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Mengoptimalkan Kinerja Perusahaan: Apakah Dividen Memiliki Peran Moderasi?

Business and Accounting Education Journal · Vol. 6 No. 2 (2025) · pp. 246–265

DOI
10.15294/baej.v6i2.20636
ISSN
2723-4487, 2723-4495
Published
2025-08-28
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

This study set out to investigate experimentally how capital structure, as influenced by dividend policy, affects business performance. The study's population consists of 113 Basic Consumer Sector Manufacturing Companies that were listed between 2019 and 2022 on the Indonesia Stock Exchange (IDX). Purposive sampling was applied in the sampling process, yielding a sample of 46 businesses and 162 units of analysis with imbalanced data. Using panel data regression analysis and Moderated Regression Analysis (MRA) with the aid of the STATA software, the approach combines descriptive and inferential analysis. The results showed that capital structure negatively affects firm performance. Furthermore, dividend policy in this study has a moderating role by strengthening the negative effect of capital structure on firm performance. This study makes a new contribution to the existing literature because it considers the moderating effect of dividend policy on firm performance.

Keywords

Collaboration network of the authors

40 authors · 82 co-authorship links · showing the 40 most connected

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Co-authorOrganisationJoint articles
Ahmad NurkhinAffiliation unknown7
Indah AnisykurlillahAffiliation unknown4
S MartonoAffiliation unknown3
Fachrurrozie FachrurrozieAffiliation unknown3
Linda AgustinaAffiliation unknown3
Trisni SuryariniAffiliation unknown3
Fitrarena Widhi RizkyanaAffiliation unknown2
FachrurrozieAffiliation unknown2
Ubaedul MustofaAffiliation unknown2
Sri RuntiningsihAffiliation unknown2
Muhsin MuhsinAffiliation unknown2
M AkmalAffiliation unknown2
Retnoningrum HidayahAffiliation unknown2
Dhini SuryandariAffiliation unknown2
I N KayatiAffiliation unknown2
Alda Permata SariAffiliation unknown1
Ratna Aditya NingrumAffiliation unknown1
Tsalatsah NurakhirohAffiliation unknown1
Fergie AstinilaAffiliation unknown1
Iis SulistianiAffiliation unknown1
Cici PuspitasariAffiliation unknown1
Itaq PangestuAffiliation unknown1
Rusmia WardiyantiAffiliation unknown1
Eka AprilianiAffiliation unknown1
Vivi Ely CandraAffiliation unknown1
Ayu - RetnowatiAffiliation unknown1
Mendi Sri HartatiAffiliation unknown1
Leny OktavianawatiAffiliation unknown1
Sania Anggita Endah KumaraAffiliation unknown1
Istiqomah IstiqomahAffiliation unknown1
Neni UciatiAffiliation unknown1
Ria SafitriAffiliation unknown1
Arina AdilaAffiliation unknown1
Bayu Bagas HapsoroAffiliation unknown1
Ain HajawiyahAffiliation unknown1
Anugrah Rinata PerdanaAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/baej/oai, first harvested 5 Nov 2026, last seen 5 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en">Mengoptimalkan Kinerja Perusahaan: Apakah Dividen Memiliki Peran Moderasi?</dc:title>
	<dc:creator xml:lang="en">Gymnastiar, Hamzah</dc:creator>
	<dc:creator xml:lang="en">Mukhibad, Hasan</dc:creator>
	<dc:creator xml:lang="en">Jayanto, Prabowo Yudo </dc:creator>
	<dc:creator xml:lang="en">Wahyuningrum, Indah Fajarini Sri </dc:creator>
	<dc:subject xml:lang="en">Dividend policy</dc:subject>
	<dc:subject xml:lang="en">Capital structure</dc:subject>
	<dc:subject xml:lang="en">Firm Performance</dc:subject>
	<dc:description xml:lang="en">This study set out to investigate experimentally how capital structure, as influenced by dividend policy, affects business performance. The study's population consists of 113 Basic Consumer Sector Manufacturing Companies that were listed between 2019 and 2022 on the Indonesia Stock Exchange (IDX). Purposive sampling was applied in the sampling process, yielding a sample of 46 businesses and 162 units of analysis with imbalanced data. Using panel data regression analysis and Moderated Regression Analysis (MRA) with the aid of the STATA software, the approach combines descriptive and inferential analysis. The results showed that capital structure negatively affects firm performance. Furthermore, dividend policy in this study has a moderating role by strengthening the negative effect of capital structure on firm performance. This study makes a new contribution to the existing literature because it considers the moderating effect of dividend policy on firm performance.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2025-08-28</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/baej/article/view/20636</dc:identifier>
	<dc:identifier>10.15294/baej.v6i2.20636</dc:identifier>
	<dc:source xml:lang="en">Business and Accounting Education Journal; Vol. 6 No. 2 (2025): Business and Accounting Education Journal; 246 – 265</dc:source>
	<dc:source>2723-4487</dc:source>
	<dc:source>2723-4495</dc:source>
	<dc:source>10.15294/baej.v6i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/baej/article/view/20636/5883</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Business and Accounting Education Journal</dc:rights>
</oai_dc:dc>