dividend Policy and Profitability on the Firm Value of Banking Companies Listed on the Indonesia Stock Exchange (IDX)
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Firm value reflects investors’ perceptions of a company’s performance and prospects, making it an important indicator in the banking sector. Dividend policy and profitability are potential determinants of firm value, although their individual and combined effects require further examination in the context of Indonesian state-owned banks. This study aimed to analyze the effects of dividend policy and profitability on firm value in banking companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. A quantitative approach was employed using secondary data obtained from the financial statements of three state-owned banks: PT Bank Negara Indonesia (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, and PT Bank Mandiri (Persero) Tbk. Firm value was measured using the Price to Book Value (PBV) ratio, dividend policy using the Dividend Payout Ratio (DPR), and profitability using Return on Equity (ROE). The data were analyzed using multiple linear regression, classical assumption tests, and hypothesis testing with SPSS version 26. The results showed that dividend policy had no statistically significant partial effect on firm value, whereas profitability had a significant positive partial effect. Simultaneously, dividend policy and profitability had a significant effect on firm value. These findings highlight profitability as an important indicator that investors consider when evaluating banking companies. This study contributes to the understanding of firm value determinants in the Indonesian banking sector and suggests that banking management should prioritize sustainable profitability while considering dividend policy as part of its broader financial strategy.
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