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

Abstract

This research aims to examine the influence of profitability, liquidity, leverage, and corporate value with dividend policy as a moderating variable in consumer goods companies which listed on the Indonesia Stock Exchange (IDX) during the period 2013-2016. The type of research used is quantitative research. The population in this research was obtained by using purposive sampling method and based on predetermined criteria, the sample obtained as many as 16 companies so that the number of observations in this research as many as 64 observations. The analysis method used is multiple linear regression analysis and Moderated Regression Analysis (MRA) interaction test with using SPSS (Statistical Product and Service Solutions) application tool 20. Based on the results of research indicate that profitability and liquidity have a positive influence on firm value, meaning that high profitability value can give the value of the gradual value of the company. But leverage does not influence the value of the company, it shows that the high low leverage is not too consider by the external party in assessing a company. Result of research with moderation analysis with Moderated Regresion Analysis (MRA) test showed that dividend policy can moderate the influence of profitability, leverage, liquidity to company value. This shows that higher dividend payouts can strengthen the relationship of profitability, leverage and liquidity to firm value.
Keywords: profitability, leverage, liquidity, dividend policy, value company.