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

Abstract

This research examines the effect of profitability and liquidity on the firm value with dividend policy as
a moderating variable at Mining companies listed on the Indonesia Stock Exchange (IDX) during
2020-2023. The research applies quantitatively. Furthermore, the data collection technique used
purposive sampling, in which the sample was based on the criteria given. In line with that, there were
17 companies during 4 years (2020-2023) of observation as a sample. The data analysis technique used
Moderated Regression Analysis (MRA) with SPSS 26. The result shows that: (1) profitability, which
was referred to as Return On Assets (ROA) has a positive and significant effect on firm value; (2)
liquidity, which was referred to as Current Ratio (CR) has a negative and significant effect on firm
value; (3) the result of moderation regression analysis indicates that dividend policy which was referred
to as Dividend Payout Ratio (DPR) cannot moderate the relation of profitability on firm value; and (4)
dividend policy can modereta the relation of liquidity on firm value. It means that dividend policy can
strengthen the relation of liquidity on firm value.
Keywords: profitability, liquidity, firm value, dividend policy.