The Role of Dividend Policy in Mediating the Influence of Marketing Activities, Asset Growth, and Business Risk on Firm Value

Tri Yulianto () and Hasanudin Hasanudin ()
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Tri Yulianto: National University, Faculty of Economics and Business
Hasanudin Hasanudin: National University, Faculty of Economics and Business

A chapter in Proceedings of the International Conference on Business, Management, Accounting and Sustainable Economy (ICBMASE 2023), 2024, pp 215-231 from Springer

Abstract: Abstract This research aims to explore the influence or impact of marketing activities, asset growth, and business risk on company value by including dividend policy as an intervening variable. The data comes from the website www.idx.co.id and includes financial reports of manufacturing companies in the food and beverage subsector from 2018 to 2022. The research sample comprises 20 manufacturing companies in the food and beverage subsector listed on the Indonesia Stock Exchange (BEI). Sampling was carried out using the purposive sampling method. Data analysis was carried out using the multivariate analysis method. The research results reveal that marketing activities positively, although not significantly, impact on dividend policy. Asset growth has a significant negative impact on dividend policy. Meanwhile, business risk has a positive but insignificant impact on dividend policy. Marketing activities have a positive and significant impact on company value. Asset growth does not have a significant impact on company value. Business risk has a negative and significant impact on company value, and dividend policy has a positive and significant impact on company value. In the context of the relationship between marketing activities, asset growth, business risk, dividend policy, and company value, marketing activities appear to act as factors that increase company value directly. Conversely, asset growth has a negative impact on dividend policy, which in turn affects company value. Although business risk has a positive influence on dividend policy, it does not significantly affect company value. Dividend policy positively and significantly influences company value through its role as an intermediary between marketing activities and company value.

Keywords: Marketing activities; Asset growth; Business risks; Firm value; Dividend policy (search for similar items in EconPapers)
Date: 2024
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DOI: 10.2991/978-94-6463-394-8_22

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