PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to examine the effect of financial performance (liquidity, leverage and profitability) on the firm value, and also to examine the dividend policy which moderated the relationship between financial performance (liquidity, leverage and profitability) on the firm value. While, the financial performance was measured by cash ratio, debt to asset ratio, and return on assets. The research was quantitative with a correlational approach. Moreover, the data collection technique used purposive sampling, in which the sample was based on criteria given. In line with, there were 60 samples from 12 manufacturing companies which were listed on Indonesia Stock Exchange 2013-2017. Furthermore, the data analysis technique used moderated regression analysis (MRA) with SPSS 21. The research result concluded the cash ratio did not affect the firm value. On the other hand, debt to asset ratio and return on assets had affect the firm value. In addition, dividend policy was not able to moderate cash ratio, debt to asset ratio, and return on asset on the firm value.
Keywords : cash ratio, debt to asset ratio, return on asset, dividend payout ratio, firm value.