This study aims to examine the determinants of firm value with dividend policy as a moderating variable in coal mining companies listed on the Indonesia Stock Exchange during the 2019–2023 period. Specifically, the study analyzes the effects of environmental performance, capital structure, financial performance, and enterprise risk management on firm value, with dividend policy acting as a moderating variable. A quantitative approach was employed using panel data regression, processed through EViews 12 software. The research population consists of 23 coal mining companies, with 10 companies selected as samples based on specific criteria. The results show that environmental performance (KL), financial performance (ROA), and enterprise risk management (ERM) have a significant positive effect on firm value, while capital structure (DER) does not show a significant effect. Meanwhile, dividend policy significantly moderates the relationship between environmental performance and firm value, as well as the relationship between financial performance and firm value. Dividend policy also moderates the relationship between capital structure and firm value, but does not significantly moderate the relationship between enterprise risk management and firm value. This study is expected to contribute theoretically to the development of financial management literature and practically as a strategic reference for management in coal mining companies to enhance firm value sustainably.
Suwarsono et al. (Tue,) studied this question.
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