PERAN KEPEMILIKAN MANAJERIAL DALAM MEMODERASI KINERJA KEUANGAN DAN DIVIDEND POLICY TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of financial performance and dividend policy on the firm value with managerial ownership as the moderate at manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2016-2019. Furthermore, this research's independent variable used financial performance measured by Return On Assets and dividend policy use Dividend Payout Ratio. meanwhile, this research is the dependent variable used firm value was measured by Price Book Value and the managerial ownership as the moderate variable.This research use a quantitative method, and the sample was taken by purposive sampling, namely a sample collection technique with determining criteria. It obtained 53 manufacturing companies with the overall data was 212 data. Nevertheless this data was used outlier. the analysis method of this research used multiple linear regression analysis techniques with SPSS 25.0 version. The result of the analysis of this research indicates that : (a) financial performance had a positive effect on firm value, (b) dividend policy did not affected on firm value, (c) managerial ownership weakens the effect of financial performance on fim value, and (d) managerial ownership strengthens the effect of dividend policy on firm value.
Keywords: financial performance, dividend policy, firm value, managerial ownership