PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN MELALUI KEBIJAKAN DIVIDEN

Abstract

This study aims the impact of the financial performance towards the firm value through the dividend policy. The financial performance utilizes the profitability ratio (return on asset) and the liquidity (current ratio), the firm value (the price to book value), and the dividend policy (the dividend payout ratio). The type of this study is quantitative. The data of this study are collected from the financial reports of the companies are registered in Indonesia's Stock Exchange STIESIA. The samples of this study are collected by applying the purposive sampling. Based on that method, there are 90 samples from the property, real estate and construction companies 2015-2019. The analysis method with SPSS version 24. The result of this study the profitability gives positive impacts to the dividend policy. The liquidity gives negative impacts to the dividend policy. The profitability gives positive impacts to the firm value. The liquidity gives negative impacts to the firm value. The dividend policy gives negative impacts to the firm value. Meanwhile, the intervening variable of the dividend policy can’t mediate the profitability toward the firm value and the liquidity gives negative impacts to the firm value through the dividend policy.
Keywords: financial performance, firm value, policy dividend