DAMPAK KEBIJAKAN DIVIDEN PADA PENGARUH PROFITABILITAS DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

Abstract

This research examines how dividend policy affects the results of profitability and capital structure on the firm
value of Food and Beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2019-
2023. The study applies quantitatively with secondary data. Furthermore, the data collection technique used
purposive sampling. In line with that, 18 samples were selected from the 90 data observations in total. Moreover,
the data analysis technique used multiple regression with Moderate Regression Analysis (MRA). The data were
calculated with SPSS (Statistical Package for Social Sciences). The result shows that as follows: (1) profitability
which is referred to as Return On Equity (ROE) has a positive effect on firm value, (2) capital structure which is
referred to as Debt to Equity Ratio (DER) has a positive effect on firm value, (3) dividend policy which is referred
to as Dividend Payout Ratio (DPR) can moderate the effect of profitability on firm value with quasi moderation,
and (4) dividend policy which is referred to as Dividend Payout Ratio (DPR) can moderate the effect of capital
structure on firm value with quasi moderation.