Financial Performance and Dividend Policy on Firm Value: The Moderating Role of Corporate Governance in Indonesian State-Owned Enterprises

Abstract

This study aims to analyze the effect of financial performance and dividend policy on firm value, with corporate governance as a moderating variable. The population of this study was state-owned enterprises listed on the Indonesia Stock Exchange (IDX) for the 2021-2024 period. Data collection used a purposive sampling method, with 56 annual reports of state-owned enterprises as a sample. The analysis used Multiple Linear Regression Analysis and the Moderated Linear Regression (MRA) test. The results indicate that financial performance and dividend policy have a significant positive effect on firm value. Meanwhile, financial performance and dividend policy, with corporate governance as a moderating variable, do not significantly affect firm value.