Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Profitabilitas sebagai Variabel Moderasi pada Perusahaan Sektor Non-Cyclical yang Terdaftar di Bei Periode 2020-2024

This study aims to analyze the effect of dividend policy on firm value with profitability as a moderating variable in non-cyclical sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. This research employs a quantitative approach with a causal associative research design. The data used are secondary data obtained from the companies’ annual financial statements. Dividend policy is proxied by the Dividend Payout Ratio (DPR), firm value is measured using Price to Book Value (PBV), and profitability is proxied by Return on Assets (ROA). The data analysis technique used is Moderated Regression Analysis (MRA). Since the research data were not normally distributed despite data transformation and outlier treatment, hypothesis testing was conducted using the bootstrapping method. The results indicate that dividend policy has a negative and significant effect on firm value. Profitability does not have a significant direct effect on firm value; however, it is able to positively and significantly moderate the relationship between dividend policy and firm value. The conclusion of this study suggests that the effectiveness of dividend policy in enhancing firm value depends on the level of profitability achieved by the company.