Date of submission: March 18, 2021; date of acceptance: May 5, 2021. * Contact information: margonoferdyprasetyaueu@gmail.com, Economic and Busi- ness Faculty, Esa Unggul University, Indonesia, phone: +62 87850967505; ORCID ID: https://orcid.org/0000-0002-4264-8265. ** Contact information: rilla.gantino@esaunggul.ac.id, Economic and Business Fac- ulty, Esa Unggul University, Indonesia, phone: +62 87850967505; ORCID ID: https://or- cid.org/0000-0002-3626-6033. Copernican Journal of Finance & Accounting e-ISSN 2300-3065 p-ISSN 2300-12402021, volume 10, issue 2 Margono, F.P., & Gantino, R. (2021). The Inf luence of Firm Size, Leverage, Profitability, and Divi- dend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Fi- nance & Accounting, 10(2), 45–61. http://dx.doi.org/10.12775/CJFA.2021.007 ferdy prasetya margono* Esa Unggul University rilla gantino** Esa Unggul University the influence of firm siZe, leverage, profitability, and dividend policy on firm value of companies in indonesia stocK exchange Keywords: firm value, firm size, leverage, profitability, dividend policy. J E L Classification: M41. Abstract: The aim of this study is to acquire empirical proof on the impact of firm size, leverage, profitability, and dividend policy on the firm value of the consumer goods in- dustry in the food & beverage sub-sector listed on IDX in 2016-2019. Firm size is cal- culated by Ln of total sales, leverage is calculated by the Debt to Assets Ratio (DAR), profitability is calculated by Return On Equity (ROE), dividend policy is calculated by Dividend Payout Ratio (DPR), and firm value is calculated by Price to Book Value (PBV). The methodology used purposive sampling. The number of samples used in this re- search were 10 consumer goods industry companies in the food and beverage sub-sec- tor listed on the IDX during 2016-2019. The data source of this research comes from the Ferdy Prasetya Margono, Rilla Gantino46 company’s yearly financial reports. This research uses a quantitative oncoming with multiple linear regression analysis methods. The resumes of this research found that firm size, leverage, profitability, and divi- dend policy simultaneously inf luence firm value; firm size has no impact on company value; leverage has a positive impact on company value; profitability has a positive im- pact on company value; and dividend policy has a positive impact on company value.  Introduction The company as an organization that carries out product creation activities in its operations has a goal in a short time and long time. The short objective of the company is to get maximum profit by managing the available assets, on the other hand, the long time goal is to optimize the value of the enterprise (Novari & Lestari, 2016). The firm value can be calculated, one of which is the market share price which comes from the occurrence of the market share price which is a ref lection of the enterprise’s ability (Harmono, 2014). Not only by referring to stock prices, firm value can be observed from the firm size which is consid- ered capable of having an impact on enterprise value. Because, the augmenta- tive size of the enterprise will make it establish for the corporation to get fund- ing from inside or outside the firm (Pratama & Wiksuana, 2016). The firm size is considered to have an impactoon the firm value for the con- tinued increase in company value makes it easy for the company to get fund- ing income that can be used to achieve company goals, but in other parts it can create large debts because the risk of the company in fulfilling its obliga- tions is quite small (Indriyani, 2017). Suwardika and Mustanda (2017) said that if the company size is observed from the sum of equity, sales, or total as- sets. The increasing overall assets of the company can ref lect that the company has reached its maturity stage. Companies that are already in an adult position show that the firm already has positive cash f low and is expected to have a long term profitable outlook. Leverage is the level of the loan by the company to perform its operation- al actions. Leverage arises because the firm will carry out its operations us- ing assets and funding income which has f lat costs and can increase returns for the company (Hasibuan, 2017). Ernawati and Widyawati (2015) said that the increasing leverage proves that the risk of capital is getting bigger as well. A company with a small leverage ratio has a fairly small leverage risk. This comparison can ref lect how much the firm financed by loans or outsiders with the company’s expertise. Debt comes from banks and other financing institu- the influence of firm size, leverAge, ProfitAbility… 47 tions. Companies that get a lot of financing from debt are considered not good because they can reduce profits. Firm value can also be affected by the measure from profitability that the firm receives. If profitability is good, the firm’s authority holders consisting of suppliers, creditors, and investors want to see how long the company can create profits from marketing activities and company capital. The calculation of the level of profitability is carried out in order to see the company’s performance in seeking profit. This profitability is also used to see the size of the effective- ness from organizing a firm which is shown from the gains obtained by selling or capital revenue (Mayliza & Sari, 2018). Company value can also be affected by the dividend policy of each company. Investors are lured to give their capital by referring to the data that is informed by the firm in the form of reports on the firm’s profits and losses. This is due to the aim of the investors to obtain a good level of welfare by getting a return on the funds they have invested. Investors are lured into making investments based on the dividend policy made by the company. A company’s dividend policy is quite a complicated matter because it has to link the many needs of the parties involved in the company. Dividend policy can be defined as how much income can be paid as dividends and how much can be maintained (Ayem & Nugroho, 2016). This research was conducted because of the incompatibility phenomenon between the theoretics and the results of prior study. For example, firm size which theoretically has a positive impact on firmvvalue, yet Hirdinis’ research resumes (2019) state the company size has a negative impact onnfirm value; leverage in the theory has a negative impactoon firm value, but Markonah’s re- search results (2020) state that leverage has a positiveeimpact on company val- ue; profitability in the theory has a positive impact on company value, however the results of Pratama’s and Wiksuana’s research (2016) state that profitabili- tyyhas a negative impactoon firm value; dividend policy which in the theory has a positiveeimpact on company value, but the results of Husna’s and Satria’s research (2019) show that dividend policyhhas no impact on firm value. The objective from the research is to investigate the impact of firm size, lev- erage, profitability, and dividenddpolicy on firm value in food & beverageccom- panies listed on IDX in 2016-2019. The outcome of this research are intended to be used as data by the company for management in establish policies to in- crease the welfare of investors, and can be used as an estimate for investors to invest in, and for academics can be used as a reference in carrying out better research in the future. Ferdy Prasetya Margono, Rilla Gantino48 Research Methodology and Research Process This research methodology used a quantitative approach with the type of caus- al associative bonding. Causal associative research is defined as research that determines the effect of causality from the independent variable (X), namely firm size is calculated using by Ln total sales, leverage is computed by Debt to Asset Ratio (DAR), Profitability is calculated by Return On Equity (ROE), and dividend policy is calculated by Dividend Payout Ratio (DPR) to the dependent variable (Y), which is the firm value calculated by Price Book Value (PBV). The kind of data used in this exploration is secondary data acquired from IDX. Then the information be used in this research is the yearlong financial re- port of food and beverage companies for 2016-2019 which are listed on the IDX. The population in thissstudy are food & beverageecompanies listed on the IDX in 2016-2019. Theesample of this research used purposive sampling with the sample benchmark is the food and beverage firms that distributed dividends within 4 consecutive years starting from 2016, 2017, 2018, and 2019. Based on this criteria, the following research samples were obtained: Table 1. Sample Lists of Consumer Goods Industry Companies, Sub Sector of Food and Beverages sales, leverage is computed by Debt to Asset Ratio (DAR), Profitability is calculated by Re- turn On Equity (ROE), and dividend policy is calculated by Dividend Payout Ratio (DPR) to the dependent variable (Y), which is the firm value calculated by Price Book Value (PBV). The kind of data used in this exploration is secondary data acquired from IDX. Then the information be used in this research is the yearlong financial report of food and beverage companies for 2016-2019 which are listed on the IDX. The population in thissstudy are food & beverageecompanies listed on the IDX in 2016-2019. Theesample of this research used purposive sampling with the sample benchmark is the food and beverage firms that distribut- ed dividends within 4 consecutive years starting from 2016, 2017, 2018, and 2019. Based on this criteria, the following research samples were obtained: Table 1. Sample Lists of Consumer Goods Industry Companies, Sub Sector of Food and Beverages Source: IDN Financials 2020, diolah. Literature Review Signalling Theory One of the main theories in studying financial management is the signalling theory (Fauziah, 2017). The signal in question is a sign that the company gives to investors. The form of the signal given is in the form of one that can be observed immediately or one that needs to be studied more deeply in order to understand it. This was attempted by the company to share signals with investors in order to find out the development of the enterprise's management in seeing the enterprise's future opportunities to compare quality and inferior companies. S o u r c e : IDN Financials 2020, diolah. the influence of firm size, leverAge, ProfitAbility… 49 Literature Review Signalling Theory One of the main theories in studying financial management is the signalling the- ory (Fauziah, 2017). The signal in question is a sign that the company gives to investors. The form of the signal given is in the form of one that can be observed immediately or one that needs to be studied more deeply in order to understand it. This was attempted by the company to share signals with investors in order to find out the development of the enterprise’s management in seeing the enter- prise’s future opportunities to compare quality and inferior companies. Value Relevance Value relevance is an accounting disclosure that has an approximate form re- lated to market value. Each company has an obligation to shareholders or pro- spective shareholders, one of which is by publishing their financial information in an as is manner according to the condition of the company. Relevance theory proves that data originating from the accounting stage should be used by read- ers to determine investment decisions. The relationship between financial in- formation and share prices is a classic concept known as value relevance (Alf- raih, 2016). Firm Value The Firm value is the marketvvalue of a firm that can be used to distribute the maximum welfare to shareholders if the share price of a company increases. Firm value is what investors perceive the company as, which is often related to share prices. This shows that one aspect that is considered by investors in investing is the value of theecompany that will be the place to invest (Suffah & Riduwan, 2016). Ferdy Prasetya Margono, Rilla Gantino50 Firm Size Firm size is a calculation where the size of the firm can be restricted as meas- ured by total assets, total sales, share price and others (Widiastari & Yasa, 2018). The firm size is a measurement which can be used to categorize the size company with various calculation methods, including ln total assets, ln total sales, and market capitalization. The large company generally has large out- standing shares and is more courageous in adding new shares to meet produc- tion and sales activities than a relatively small enterprise. Leverage Leverage is a comparison used to quantify the enterprise’s expertise in carry- ing out all current or future obligations (Sujarweni, 2017). In a sense, leverage is the comparison used to calculate the weight of the loan that must be paid by the company. How actively does the company use existing facilities, facilities that are defined as receivables, capital, or assets. Companies that usually carry out a lot of funding with liability are advised not good because they can reduce gains. Large debts result in less favorable thinking from investors on company value. The high level of leverage can sway the interest of investors in invest- ment conclusions in the company, cause the company may not be able to share large profits with investors. Profitability Profitability is a comparison used to calculate the enterprise’s performance in creating gains from its business actions. With the high level of gain a firm, the welfare of the shareholders of one of the company’s stakeholders will also in- crease (Hery, 2017). Companies should optimize the abilities of employees and management in order to achieve predetermined targets so that the firm can get maximum benefits. Dividend Policy Dividend policy is a firm’s judgment to dispart operating gains proportionally to investors or to postpone the distribution and include it in retained earnings the influence of firm size, leverAge, ProfitAbility… 51 which can later be used for funding in the following year (Defrizal & Mulyawan, 2015). The company is supposed to pay dividends to investors, which is the duty of the company to give part of the profits to investors. This dividend pay- ment can be used as a form of information to prospective investors before com- mitting to investing. Research Hypothesis The Effect of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value The company size is ref lected in the total assets, total sales, the mean level of sales and the mean total assets of the company. Larger companies can access the capital market in order to obtain funding more easily. Meanwhile, compa- nies that are still recent and little companies will experience many toughs in accessing the capital market. According to Hirdinis (2019), company size has a negativeaand significant impact to company value. Leverage is an effort to increase operating income which can also be used as a benchmark in observing manager behavior in earnings management activi- ties. Firm value can also be affected by the leverage size effected of the firm. Lev- erage has a positive and significant clout on company value (Markonah, 2020). High profitability illustrates the better the firm’s capability to generate gains. The top of firm’s gains, the better company is in the eyes of investors. Profitability has appositive and significant clout on company value (Sari & Se- dana, 2020). The dividend policy set by the firm’s management is an alert for investors to assess the condition of the firm. With high dividend distribution to sharehold- ers, it is hoped that the firm’s value will also increase. Most investors certain- ly want a dividend policy that can satisfy them. The effecttof dividend policy proxied by DPR and company value proxied by PBV is positive and significant (Rehman, 2016). Based on the definition over, it can be resumed that the first hypothesis is: H1: There is an impact of company size, leverage, profitability, and dividend policy simultaneously on company value. Ferdy Prasetya Margono, Rilla Gantino52 The Effect of Firm Size on Firm Value The companies are categorized into two types, namely small-scale companies and large-scale companies. The size of the company value will affect the value of the company based on the fact that the bigger a company has a high level of added assets so that it can earn profits which will affect the value of the com- pany. Husna’s and Satria’s research results (2019) state that company sizeehas a positive effectoon firm value, the higher the size of a company, the higher the company value. Firm size is the variables that are considered in deciding the value of a com- pany. Pursuant to Goka, et. al. (2018) the variable company size has no ef- fectton firm value (PBV) and has a positiveerelationship with company val- ue (PBV). However, this is not in analogous with study conducted by Hirdinis (2019), where firm size has a negative and significant impact on firm value. Based on this explanation, it can be formulated for the second hypothesi- saas follows: H2: Company size has a positive impact on company value. The Effect of Leverage on Firm Value The company can be called unsolvable if theecompany’s total assets are less than the company’s total debt. This can make investors more careful to invest in companies that have a large leverage ratio because the leverage ratio can show the level of investment risk. Debt that continues to grow out of control. Study done by Farooq (2016) show that leverage has a negativeaand significant impact on company value. A high leverage number is not always a low company value, likewise a low leverage number does not always increase firm value. By reason of investors see from sundry sides of financial reports. The results ofsstudy conducted by Markonah (2020), indicate that leverage with the proxy Debt to Equity Ratio (DER) has a positive and significanteeffect on firm value. Then the leverage which is proxied by the Debt to Assets Ratio (DAR) has a negative impact on company value (Hakim & Sunardi, 2017). Based on the definition over, it can be resumed that the third hypothesis is: H3: Leverage has a negative impact on company value. the influence of firm size, leverAge, ProfitAbility… 53 The Effect of Profitability on Firm Value Profitability is the company’s ability to earn profits within a certain period of time. The principle of profitability assessment is contained in the financial statements that are on the balance sheet and the company’s income statement (Sitorus & Denny, 2017). Theoretically, increasing company profitability will increase firm value. This is due to profitability as a signal for investors to be able to invest in the company. The high profitability of the company encour- ages investors to invest by making a request to get company stocks. Thus, the stock value will increase due to the great demand for shares. Profitability has a positive and significant impact on company value (Tui, Nurnajamuddin, Sufri & Nirwana, 2017). According to Cambarihan and Sucuahi (2016) state that profitability has aapositive and significant effect on company value. Then in previous study that discusses the relationship of profitability to company value and is related to this research, including by Paminto, Setyadi and Sinaga (2016), the outcomes of the research showtthat profitability has a positive impact on company value. Based on the definition over, it can be concluded that the fourth hypothesis is: H4: Profitability has a positive impact on company value. The Effect of Dividend Policy on Firm Value Dividenddpolicy is still possible to be one of the important manners for great shareholders to perforate registed firms thru the “tunnel effect”. As a result, some companies withppoor performance often issue large dividends that can damage the value of the company (Hailin & Jingxu, 2019). Dividend policy is a judgment if the gains earned by the firm at the final year will be dispart to shareholders in the establish of dividends or will be holded to escalate fund for investment financing in the hereafter. Dividend policy is very important be- cause of the inf luence of investment, finance and liquidity. To achieve the goal, the company ensures a dividend policy, namely a policy made by the company for the portion of income received as dividends paid, that is, profit that can be guaranteed and as net profit and profit on its shares. Rehman’s research results (2016) argue that dividend policy has a positive and significant impact on company value. Watchfulness by Husna and Satria (2019) shows that dividend policy has no significant clout on firm value. Then Ferdy Prasetya Margono, Rilla Gantino54 the results of Hafeez’s, Shahbaz’s, Iftikhar’s and Ali Butt’s research (2018) also show that dividend policyyhas a positive effect on firm value. These results in- dicate that distributing dividends will increase firm value. Based on the definition over, it can be resumed that the fifth hypothesis is: H5: Dividend policy has a positive effect on firm value. Result and Conclusions Multiple linear regressionaanalysis used to see the direction of the relation between the independent variable (X) of firm size (Ln Total Sales), leverage (DAR), profitability (ROE), and dividenddpolicy (DPR) with the dependent var- iable (Y), firm value ( PBV). The outcomes of multipleelinear regression tests can be observed as follows: Table 2. Multiple Linear Regression Test Results Coefficientsa Model Unstandardized B Coefficients Std. Error Standardized Coefficients Beta t Sig. 1 (Constant) -5.783 7.864 -0.735 0.467 X1_Size 0.042 0.268 0.007 0.158 0.875 X2_DAR 6.446 2.650 0.120 2.432 0.020 X3_ROE 0.241 0.015 0.868 16.287 0.000 X4_DPR 0.036 0.016 0.118 2.343 0.025 a Dependent Variable: Y_PBV S o u r c e : data processing result. Based on table 2, the fixed value is -5.783, the β1 value is 0.042; the value β2 is 6.446; the value β3 is 0.241; and the value β4 is 0.036. Then from the test results, a multiple linear equation can be made as follows: the influence of firm size, leverAge, ProfitAbility… 55 Y= -5.783 + 0.042X1 + 6.446X2 + 0.241X3 + 0.036X4 + e Based on the above similarity, it can be construed as follows: 1. The constant number -5.783 shows that if the company size, leverage, profitability, and dividend policy are zero, the companyyvalue is -5.783. 2. The regression coefficient for firm size as measured using by Ln Total Sales is 0.042 indicating that if each increase in firm size is one, it will cause an escalate in firm value of 0.042. 3. The leverage regression coefficient measured using by Debt to Assets Ratio (DAR) of 6.446 indicates that if each increase in DAR is one, it will cause an escalate in firm value of 6.446. 4. The profitability regression coefficient measured using by Return On Equity (ROE) of 0.241 indicates that if each increase in ROE is one, it will cause an escalate in firm value of 0.241. 5. The dividend policy regression coefficient measured using by Dividend Payout Ratio (DPR) of 0.036 indicates that if each increase in the DPR is one, it will cause an escalate in firm value of 0.036. Simultaneous Test (F Test) Simultaneous testing was achieved to test the regression model from the effect of all independent variables, namely X1, X2, X3, and X4 synchronously on the de- pendent variable (Y). The criteria for this simultaneous test are as follows: 1. Ho is fulfilled and Ha is rejected if the significance valueeis greater than 0.05. 2. Ho is rejected and Ha is fulfilled if the significance value is smaller than 0.05. The simultaneous test that has been carried out can be seen as follows: Ferdy Prasetya Margono, Rilla Gantino56 Table 3. Simultaneous Test Result (F Test) ANOVAa Model Sum of Squares df Mean Square F Sig. 1 Regression 2668.163 4 667.041 108.677 0.000b Residual 214.825 35 6.138 Total 2882.988 39 a Dependent Variable: Y_PBV b Predictors: (Constant), X4_DPR, X2_DAR, X1_Size, X3_ROE S o u r c e : data processing result. Based on the result of the simultaneous test above, it is found that the F number count is equal to 108.677 and the F significance is 0.000 which means that the significance number is less than 0.05, this proves that Ha1 is accepted, which means that there is a predispose on company size, leverage, profitability, and dividend policy together (simultaneously) to company value. Partial Test (t Test) Based on the table 2 it can be interpreted as follows: 1. The firm size is obtained by the B coefficientvvalue of 0.042 and the si- gnificance value of 0.875, which is a significance number preponderant than 0.05. So, it proves that Ho2 is fulfilled and Ha2 is rejected, which me- ans that there is no impact of firm size on firm value partially. 2. Leverage is obtained by the B coefficient value of 6.446 and a significan- ce number of 0.020, which is a significance number less than 0.05. So, it proves that Ho3 is rejected and Ha3 is fulfilled, which means that there is a significant and positive relation among leverage and firm value. 3. Profitability obtained by the B coefficient value of 0.241 and a significan- ce number of 0.000, which is a significance number less than 0.05. So, it proves that Ho4 is rejected and Ha4 is fulfilled, which means that there is a positiveeand significant relation among profitability and firm value. 4. Dividend policy obtained by the B coefficient value of 0.036 and a signifi- cance number of 0.025, which is a significance number less than 0.05. So, the influence of firm size, leverAge, ProfitAbility… 57 it proves that Ho5 is rejected and Ha5 is fulfilled, which means that there is a significant and positive relation among dividend policy and firm value. Determination Coefficient Test (Adjusted R2 Test) The calculation of the adjusted R² with a range of values from 0 to 1. If the amount of adjusted R² continues to be large, the results of the regression can reveal if the independent variable can explain the totality of its effect on the de- pendent variable. If adjusted R² = 0, then the independent variable cannot ex- plain if the estimated relation to the dependent variable is correct. And if the test results prove R² = 1, then the independent variable can define the approxi- mate relation to the dependent variable.aThe results of the determination coef- ficient test are as follows: Table 4. Determination Coefficient Test Result Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate 1 0.962a 0.925 0.917 2.47747 a Predictors: (Constant), X4_DPR, X2_DAR, X1_Size, X3_ROE b Dependent Variable: Y_PBV S o u r c e : data processing result. The result from the coefficient determination test produces an Adjusted R2 number of 0.917 which indicates that 91.7% of the dependent variable is the firm value which is affected by the independent variables, namely firm size, lev- erage, profitability, and dividend policy. Then the over 8.3% is affected by vari- ous disparate factors outside the variables used in this research. Analysis Result Interpretation The results of F test, it proves that company size, leverage, profitability, and div- idend policy simultanously have an impactoon company value. This can be ob- Ferdy Prasetya Margono, Rilla Gantino58 served by looking at the results of a significanceevalue of 0.000 < 0.05, Ha1 is accepted. The results of the F test are also supported by the coefficient of deter- mination which shows that theeindependent variables, namely firm size, lever- age, profitability, and dividend policy have an effect of 91.7% on company value. The outcomes of t test from firm size show the B coefficient of 0.042 with a significance level greater than the standard significance level of 0.875 > 0.05. The firm size as calculated by Ln Total Sales hasn’t effect on the value of food & beverage companies on IDX. Firm size can not strengthen or weaken firm value because it is likely that the evaluation of firm size doesn’t affect toofirm value even though sales capacity is increasing or decreasing. The outcomes of t test from leverage obtained the B coefficient of 6.446 with a significance level lesser than the standard significanceelevel of 0.020 < 0.05. This means, leverage as calculated by Debt to Assets Ratio (DAR) has a signifi- cant and positive impact on the firm value of food & beverage companies on IDX. Leverage, which is calculated by Debt to Asset Ratio (DAR) is indicated to have a positive impact on company value. So, if leverage increases, it is followed by an increaseein firm value and vice versa. The investors want to think about decided to give financiers in the company that has a large leverage ratio. The increase in leverage is considered as an assessment if the company has the size of the company’s assets which in slue can affect the increase in company pro- ductivity. The results of t test from profitability obtained the B coefficient of 0.241 with a significance level smaller than the standard significance leveloof 0.000 < 0.05. This means if profitability is measured using by Return On Equity (ROE) there is an important and positive inf luence on the firm value of food & bever- ageecompanies on IDX. The Large profitability can provide positive signals to investors when the company is in a profitable circumstance. A company that is able to increase its profitability every year will generate large profits which also ref lects that if the company’s capabilities are good. The results of t test from dividend policy show the B coefficient of 0.036 with a significance level lesser than the standard significanceelevel of 0.025 < 0.05. This means that dividend policy as calculated by using the Dividend Payout Ratio (DPR) has a significant and positiveeimpact on the company value of food and beverage companies on IDX. Firms that pay large of dividends will indirectly affect the charge of large shares and affect theevalue of the company. Dividends paid must be in balance with the needs of the company or company shareholders. A good corporate dividend policy is a policy that creates a bal- the influence of firm size, leverAge, ProfitAbility… 59 ance between the current dividend distribution and future dividend develop- ments that can optimize stock prices. An increase in dividend payments can be a positive alert for investors because they consider the company to have good and profitable prospects in the future tense.  Conclusion Based on the analysis and review results, it shows that company size, leverage, profitability, and dividend policy simultaneously affect to company value. Firm size has no impact on company value. Leverage has a positive impactoon com- pany value. Profitability has a positive impact on company value. Dividend pol- icy has a positive impactoon company value. The coefficient of determination of 0.917 proves that firm size, leverage, profitability, and dividend policy have an effect of 91.7% on firm value.  References Alfraih, M.M. (2016). 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