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Abstract
This study aims to examine the effect of dividend policy, capital structure, and ESG disclosure on firm value in non-financial companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. The data were obtained from companies’ annual reports and sustainability reports, with a total sample of 50 companies selected using purposive sampling. The analytical method employed was panel data regression with a fixed-effect model. The results show that dividend policy and capital structure have a significant effect on firm value, while ESG disclosure has a positive but insignificant effect. This study provides implications for management in optimizing financial policies to enhance firm value
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References
- Baker, M., & Wurgler, J. (2004). A catering theory of dividends. Journal of Finance, 59(3), 1125-1165.
- Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233.
- Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 46(2), 97-113.
- Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297.
- Miller, M., & Rock, K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40(4), 1031–1051
- Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, 13(2), 187-221.
- OJK. (2023). Laporan Tahunan Pasar Modal Indonesia. Jakarta: OJK.
- World Bank. (2024). ESG and corporate value creation in emerging markets. Washington DC: World Bank Publications.
References
Baker, M., & Wurgler, J. (2004). A catering theory of dividends. Journal of Finance, 59(3), 1125-1165.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2,000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233.
Lintner, J. (1956). Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review, 46(2), 97-113.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297.
Miller, M., & Rock, K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40(4), 1031–1051
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, 13(2), 187-221.
OJK. (2023). Laporan Tahunan Pasar Modal Indonesia. Jakarta: OJK.
World Bank. (2024). ESG and corporate value creation in emerging markets. Washington DC: World Bank Publications.