PENGARUH PERTUMBUHAN PERUSAHAAN, KEPUTUSAN INVESTASI DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to examine the effect of companies' growth, investment decisions, and profitability on firm value with dividend policy as a moderating variable. Companies' growth was measured by Total Asset Growth (TAG), investment decisions were measured by Price Earning Ratio (PER), profitability was measured by Return On Assets (ROA), dividend policy was measured by Dividend Payout Ratio (DPR), and firm value was measured by Price to Book Value (PBV). The research was quantitative. Moreover, the data collection technique used purposive sampling. In line with that, there were 48 samples from Property and Real Estate companies listed on the Indonesia Stock Exchange (IDX) during 2017-2022. Furthermore, the data analysis technique used multiple linear regression with moderation variables and SPSS. The result concluded that companies' growth had a negative effect on firm value. Likewise, both investment decisions and profitability had a positive effect on firm value. Additionally, dividend policy could not moderate positively the effect of companies' growth on firm value. Similarly, dividend policy could not moderate positively the effect of investment decisions on firm value. Also, dividend policy could not moderate positively the effect of profitability on firm value.