PENGARUH KINERJA KEUANGAN DAN STRUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to examine and analyze the effect of financial performance (ROA), managerial
ownership, institusional ownership, and dividend policy on firm value (PBV). It also aimed to examine
and analyze the effect of financial performance (ROA), managerial ownership, institusional ownership
on firm value (PBV) with dividend policy as moderating variable. The population was 72 Food and
Beverage companies listed on the Indonesia Stock Exchange (IDX) 2017-2021. Moreover, the data
collection technique used purposive sampling. In line with date, there were 17 companies as the
sample. The data were secondary, taken from the documentation of companies annual reports.
Furthermore, the data analysis technique used multiple regression with SPSS. The result concluded
that the financial performance, institusional ownership, and dividend policy had a positive effect on
firm value. However, managerial ownership did not effect firm value. Additionally, residual test result
showed that dividend policy could moderate the effect of financial performance on firm value. In
contrast, dividend policy could not moderate the effect of managerial ownership on firm value.
Likewise, dividend policy could not moderate the effect oof institusional ownership on firm value.