Peran Kebijakan Dividen dalam Memediasi Pengaruh Struktur Modal terhadap Nilai Perusahaan pada Indeks Saham Syariah Indonesia
Sari
Penelitian ini dilakukan bertujuan untuk menganalisis pengaruh struktur modal terhadap kebijakan dividen dan nilai perusahaan, serta peranan kebijakan dividen dalam memediasi pengaruh struktur modal terhadap nilai perusahaan yang terdaftar pada Indeks Saham Syariah Indonesia. Teknik pemgambilan sampel dalam penelitian ini adalah metode purposive sampling dengan total sampel sebanyak 42 perusahaan yang memenuhi kriteria dari total 261 perusahaan. Analisis data yang dilakukan dalam penelitian ini yaitu dengan teknik analisis jalur menggunakan software AMOS. Untuk menguji pengaruh tidak langsung, maka peneliti menggunakan uji sobel dengan bantuan kalkulator sobel online. Adapun hasil penelitian yang telah dilakukan terbukti bahwa struktur modal berpengaruh positif dan signifikan terhadap kebijakan dividen dan nilai perusahaan yang terdaftar pada Indeks Saham Syariah Indonesia. Disamping itu, kebijakan dividen juga berpengaruh positif dan signifikan terhadap nilai perusahaan. Kemudian, secara tidak langsung kebijakan dividen berperan penting dalam memediasi pengaruh antara struktur modal terhadap nilai perusahaan secara positif dan signifikan.
Kata Kunci: Struktur Modal, Kebijakan Dividen, Nilai Perusahaan
Abstract
This study aims to analyze the effect of capital structure on dividend policy and firm value, as well as the role of dividend policy in mediating the effect of capital structure on firm value listed on the Indonesian Sharia Stock Index. The sampling technique in this research is purposive sampling method with a total sample of 42 companies that meet the criteria of a total of 261 companies. Data analysis carried out in this study is path analysis technique using AMOS software. To test the indirect effect, the researchers used the Sobel test with the help of an online Sobel calculator. The results of the research that have been carried out have proven that the capital structure has a positive and significant effect on dividend policy and the value of companies listed on the Indonesian Sharia Stock Index. In addition, dividend policy also has a positive and significant effect on firm value. Then, indirectly dividend policy plays an important role in mediating the effect of capital structure on firm value in a positive and significant way.
Keywords: Capital Structure, Dividend Policy, Firm Value
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DOI: https://doi.org/10.37531/yum.v4i2.879
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