KEBIJAKAN DIVIDEN MEMODERASI DAMPAK FAKTOR INTERNAL TERHADAP NILAI PERUSAHAAN PADA INDEKS KOMPAS100 TAHUN 2019-2023

This research investigates the influence of profitability, financing choices, and firm size on firm value, with dividend policy acting as a moderating factor. The study was performed on companies included in the Kompas100 index for the 2019–2023 period. The data were obtained from the Indonesia Stock Exchange and analyzed using linear and moderated regression analysis with SPSS version 26. The sample comprises 27 firms. The findings indicate that profitability and financing decisions exert a positive impact on firm value, while firm size shows a negative effect. Dividend policy is capable of moderating the relationship between profitability and firm value, yet it fails to moderate the influence of financing decisions and firm size on firm value. For future research, it is suggested to include additional variables such as corporate governance, and to extend the study to cover more industries and longer time periods. Companies are also advised to pay strategic attention to dividend policy, as it can strengthen the impact of profitability in enhancing firm valuation.