Konservatisme Akuntansi, Struktur Modal, dan Nilai Perusahaan: Kebijakan Dividen sebagai Variabel Moderasi

Reynaldi Surya  Satria; Fauziyah Fauziyah; Imarotus Suaidah

doi:10.37859/jae.v15i2.11104

Authors

Reynaldi Surya Satria Universitas Islam Kadiri Kediri
Fauziyah Fauziyah Universitas Islam Kadiri
Imarotus Suaidah Universitas Islam Kadiri

DOI:

https://doi.org/10.37859/jae.v15i2.11104

Keywords: consevatism accounting, firm value, capital structure, dividend policy

Abstract

This study aims to examine whether dividend policy moderates accounting conservatism and capital structure on firm value. The method used is quantitative. Strict screening of secondary data using purposive sampling obtained 17 companies in the non-primary consumption sub-sector of the Indonesia Stock Exchange between 2021 and 2024. MRA analysis and multiple linear regression were used in this study using SPSS 25. The findings show a positive and significant result between accounting conservatism and capital structure with company value, while dividend policy is unable to strengthen or weaken both relationships.

Downloads

Download data is not yet available.

References

Alfi, M. A. D. W., & Suwaidi, R. A. (2023). Analisis Nilai Perusahaan Pada Perusahaan Consumer Cyclicals Di Bursa Efek Indonesia. Jurnal E-Bis, 7(2), 647–658. https://doi.org/10.37339/e-bis.v7i2.1313

Amanda, R., & Setijaningsih, H. T. (2025). The Effect of ESG, Profitability, and Company Size on Capital Strukture and Its Impact on Company Value. Indonesian Interdisciplinary Journal of Sharia Economics, 8(3), 9329–9346. https://doi.org/10.31538/iijse.v8i3.7472

Anagnostopoulou, S. C., Chasiotis, L., & Loukopoulos, G. (2025). Conservative Financial Reporting , Dividend Smoothing , and Firm Value. https://dx.doi.org/10.2139/ssrn.5295981

Anjani, A. S., & Badjuri, A. (2024). Dividend Policy as Moderating the Effect of Capital Structure, Profitability and Leverage on Firm Value. Management Studies and Enterpreneurship Journal (MSEJ), 5(1), 587–596. https://doi.org/10.37385/msej.v5i1.4073

Aprianti, V., & Khomsiyah. (2022). Capital Structure, Accounting Conservatism, Agency Cost, dan Firm Value. Owner: Riset & Jurnal Akuntansi, 6(4), 3881–3888. https://doi.org/10.33395/owner.v6i4.1133

Aurellya, A., Maulidia, R., & Helmi, S. M. (2025). DETERMINASI FINANCIAL DISTRESS PADA PERUSAHAAN SEKTOR CONSUMER CYCLICALS DI BEI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 2981–2996. https://doi.org/10.31955/mea.v9i2.5959

Ayudia, S., Toni, N., Ariesa, Y., & Wiliam, W. (2024). The Effect of Dividend Policy and Capital Structure on Firm Value With Corporate Social Responsibility as A Moderating Variable in Companies Listed on The Jakarta Islamic Index. Jurnal of Management and Social Sciences, 2(1), 27–37. https://doi.org/10.59031/jmsc.v2i1.336

Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The Effect of Capital Structure on Firm Value : A Study of Companies Listed on the Vietnamese Stock Market. International Journal of Financial Studies, 11(3). https://doi.org/10.3390/ijfs11030100

Delima, A., & Linawati. (2023). The Effect of Accounting Conservatism, Free Cash Flow and Financial Distress on Company Value. Sinergi International Journal of Economics, 1(2), 100–110. https://doi.org/10.61194/economics.v1i2.78

Destriana, N., Zulfikar, R., Mulyasari, W., & Ismawati, I. (2025). CAPITAL STRUCTURE AND FIRM VALUE NEXUS : THE MODERATING ROLE OF AGENCY COST. Journal of Applied Finance & Accounting, 12(2), 169–188. https://doi.org/10.21512/jafa.v12i2.14067

Diantimala, Y., Syahnur, S., Mulyany, R., & Faisal, F. (2021). Firm size sensitivity on the correlation between financing choice and firm value. Cogent Business & Management, 8(1), 1926404. https://doi.org/10.1080/23311975.2021.1926404

Diasca, Y., & Apriliawati, Y. (2022). DETERMINAN KONSERVATISME AKUNTANSI PADA PERUSAHAAN MANUFAKTUR SEKTOR BARANG KONSUMSI TERDAFTAR DI BEI. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, Dan Akuntansi, 14(2), 84–102. https://doi.org/10.35313/ekspansi.v14i2.3878

Doorasamy, M. (2021). Capital structure , firm value and managerial ownership : Evidence from East African countries. Investment Management and Financial Innovations, 18(1), 346–356. https://doi.org/10.21511/imfi.18(1).2021.28

Duygun, M., Guney, Y., & Moin, A. (2018). Dividend policy of Indonesian listed firms: The role of families and the state. Economic Modelling, 75, 336–354. https://doi.org/10.1016/j.econmod.2018.07.007

Evelyne, T., Imelda, E., & Hidajat, N. C. (2024). THE EFFECT OF CAPITAL STRUCTURE ON FIRM VALUE WITH PROFITABILITY AS VARIABLE MEDIATOR IN INDUSTRIAL COMPANIES LISTED ON THE IDX. International Journal of Application on Economics and Business, 2(3), 227–235. https://doi.org/10.24912/ijaeb.v2i3.227-235

Fatimah, Tubastuvi, N., Handayani, E., & Fauziridwan, M. (2026). Capital Structure and Firm Value in Consumer Cyclicals: The Weakening Moderating Role of Profitability During Market Volatility 2021-2024. Owner: Riset & Jurnal Akuntansi, 10(1), 117–133. https://doi.org/10.33395/owner.v10i1.2937

Febriyanti, N. P. L., & Hasibuan, H. T. (2025). The Relationship Between Capital Structure and Profitability with Firm Value (A Study of LQ45 Index Companies Listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 Period). International Journal of Economics, Management and Accounting, 2(4), 239–250. https://doi.org/10.61132/ijema.v2i4.853

García Lara, J. M., García Osma, B., & Penalva, F. (2020). Conditional conservatism and the limits to earnings management. Journal of Accounting and Public Policy, 39(4), 106738. https://doi.org/10.1016/j.jaccpubpol.2020.106738

Hasanuddin, R. (2021). The Influence of Investment Decisions, Dividend Policy, and Capital Structure on Firm Value. JER : Jurnal Economic Resources, 4(1), 39–48. https://doi.org/10.33096/jer.v4i1.845

Huda, S., Zuhroh, D., & Firdiansjah, A. (2020). The Effect of Profitability and Capital Structure on Firm Value Through Dividend Policy in Transportation Companies Listed on the Indonesia Stock Exchange for the Period of 2015-2018. International Journal of Advances in Scientific Research and Engineering, 06(09), 44–55. https://doi.org/10.31695/IJASRE.2020.33878

Masitah, S., & Khalifaturofi’ah, S. O. (2023). Nilai Perusahaan Sektor Consumer Cyclical Era Pandemic: Diantara Faktor Determinan yang Mempengaruhi. BALANCE: Economic, Business, Management and Accounting Journal, 20(1), 11. https://doi.org/10.30651/blc.v20i1.15563

Mutia, P. S. (2022). Effect of Accounting Conservatism and Earnings Management on Firm Values. JASS (Journal of Accounting for Sustainable Society), 4(2), 57–67. https://doi.org/https://doi.org/10.35310/jass.v4i02.1105

Nugroho, W. C. (2025). Tax Planning, Conservatism Accounting and Business Risks to Company Value. E-Jurnal Akuntansi, 35(7), 1997–1992. https://doi.org/10.24843/EJA.2025.v35.i07.p07

Nurasiah, S., & Riswandari, E. (2023). Pengaruh Konservatisme Akuntansi, Kualitas Audit dan Agresivitas Pajak Terhadap Nilai Perusahaan. Reviu Akuntansi Dan Bisnis Indonesia, 7(1), 219–231. https://doi.org/10.18196/rabin.v7i1.16814

Nurfitriana, Y., & Widodo, H. (2024). Financial Performance, Dividend Policy, and Firm Value in Indonesian Consumer Goods Sector: 2019-2021 Study. Indonesian Journal of Public Policy Review, 25(2). https://doi.org/10.21070/ijppr.v25i2.1371

Porajow, M. D. (2024). KINERJA KEUANGAN DAN NILAI PERUSAHAAN PEMBELAJARAN DARI PERUSAHAAN SEKTOR CONSUMER CYCLICAL DI BURSA EFEK INDONESIA. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 11(1), 1113–1130. https://doi.org/10.35794/jmbi.v11i1.56564

Putri, T. E., Gantika, L., & Icih. (2022). The Effect of Investment Opportunity Set, Accounting Conservatism, Managerial Ownership, Profitability, and Dividend Policy on Firm Value. ACCRUALS : Accounting Research Journal of Sutaatmadja, 6(1), 153–178. https://doi.org/10.35310/accruals.v6i01.948

Rakhman, A., Liaw, B., & Rifiyanti, H. (2020). FREE CASH FLOW DAN PROFITABILITY TERHADAP FIRM VALUE MELALUI DIVIDEND POLICY PADA PERUSAHAAN MANUFAKTUR TERDAFTAR DI BURSA EFEK INDONESIA. Jurnal Manajemen, 10(1), 1–18. https://doi.org/10.46806/jm.v10i1.723

Razak, A., Muhaini, U., Widyastuti, R. D., & Umar, I. (2025). Firm value determinants: Reconsidering dividend policy’s moderating role in Indonesia’s top-tier stock index. Investment Management and Financial Innovations, 22(3), 140–151. https://doi.org/10.21511/imfi.22(3).2025.11

Salsabila, A. A., & Imronudin. (2025). The Effect of Profitability, Capital Structure, Company Size, Dividend Policy on Firm Value: A Comparative Study on the Consumer Cyclical and Non-Cyclical on the IDX. IIJSE : Indonesian Interdisciplinary Journal of Sharia Economics, 8(3), 13992–14004. https://doi.org/https://doi.org/10.31538/iijse.v8i3.8648

Seth, R., & Mahenthiran, S. (2022). Impact of dividend payouts and corporate social responsibility on firm value – Evidence from India. Journal of Business Research, 146, 571–581. https://doi.org/10.1016/j.jbusres.2022.03.053

Siregar, S. D., Toni, N., & Ariesa, Y. (2023). Impact of dividend policy, capital structure, and profitability on consumer goods firm value: Role of firm size (2013-2022). Journal of Economics and Business Letters, 3(4), 38–48. https://doi.org/10.55942/jebl.v3i4.234

Suwarno, Suwandi, & Sholichah, M. (2022). Konservatisme Akuntansi dan Kinerja Perusahaan di Indonesia. Akuntabilitas, 15(1), 19–30. https://doi.org/https://doi.org/10.15408/akt.v15i1.22152

Wu, C. Y.-H., Tsao, S.-M., & Lin, C.-H. (2025). Accounting conservatism, corporate diversification and firm value. Review of Quantitative Finance and Accounting, 64(1), 371–415. https://doi.org/10.1007/s11156-024-01308-x