European Journal of Molecular & Clinical Medicine

This study aims to determine The Moderating Effect of Corporate Governance on the Relationship between Dividend Policy, Capital Structure, and Firm Value. This research uses samples of secondary data of 64 companies after purposive sampling, which was obtained from manufacturing companies on the Indonesia Stock Exchange (BEI) between periods of 2014-2018. This study uses the inferential analysis method using WarpPLS Software. This study found that there is a significant positive relationship between dividend policy and firm value. On the other hand, there is no significant positive relationship between capital structure and firm value. The corporate governance variable shows a significant moderating effect between dividend policy on firm value and an insignificant moderation effect between capital structure and firm value. The effect of corporate governance as a moderator is one of the authenticity of this study.

The purpose of this study is to review the comparison of the influence of determinants of capital structure in the manufacturing and non-manufacturing companies listed on the Indonesia Stock Exchange Period 2009-2018. There is a similarity of firm-specific factors that affect the two industry groups namely Market to book ratio that has a significant positive effect and profitability has a significant negative effect. Different from a significant positive effect on tax, only on non-manufacturing companies while the significant negative effect on the non-debt tax shield only on manufacturing companies. The analysis technique uses Panel Data Regression for 274 registered companies, divided by 103 companies in the manufacturing group and 171 companies in the non-manufacturing group.

This study aims to determine The Moderating Effect of Corporate Governance on the Relationship between Dividend Policy, Capital Structure, and Firm Value. This research uses samples of secondary data of 64 companies after purposive sampling, which was obtained from manufacturing companies on the Indonesia Stock Exchange (BEI) between periods of 2014-2018. This study uses the inferential analysis method using WarpPLS Software. This study found that there is a significant positive relationship between dividend policy and firm value. On the other hand, there is no significant positive relationship between capital structure and firm value. The corporate governance variable shows a significant moderating effect between dividend policy on firm value and an insignificant moderation effect between capital structure and firm value. The effect of corporate governance as a moderator is one of the authenticity of this study.