PEGARUH KINERJA KEUANGAN DAN KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI

Abstract

This research aimed to find out the effect o financial performance and managerial ownership on firm value with dividend policy as a moderating variable at mining companies listed on the Indonesia Stock Exchange (IDX) during 2019-2022. The financial ratios were namely profitability was measured by Return On Asset (ROA), liquidity was measured by Current Ratio (CR), leverage was measured by Debt Equity Ratio (DER), and managerial ownership was measured by managerial ownership. Moreover, firm value was measured by Price to Book Value (PBV) and dividend policy was measured by Dividend Payout Ratio (DPR).  The research was quantitative. The population was mining companies listed on IDX 2019-2022. Furthermore, the data collection technique used purposive sampling with 28 companies as the sample. In total, there were 112 data samples taken. Additionally, the data analysis technique used multiple linear regression. The result showed that both profitability and leverage had a negative effect on firm value. However, liquidity as well as managerial ownership did not affect firm value. In addition, dividend policy could moderate the effect of profitability and leverage on firm value. On the other hand, dividend policy and managerial ownership could not moderate the effect of liquidity on firm value.