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

Abstract

This research aims to examine the influence of profitability, liquidity and leverage on corporate value with dividend policy as a moderating variable. The population in this research is Food and Beverage Company which listed in Indonesia Stock Exchange (IDX) during period 2012-2016. Sampling is used for purposive sampling method. Data analysis techniques used are multiple linear regression analysis and Moderated Regression Analysis (MRA) interaction test using IBM SPSS Statistics 22 tool. The results of research with multiple linear regressions analysis shows that profitability has a positive influence on firm value, which means high profitability can increase company value. While liquidity does not influence the value of the company but different from the leverage that positively influenced the value of the company, it shows that the higher the leverage then the company's value is reflected in the company's stock price higher. The result of moderating variable analysis with Moderated Regression Analysis (MRA) interaction test shows that dividend policy is not able to moderate the influence of profitability, liquidity and leverage to company value. This is because dividend policy cannot act as a moderating variable.
Keywords: Profitability, liquidity, leverage, dividend policy, corporate value.