PENGARUH GROWTH OPPORTUNITY DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI

Abstract

This research examined the effect of growth opportunities and capital structure on the firm value with the dividend policy as a moderating variable. The growth opportunity was measured by assets growth, capital structure was measured with the Debt Equity Ratio (DER), and dividend policy was measured by the Dividend Payout Ratio (DPR), While the firm value was measured by Price to Book Value (PBV). The research was quantitative. Moreover, the population was LQ-45 companies listed on the Indonesia Stock Exchange (IDX). The data collection technique used purposive sampling, in which the sample was based on the determined criteria. In line with that, there were 80 samples. Furthermore, the data was collected for 4 years, from 2019-2022. The data analysis technique used moderate regression. The result showed that (1) growth opportunity did not affect firm value (2) Capital structure had a negative effect on firm value (3) dividend policy was not able to moderate the correlation of growth opportunity on firm value (4) dividend policy was able to moderate a positive correlation of capital structure on firm value.