Risk-Based Capital, Debt Policy, and Growth Opportunity Effects on Insurance Company Dividend Policy with Firm Size Moderation

Abstract

This study investigates the influence of Risk-Based Capital (RBC), debt policy, and growth opportunity on dividend policy with firm size as a moderating variable in insurance companies listed on the Indonesia Stock Exchange (2020–2023). Using purposive sampling, nine insurance companies were analyzed through secondary financial data. RBC was measured by solvency ratio, debt policy by Debt to Asset Ratio (DAR), growth opportunity by asset growth, and dividend policy by Dividend Payout Ratio (DPR). Multiple regression and moderated regression analysis (MRA) results reveal that RBC significantly and positively affects dividend policy, while debt policy and growth opportunity show no significant effects. Firm size moderates only the RBC-dividend relationship. These findings provide insights for insurance company financial management and regulatory compliance strategies.