THE EFFECT OF PROFITABILITY, SOLVENCY AND LIQUIDITY ON COMPANY VALUE WITH DIVIDEND POLICY AS INTERVENING VARIABLES
Keywords:
Company Value, Profitability, Solvency, Liquidity, Policy DividendAbstract
Study This aim For know “ Influence Profitability, Solvency, and Liquidity to Company Value with Policy Dividend as intervening variable ”. Sample study This taken from company manufacturers listed on the Indonesia Stock Exchange (IDX) in 2018-2022 with purposive sampling method. Obtained 29 Companies as sample, which is observed for 5 years with total observations as many as 145. Data collection techniques using documentation from report finance published on the IDX's official website, namely www.idx.co.id. Analysis used_is use analysis path. Research results This show that Profitability influential positive and significant to Policy Dividend, Solvability No influential to Policy Dividend, Liquidity influential in a manner positive and significant to Policy dividend. Profitability influential positive and significant on Firm Value, Solvability No influential on Company Value, Liquidity influential significant on Corporate Values, Policies Dividend influential positive and significant to Company Value.
Downloads
References
] Ambarsari, R., & Hermanto, S. B. (2017). Pengaruh ukuran perusahaan, pertumbuhan penjualan, profitabilitas, struktur aktiva, likuiditas terhadap struktur modal. Jurnal Ilmu dan Riset Akuntansi (JIRA), 6(3).
] Brealey, Myers and Marcus.2007. Fundamentals of Corporate Finance 5th edition. New York: Mc Graw Hill
] Brigham, E. F., & Houston, J. F. (2019). Fundamentals of Financial Management 15th.
] Burhanudin & Nuraini. (2018). Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Pemoderasi. Eco-Entrepreneurship. Vol 3. No 2.
] Chen, R. R., Yang, T. H., & Yeh, S. K. (2017). The liquidity impact on firm values: The evidence of Taiwan's banking industry. Journal of Banking & Finance, 82, 191-202
] Cheung, W. M., Chung, R., & Fung, S. (2015). The effects of stock liquidity on firm value and corporate governance: Endogeneity and the REIT experiment. Journal of Corporate Finance, 35, 211–231. https://doi.org/10.1016/j.jcorpfin.2015.09.0 01
] Darmawati., Fauziah Mat N., Wahyuddin Albra., Muhammad Arifai dan Anshari Saleh. (2018). Dynamic Performance of Indonesian Public Company: An Analysis of Financial Decision Behavior. Cogent Economics & Finance. 1 (6)
] Dewi, L. P. U. K., & Wirasedana, I. W. P. (2018). Pengaruh keputusan investasi, keputusan pendanaan, kebijakan dividen, dan tingkat inflasi terhadap nilai perusahaan. E-Jurnal Akuntansi Universitas Udayana, 23(2), 813-841.
] Djashan, I. A. (2019). The effect of firm size and profitability on firm value with capital structure as intervening variables in Indonesia. Journal of International Business, Economics and Entrepreneurship (JIBE), 4(2), 55-59.
] Faure-Grimaud, A., & Gromb, D. (2004). Public trading and private incentives. Review of financial Studies, 17(4), 985-1014.
] Ferina. I.S., Tjandrakirana. R., dan Ismail. I (2015). Pengaruh Kebijakan Dividen, Kebijakan Hutang, Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Pada Perusahaan Pertambangan Yang Terdaftar Di BEI Periode 2009-2013). Jurnal Akuntanika, No. 1, Vol. 2, Juli- Desember 2015. https://fdokumen.com/document/jurnal-akuntanika-no-1-vol-2-juli-desember-2015-jurnalakuntanika.html
] Fosu, S., Danso, A., Ahmad, W., & Coffie, W. (2016). Information asymmetry, leverage and firm value: Do crisis and growth matter?. International Review of Financial Analysis, 46, 140-150.
] Ghozali, I. (2013). Aplikasi Analisis Multivariat dengan Program IBM SPSS 21 Update PLS Regresi. Semarang: Badan Penerbit Universitas Diponegoro
] Giriati, H. T. (2016). Determinants of Banking Bond Yields on the Indonesia Stock Exchange. In The 19th Malaysia Indonesia International Conference on Economics, Management and Accounting (MIICEMA) (Vol. 208, p. 194).
] Halimah, S. N., & Komariah, E. (2017). Pengaruh roa, car, npl, ldr, bopo terhadap nilai perusahaan bank umum. Jurnal akuntansi, ekonomi dan manajemen bisnis, 5(1), 14-25
] Hasfadillah, P., Yusralaini, Y., & Safitri, D. (2020). Peran Kebijakan Dividen dalam Memoderasi Hubungan Rasio Keuangan dengan Nilai Perusahaan. CURRENT: Jurnal Kajian Akuntansi dan Bisnis Terkini, 1(1), 1-20.
] Horne, J. C. Van, & Wachowicz, J. M.(2013). Prinsip-Prinsip Manajemen Keuangan Buku 1. Edisi KetigaBelas. Jakarta: Salemba Empat.
] Husnan, S., & Pudjiastuti, E. (2015). Dasar-dasar manajemen keuangan, Edisi Ketujuh. Yogyakarta: Upp Stim Ykpn.
] Indris, Kartini. Hanafi., Erlely, T. N., Yusuf, A. M. A., Timpa, H., & Nurhilalia, N. (2022). Pengaruh Profitabilitas dan Solvabilitas Terhadap Tobin’s Q dengan Ukuran Perusahaan Sebagai Variabel Moderasi. AKUNSIKA: Jurnal Akuntansi dan Keuangan, 3(1), 7-15.
] Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
] Juneyca, J., Fellycia, F., Elizabeth, E., Yuliani, Y., Monica, S., Ginting, W. A., & Purba, M. N. (2019). Pengaruh Rasio Likuiditas (Current Ratio), Rasio Solvabilitas (Debt to Equity Ratio) Dan Rasio Aktivitas (Receivable Turnover) Terhadap Rentabilitas (Return on Assets) Pada Perusahaan Sektor Property Dan Real Estate Di Idx Tahun 2013-2017. Profita: Komunikasi Ilmiah dan Perpajakan, 12(1), 116-129.
] Kasmir. 2017. Analisis Laporan Keuangan. Edisi Pertama. Cetakan Kesepuluh.PT Raja grafindo Persada. Jakarta.
] Khairani, N. (2018). Pengaruh Pertumbuhan Perusahaan, Likuiditas, Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Sub Sektor Pertambangan Batubara Yang Terdaftar Di Bursa Efek Indonesia. Jurnal FINANCIAL ISSN, 4(2), 29.
] Le, Ben. (2019). Working Capital Management and Firm’s Valuation, Profitability and Risk: Evidence From A Developing Market. International Journal of Managerial Finance
] Lindenberg, E., & Ross, S. 1981. “Tobin's q ratio and industrial organization”, Journal of Business, 54(1): 1-32
] Marlina, L., & Danica, C. (2009). Analisis pengaruh cash position, debt to equity ratio, dan Return on assets terhadap dividend payout ratio. Jurnal Manajemen Bisnis, 2(1), 1-6.
] Maronrong, R. M., & Nugrhoho, K. (2017). Pengaruh Inflasi, Suku Bunga Dan Nilai Tukar Terhadap Harga Saham Studi Kasus Pada Perusahaan Manufaktur Otomotif Terdaftar Di Bursa Efek Indonesia Tahun 2012-2017. Jurnal STEI Ekonomi, 26(02), 277-295.
] Mentalita, H., Muda, I., & Keulana. (2019). The Effect Of Liquidity, Profitability, Leverage And Corporate Social Responsibility On Company Value With Dividend Policy As A Moderating Variable. International Journal of Public Budgeting, Accounting and Finance, 2(1), 1-13.
] Myers, S. C. 1984. The Capital Structure Puzzle, Journal f Finance,34, pp. 575-592. Myers, S. C. dan N. S. Majluf. 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have, Journal of Financial Economics, 13, pp. 187-221.
] Natalia, A., & Kusumastuti, R. (2017). An analysis of agency costs and dividend payout ratio of non-financial companies.
] Patricia, P., Bangun, P., & Tarigan, M. U. (2018). Pengaruh Profitabilitas, Likuiditas, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia). Manajemen Bisnis Kompetensi.
] Puspitaningtyas, Z. (2017). Efek Moderasi Kebijakan Dividen Dalam Pengaruh Profitabilitas Terhadap Nilai Perusahaan. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 5(2), 173-180.
] Reeve, James M., dkk. 2010. Pengantar Akuntansi. Jakarta: Salemba Empat
] Rochmah, S. A., & Fitria, A. (2017). Effect of financial performance on firm value: Dividend policy as a moderating variable. Journal of Accounting and Research. ISSN, 2460-0585.
] Roy B (2020). The Effect of Capital Stucture on Firm Value with Profitability as a Moderating Variable. Journal of Business and Management (IOSR-JBM). Volume 22, Issue 4.
] Simatupang, A. T., & Kholis, A. (2017). Analisis Pengaruh Cash Position, Firm Size, Der (Debt To Equity Ratio) Dan Roa (Return on Asset) Terhadap Dividen Payout Ratio Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (Bei). Jurnal Mediasi, 6(02), 1-22.
] Spence, M. (1973). Job market signaling, Quarterly Journal of Economics, 87(3), 355-374
] Sugiono. (2014). Metodologi Penelitian Bisnis. Bandung: Alfabeta.
] Tobin’s, James, 1969. “A General Equilibrium Approach to Monetary Theory”, Journal of Money, Credit and Banking (February), 12- 29.
] Walter, J. E. (1963). Dividend policy: its influence on the value of the enterprise. The Journal of finance, 18(2), 280-291.
] Winarno, W.W. 2009.Analisis Ekonometrika dan Statistika dengan E-Views. Edisi kedua. Yogyakarta: UPP STIM YKPN
] Wright, S., Smithers, A., Warburton, P., Pepper, G., Goldberg, J., Brodie, H.,... & Napier, R. (2011). Practical history of financial markets. Harlow: Pearson Education.
] Zeitun, R., & Saleh, A. S. (2015). Dynamic performance, financial leverage and financial crisis: evidence from GCC countries. EuroMed Journal of Business, 10(2), 147-162.
] Zuhroh, I. (2019). The effects of liquidity, firm size, and profitability on the firm value with mediating leverage.
