PENGARUH PROFITABILITAS, LIKUIDITAS, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to examine the effect of profitability, liquidity, and dividend policy on the firm value with firm size as the moderating variable. Profitability was measured by Return On Equity, liquidity was measured by Current Ratio, dividend policy was measured by Dividend Payout Ratio, and firm value was measured by Price Book to Value. The research was quantitative Furthermore, the population was pharmaceutical companies listed on IDX. All members of population were used based on the determined criteria. Therefore, the sample was not used. Moreover, the data obtained during S years (2017-2021). In total, there were 35 data processed. Additionally, the data analysis technique used Moderated Regression Analysis (MRA) with SPSS 27 version. The result showed that both profitability and dividend policy had significant effect on the firm value. In contrast, liquidity had insignificant effect on the firm value. While, the moderating variable showed that firm size was able to moderate the effect of both profitability and dividend policy on the firm value. On the other hand, the firm size was not able to moderate the effect of liquidity on the firm value.