Factors that Influence Company Value with Dividend Policy as a Mediating Variable

Abstract

This study examines the impact of profitability, leverage, and good corporate governance on company value, with dividend policy serving as an intermediary variable. The research examines healthcare companies listed on the Indonesian Stock Exchange from 2019 to 2023. Using purposive sampling, ten companies were selected for analysis. The study employed WarpPLS version 8.0 for data processing. Results indicate that profitability and leverage significantly and positively affect company value directly. However, satisfactory corporate governance shows no meaningful impact on firm valuation. The mediation analysis demonstrates that dividend policy effectively serves as an intermediary in the relationship between profitability and company value.