The Independent Commissioners And Sales Growth On Firm Value With Dividend Policy As An Intervening Variable

Abstract

This study aims to determine the effect of independent commissioners and sales growth on firm value with dividend policy as an intervening variable in consumer non-cyclicals companies listed on the Indonesia Stock Exchange in 2019-2023. The sample selection technique used purposive sampling and data processing using E-views 9 as a test tool. This study sample amounted to 23 companies. This type of research is a quantitative approach. The analytical method used is panel data regression analysis. The partial results of the study show that for equation 1, independent commissioners partially have no significant effect on dividend policy, but sales growth partially has a positive and significant effect on dividend policy. Furthermore, the partial results of the study equation 2, independent commissioners partially have a negative and significant effect on firm value. On the other hand, sales growth partially shows no significant effect on firm value. Meanwhile, dividend policy partially has a positive and significant effect on firm value. Through the sobel test, it was found that dividend policy is able to mediate the effect of sales growth on firm value. However, dividend policy failed to mediate the effect of independent commissioners on firm value.