Analysis of Company and Dividend Policy As Moderating Variables in Healthcare Companies Listed On The Indonesian Stock Exchange

Abstract

Company value serves as a crucial metric for investors, representing the market's view of a firm's actual significance. This study employs Tobin’s Q to evaluate firm value by contrasting a company's market capitalization with the replacement cost of its assets. The research examines the impact of profitability and leverage on firm value, additionally assessing the possible moderating role of dividend policy, concentrating on healthcare companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Using a quantitative approach, the study utilizes secondary data sourced from audited financial statements, covering 120 firm-year observations from 30 companies. Hypotheses are evaluated through Moderated Regression Analysis (MRA). Results indicate that profitability and leverage have a substantial impact on firm value, while dividend policy does not significantly alter the connection between these financial metrics and firm value