PENGARUH PROFITABILITAS, LIKUIDITAS, STRUKTUR MODAL, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of profitability, liquidity, capital structure, and dividend policy on the firm value. The profitability was measured by Return On Equity (ROE), liquidity was measured by the Current Ratio (CR), the capital structure was measured by Debt to Equity Ratio (DER), dividend policy was measured by Dividend Policy Ratio (DPR), and firm value was measured by Price to Book Value (PBV). The research was quantitative. Moreover, the population was Property and Real Estate companies listed on the Indonesia Stock Exchange 2017-2021. The data collection technique used purposive sampling i.e., a sample selection with determined criteria. In line with that, there were 130 samples from 26 companies fulfilled the criteria. However, there were 34 outlier data. In total, only 96 samples were taken. Furthermore, the data were secondary taken from the official website of the Indonesia Stock Exchange. Additionally, the data analysis technique used multiple linear regression with SPSS. The result indicated that both profitability and dividend policy had a positive effect on the firm value. However, liquidity had a negative effect on the firm value. In contrast, the capital structure did not affect the firm value.