PENGARUH PROFITABILITAS, SIZE, DAN KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING

Abstract

The firm value has become a benchmark for investors to invest their capital. Therefore, this research aimed to examine the effect of profitability, size, and investment decisions on firm value with dividend policy as the intervening variable. The population was all Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) 2018-2021. Furthermore, the data collection technique used purposive sampling. In line with that, there were 61 samples from 19 companies within the population. Moreover, the data analysis technique used path analysis with SPSS 26 version. The result showed that profitability had a positive effect on dividend policy. However, size did not affect dividend policy. In contrast, investment decisions had a negative effect on dividend policy. Additionally, profitability had a positive effect on the firm value. On the contrary, both size and investment decisions did not affect the firm value. In addition, dividend policy was not able to intervene in the effect of profitability, size, and investment decision on the firm value. It meant the profits that were gained would be more effective in improving the firm value. Consequently, the management did not have to share the dividends.