PENGARUH PROFITABILITAS, LEVERAGE, DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL PEMODERASI

Abstract

A company needs efforts to increase its firm value to achieve either short or long-term goals. One of the factors which can persuade investors to invest their assets in the company is firm value. Furthermore, dividend policy which functions as independent variables affect profitability, leverage, and liquidity with strengthen or weaken their effects on firm value. The data collection technique used purposive sampling, in which the sample was based on the criteria given. In line with that, there were 24 samples from 40 Primary Consumption goods companies during 2021-2023. Moreover, the research applies quantitatively with secondary data, in the form of companies’ annual financial statements. The data analysis technique used multiple linear regression with interaction between independent variables and moderating variables. The research indicates that both profitability and leverage have positive effects on firm value. However, liquidity does not affect firm value as its condition exceeds optimal points that can lower firm value. Additionally, dividend policy cannot moderate the effect of profitability and liquidity, but dividend policy can moderate strongly the effect of leverage on firm value. This can happen with wise debt management. Consequently, the companies can provide dividends as well as invest for the future.