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PENGARUH PROFITABILITAS, LIKUIDITAS, DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI
This study aims to analyze the effects of profitability, liquidity, and leverage on firm value, with dividend policy as a moderating variable, among manufacturing firms in the primary consumer goods sector listed on the Indonesia Sharia Stock Index (ISSI) for the period 2020–2024. The study employs a quantitative method using secondary data from financial statements and annual reports. The sample was determined through purposive sampling, resulting in 42 companies with 197 observations. The variables used include profitability (return on assets), liquidity (current ratio), leverage (debt-to-equity ratio), and firm value (price-to-book value), as well as dividend policy (dividend payout ratio) as a moderating variable. This study also included firm size as a control variable, measured based on total assets, to enhance the accuracy of the results. Data analysis was conducted using Moderated Regression Analysis (MRA) with the assistance of STATA 17 software. The findings indicate that profitability, liquidity, leverage, and dividend policy have a positive effect on firm value. Furthermore, the results reveal that dividend policy is unable to moderate the relationship between profitability and firm value. However, dividend policy is proven to moderate the effect of liquidity and leverage on firm value. These results suggest that dividend distribution decisions can strengthen investors’ perceptions regarding the company’s liquidity condition and capital structure in determining firm value.
FAKULTAS EKONOMI DAN BISNIS ISLAM, UIN SUNAN KALIJAGA YOGYAKARTA
PENGARUH PROFITABILITAS, LIKUIDITAS, DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI (Text)
PENGARUH PROFITABILITAS, LIKUIDITAS, DAN LEVERAGE TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL MODERASI (Other)
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