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). We analyzed nine insurance companies using purposive sampling and 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). The results from multiple regression and Moderated Regression Analysis (MRA) show that RBC has a strong and positive impact on dividend policy, but debt policy and growth opportunity do not have a significant effect. Firm size moderates only the RBC-dividend relationship. These findings offer guidance regarding insurance company financial management and regulatory compliance strategies.