The Influence of Profitability and Good Corporate Governance on Company Value: The Role of Dividend Policy

Asih Marini Wulandari; Haya Amalia Firdausi; Didik Indarwanta; Nuraeni Nuraeni

doi:10.35891/xqatxr23

Authors

Asih Marini Wulandari Universitas Pembangunan Nasional "Veteran" Yogyakarta
Haya Amalia Firdausi UPN Veteran Yogyakarta
Didik Indarwanta UPN Veteran Yogyakarta
Nuraeni Nuraeni Universitas Yudharta Pasuruan

DOI:

https://doi.org/10.35891/xqatxr23

Keywords:

Work Coordination, Teamwork, Employee Performance

Abstract

Introduction: This study aims to examine the effects of profitability and Good Corporate Governance (GCG) on firm value, with dividend policy serving as an intervening variable, in coal mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Methods: An explanatory research approach was employed using purposive sampling, resulting in a sample of 13 annual reports of coal mining companies. The data were analyzed using Structural Equation Modeling Partial Least Squares (SEM-PLS) with WarpPLS 7.0 software. Results: The findings reveal that profitability has no significant effect on dividend policy, and Good Corporate Governance also has no significant effect on dividend policy. However, profitability and Good Corporate Governance each have a significant positive effect on firm value. Dividend policy, on the other hand, does not significantly affect firm value. Furthermore, dividend policy does not mediate the relationship between profitability and firm value, nor does it mediate the relationship between Good Corporate Governance and firm value. Conclusion: Coal mining companies should strengthen profitability strategies and corporate governance practices to enhance firm value. Since dividend policy does not act as a mediating variable, managerial focus should be directed toward operational and governance improvements. Future research could expand by incorporating other moderating or mediating variables and exploring different industrial sectors to broaden the applicability of the findings.

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Author Biography

Nuraeni Nuraeni, Universitas Yudharta Pasuruan

Nuraeni is a lecturer at Universitas Yudharta Pasuruan, Indonesia, with research focusing on corporate governance, capital structure, investment opportunities, and bank performance, particularly in relation to credit risk. She also examines Islamic Social Reporting in industry and Islamic banking, emphasizing the influence of profitability and environmental performance on corporate disclosure. Her publications contribute to advancing knowledge in governance, transparency, and financial dynamics within the Indonesian banking sector.

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