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

Abstract

This research is meant to test the influence of financial performance in liquidity, leverage, and profitability to the firm value with dividend policy as the moderating variable that is conducted in the food and beverages companies in Indonesia. The samples is all food and beverages companies which are listed in Indonesia Stock Exchange (IDX) in 2010-2014 periods. The result of this research shows that liqudity has positive influence to the firm value. Leverage has negative influence to the firm value. Profitability has positive influence to the firm value because the enhancement of profit value gives good prospect so that it can encourage investors to increase the demand for stocks. The dividend policy has signficant impact on the influence of liquidity to the firm value because with high liquidity the amount of dividend which will be shared to the company will increase and it is equal with the profit that has been obtained by the company. The dividend policy has negative impact on the influence of leverage to the firm value because dividend policy can increase the firm value when the leverage is low. The dividend policy has significant impact on the influence of profitability to the firm value.
Keywords: Dividend Policy, Liquidity, Leverage, And Profitability, and Firm Value.