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

Abstract

This research aimed to examine the effect of financial performance on the firm value with dividend policy as the moderated variable. Furthermore, the research financial performance used profitability measured by (Return On Assets), liquidity measured by (Current Ratio), leverage measured by (Debt to Equity Ratio), the firm value measured by (Price to Book Value) and dividend policy measured by (Dividend Payout Ratio). This research was quantitative. Moreover, the research sample used a purposive sampling method. Based on the purposive sampling method it obtained 135 samples from 27 manufacturing companies listed on The Indonesia Stock Exchange (IDX) during the 2016-2020 periods. Meanwhile, the research data analysis technique used multiple linear regression analysis with Moderated Regression Analysis (MRA) method. The research result showed that profitability had a positive effect on firm value. Liquidity had a positive effect on the firm value. Furthermore, the leverage had a positive effect on the firm value. Meanwhile, the dividend policy did not affect the firm value. In addition, the moderate variable was dividend policy found able to moderate the profitability of the firm value. While dividend policy was not able to moderate the variables of liquidity and leverage.