Peran Kebijakan Dividen dalam Memediasi Earnings per Share, Profitabilitas, Likuiditas, dan Firm Size terhadap Firm Value Perusahaan LQ45

Berlyan Margaretta; Linawati Linawati; Sigit Puji  Winarko

doi:10.54065/jss.6.4.2026.1648

Authors

Berlyan Margaretta Universitas Nusantara PGRI Kediri
Linawati Linawati Universitas Nusantara PGRI Kediri
Sigit Puji Winarko Universitas Nusantara PGRI Kediri

DOI:

https://doi.org/10.54065/jss.6.4.2026.1648

Keywords:

Dividend Policy, Earnings Per Share, Firm Value, LQ45 Index, Profitability

Abstract

Firm value is an important indicator in the capital market because it reflects investors’ perceptions of corporate performance, financial stability, and future growth prospects. Fluctuations in firm value among LQ45 companies during the post-COVID-19 recovery period indicate that improvements in financial performance do not always generate positive market responses. This study aims to analyze the direct and indirect effects of Earnings Per Share (EPS), profitability, liquidity, and firm size on firm value through dividend policy. The study was conducted on companies included in the LQ45 index of the Indonesia Stock Exchange (IDX) during 2020–2024. A quantitative approach was employed using secondary data obtained from annual reports and financial statements. Purposive sampling resulted in 17 companies, yielding 85 observations. Data were analyzed using IBM SPSS Statistics through descriptive analysis, classical assumption testing, multiple linear regression, and path analysis, while the mediation effect was examined using the Sobel test. The results show that EPS has a significant negative effect on firm value, with a coefficient of -0.001482 and a significance value of 0.001. Profitability has a positive and significant effect on firm value, with a coefficient of 0.461 and a significance value of 0.003. Meanwhile, liquidity, firm size, and dividend policy do not significantly affect firm value. The Sobel test further indicates that dividend policy does not mediate the effects of EPS, profitability, liquidity, or firm size on firm value. These findings indicate that profitability is an important financial factor associated with firm value among LQ45 companies, whereas dividend policy does not demonstrate a significant mediating role during the 2020–2024 period.

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