Peran Kebijakan Dividen Dalam Memoderasi Hubungan Rasio Keuangan Dengan Nilai Perusahaan

Abstract

The purpose of this research was to analyze the effect of financial ratio on corporate value with dividend policy as moderation. Population on this research is all companies listed in Indonesia Stock Exchange (IDX) year 2015-2017. 108 companies selected using the purposive sampling method. Financial ratio used variable liquidity, solvency and profitability. The analysis method of this research is moderate regression analysis (MRA) by using SPSS 25 version. The result of this research shows that: liquidity has no significant effect on the corporate value, solvency and profitability has significant effect on the corporate value. Dividend policy has moderated relationship solvency and profitability with corporate value

Factors Affecting Firm Value With Dividend Policy as Moderating Variable

“…Variable Operationalization. The dependent variable in this research is firm value as measured by Tobin's Q, with six independent variables: profitability as measured by Return on Equity (ROE) [5], liquidity as measured by Current Ratio (CR) [5], leverage as measured by Debt to Total Equity (DER) [5], firm growth as measured by Total Asset Growth (TAG) [5], company size as measured by SIZE [21], and total asset turnover as measured by Total Asset Turnover (TATO) [22], and the moderating variable is dividend policy as measured by Dividend Payout Ratio (DPR) [5]. There is no multicollinearity problem in this study, because the correlation coefficients between all independent variables are less than 0.08.…”

“…Aprilyani et al [20], Aldi et al [3], and Ervina et al [21] found that leverage increased firm value, whereas Hidayah and Rahmawati [17] and Chasanah [19] found that leverage did not increase company value. Hasfadillah et al [22] and Kahfi et al [14] concluded that leverage reduces firm value, but Kanta et al [7], Rohmah and Ahalik [8], and Rahayu and Riharjo [23] concluded that leverage did not reduce company value.…”

“…Dividend policy can moderate the effect of profitability on firm value Hasfadillah et al [22] and Astakoni et al [1], whereas dividend policy cannot moderate the effect of profitability on firm value Kanta et al [7], Annisa et al [9], and Tahu and Susilo [35]. Dividend policy may moderate the effect of liquidity on company value Riska et al [16] and Aldi et al [3], however Setiawan et al, [36], dividend policy could not moderate the effect of liquidity on firm value.…”

“…Dividend policy may moderate the effect of liquidity on company value Riska et al [16] and Aldi et al [3], however Setiawan et al, [36], dividend policy could not moderate the effect of liquidity on firm value. Dividend policy can moderate the effect of leverage on company value Hasfadillah et al [22] and Kanta et al [7], but dividend policy cannot moderate the effect of leverage on firm value Setiawan et al [36], Aldi et al [3], and Tahu and Susilo [35]. According to Fajaria and Isnalita [5] dividend policy cannot moderate the impact of company growth on firm value.…”

Pengaruh Kebijakan Hutang, Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi

“…Apabila dividen yang dibayar tinggi, maka harga saham cenderung tinggi sehingga nilai perusahaan juga tinggi begitu juga sebaliknya (Kiki . Profitabilitas yang tinggi serta kebijakan dividen yang optimal mencerminkan prospek perusahaan yang baik sehingga dapat menambah permintaan akan saham perusahaan tersebut (Hasfadillah et al, 2020). Menurut teori sinyal mengatakan bahwa pasar akan menginterpertasikan pembayaran dividen sebagai sinyal tentang prospek cerah perusahaan dimasa yang akan datang.…”