Struktur Modal, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Moderasi

Abstract

The current developments of industry are very competitive with each other, including Indonesia’s industry. The rise and fall of a company’s value is commonly seen in companies. This study aims to obtain empirical evidences and examine the effect of capital structure, profitability, and liquidity on company’s value moderated by dividend policy in the primary consumer goods sector listed on the Indonesia Stock Exchange (IDX) in the 2016-2020 period. This study uses a quantitative approach. A total of 18 companies were selected using the purposive sampling method, using the 2016-2020 period, which resulted in 90 sample data. The analytical method used in this research is multiple regression analysis and absolute difference for the moderating variable. The results showed that capital structure and profitability had positive and significant effects on company’s value, while liquidity had negative and significant effects on company’s value. And dividend policy can moderate the effect of capital structure on company’s value, but dividend policy is not able to moderate the effect of profitability and liquidity on company’s value.

Moderating effect of profitability: An analysis of factors that determine firm value in the Jakarta Islamic Indeks

“…This is proven by the findings of the path coefficients with the original sample value of -0.368, which indicates a negative number with a t-count value of 0.617 < 1.96 and a p-value greater than the 5% alpha. The findings of this study are consistent with those of Sari et al (2020) and Oktaviani and Mulya (2018), who discovered that profitability could not improve the impact of dividend policy on company value. The dividend payment ratio can determine the amount of profit that can be retained in the business as a source of funding.…”

“…In addition, Sintyana and Artini (2018) focus on property and real estate companies, while finally, research from Riki et al (2022) selected the object of research on primary consumer goods sector companies.…”

Determinants of Indonesian telecommunications industry’s firm value with dividend policy as the moderating variable

“…According to research conducted by Riki et al (2022), a company's capital structure has a favorable and considerable impact on its value. This indicates corporations prefer to utilize debt as company capital when conducting operations.…”

“…H3a: Dividend policy moderate the impact of profitability on firm value Dividend policy, capital structure, and firm value Dividend policy can moderate the effect when a company's high capital structure can affect the size of the company in distributing dividend. The smaller the amount of dividends distributed, the greater the decline in company value from investors perspective (Riki et al, 2022). Oktaviani & Mulya (2018) state that companies use debt to maintain cash flow.…”

Apakah Inovasi Hijau Dan Pengungkapan Emisi Karbon Dapat Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur?

“…Oleh karena itu, semakin banyak investor berinvestasi pada perusahaan tersebut, maka semakin tinggi pula harga saham perusahaan tersebut. Semakin tinngi harga saham, maka semakin tinggi nilai perusahaan dan semakin kaya pemegang saham (Riki et al, 2022). Sudah banyak digunakan dalam penelitian tentang nilai perusahaan di Indonesia, variabel independen seperti net profit margin, return on investment dan leverage (Wahyu & Mahfud, 2018); pendanaan dan kebijakan investasi (Mubyarto & Khairiyani, 2019); pengelolaan uang tunai dan kebijakan utang (Firmansyah et al, 2020); kinerja lingkungan (Arofah & Maharani, 2021); keputusan keuangan investasi perusahaan dan keuangan CEO (Sari et al, 2021); dan model intelektual dan pengungkapan manajemen risiko (Murinda et al, 2021).…”