Exploring the Nexus of Dividend Policy, Third-Party Funds, Financial Performance, and Company Value: The Role of IT Innovation as a Moderator

Satria Amiputra Amimakmur, Muhammad Saifi, Cacik Rut Damayanti, Benny Hutahayan
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Abstract

This research investigates the connection between dividend policy, third-party funds, financial performance, and company value, with a focus on IT Innovation as a moderating factor. This research was conducted using a quantitative approach, utilizing Commercial Banks listed on the Indonesia Stock Exchange categorized as BUKU 4 Banks during the period of 2016–2022. This study employed Partial Least Squares (PLS) analysis with WarpPLS 6.0 software as the tool for data analysis. This research concludes that dividend policy does not significantly impact financial performance and company value, while third-party funds have a significant positive effect on both financial performance and company value. Although dividend policy does not directly affect company value, its impact may occur through the mediation of financial performance. Additionally, IT Innovation serves as a moderating factor that strengthens the positive relationship between third-party funds and financial performance towards company value. The novelty of this research lies in the development of a more comprehensive model or concept regarding dividend policy, third-party funds, financial performance as a mediating variable, and company value when considering IT Innovation as a moderating variable.
探索股利政策、第三方资金、财务业绩和公司价值之间的关联:信息技术创新的调节作用
本研究调查了股利政策、第三方资金、财务业绩和公司价值之间的联系,重点关注作为调节因素的信息技术创新。本研究采用定量方法,利用 2016-2022 年期间在印尼证券交易所上市的商业银行(归类为 BUKU 4 银行)进行研究。本研究使用 WarpPLS 6.0 软件的偏最小二乘法(PLS)分析作为数据分析工具。本研究得出结论:股利政策对财务绩效和公司价值没有显著影响,而第三方基金对财务绩效和公司价值都有显著的积极影响。虽然股利政策不会直接影响公司价值,但其影响可能会通过财务业绩的中介作用而产生。此外,信息技术创新也是一个调节因素,它加强了第三方基金与财务业绩之间的正相关关系,进而影响公司价值。本研究的新颖之处在于,在将信息技术创新作为调节变量的情况下,就股利政策、第三方基金、作为中介变量的财务业绩和公司价值建立了一个更全面的模型或概念。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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