Profitability, Capital Structure, and Dividend Policy Effects on Primary Consumer Goods Firm Value

Abstract

This study examines the influence of profitability, capital structure, and dividend policy on firm value among primary consumer goods companies listed on the Indonesia Stock Exchange (2020–2023). Using purposive sampling, 13 companies were analyzed through secondary data from financial statements. Profitability was measured by Return on Assets (ROA), capital structure by Debt-to-Equity Ratio (DER), dividend policy by Dividend Payout Ratio (DPR), and firm value by Price to Book Value (PBV). Multiple linear regression results indicate that the three variables jointly have a significant effect on firm value. Individually, profitability and dividend policy significantly affect firm value, while capital structure has no significant effect. The findings offer insights for financial management and investment decisions in Indonesia’s primary consumer goods sector.