Published: 2026-01-01

Pengaruh Dividen, Kualitas Audit, Leverage dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Sektor Energi Utama Tahun 2021 – 2023

DOI: 10.35870/emt.v10i1.5415

Hikmah Anda, Abubakar Arief
  • Hikmah Anda: Universitas Trisakti
  • Abubakar Arief: Universitas Trisakti
Cover Jurnal EMT KITA Vol 10 No 2 April 2026

Downloads

Article Metrics
Share:

Abstract

This study aims to analyze the effect of dividends, audit quality, leverage, and profitability on firm value in major energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. Firm value is measured using Tobin’s Q ratio, while the independent variables are measured using the Dividend Payout Ratio (DPR), a dummy variable for the use of Big Four audit firms, the Debt to Equity Ratio (DER), and Return on Assets (ROA). The research employs a quantitative approach using secondary data from company annual reports, and panel data regression with the Random Effect Model (REM) is applied for analysis. The results reveal that dividends and audit quality have a negative effect on firm value, while profitability has a significant positive effect. Meanwhile, leverage shows no significant effect on firm value. These findings offer valuable implications for managerial decision-making and investment strategies, particularly in the highly regulated and risk-sensitive energy sector.

Keywords

Dividend ; Audit Quality ; Leverage ; Profitability ; Firm Value

Peer Review Process

This article has undergone a double-blind peer review process to ensure quality and impartiality.

Indexing Information

Discover where this journal is indexed at our indexing page to understand its reach and credibility.

Open Science Badges

This journal supports transparency in research and encourages authors to meet criteria for Open Science Badges by sharing data, materials, or preregistered studies.

How to Cite

Anda, H., & Arief, A. (2026). Pengaruh Dividen, Kualitas Audit, Leverage dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Sektor Energi Utama Tahun 2021 – 2023. Jurnal EMT KITA, 10(1), 132-141. https://doi.org/10.35870/emt.v10i1.5415
Article Information

This article has been peer-reviewed and published in the Jurnal EMT KITA. The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 10 No. 2 (2026)

  • Section: Articles

  • Published: %750 %e, %2026

AI Research Hub

This article is indexed and available through various AI-powered research tools and citation platforms. Our AI Research Hub ensures that scholarly work is discoverable, accessible, and easily integrated into the global research ecosystem. By leveraging artificial intelligence for indexing, recommendation, and citation analysis, we enhance the visibility and impact of published research.

Semantic Scholar Scite Dimensions Connected Papers
Scholarly Connection Platforms
Dimensions Dimensions Connected Papers Connected Papers Scite Scite Google Scholar Google Scholar Semantic Scholar Semantic Scholar Garuda Garuda Scilit Scilit Crossref Crossref BASE BASE Zenodo Zenodo Unpaywall Unpaywall OpenCitations OpenCitations
Author Biographies
Hikmah Anda
Google Scholar ResearchGate ORCID

Fakultas Ekonomi dan Bisnis, Universitas Trisakti, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta, Indonesia.

Abubakar Arief
Google Scholar ResearchGate ORCID

Fakultas Ekonomi dan Bisnis, Universitas Trisakti, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta, Indonesia.

References
  • Arens, A. A., Elder, R. J., Beasley, M. S., & Hogan, C. E. (2017). Auditing and assurance services.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119-S127.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Azahra, A., & Hasnawati, H. (2024). The Effect of ESG Disclosure, Audit Quality, Internal Audit, on Company Value. Jurnal Indonesia Sosial Sains, 5(02), 150-164.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management: Concise by Cengage. Cengage Learning.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Christy, E. (2023). Pengaruh pengungkapan environmental, social, dan governance terhadap nilai perusahaan. Jurnal Ekonomi Trisakti, 3(2), 3899-3908.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • El-Deeb, M. S., Ismail, T. H., & El Banna, A. A. (2023). Does audit quality moderate the impact of environmental, social and governance disclosure on firm value? Further evidence from Egypt. Journal of Humanities and Applied Social Sciences, 5(4), 293-322. https://doi.org/10.1108/JHASS-11-2022-0155.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Firmansyah, A., Husna, M. C., & Putri, M. A. (2021). Corporate social responsibility disclosure, corporate governance disclosures, and firm value in Indonesia chemical, plastic, and packaging sub-sector companies. Accounting Analysis Journal, 10(1), 9-17.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Gunawan, T., & Ramli, A. H. (2023). The Influence Of Firm Size, Leverage, Liquidity, Cash Turnover On Profitability. Jurnal Ilmiah Akuntansi Kesatuan, 11(3), 638-652.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Hapsari, I. (2023). Profitabilitas, nilai perusahaan, pemoderasian kualitas audit: Perspektif keagenan, sinyal, kualitas audit.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Harahap, S. S. (2022). Analisis kritis atas laporan keuangan. Jakarta: PT RajaGrafindo Persada.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Holly, A., Jao, R., & Thody, N. (2023). Pengaruh kualitas audit dan manajemen laba terhadap nilai perusahaan.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Ismail, A. K., & Wulandari, D. A. (2023). Analisis kebijakan dividen, keputusan investasi, dan profitabilitas pada perusahaan properti dan real estate yang terdaftar di Bursa Efek Indonesia. Ekonomis: Journal of Economics and Business, 7(2), 1336–1344.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Ismi Nurhasanah, & Napisah. (2024). Pengaruh sales growth, kualitas audit dan opini audit terhadap nilai perusahaan dengan ukuran perusahaan sebagai pemoderasi. Kompartemen: Jurnal Ilmiah Akuntansi, 22(1), 157–178.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Johan, & Toti, G. K. (2022). Pengungkapan environmental, social, & governance (ESG) terhadap profitabilitas serta nilai perusahaan dalam indeks Sri-Kehati 2015–2020.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Kasmir. (2023). Manajemen keuangan. Jakarta: Prenadamedia Group.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Maysaroh, S. (2025). Pengaruh profitabilitas, likuiditas, dan keputusan investasi terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel moderasi. Jurnal Riset Ilmu Manajemen, 3(3).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Meliyana, U. (2024). Pengaruh profitabilitas, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening. Jurnal Ekonomi dan Manajemen, 7(1).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Musytari. (2023). Pengaruh profitabilitas, kebijakan dividen, dan likuiditas terhadap nilai perusahaan (Skripsi, Universitas Muhammadiyah Jakarta).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Nico. (2023). Pengaruh rasio profitabilitas dan likuiditas terhadap nilai perusahaan pada perusahaan sektor transportasi yang terdaftar di Bursa Efek Indonesia. Jurnal Ilmu dan Riset Manajemen, 12(2).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Nirawati, L., Samsudin, A., Pradanti, A. P., Ayu, A. W., Jahzy, C. A., Saputri, I. D. I., & Prisichella, A. (2022). Analisis pengaruh kebijakan dividen terhadap nilai perusahaan. SINOMIKA Journal, 1(2), 189–196.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Priscilla, A. (2024). Pengaruh return on asset, leverage, dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Kompak, 3(2), 386–393.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Riski, I. A., & Prasetiono. (2023). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan profitabilitas sebagai variabel moderasi (studi empiris pada perusahaan manufaktur yang terdaftar di BEI periode tahun 2017–2021).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Rosalia, J., Utama, W. B., & Pratiwi, D. N. (2022). Pengaruh struktur modal, profitabilitas, kebijakan dividen, sales growth, dan ukuran perusahaan terhadap nilai perusahaan.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sihono, A. (2024). Does Dividend Policy, Audit Quality, Capital Structure And Profitability Affect Firm Value?. Klabat Accounting Review, 5(1), 12-23.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sugiyono, D. (2013). Metode penelitian kuantitatif. Kualitatif, dan Tindakan, 189-190.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Tiari, N. K. E., & Adiputra, I. M. P. (2023). Pengaruh Kebijakan Dividen, Profitabilitas, dan Harga Saham Terhadap Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia:(Studi Kasus Tahun 2019-2021). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 14(03), 571-582.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
License & Copyright
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish with this journal agree to the following terms:

1. Copyright Retention and Open Access License

Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).

This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

2. Rights Granted Under CC BY 4.0

Under this license, readers are free to:

  • Share — copy and redistribute the material in any medium or format
  • Adapt — remix, transform, and build upon the material for any purpose, including commercial use
  • No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed

3. Attribution Requirements

All uses must include:

  • Proper citation of the original work
  • Link to the Creative Commons license
  • Indication if changes were made to the original work
  • No suggestion that the licensor endorses the user or their use

4. Additional Distribution Rights

Authors may:

  • Deposit the published version in institutional repositories
  • Share through academic social networks
  • Include in books, monographs, or other publications
  • Post on personal or institutional websites

Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.

5. Self-Archiving and Pre-Print Sharing

Authors are encouraged to:

  • Share pre-prints and post-prints online
  • Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
  • Engage in scholarly communication throughout the publication process

6. Open Access Commitment

This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.

Downloads

Similar Articles

You may also start an advanced similarity search for this article.