PENGARUH PROFITABILITAS DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DEVIDEN SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to examine the effect of profitability and leverage on the firm value, with dividend policy as a moderating variable at Food and Beverage companies that were listed on Indonesia Stock Exchange (IDX) during 2016-2020. The profitability was measured by Return On Equity (ROE), leverage was measured by the Debt to Equity Ratio (DER), the firm value was measured by Price to Book Value (PBV), and dividend policy was measured by Dividend Payout Ratio (DPR). Moreover, the research was quantitative. The data were secondary in the form of companies’ financial statements. Furthermore, the data collection technique used purposive sampling. In line with that, there were 8 companies that suited the criteria as a sample. Therefore, the total data consisted of 40 analysis units. As there was 1 outlier data, the data analysis became 39 analysis units. Additionally, the data analysis technique used Moderated Regression Analysis (MRA). The result concluded that profitability had a significantly positive on firm value. In contrast, leverage had a significantly negative on firm value. In addition, dividend policy could not moderate the relationship between the effect of profitability and leverage on firm value.