PENGARUH ROA, UKURAN PERUSAHAAN PADA NILAI PERUSAHAAN : DPR SEBAGAI VARIABEL PEMODERASI

Abstract

This research is meant to examine the influence of ROA and firm size to the firm value which is done by using DPR as the moderation variable. The population of this research is Food and Beverages companies which are listed in Indonesia Stock Exchange. The sample collection technique has been carried out by performing purposive sampling so that 11 companies have been obtained as samples. The analysis technique has been done by using Moderator of Analysis Regression.The result of the research shows that Return on Asset has influence to the firm value. High return on asset reflects that the company is in good position therefore the value which has been given by the market will be reflected on the stock price, and the stock price on these companies will be good as well. The dividend policy does not have any influence to the firm value, the condition is possible since the firm value is solely depend on the income which is generated by its assets, rather than on how the income is divided between dividend and retained earnings. The inclusion of dividend policy significantly can moderate the influence of the financial performance to the firm value. The result of the following examination shows that firm size does not have any influence to the firm value. In a recovering economy, both small and large companies will be more oriented to the business development (expansion) in order to expand the market. The inclusion of dividend policy cannot moderate the influence of the characteristic of the company with the firm value.
Keywords: Financial Performance, the Characteristic of the Company, Dividend Policy, and Firm Value.