Effect of Marketing Activities on Dividends for Non-Controlling Interest Mediated by Profitability and Firm Value
Abstract
The purpose of this study is to prove the effect of marketing activities on Non-Controlling Interest (NCI) expectations, namely dividends for NCI mediated by profitability and firm value. The data for this study are financial reports and stock prices of companies listed on the IDX 2020-2024 with a sample of 546 companies and observation data n = 2,730. Hypothesis testing uses Path Analysis. The results of the study indicate that marketing activities have a positive effect on the company's ability to meet NCI expectations, where profitability and firm value act as mediators of this influence. The results of the robustness test show results that are consistent with the hypothesis when testing the mediator of stock returns as a proxy for short-term NCI returns that pursue capital gains. The results of the additional test show that profitability and firm value are also mediators in the influence of marketing activities on the expectations of the owners of the parent entity. Originality of this study lies in the novelty of the model, specifically the mediating role of profitability and firm value in the relationship between marketing activities and non-controlling interest (NCI) expectations. The practical contribution of this research is to provide insights for marketing managers in formulating strategic policies aimed at meeting the expectations of all shareholders, including NCI.
References
Agustin, B. H., Kusuma, M., Pramiana, O., & Santos, A. Dos. (2025). Creative Accounting on Audit Delay: Transparency of Profit Rights and Equity Distribution As Moderation. Jurnal Ekonika: Jurnal Ekonomi Universitas Kadiri, 10(2), 515–535. https://doi.org/10.30737/ekonika.v10i2.6519
Alifah, N., & Mayangsari, S. (2022). Pengaruh Marketing Activity, Company Growth, Dan Profitability Terhadap Nilai Perusahaan Blue Chip Di Bei. Jurnal Ekonomi Trisakti, 2(2), 449–460. https://doi.org/10.25105/jet.v2i2.14358
Andriana, R., Kusuma, M., Kasim, C. M. M., & Barreto, C. A. (2025). The Effect of Marketing Activities on Profitability With Others Comprehensive Income As Moderation: Evidence from Southeast Asia. Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi, 20(1).
Ardiansyah, F., & Sarwoko, E. (2020). How social media marketing influences consumers purchase decision? A mediation analysis of brand awareness. JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen, 17(2), 156. https://doi.org/10.31106/jema.v17i2.6916
Arisyahidin, A., Kusuma, M., Ahamad, A. H. Bin, & Nunes, M. (2025). Capital Structure and Sustainability Performance: Leverage Modification through Equity Disaggregation. Jurnal REKSA: Rekayasa Keuangan, Syariah Dan Audit, 12(2), 119–139. https://doi.org/10.12928/jreksa.v12i2.13643
Arisyahidin, A., Kusuma, M., Singh, S. K., & Nunes, M. (2026). Nexus of Non-Controlling Interests on Capital Structure. Jurnal Akuntansi Dan Keuangan, 28(1), 1–14. https://doi.org/10.9744/jak.28.1.1-14
Arliyati, A., & Mahroji, M. (2023). Pengaruh Struktur Modal, Likuiditas, dan Investasi Pemasaran Terhadap Nilai Perusahaan dengan Ukuran Perusahaaan Sebagai Variabel Moderasi. Jurnal Ilmiah Wahana Pendidikan, 9(24), 122–153. https://doi.org/10.5281/zenodo.10426556
Ball, R., & Brown, P. (1968). An Empirical of Accounting Income Numbers. Journal of Accounting Research, 6(2), 159–178.
Budiman, A., Putranti, E., & Kusuma, M. (2026). Parent entity and creditor pressure on corporate earnings management: Evidence from listed companies in Southeast Asia. Journal of Accounting and Investment, 27(1), 268–290. https://doi.org/10.18196/jai.v27i1.28437
Falat, L., & Holubcik, M. (2017). The Influence of Marketing Communication on Financial Situation of the Company – A Case from Automobile Industry. Procedia Engineering, 192, 148–153. https://doi.org/10.1016/j.proeng.2017.06.026
Frame, S. J., Tu, R., Martin, J. M., & Berding, J. M. (2019). The value of publicly available predicted earnings surprises. Journal of Finance and Data Science, 5(1), 33–47. https://doi.org/10.1016/j.jfds.2018.10.004
Freeman, R. (1984). Strategic Management: A Stakeholder Theory. Journal of Management Studies, 39, 1–24.
García-Meca, E., López-Iturriaga, F. J., & Santana-Martín, D. J. (2022). Board gender diversity and dividend payout: The critical mass and the family ties effect. International Review of Financial Analysis, 79. https://doi.org/10.1016/j.irfa.2021.101973
Grandhi, B., Patwa, N., & Saleem, K. (2021). Data-Driven Marketing for Growth and Profitability. EuroMed Journal of Business, 16(4), 381–398. https://doi.org/10.1108/EMJB-09-2018-0054
Hidayat, M. (2022). Pengaruh Aktivitas Pemasaran, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia (2019 - 2021). Profit: Jurnal Manajemen, Bisnis Dan Akuntansi, 1(4), 147–155. https://doi.org/10.58192/profit.v1i4.303
Jazuli, H., & Erfan. (2022). The Influance of Marketing Activities and Intangible Asset on The Value of Food and Beverange Companies Listed on The Indonesian Stock Exchange For The 2016-2019 Period. Jurnal Ekonomi Syariah Pelita …, 07(02), 162–170.
Khotimah, D., & Nuswandari, C. (2022). Pengaruh kinerja keuangan, aktivitas pemasaran, dan aset tidak berwujud terhadap nilai perusahaan pada perusahaan manufaktur sektor konsumsi periode 2016-2020. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(2), 776–789. https://doi.org/10.32670/fairvalue.v5i2.2083
Khuzaini, K., & Zamrudi, Z. (2021). Technostress among marketing employee during the COVID-19 pandemic: Exploring the role of technology usability and presenteeism. JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen, 18(1), 36. https://doi.org/10.31106/jema.v18i1.10050
Kiranasari, K. D., & Suryono, B. (2021). Pengaruh Aktivitas Pemasaran, Kepemilikan Manajerial Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 10(1), 1–19.
Kombih, M. T., & Suhardianto, N. (2018). Pengaruh Aktivitas Pemasaran, Kinerja Keuangan, Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan. EKUITAS (Jurnal Ekonomi Dan Keuangan), 1(3), 281–302. https://doi.org/10.24034/j25485024.y2017.v1.i3.1909
Kusuma, M. (2020). Penghasilan komprehensif lain dan prediksi arus kas masa depan : Bukti dari Indonesia. Seminar Nasional SENIMA Ke 5 Universitas Negeri Surabaya, (Senima 5), 815–832.
Kusuma, M. (2021a). Measurement of Return on Asset (ROA) based on Comprehensive Income and its Ability to Predict Investment Returns: an Empirical Evidence on Go Public Companies in Indonesia before and during the Covid-19 Pandemic. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 16(1), 94. https://doi.org/10.24269/ekuilibrium.v16i1.3238
Kusuma, M. (2021b). Modification of Profitability Measures with Comprehensive Income and Reclassification of Other Comprehensive Income as A Mediation of Effects Asset Utilization on Firm Value. Jurnal Keuangan Dan Perbankan, 25(4), 855–879. https://doi.org/10.26905/jkdp.v25i4.6132
Kusuma, M. (2024). Dapatkah Laba Komprehensif Digunakan untuk Memprediksi Financial Distress? TEMA: Jurnal Tera Ilmu Akuntansi, 25(1).
Kusuma, M., & Agustin, B. H. (2023). Can Others Comprehensive Income Affect Dividend Payments In Indonesia? Share: Jurnal Ekonomi Dan Keuangan Islam, 12(1).
Kusuma, M., & Agustin, B. H. (2024). Nilai Relevansi Kepentingan Non Pengendali dalam Laporan Keuangan Konsolidasi : Bagaimana Pasar Bereaksi, dan Kemampuannya dalam Memprediksi Laba dan Dividen? Jurnal Akuntansi Dan Governance, 4(2).
Kusuma, M., Assih, P., & Zuhroh, D. (2021). Pengukuran Kinerja Keuangan : Return on Equity (ROE) Dengan Atribusi Ekuitas. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 223–244. https://doi.org/10.30596/jimb.v22i2.7935
Kusuma, M., & Athori, A. (2023). Can Income and Equity Attribution Minimize Agency Costs ? ( Effect of Attribution Policy on Earnings Management and Firm Value ). Proceeding Medan International Conference Economics and Business (MICEB), 1(January), 1950–1962.
Kusuma, M., Chandrarin, G., Cahyaningsih, D. S., & Lisetyati, E. (2022). Reclassification of Others Comprehensive Income, Earnings Management, and Earnings Quality : Evidence From Indonesia. Asia-Pacific Management Accounting Journal, 17(3), 205–237.
Kusuma, M., Halim, F. B. A., Maulana, F. H. P., Singh, S. K., & Nunes, M. (2026). Pressure from Parent Entity Owners and Non-Controlling Interests Stimulates Management to Income Smoothing: Evidence from Asia. Riset Akuntansi Dan Keuangan Indonesia, 11(1), 100–119. https://doi.org/10.23917/reaksi.v11i1.16363
Kusuma, M., & Kusumaningarti, M. (2023). Earnings Response Coefficient ( ERC ) Berbasis Laba Komprehensif dan Laba Diatribusi : Modifikasi Teori Kandungan Laba ( Ball & Brown , 1968 ). Jurnal Ilmiah Akuntansi Manajemen, 6(2), 141–162. https://doi.org/10.35326/jiam.v6i2.4346
Kusuma, M., Putranti, E., Budiman, A., Binti, F., Halim, A., Singh, S. K., & Nunes, M. (2025). Total Comprehensive Earnings and Corporate Value with Fundamental Macroeconomic as Moderation : South East Asia Evidence. Proceeding Accounting, Management, Economics Uniska, 2, 718–732.
Kusuma, M., Zuhroh, D., Assih, P., & Chandrarin, G. (2021). The Effect of Net Income and Other Comprehensive Income on Future’s Comprehensive Income With Attribution of Comprehensive Income as Moderating Variable. International Journal of Financial Research, 12(3), 205–219.
Kusumaningarti, M., Kusuma, M., Ahamad, A. H. Bin, & Santos, A. Dos. (2025). Can Transparency In Shareholders’ Rights Allocation Minimize Creative Accounting and Agency Conflict? Jurnal Riset Akuntansi Dan Keuangan, 13(2), 331–348. https://doi.org/10.17509/jrak.v13i2.83328
Leelavathy, V., & Kamali, V. (2024). Sustainability Marketing: A Study on Balancing Profitability with Social and Environmental Responsibilities. International Journal of Research and Analysis in Commerce and Management, 13(3), 62–73. https://doi.org/10.1177/ijracm.2024.06.15
Marjukah, A., Julianto, A., Nugroho, S., Haris, A., Kusuma, M., & Singh, S. K. (2025). Marketing Management and Corporate Comprehensive Profitability with Leverage Moderation : South East Asia Evidence. JMK (Jurnal Manajemen Dan Kewirausahaan), 10(3), 197–211. https://doi.org/10.32503/jmk
Njegomir, V. (2019). Economy and Marketing: The Connection, Similarities and Differences. Civitas, 9(1), 13–25. https://doi.org/10.1033/civitas.2019.9.1
Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research: Wiley Online Library, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Pangestu, J. C., Margaretha, P., & Valentino, T. (2022). Analisis Beban Iklan, Pertumbuhan Penjualan, Dan Tingkat Utang Perusahaan Pada Nilai Perusahaan Selama Masa Pandemik Covid-19. Jurnal Apresiasi Ekonomi, 10(2), 240–248. https://doi.org/10.31846/jae.v10i2.465
Qi, D., Penn, J., Li, R., & Brian, E. (2022). Winning Ugly: Profit Maximizing Marketing Strategies For Ugly Foods. Journal of Retailing and Consumer Services, 64(102834). https://doi.org/10.1016/j.jretconser.2021.102834
Ratih, N. R., Kusuma, M., Suaidah, Y. M., & Ahamad, A. H. Bin. (2025a). Modification of Financial Ratio Analysis Based on Fair Value : Is It More Predictive? Jurnal Akuntansi Dan Perpajakan, 11(1), Maret.
Ratih, N. R., Kusuma, M., Suaidah, Y. M., & Ahamad, A. H. Bin. (2025b). Modification of Financial Ratio Analysis Based on Fair Value : Is It More Predictive? Jurnal Akuntansi Dan Perpajakan, 11(1), Maret.
Santyo Rusandy, D., & Kusuma, M. (2026). AKTIVITAS PEMASARAN DAN KEPENTINGAN NON-PENGENDALI DENGAN KINERJA TATA KELOLA SEBAGAI PEMODERASI: BUKTI DARI PASAR ASEAN. Jurnal Riset Manajemen Dan Bisnis Dewantara, 9(1), 1–5. https://doi.org/10.26533/jmd.v9i1.1515
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Spence, M. (1974). Competitive & Optimal Responses to Signals : An Analysis of Efficiency & Distribution. Journal of Economics Theory, 7(3), 296–332.
Sugeng, S., Prasetyo, E., & Zaman, B. (2020). Does capital intensity, inventory intensity, firm size, firm risk, and political connections affect tax aggressiveness? JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen, 17(1), 78. https://doi.org/10.31106/jema.v17i1.3609
Tzanidis, T., Magni, D., Scuotto, V., & Adnane, M. (2024). B2B Green Marketing Strategies For European Firms: Implications For People, Planet And Profit. Industrial Marketing Management, 117(1), 481–492. https://doi.org/10.1016/j.indmarman.2024.01.018
Widhiastuti, S., & Nugraha, R. S. (2019). Pengaruh Modal Intelektual, Biaya Promosi, Dan Perputaran Persediaan Dalam Mempengaruhi Profit Serta Implikasinya Terhadap Nilai Perusahaan. Jurnal Manajemen Kewirausahaan, 15(2), 183. https://doi.org/10.33370/jmk.v15i2.230
Yorke, D. (1984). Marketing and Non-Profit-Making Organisations. European Journal of Marketing, 18(2), 17 – 22. https://doi.org/10.1108/EUM0000000004766y
Alifah, N., & Mayangsari, S. (2022). Pengaruh Marketing Activity, Company Growth, Dan Profitability Terhadap Nilai Perusahaan Blue Chip Di Bei. Jurnal Ekonomi Trisakti, 2(2), 449–460. https://doi.org/10.25105/jet.v2i2.14358
Andriana, R., Kusuma, M., Kasim, C. M. M., & Barreto, C. A. (2025). The Effect of Marketing Activities on Profitability With Others Comprehensive Income As Moderation: Evidence from Southeast Asia. Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi, 20(1).
Ardiansyah, F., & Sarwoko, E. (2020). How social media marketing influences consumers purchase decision? A mediation analysis of brand awareness. JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen, 17(2), 156. https://doi.org/10.31106/jema.v17i2.6916
Arisyahidin, A., Kusuma, M., Ahamad, A. H. Bin, & Nunes, M. (2025). Capital Structure and Sustainability Performance: Leverage Modification through Equity Disaggregation. Jurnal REKSA: Rekayasa Keuangan, Syariah Dan Audit, 12(2), 119–139. https://doi.org/10.12928/jreksa.v12i2.13643
Arisyahidin, A., Kusuma, M., Singh, S. K., & Nunes, M. (2026). Nexus of Non-Controlling Interests on Capital Structure. Jurnal Akuntansi Dan Keuangan, 28(1), 1–14. https://doi.org/10.9744/jak.28.1.1-14
Arliyati, A., & Mahroji, M. (2023). Pengaruh Struktur Modal, Likuiditas, dan Investasi Pemasaran Terhadap Nilai Perusahaan dengan Ukuran Perusahaaan Sebagai Variabel Moderasi. Jurnal Ilmiah Wahana Pendidikan, 9(24), 122–153. https://doi.org/10.5281/zenodo.10426556
Ball, R., & Brown, P. (1968). An Empirical of Accounting Income Numbers. Journal of Accounting Research, 6(2), 159–178.
Budiman, A., Putranti, E., & Kusuma, M. (2026). Parent entity and creditor pressure on corporate earnings management: Evidence from listed companies in Southeast Asia. Journal of Accounting and Investment, 27(1), 268–290. https://doi.org/10.18196/jai.v27i1.28437
Falat, L., & Holubcik, M. (2017). The Influence of Marketing Communication on Financial Situation of the Company – A Case from Automobile Industry. Procedia Engineering, 192, 148–153. https://doi.org/10.1016/j.proeng.2017.06.026
Frame, S. J., Tu, R., Martin, J. M., & Berding, J. M. (2019). The value of publicly available predicted earnings surprises. Journal of Finance and Data Science, 5(1), 33–47. https://doi.org/10.1016/j.jfds.2018.10.004
Freeman, R. (1984). Strategic Management: A Stakeholder Theory. Journal of Management Studies, 39, 1–24.
García-Meca, E., López-Iturriaga, F. J., & Santana-Martín, D. J. (2022). Board gender diversity and dividend payout: The critical mass and the family ties effect. International Review of Financial Analysis, 79. https://doi.org/10.1016/j.irfa.2021.101973
Grandhi, B., Patwa, N., & Saleem, K. (2021). Data-Driven Marketing for Growth and Profitability. EuroMed Journal of Business, 16(4), 381–398. https://doi.org/10.1108/EMJB-09-2018-0054
Hidayat, M. (2022). Pengaruh Aktivitas Pemasaran, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia (2019 - 2021). Profit: Jurnal Manajemen, Bisnis Dan Akuntansi, 1(4), 147–155. https://doi.org/10.58192/profit.v1i4.303
Jazuli, H., & Erfan. (2022). The Influance of Marketing Activities and Intangible Asset on The Value of Food and Beverange Companies Listed on The Indonesian Stock Exchange For The 2016-2019 Period. Jurnal Ekonomi Syariah Pelita …, 07(02), 162–170.
Khotimah, D., & Nuswandari, C. (2022). Pengaruh kinerja keuangan, aktivitas pemasaran, dan aset tidak berwujud terhadap nilai perusahaan pada perusahaan manufaktur sektor konsumsi periode 2016-2020. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(2), 776–789. https://doi.org/10.32670/fairvalue.v5i2.2083
Khuzaini, K., & Zamrudi, Z. (2021). Technostress among marketing employee during the COVID-19 pandemic: Exploring the role of technology usability and presenteeism. JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen, 18(1), 36. https://doi.org/10.31106/jema.v18i1.10050
Kiranasari, K. D., & Suryono, B. (2021). Pengaruh Aktivitas Pemasaran, Kepemilikan Manajerial Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 10(1), 1–19.
Kombih, M. T., & Suhardianto, N. (2018). Pengaruh Aktivitas Pemasaran, Kinerja Keuangan, Dan Aset Tidak Berwujud Terhadap Nilai Perusahaan. EKUITAS (Jurnal Ekonomi Dan Keuangan), 1(3), 281–302. https://doi.org/10.24034/j25485024.y2017.v1.i3.1909
Kusuma, M. (2020). Penghasilan komprehensif lain dan prediksi arus kas masa depan : Bukti dari Indonesia. Seminar Nasional SENIMA Ke 5 Universitas Negeri Surabaya, (Senima 5), 815–832.
Kusuma, M. (2021a). Measurement of Return on Asset (ROA) based on Comprehensive Income and its Ability to Predict Investment Returns: an Empirical Evidence on Go Public Companies in Indonesia before and during the Covid-19 Pandemic. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 16(1), 94. https://doi.org/10.24269/ekuilibrium.v16i1.3238
Kusuma, M. (2021b). Modification of Profitability Measures with Comprehensive Income and Reclassification of Other Comprehensive Income as A Mediation of Effects Asset Utilization on Firm Value. Jurnal Keuangan Dan Perbankan, 25(4), 855–879. https://doi.org/10.26905/jkdp.v25i4.6132
Kusuma, M. (2024). Dapatkah Laba Komprehensif Digunakan untuk Memprediksi Financial Distress? TEMA: Jurnal Tera Ilmu Akuntansi, 25(1).
Kusuma, M., & Agustin, B. H. (2023). Can Others Comprehensive Income Affect Dividend Payments In Indonesia? Share: Jurnal Ekonomi Dan Keuangan Islam, 12(1).
Kusuma, M., & Agustin, B. H. (2024). Nilai Relevansi Kepentingan Non Pengendali dalam Laporan Keuangan Konsolidasi : Bagaimana Pasar Bereaksi, dan Kemampuannya dalam Memprediksi Laba dan Dividen? Jurnal Akuntansi Dan Governance, 4(2).
Kusuma, M., Assih, P., & Zuhroh, D. (2021). Pengukuran Kinerja Keuangan : Return on Equity (ROE) Dengan Atribusi Ekuitas. Jurnal Ilmiah Manajemen Dan Bisnis, 22(2), 223–244. https://doi.org/10.30596/jimb.v22i2.7935
Kusuma, M., & Athori, A. (2023). Can Income and Equity Attribution Minimize Agency Costs ? ( Effect of Attribution Policy on Earnings Management and Firm Value ). Proceeding Medan International Conference Economics and Business (MICEB), 1(January), 1950–1962.
Kusuma, M., Chandrarin, G., Cahyaningsih, D. S., & Lisetyati, E. (2022). Reclassification of Others Comprehensive Income, Earnings Management, and Earnings Quality : Evidence From Indonesia. Asia-Pacific Management Accounting Journal, 17(3), 205–237.
Kusuma, M., Halim, F. B. A., Maulana, F. H. P., Singh, S. K., & Nunes, M. (2026). Pressure from Parent Entity Owners and Non-Controlling Interests Stimulates Management to Income Smoothing: Evidence from Asia. Riset Akuntansi Dan Keuangan Indonesia, 11(1), 100–119. https://doi.org/10.23917/reaksi.v11i1.16363
Kusuma, M., & Kusumaningarti, M. (2023). Earnings Response Coefficient ( ERC ) Berbasis Laba Komprehensif dan Laba Diatribusi : Modifikasi Teori Kandungan Laba ( Ball & Brown , 1968 ). Jurnal Ilmiah Akuntansi Manajemen, 6(2), 141–162. https://doi.org/10.35326/jiam.v6i2.4346
Kusuma, M., Putranti, E., Budiman, A., Binti, F., Halim, A., Singh, S. K., & Nunes, M. (2025). Total Comprehensive Earnings and Corporate Value with Fundamental Macroeconomic as Moderation : South East Asia Evidence. Proceeding Accounting, Management, Economics Uniska, 2, 718–732.
Kusuma, M., Zuhroh, D., Assih, P., & Chandrarin, G. (2021). The Effect of Net Income and Other Comprehensive Income on Future’s Comprehensive Income With Attribution of Comprehensive Income as Moderating Variable. International Journal of Financial Research, 12(3), 205–219.
Kusumaningarti, M., Kusuma, M., Ahamad, A. H. Bin, & Santos, A. Dos. (2025). Can Transparency In Shareholders’ Rights Allocation Minimize Creative Accounting and Agency Conflict? Jurnal Riset Akuntansi Dan Keuangan, 13(2), 331–348. https://doi.org/10.17509/jrak.v13i2.83328
Leelavathy, V., & Kamali, V. (2024). Sustainability Marketing: A Study on Balancing Profitability with Social and Environmental Responsibilities. International Journal of Research and Analysis in Commerce and Management, 13(3), 62–73. https://doi.org/10.1177/ijracm.2024.06.15
Marjukah, A., Julianto, A., Nugroho, S., Haris, A., Kusuma, M., & Singh, S. K. (2025). Marketing Management and Corporate Comprehensive Profitability with Leverage Moderation : South East Asia Evidence. JMK (Jurnal Manajemen Dan Kewirausahaan), 10(3), 197–211. https://doi.org/10.32503/jmk
Njegomir, V. (2019). Economy and Marketing: The Connection, Similarities and Differences. Civitas, 9(1), 13–25. https://doi.org/10.1033/civitas.2019.9.1
Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation. Contemporary Accounting Research: Wiley Online Library, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Pangestu, J. C., Margaretha, P., & Valentino, T. (2022). Analisis Beban Iklan, Pertumbuhan Penjualan, Dan Tingkat Utang Perusahaan Pada Nilai Perusahaan Selama Masa Pandemik Covid-19. Jurnal Apresiasi Ekonomi, 10(2), 240–248. https://doi.org/10.31846/jae.v10i2.465
Qi, D., Penn, J., Li, R., & Brian, E. (2022). Winning Ugly: Profit Maximizing Marketing Strategies For Ugly Foods. Journal of Retailing and Consumer Services, 64(102834). https://doi.org/10.1016/j.jretconser.2021.102834
Ratih, N. R., Kusuma, M., Suaidah, Y. M., & Ahamad, A. H. Bin. (2025a). Modification of Financial Ratio Analysis Based on Fair Value : Is It More Predictive? Jurnal Akuntansi Dan Perpajakan, 11(1), Maret.
Ratih, N. R., Kusuma, M., Suaidah, Y. M., & Ahamad, A. H. Bin. (2025b). Modification of Financial Ratio Analysis Based on Fair Value : Is It More Predictive? Jurnal Akuntansi Dan Perpajakan, 11(1), Maret.
Santyo Rusandy, D., & Kusuma, M. (2026). AKTIVITAS PEMASARAN DAN KEPENTINGAN NON-PENGENDALI DENGAN KINERJA TATA KELOLA SEBAGAI PEMODERASI: BUKTI DARI PASAR ASEAN. Jurnal Riset Manajemen Dan Bisnis Dewantara, 9(1), 1–5. https://doi.org/10.26533/jmd.v9i1.1515
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.
Spence, M. (1974). Competitive & Optimal Responses to Signals : An Analysis of Efficiency & Distribution. Journal of Economics Theory, 7(3), 296–332.
Sugeng, S., Prasetyo, E., & Zaman, B. (2020). Does capital intensity, inventory intensity, firm size, firm risk, and political connections affect tax aggressiveness? JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen, 17(1), 78. https://doi.org/10.31106/jema.v17i1.3609
Tzanidis, T., Magni, D., Scuotto, V., & Adnane, M. (2024). B2B Green Marketing Strategies For European Firms: Implications For People, Planet And Profit. Industrial Marketing Management, 117(1), 481–492. https://doi.org/10.1016/j.indmarman.2024.01.018
Widhiastuti, S., & Nugraha, R. S. (2019). Pengaruh Modal Intelektual, Biaya Promosi, Dan Perputaran Persediaan Dalam Mempengaruhi Profit Serta Implikasinya Terhadap Nilai Perusahaan. Jurnal Manajemen Kewirausahaan, 15(2), 183. https://doi.org/10.33370/jmk.v15i2.230
Yorke, D. (1984). Marketing and Non-Profit-Making Organisations. European Journal of Marketing, 18(2), 17 – 22. https://doi.org/10.1108/EUM0000000004766y
Published
2026-09-09
How to Cite
ANDRIANA, Ririn; KUSUMA, Marhaendra.
Effect of Marketing Activities on Dividends for Non-Controlling Interest Mediated by Profitability and Firm Value.
JMK (Jurnal Manajemen dan Kewirausahaan), [S.l.], v. 11, n. 3, p. 570-591, sep. 2026.
ISSN 2656-0771.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/ManajemenKewirausahaan/article/view/9400>. Date accessed: 10 sep. 2026.
doi: https://doi.org/10.32503/jmk.v11i3.9400.
Section
Artikel Ilmiah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
