The Influence of Investment Decisions and Dividend Policies on Firm Value with Financial Performance as a Mediation Variable (A Study on Coal Mining Sub-Sector Companies in the Indonesian Capital Market)
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Abstract
The coal mining industry in Indonesia saw notable operational growth from 2020 to 2024, fueled by increasing global demand and rising commodity prices. Despite this growth, fluctuations in firm value—measured by Price to Book Value (PBV)—did not always correspond with operational performance, suggesting a disconnect between market perception and company fundamentals. This study investigates how investment decisions and dividend policies affect firm value in coal mining companies listed on the Indonesia Stock Exchange, with financial performance serving as a mediating factor. Using a quantitative, causal research design, the analysis draws on secondary data from nine companies with consistent dividend payments, covering 36 firm-year observations. Path analysis and the Sobel test were employed to examine direct, indirect, and mediation effects, supported by classical assumption tests to ensure model validity. The research contributes to signaling theory by illustrating the impact of financial strategies on investor perception and firm valuation. Its findings offer practical guidance for managers aiming to enhance firm value through investment and dividend policies, while also helping investors better interpret corporate financial signals.
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