Do Dividends Always Strengthen Firm Value? Evidence of Asymmetric Moderation in the Governance–Performance Nexus

This study aims to empirically examine the effect of intellectual capital, profitability, managerial ownership, and institutional ownership on firm value, with dividend policy as a moderating variable. The research focuses on companies in the consumer non-cyclical sector listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. A total of 30 firms were selected using purposive sampling. The data were analyzed using Moderated Regression Analysis (MRA) with the assistance of EViews 12 software. The results indicate that intellectual capital and profitability have a significant impact on enhancing firm value, whereas managerial and institutional ownership have no notable impact. Moreover, dividend policy amplifies the positive effects of intellectual capital and institutional ownership on firm value but diminishes the influence of profitability and managerial ownership. This study contributes to the literature by demonstrating the contingent role of dividend policy in moderating governance and performance signals, providing practical insights for investors and corporate decision-makers to optimize firm valuation strategies.