THE EFFECT OF CASH HOLDING, DEBT MATURITY, AND FREE CASH FLOW ON FIRM VALUE WITH DIVIDEND POLICY AS A MEDIATING VARIABLE: A SYSTEMATIC LITERATURE REVIEW
Keywords:
cash holding, debt maturity, dividend policy, firm value, free cash flowAbstract
This systematic literature review (SLR) examines the influence of cash holding, debt maturity, and free cash flow on firm value, with dividend policy serving as a mediating variable, particularly in the energy sector. The study adopts the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) protocol to identify, screen, and synthesize 38 relevant empirical studies published between 2019 and 2024. The analysis reveals that free cash flow positively and significantly affects firm value by signaling financial strength to investors. Debt maturity, particularly long-term debt structure, reduces liquidity pressure and enhances financial stability, thereby improving market valuation. Cash holding at optimal levels provides flexibility and reduces financial distress risk. Dividend policy, grounded in signaling theory and agency theory, plays a significant mediating role by transmitting financial informationderived from cash holding, free cash flow, and debt maturityto the capital market. The findings highlight persistent research gaps in the energy sector context, where high capital intensity and volatile cash flows amplify the importance of these financial policies. This review provides theoretical contributions to agency theory, signaling theory, and Bird-in-the-Hand Theory, while offering practical implications for corporate financial decision-making. Future research should conduct empirical panel data analyses specifically in the energy sector of the Indonesia Stock Exchange.
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