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

Abstract

This research aimed to analyze the effect of liquidity (CR), solvability (DER), and profitability (ROA) on firm value with dividend policy as moderating variable of manufacturing companies (Consumptive Goods Sector) which were listed on Indonesia Stock Exchange (IDX) 2018-2020. The research was quantitative. Moreover, the data collection technique used purposive sampling, in which the sample was based on criteria given. The criteria were related to some items within companies’ annual reports and performance review. In line with that, there were 13 companies as the sample with 39 observations data. However, since the data were not normal, 4 outliers data observations were out of the research. In total, there were 35 data observations. The research result concluded that liquidity had a positive effect on firm value. Likewise, solvability had a positive affected firm value. On the other hand, profitability had not effect on firm value. In conclusion, dividend policy could not moderate the positive efect of liquidity on firm value, dividen policy could not moderate the positive efect of solvability on firm value, and dividen policy could not moderate the efect of profitability on firm value.