PENGARUH PROFITABILITAS, LIKUIDITAS, DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DIMODERASI KEBIJAKAN DIVIDEN

Abstract

This research aimed to examine the effect of profitability, liquidity, and leverage on the firm value of Food and Beverage companies listed on the Indonesian Stock Exchange (IDX) during 2019-2022; with dividend policy as a moderating variable. The research was quantitative. Moreover, the data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, 11 Food and Beverage companies were the sample during 4 years of observation (2019-2022). In total, there were 44 data samples. Furthermore, the data analysis technique used moderation regression. The result showed that profitability which was referred to as Return On Assets (ROA) and leverage which was referred to as Current Ratio (CR) affected firm value. It meant both profitability and leverage could contribute to the value improvement. However, liquidity referred to as Debt to Equity Ratio (DER) did not affect firm value. In other words, the level of liquidity did not determine the high or low firm value. Additionally, the dividend policy referred to as the Dividend Payout Ratio (DPR) did not moderate the effect of profitability, liquidity, and leverage on firm value.