Issue

Vol. 13 No. 2 (2026): September

Date Log

Submitted
8 July 2025
Accepted
12 August 2026
Published
12 August 2026

Copyright (c) 2026 Dudi Pratomo, Vatya Charisma Budi, Hosam Alden Riyadh A-Alazeez (Author)

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

Dividend Policy, Board Independence, Managerial Ownership, and Firm Age as Determinants of Healthcare Firm Value

https://doi.org/10.24252/minds.v13i2.59198
Dudi Pratomo
Universitas Telkom, Indonesia
Vatya Charisma Budi
Universitas Telkom, Indonesia
Hosam Alden Riyadh A-Alazeez
Universitas Telkom, Indonesia

Corresponding Author(s) : Dudi Pratomo

[email protected]

Jurnal Minds: Manajemen Ide dan Inspirasi, Vol. 13 No. 2 (2026): September

Abstract

Firm value reflects investors’ assessment of a company’s performance and prospects. This study contributes by examining whether governance and corporate characteristics explain healthcare firm value after controlling for key financial fundamentals. Using annual-report data from healthcare companies listed on the Indonesia Stock Exchange during 2019–2023, the study applies panel-data regression to a final sample of 17 firms and 85 firm-year observations. The Random Effects Model results show that dividend policy, board independence, managerial ownership, and firm age do not significantly affect firm value. In contrast, profitability, firm size, and leverage have significant positive effects on firm value. These findings indicate that healthcare firm valuation during the study period was more strongly associated with financial fundamentals than with dividend policy, governance structure, or organizational maturity. Managers and investors should therefore prioritize profitability, scale, and prudent capital-structure management when assessing and enhancing firm value.

Keywords

Dividend Policy Firm Age Firm Value Independent Board of Commissioners Managerial Ownership
Pratomo, D., Charisma Budi, V., & Riyadh A-Alazeez, H. A. (2026). Dividend Policy, Board Independence, Managerial Ownership, and Firm Age as Determinants of Healthcare Firm Value. Jurnal Minds: Manajemen Ide Dan Inspirasi, 13(2), 503–512. https://doi.org/10.24252/minds.v13i2.59198
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