Description
Title: Does Dividend Policy Matter for Indonesian Sustainable and Responsible Investment (SRI)-KEHATI Listed Firms? Profitability and Firm Value
Abstract: This study looks into the possible causes of the erratic relationship between firm value and profitability. More specifically, it determines the shape of the moderating variables and assesses whether dividend policy affects the profitability-firm value relationship. We employ an original data set from the Indonesian capital market, which includes SRI-KEHATI listed companies from 2010 to 2019. The results demonstrate a favorable direct relationship between profitability and firm value using hierarchy moderating analysis. A higher dividend policy ratio also strengthens the link between profitability and firm value. We supplement this with data showing that dividend policies act as pure moderators in businesses that are more ethical and sustainable. The baseline model exhibits consistent results in the sensitivity battery analysis and the endogeneity concern, suggesting that the model is resilient to various conditions. Additional studies showed that the dividend policy is more prevalent in low-leverage businesses, companies that engage in low-intensity advertising, and when the financial service authority is in the process of regulating dividend policies after they have been implemented. Our research suggests that corporate policy and national regulation may be used as a competitive advantage by SRI-KEHATI listed companies to boost shareholder value.
Keywords: profitability; firm value; dividend policy; hierarchy moderating regression; sustainability and responsibility investment (SRI)-KEHATI
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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