This study investigates the potential factors explaining the inconsistent relationship between profitability and firm … value. Specifically, it examines whether dividend policy contributes to the profitability-firm value relationship and … results show a positive direct relationship between profitability and firm value. Moreover, the profitability-firm value …

insufficient. Reducing retained earnings affected by lower profitability level increase corporate long-term debt. Furthermore, the …

firm value, but not profitability. The impact of exchange rate moderation also occurs in the relationship of capital … structure and firm value, while the moderation effect on profitability and firm value is not proven. This study provides … capital structure, but not profitability. …