PENGARUH STRUKTUR MODAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI

Abstract

This research aimed to examine the effect of capital structure and profitability on the firm value, and also to examine the dividend policy moderated the effect of capital structure and dividend policy on the firm value. The research was quantitative. Furthermore, the population was Property and Real Estate companies. The data collection technique used purposive sampling. In line with that, there were 8 companies as the sample. Moreover, the data analysis technique used Moderate Regression Analysis (MRA). The result showed that capital structure which was a proxy with Debt to Equity Ratio (DER) did not affect firm value. Likewise, profitability which was a proxy with Return on Equity (ROE) did not affect firm value. Moreover, dividend policy which was a proxy with a Dividend Payout Ratio (DPR) was not able to moderate the effect of capital structure on firm value. On the other hand, dividend policy was able to moderate (strengthen) the effect of profitability on firm value. In other words, the company’s management needed to consider formulating an effective dividend policy to maximize firm value.