The Effect of Profitability and Liquidity on Firm Value with Dividend Policy as a Moderating Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange
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Abstract
Penelitian ini bertujuan untuk mengetahui seberapa besar pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan dengan kebijakan deviden sebagai variable moderasi. Penelitian ini menggunakan populasi di perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2019-2023 dengan menggunakan 47 sampel perusahaan. Teknik pengambilan sampel pada penelitian ini menggunakan metode purposive sampling. Penelitian ini menggunakan analisis regresi linier berganda. Hasil penelitian menunjukkan bahwa profitabilitas (ROA) berpengaruh signifikan terhadap nilai perusahaan, likuiditas (CR) tidak berpengaruh secara signifikan terhadap nilai perusahaan. Profitabilitas yang di moderasi oleh kebijakan dividen tidak memperkuat hubungan dengan nilai perusahaan. Sedangkan likuiditas yang di moderasi oleh kebijakan deviden tidak memperkuat hubungan dengan nilai perusahaan.
Kata Kunci : Profitabilitas; Likuiditas; Nilai Perusahaan dan Kebijakan Dividen
This study aims to determine how much influence profitability and liquidity have on firm value with dividend policy as a moderating variable. This study uses a population of manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2019-2023 using 47 company samples. The sampling technique in this study uses the purposive sampling method. This study uses multiple linear regression analysis. The results of the study indicate that profitability (ROA) has a significant effect on firm value, liquidity (CR) does not have a significant effect on firm value. Profitability moderated by dividend policy does not strengthen the relationship with firm value. While liquidity moderated by dividend policy does not strengthen the relationship with firm value.
Keywords : Profitability; Liquidity; Firm Value and Dividend Policy.
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