HERSUGONDO, Hersugondo (2026) " ARTIKEL Dr. HERSUGONDO, SE, MM: Dividends as a Signal or Merely a Routine? The Mediating Role of Dividend Policy on Firm Value". InFestasi, 22 (1).

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Abstract

The primary objective of this study is to investigate whether dividend policy
functions as a market signal or simply follows a standard corporate protocol.
Furthermore, the research explores the capacity of dividend policy to bridge
the relationship between corporate attributes and market value. By
examining non-financial firms within the LQ45 index from 2020 to 2023, the
study analyzes the impact of firm size, profitability, and cash holdings on
corporate valuation, with dividend policy serving as an intervening factor.
Utilizing a quantitative framework, the study employed panel data
regression and the Sobel test to evaluate mediation outcomes. Following
outlier removal, a final dataset of 26 observations was gathered via purposive
sampling. The empirical findings suggest that while profitability
significantly influences both firm value and dividend policy, variables such
as firm size and cash reserves do not demonstrate a meaningful impact.
Ultimately, the results indicate that dividend policy is not a significant
mediator between company characteristics and overall firm value.

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