PENGARUH LIKUIDITAS, SOLVABILITAS DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to examine the effect of liquidity, solvability, and profitability on firm value with dividend policy as moderating variable at Food and Beverage companies listed on the Indonesia Stock Exchange 2018-2021.Moreover, the data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, there were 19 companies as the sample. Furthermore, the data analysis technique used Moderating Regression Analysis (MRA) with SPSS 26. The research result concluded that both liquidity (Current Ratio) and Solvability (Debt to Assets Ratio) did not affect firm value (Tobin’s Q) positively. However, profitability (Return on Assets) had a positive effect on firm value (Tobin’s Q). Additionally, dividend policy (Dividend Payout Ratio) could moderate or strengthen the effect of liquidity, solvability, and profitability on firm value.It meant profitability had an essential role in increasing the firm value. Therefore, when companies had to increase the firm value by getting interested from investors; they needed to consider more the profitability and dividend policy that was owned.