Investment Decisions, Financing Decisions, Dividend Policy, And Firm Value: Evidence From Pt Telekomunikasi Indonesia TBK, 2016–2025
DOI:
https://doi.org/10.60023/ayq61083Keywords:
investment decisions, financing decisions, dividend policy, Tobin’s Q, telecommunicationsAbstract
This study examines the relationships between investment decisions (proxied by the price-to-earnings ratio, PER), financing decisions (debt-to-equity ratio, DER), dividend policy (dividend payout ratio, DPR), and firm value (Tobin’s Q) at PT Telekomunikasi Indonesia (Persero) Tbk during 2016–2025. The study uses a quantitative, single-firm longitudinal design and ten annual observations drawn from the financial and market indicators reported in the source manuscript. Ordinary least squares regression is proposed to examine partial associations and joint model fit. The source coefficient table reports non-significant partial associations for PER (p = .303), DER (p = .610), and DPR (p = .110). However, the source ANOVA table is internally inconsistent: its reported sums of squares and degrees of freedom do not reproduce its F statistic, and the reported significance values disagree. Accordingly, no defensible conclusion about the joint model significance can be stated pending verification against the original statistical output. The descriptive series shows a decline in Tobin’s Q from 2.226 in 2017 to 1.281 in 2025, alongside variation in the three financial indicators. These findings are exploratory given the ten-observation sample and overlapping market-based measures.
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