PENGARUH TATA KELOLA KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN: KEBIJAKAN DIVIDEN VARIABEL PEMODERASI

Abstract

This research aimed to examine the effect of managerial ownership, institutional ownership, and financial performance (ROA) on firm value (PBV) with dividend policy as moderating variable. The research was quantitative. Moreover, the data collection technique used purposive sampling with certain criteria given. In line with that, there were 135 samples from 45 LQ-45 index companies which were listed on Indonesia Stock Exchange (IDX) from 2018 up to 2020. Furthermore, the data analysis technique used multiple linear regression with SPSS (Statistical Product and Service Solution). The research result concluded that managerial ownership, institutional ownership, and financial performance affected the firm value of LQ-45 index companies. Meanwhile, dividend policy could not be able to moderate the effect of managerial ownership as well as institutional ownership on the firm value of LQ- 45 index companies. On the other hand, a dividend policy could be able to moderate the effect of financial performance on the firm value of LQ-45 index companies.