SHS Web of Conferences 149, 03030 (2022) https://doi.org/10.

1051/shsconf/202214903030
ICSS 2022

The Effect of Dividend Policy, Debt Policy, And Profitability on

The Value of Automotive Companies Listed on The Indonesia
Stock Exchange 2017-2021
Humera Asad Ullah Khan1*, Rachmad Hidayat2

1 Univercity of Bahaudin Mudhary Madura, Sumenep, East Java, Indonesia

2 Univercity of Trunojoyo Madura, Bangkalan, East Java, Indonesia

Abstract. The purpose of this research is to find out the effect of dividend policy, in this case, reflected by
the Dividend Payout Ratio (DPR), debt policy which is reflected by the Debt-to-Equity Ratio (DER), and
profitability which is reflected by the Return on Assets (ROA) of the firm value. reflected by Price to Book
Value (PBV). This study uses a population of automotive companies listed on the Indonesia Stock Exchange
for the 2017-2021 research period with a research sample of 11 companies selected using the purposive
sampling method. The data analysis technique used in this research is multiple linear regression and t-test
with a significance value of 0.05. The results of the F test reflect if dividend policy, debt policy, and
profitability affect firm value.

Keywords: Dividend, Profitability, Firm value

1 Introduction the greater the market confidence in the company's

The decision regarding the return of a stock is very
important for investors, whether the return will be
distributed to shareholders in the form of dividends or
will be held as an investment in the future. Investors tend
to be more interested in returns in the form of dividends
than capital gains. Companies that distribute
shareholder profits in the form of dividends tend to have
higher share prices, therefore the value of the company
is also higher because the share price is proportional to
the value of the company, the higher the shares of a
company, the higher the value of the company in the
eyes of investors. (Tita et al., 2018). Dividend policy is
an important factor that must be considered by
management in managing the company.
In general, the important thing that investors must
pay attention to is the value of the company, because
investors will tend to see the value of a company before
investing their capital. Companies with high values will
attract higher investments as well (Thamrin, 2012). The
value of the company is considered by investors to assist
in making investment decisions. In addition, the high
and low value of the company also reflects the
prosperity of shareholders. So, maximizing company
value is a long-term goal that every company wants to
achieve. One of the ratios used to measure company
value is Price to Book Value (PBV), which is a ratio that
describes how much the market appreciates the book
value of a company's shares. The higher the PBV value,
prospects, this reflects the higher the value of the
company (Khan, 2021)The dividend policy has a
significant influence on many parties, both the company
itself and other parties such as shareholders and
creditors. In this case, the dividend policy can be seen
using the dividend payout ratio which is commonly
referred to as the Dividend Payout Ratio, namely the
percentage of profit paid in the form of dividends or the
ratio between profits paid in the form of dividends and
the total profit available to shareholders. (Bayu Ganar et
al., 2018).
Debt policy, which is often referred to as a funding
decision by management, will affect the company's
valuation which is reflected in the stock price.
Therefore, one of the tasks of financial managers is to
determine funding policies that can maximize stock
prices which are a reflection of a company's value
(Yuniati et al., 2016). One of the ratios used to measure
debt policy is the Debt-to-Equity Ratio (DER). DER is
a capital management ratio that reflects the company's
ability to finance its business with loans provided by
shareholders. The profitability of a company reflects the
percentage of profit or profit that can be generated by
the company for shareholders or investors. (Ferina et al.,
2015). Profit is a benchmark for determining stock
prices for investors. Return on Assets (ROA) as a proxy
for the company's profitability will be able to increase
the value of the company. This is because the higher the
profit or profit generated by the company, the higher the

* Corresponding author : humera_khan@unibamadura.ac.id

© The Authors, published by EDP Sciences. This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0
(http://creativecommons.org/licenses/by/4.0/).
SHS Web of Conferences 149, 03030 (2022) https://doi.org/10.1051/shsconf/202214903030
ICSS 2022

stock price and the value of the company in the eyes of Payout Ratio) which is the percentage of profit paid in
investors or creditors (Khan, 2021). The greater the the form of dividends, or the ratio between profits paid
Return On Assets (ROA) of a company indicates that the in the form of dividends and the total profit available to
greater the level of profit achieved by the company and shareholders (Subiyantoro, 2003).
the better the position of the company in terms of asset
utilization and utilization. (Rosikah et al, 2018) Based
2.3 Debt policy
on the description that has been presented, the
formulation of the problem that will be studied in this Debt policy is a decision to use debt by considering the
research is: Do Dividend Policy, Debt Policy, and fixed costs that arise from debt in the form of interest,
Profitability Affect Firm Value? This study aims to which will lead to increased financial leverage and an
determine whether Dividend Policy, Debt Policy, and increasingly uncertain rate of return for ordinary
Profitability affect firm value. shareholders (Daniel et al., 2015). Debt policy is related
to management's decision to increase or decrease the
proportion of long-term debt and equity used to finance
2 Literature Review
the company's operational activities (Nelwan, 2018).
Funding decisions by management will affect the
2.1 The value of the company company's research which is reflected in stock prices.
Therefore, one of the tasks of financial managers is to
The value of the company is defined as market value determine funding policies that can maximize stock
because the value of the company can provide maximum prices which are a reflection of a company's value
shareholder prosperity if the company's share price (Tulung, 2018).
increases. Various policies are taken by management to
increase the value of the company by increasing the
prosperity of the owners and shareholders as reflected in 2.4 Profitability
the share price (Sondakh et al., 2006). Company value
A profitability ratio is a ratio to assess the company's
is the fair value of the company which describes the
ability to seek profit. This ratio also provides a measure
investor's perception of a particular issuer so that the
of the level of management effectiveness of a company
company's value is the investor's perception of the
(Tauke et al., 2017). The profitability ratio is a ratio that
company which is always associated with the stock price
measures the overall effectiveness indicated by the size
(Nelwan & Tulung, 2018). Company value is the price
of the level of profit obtained from sales and investment
that prospective buyers are willing to pay if the company
(Sianturi, 2015).
is sold. The higher the value of the company, the greater
The benefits of profitability and indicators used to
the prosperity that will be received by the owner of the
measure profitability are knowing the company's profit
company (Firmansyah et al., 2018). For companies that
position in the previous year with the current year,
issue shares in the capital market, the price of shares
knowing the level of profit earned by the company in
traded on the stock exchange is an indicator of company
one period, knowing the progress of profits from time to
value (Tjahjono, 2013).
time, knowing the amount of net profit after tax with
The value of the company can be reflected in the
own capital, and find out the productivity of all company
Price to Book Value (PBV) obtained from the market
funds used both loan capital and own capital (Satiawati,
price per share with the book value. A high Price To
2020).
Book Value will make the market believe in the
company's performance and prospects in the future. This
is also the desire of the company's shareholders because
a high company value indicates the prosperity of 2.5 The Relationship of Dividend Policy to Firm
shareholders is also high (Tauke et al., 2017). Value
One form of return that will be obtained by potential
2.2 Dividend Policy investors is dividends. A dividend is a net profit after tax
that will be distributed to shareholders. The greater the
Dividend policy is an integral part of the company's
dividend paid to shareholders, the smaller the retained
funding decisions. The dividend payout ratio determines
earnings and vice versa. Determining the amount of the
the amount of profit that can be retained in the company
company's net profit to be distributed as dividends is a
as a source of funding. However, holding a larger
company management policy, and will affect the
amount of current earnings in the company also means
company value and share price (Tita, 2011).
that less money will be available for current dividend
H1: Dividend policy has a significant positive effect
payments. Thus, the main aspect of a company's
on firm value
dividend policy is determining the allocation of profits
Relationship of Debt Policy to Firm Value Debt
(Zuliarni, 2012).
policy is a decision to use debt by considering the fixed
The right relationship between dividend payments
costs that arise from debt in the form of interest, which
and the addition of the company's retained earnings.
will lead to increased financial leverage and an
Dividend policy concerns the issue of the use of profits
increasingly uncertain rate of return for ordinary
that are the rights of shareholders (Tita et al., 2018). The
shareholders (Septariani, 2017)(Sianturi, 2015).
profits can be divided as dividends or held for
reinvestment. The ratio used is the DPR (Dividend

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H2: Debt policy has a significant positive effect on 𝑃𝐵𝑉 = (1)

firm value
Profitability Relationship to Firm Value
Profitability shows the effectiveness of the company in
generating profits by managing its assets. Increased
profitability can affect the value of the company. In
companies that have a high level of profitability, their
shares will be in demand by investors, so that high
profitability also reflects the company's good prospects
so that investors are interested in investing which will
increase the company's stock price and increase the
value of the company. (Sianturi, 2015).
H3: Profitability has a significant positive effect on
firm value
3.2 Dividend policy
A dividend policy is a decision in which the profits
earned by a company at the end of the year will be
distributed to shareholders in the form of dividends or
the profits are also retained to increase capital for
investment financing in the future (Tita et al., 2018). The
formula for calculating dividend policy:
𝐷𝑃𝑅 = 𝑥100% (2)

3.3 Debt policy

3 Research Methods
Debt policy is a decision in using debt with
The researcher uses quantitative research with a causal consideration of fixed costs arising from debt such as
approach that aims to see the relationship between the interest, which in turn can lead to increased financial
independent variable and the dependent variable. A leverage and will also make the returns more uncertain
quantitative method can be described as a research for common shareholders. (Ferina et al., 2015). The
method based on the philosophy of positivism used to formula for calculating debt policy:
examine a particular population or sample, data
collection using quantitative or statistical data analysis
𝐷𝑒𝑏𝑡 𝐸𝑞𝑢𝑖𝑡𝑦 𝑅𝑎𝑡𝑖𝑜 = (3)
research instruments which have the aim of testing
predetermined hypotheses.
Population (object of research) 3.4 Profitability
In this study, the research population is automotive
companies listed on the Indonesia Stock Exchange Profitability is the company's ability to generate profits.
(IDX) for the 2017-2022 research period. This study uses the indicator ROA (Return on Assets).
ROA is considered the right indicator because ROA can
3.1 Sampling technique compare profit after tax with total assets (Tita et al.,
2018). The formula for calculating ROA:
The sampling technique used in this study is purposive
sampling, where this technique is a sampling technique 𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 = (4)
with certain considerations set by the researcher on the
object under study. Data analysis technique Methods of data analysis used
Data collection technique in this research include classical assumption tests,
In this study, documentation data collection regression analysis, and also hypothesis testing. In
techniques were used, where the documentation method analyzing the data, the researcher used the SPSS 22
was obtained from data on the financial statements of program. The SPSS program was used because software
automotive companies listed on the Indonesia Stock is a statistical data processor that is commonly used in
Exchange (IDX) for the 2017-2022 research period. the business field, ranging from simple to complex
Data type processing.
The type of data used in this research is Analysis and discussion Descriptive statistics
documentary data. This documentary data is in the form statistics are used to analyze data by describing or
of invoices, journals, letters, etc. In this study, the describing the data that has been collected as it is
researcher uses the financial statements of automotive without making conclusions that apply to the general
companies listed on the Indonesia Stock Exchange public as seen from the average, maximum, and
(IDX) for the 2017-2022 research period. minimum standard deviation values.
Data source
The source of data in this study comes from the Table 1. Descriptive Statistical Test Results
official website of the Indonesia Stock
N Min Max Mean Std.
Exchange.IDX.go.id. Deviation
Variable operational definitionThe value of the
companyIn this study, the value of the company uses the DPR 11 13.11 132.98 45,971 29.5319
PBV (Price to Book Value) indicator. PBV reflects how DER 11 15.98 321.11 101.3231 61.5478
much the market appreciates the book value of a ROA 11 2.11 55.31 13.7631 13,5439
company's shares. If this ratio is higher, it means that the PBV 11 1.43 53.65 8.4396 11.5792
market believes in the company's prospects (Khan, Valid N 11
2021). The formula for calculating PBV: (listwise)

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The results of the descriptive data test above on Table 4. Autocorrelation Test Results
automotive companies listed on the Indonesia Stock Model Durbin-Waston
Exchange in 2017-2022 with the amount of data used in
1 1,583 VIF
11 samples of companies having a minimum DPR value
of 13.11% and a maximum of 132.98% with a mean of a. Predictors : (Constant), ROA, DER, DPR
45.971% and a standard deviation of 29.53190 %. DER b. Dependent Variable : PBV
has a minimum value of 15.98% and a maximum of
321.11% with a mean of 101.3231% and a standard DurbinWatson's calculated value is 1.583. Based on
deviation of 61.54781%. ROA has a minimum value of the predetermined value that the Durbin-Watson (DW
2.11% and a maximum of 55.31% with a mean of Test) value is between -2 and 2, namely -2 < 1.583 < 2,
13.7631% and a standard deviation of 13.54391%. PBV it can be concluded that the regression model does not
has a minimum value of 1.43% and a maximum of occur autocorrelation.
53.65% with a mean of 8.4396% and a standard
deviation of 11.57924%.
3.7 Multiple linear regression

3.5 Normality test Multiple regression dependent variable is influenced by

two or more independent variables. Multiple linear
This test has the aim of knowing if the regression model regression was applied in this study to determine the
and both dependent and dependent variables have a effect of Dividend Policy proxied by Dividend Payout
distribution or not. The regression model is said to be Ratio (DPR), Debt Policy proxied
eligible if the spread of data reflected from the With Debt-to-Equity Ratio (DER) and Profitability
probability plot has points that spread both below and proxied by Return on Assets (ROA) to firm value
above the diagonal line. If these assumptions are met, proxied by Price to Book Value (PBV) using the SPSS
the data studied are normally distributed. The 22 program.
probability plot is shown in the following figure:
Table 5. Multiple Linear Regression Results
model Unstandarized Standardized t Sig
Coefficient Coefficient
B Std. Beta
Error
1 (Content) -9,658 1,258 -7.346 ,
0
0
0
DPR 0.019 ,021 0.059 ,981 ,431
DER ,089 ,007 ,621 8,964 ,000
ROA ,575 0.053 ,721 9,887 ,000

PBV = -9.658 + 0.019 DPR + 0.089DER + 0.575ROA+e

Fig. 1 Normal Probability Plot Graph
In Figure 3 it can be seen that the data points are
scattered in the area between 0 - Y and do not form a
certain pattern, then the regression model formed is
identified as not heteroscedasticity because the data
processing does not occur heteroscedasticity, then the
model regression is feasible to use in this study.
3.6 Autocorrelation Test
Autocorrelation test aims whether a model linear
regression there is a correlation between the confounding
error in period t with the error in the previous period. If
there is a correlation, it is called an autocorrelation
problem. The research provisions of the autocorrelation
test are said to have no autocorrelation if the Durbin-
Watson value is between the limits of -2 to 2. The value
of Durbin Watson's calculation from the results of the
regression calculation is presented in Table 4 below:
constant (a)
The multiple linear regression equation shows a
constant value (a) of -9.658 and has a negative value.
This value indicates that if the independent variables,
namely Dividend Policy (DPR), Debt Policy (DER), and
Profitability (ROA) are equal to zero (0) or constant, the
change in the Firm Value (PBV) variable is -9.658.
3.8 Dividend Policy Regression Coefficient
(DPR)
The value of X1 is 0.019 indicating the direction of the
positive relationship (unidirectional) between dividend
policy and firm value. These results indicate that the
higher the dividend policy proxied by the Dividend Pay-
out Ratio (DPR), the higher the firm value. Conversely,
if there is a decrease in dividend policy, it can reduce the
value of the company.
3.9 Debt Policy Regression Coefficient (DER)
The value of X2 is 0.089 indicating the direction of a
positive relationship (unidirectional) between debt
policy and firm value. These results indicate that if there
is an increase in debt policy as proxied by the Debt-to-
Equity Ratio (DER) of one unit, the company will

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experience an increase in firm value of 0.089.
Conversely, if it decreases by one unit, the value of the
company will decrease by 0.089.
3.10 Profitability Regression Coefficient (ROA)
The value of X3 is 0.575 indicating the direction of a
positive relationship (unidirectional) between
profitability and firm value. These results indicate that
the higher the level of profitability proxied by Return on
Assets (ROA), the firm value will increase. Conversely,
if there is a decrease in the level of profitability, it can
reduce the value of the company.
3.11 Model Feasibility Test (F Test)
The feasibility test of the model in this study uses the F
test, which is to test the variables in the study consisting
of Dividend Policy proxied by Dividend Pay-out Ratio
(DPR), Debt Policy proxied by Debt-to-Equity Ratio
(DER), and Profitability proxied by Return on Assets
(ROA) has a significant effect on Company Value which
is proxied by Price to Book Value (PBV)
Table 6 Model Feasibility Test (F Test)
Model Sum of Df Mean F Sig
Square Square
1 4113.151 3 1189,987 117,785 ,000
Regression
Residual 218,767 12 8.851
Total 3578,118 15
a. Dependent Variable: PBV
b. Predictors: ROA, DER, DPR
The results of the model feasibility test obtained a
significant value of 0.000 <0.05 which identified that the
independent variables of dividend policy (DPR), debt
policy (DER), and profitability (ROA) affected the
dependent variable of firm value (PBV) in registered
food and beverage companies. on the IDX. This
indicates that this research model deserves to be
continued in the next analysis.
3.12 Coefficient of Determination (R2)
Coefficient of determination (R2) measures how far the
model's ability to explain the variation of the dependent
variable. In this study, the analysis of the coefficient of
determination is used to determine the percentage of
influence between dividend policy (DPR), debt policy
(DER), and profitability (ROA) on firm value (PBV) in
food and beverage companies listed on the IDX. The
value of the coefficient of determination is between zero
(0) and one (1), a value close to one means that the
independent variable almost provides all the information
needed to predict the variation of the dependent
variable.
Table 7. Coefficient of Determination Results (R2)
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https://doi.org/10.1051/shsconf/202214903030
Model R R Adjusted R Std. Error of
Square Square The Estimate
1 ,863 ,887 ,918 2.88941
a. Predictors: (Constant), ROA, DER, DPR
b. Dependent Variable: PBV
Based on Table 7, it can be seen that the coefficient
of determination is 0.887, which means that dividend
policy (DPR), debt policy (DER), and profitability
(ROA) can affect firm value (PBV) by 88.7% while the
remaining 11.3% is influenced by another factor.
3.13 Hypothesis Test (t-Test)
Hypothesis testing is done by using the t-test. The t-test
in this study was conducted to examine the effect of
Dividend Policy as proxied by the Dividend Pay-out
Ratio (DPR), Debt Policy as proxied by Debt-to-Equity
Ratio (DER), and Profitability proxied by Return on
Assets (ROA) on Company Value proxied by Price to
Book Value (PBV).
The test is carried out with a significant level of 0.05
(α = 5%). If the significance value is > 0.05, then H0 is
accepted and H1 is rejected, which means that dividend
policy (DPR), debt policy (DER), and profitability
(ROA) individually have an effect. not significant to
firm value (PBV). If the significance value is <0.05, then
H0 is rejected and H1 is accepted which means that
dividend policy (DPR), debt policy (DER), and
profitability (ROA) individually have a significant
effect on firm value (PBV).
Table 8 Hypothesis test
Model t Sig Description
1 (Contant) -7.346 ,000
DPR ,981 ,431 Not significant
DER 8,964 ,000 Significant
ROA 9,887 ,000 Significant
a. Dependent Variable: PBV
4 Conclusion
Based on the results above, it can be concluded as
follows:
Testing the Dividend Policy (DPR) on Firm Value
From the results of the tests that have been carried out,
it is found that dividend policy (DPR) has a positive
effect and the significance level of the dividend policy
variable (DPR) is 0.367 > 0.05, so the hypothesis (H1)
is H0 is accepted and H1 is rejected. This condition
indicates that the effect of the dividend policy variable
(DPR) on the firm value (PBV) listed on the IDX is not
significant.
4.1 Debt Policy Testing (DER) on Firm Value
From the results of the tests that have been carried out,
it is found that the debt policy (DER) has a positive
effect and the significance level of the debt policy
variable (DPR) is 0.000 <0.05, so the hypothesis (H2) is
that H0 is rejected and H1 is accepted. This condition
indicates that the effect of the debt policy variable
SHS Web of Conferences 149, 03030 (2022)
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(DER) on the firm value (PBV) listed on the IDX is
significant.
4.2 Profitability Testing (ROA) on Firm Value
From the results of the tests that have been carried out,
it is found that profitability (ROA) has a positive effect
and the significance level of the profitability variable
(ROA) is 0.000 <0.05, so the hypothesis (H3) is H0 is
rejected and H1 is accepted. This condition indicates
that the effect of the profitability variable (ROA) on the
firm value (PBV) listed on the IDX is significant.
5 Discussion
5.1 The Effect of Dividend Policy on Firm Value
The test results in this study indicate that the dividend
policy proxied by the Dividend Payout Ratio (DPR) has
an insignificant effect on firm value (PBV) in a positive
direction. So, the first hypothesis (H1) which states that
dividend policy has a significant positive effect is
rejected because the results of the hypothesis test (t-test)
that dividend policy proxied by the Dividend Payout
Ratio (DPR) has no significant effect on firm value.
Dividend policy is a decision regarding the company's
profits whether to be distributed as dividends or to be
reinvested. The dividend policy as proxied by the
Dividend Payout Ratio (DPR) shows the profit that will
be paid to the company's shareholders in the form of
dividends (Zuliarni, 2012). Automotive company
investors in this study are classified as investors who
invest their funds for a short period because investors in
investing do not look at the level of dividends to be
distributed by the company but only look at the level of
profit or profit earned by the company. The results of
this study are in line with research conducted by
(Dwipratama & Priana, 2009) under the title the effect
of dividend policy, debt policy, profitability, and
investment decisions on firm value which shows the
results that dividend policy has no significant effect on
firm value.
The Effect of Debt Policy on Firm Value
The test results in this study indicate that the debt
policy proxied by the Debt-to-Equity Ratio (DER) has a
significant effect on firm value (PBV) in a positive
direction. So that the second hypothesis (H2) which
states that debt policy has a significant positive effect is
accepted because the results of the hypothesis test (t-
test) of dividend policy proxied by the Debt-to-Equity
Ratio (DER) have a significant positive effect on firm
value. The results of this study indicate that the higher
the company's debt policy, the higher the value of the
company. This means that the company believes it will
generate a large return from the debt policy that has been
implemented and will affect the assessment of potential
investors who will invest in the company. The higher the
rate of return obtained by the company will gain the
confidence of potential investors to buy its shares. The
high interest of potential investors in investing can have
an impact on increasing the value of the company. The
results of this study are in line with research conducted
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by (Tita et al., 2018)which shows the results that
dividend policy has a significant positive effect on firm
value.
5.2 The Effect of Profitability on Firm Value
The test results in this study indicate that profitability as
proxied by Return on Assets (ROA) has a significant
effect on firm value (PBV) in a positive direction. So,
the third hypothesis (H3) which states that profitability
has a significant positive effect is accepted because the
results of the hypothesis test (t-test) that profitability
proxied by Return on Assets (ROA) has a significant
positive effect on firm value. The results of this study
indicate that if profitability increases it will also increase
the value of the company. This means that the higher the
level of profitability generated by the company can
provide a positive signal for investors in assessing that
the company is in a healthy condition and can earn high
profits. so that investors will be interested in investing
in companies that have a high level of profitability. The
higher the investor's interest in investing, the higher the
value of the company will be. The results of this study
are in line with research conducted by (Bayu Ganar et
al., 2018)which shows the results that profitability has a
significant positive effect on firm value.
6 Conclusion
Based on the data analysis and discussion that has been
carried out in the previous chapter, the conclusions that
can be drawn in this study are dividend policy proxied
by the Dividend Payout Ratio (DPR) has an insignificant
positive effect on the value of food and beverage
companies listed on the Indonesia Stock Exchange
(IDX).). This can be interpreted that the dividend policy
(DPR) is not used as a reference to determine the level
of change in the value of the company. Debt policy
proxied by the Debt to Equity Ratio (DER) has a
significant positive effect on the value of food and
beverage companies listed on the Indonesia Stock
Exchange (BEI). This means that the debt policy (DPR)
can be used as a reference to determine the level of
change in firm value. Profitability proxied by Return on
Assets (ROA) has a significant positive effect on the
value of food and beverage companies listed on the
Indonesia Stock Exchange (IDX). This means that
profitability (ROA) can be used as a reference to
determine the level of change in firm value.
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